Balance Sheet comprise of items of:
a) Personal A/C
b) Real A/C
c) Nominal A/C
d) Personal & Real A/C
e) Real & Nominal A/C
f) Personal & Nominal A/C
g) All the Personal, Real and Nominal A/C
4 Replies
CA Shivani Singhal
(Chartered Accountant)
(49 Points)
Replied 17 April 2021
Balance Sheet comprise of d) personal and real a/c. Nominal accounts are not party of balance sheet as they related to income and expenses.
BISWAJIT PRADHAN
(243 Points)
Replied 17 April 2021
The items of balance sheet refer what kind of accounts like BUILDING (Asset) - Real Account, Debtor - Personal A/C so on. So Real, Nominal, Personal all come to Balance sheet or not?
Saurav Bhattacharya
(258 Points)
Replied 17 April 2021
A Real Account is a general ledger account relating to Assets and Liabilities other than people accounts. These are accounts that don’t close at year-end and are carried forward. An example of a Real Account is a Bank Account. A Personal account is a General ledger account connected to all persons like individuals, firms and associations. An example of a Personal Account is a Creditor Account. A Nominal account is a General ledger account pertaining to all income, expenses, losses and gains. An example of a Nominal Account is an Interest Account.
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