Friends, in this blog we will know what is an account and what are its types. In earlier times, separate books (diaries) were kept to keep separate accounts. Which is called an account in the language of Tally. There are three types of accounts.
Three Types of Accounts
- Personal Account Personal Account
- physical account or real account Real Account
- Non-Real OR Nominal Account
Identification of Accounts
Personal Account
Accounts of any individual, institution, firm, bank, etc. are called personal accounts. Like:- Jamil Attari, Jamil Attari Foundation, Jamil Attari and Sons, State Bank of India etc. Account of Any Person, Society, Firm Bank, etc. Called Personal Account. Examples: Jameel Attari, Jameel Attari Foundation, Jameel Attari and Sons and State Bank of India, etc.
Real Account
Accounts related to any article or property is called physical accounts. Eg:- Goods, Goods, Cash, Furniture, etc. Account of any Item OR Assets Called Real Accounts. Example:- Goods, Items, Cash, Furniture, etc.
Nominal Account
Accounts-related to profit-loss and income-expenditure are called physical accounts. Eg:- Rent, commission, interest, loss by fire, sinking account freight, discount, wages, salary, etc. Any Profit-Loss and Income Expenditure Related Accounts are Called Nominal Accounts. Example:- Rent, Commission, Loss of fire, Bad debts, Carriage, Discount, Labour, Salary, etc.
