Account

It is an indicator which indicate to the nature and category of transaction item.

Generally there are two types of accounts:

v Personal account

v Impersonal account

 

v  Personal  Account:- Those accounts which indicate to the particular person, group of person, partnership business, financial organization like-bank, outstanding/prepaid but income or expense is called personal account.

             Like:- ram a/c, mohan a/c, tata pvt. Ltd. a/c, relaince ltd. Etc.

It is divided into three types:

ü Natural Personal account

ü Artificial personal account

ü Representative personal account

ü  Natural personal accounts:- Those account which indicate to the particular person is called natural personal account. Like:- ram a/c, sohan a/c, etc.

ü  Artificial personal accounts:- Those account which indicate to the group of person, partnership business, financial organization[bank] is called artificial personal accounts.

Financial organization [bank] is called artificial personal account like rakesh enterprises, mohan pvt ltd. Etc.

v  Representative personal accounts:- Those accounts which indicate to the outstanding/prepaid but income or expenses is called representative personal account.

Like:-   Outstanding/prepaid rent paid/ received

Outstanding/prepaid salary paid/ received

Outstanding/prepaid interest paid/ received

v Impersonal Accounts:-  Those account which indicate all type of assets and current income or expence is called impersonal account.

There are two types:-

ü Real accounts

ü Nominal accounts

ü  Real Accounts:- All types of assets is called real account.

It is divided into two parts:

ü Tangible real account

ü Intangible real account

ü  Tangible real account:- Those assets which we can touch, see and feel is called  tangible real account.

Like:- building, furniture and fixture land, plant and machinary, cash, etc.

ü  Intangible real accounts:- Those assetes which cannot touch just see and feel is called intangible real account.

Like:- trade mark, company logo, ISO mark, copr right number, etc.

          ISO- Internantional Standard Organization

ü  Nominal account:- Those account which indicate the current income or expense is called nominal account.

               Like:-   Rent Paid/ Received,  Salary Paid/ Received .

Golden rules of accounts

Personal Account to Personal Account

Debit:-The Receiver                         -           पाने वाले को डेबिट करो            

Credit:-The Giver                            -       देने वाले को क्रेडिट करो

Real Account to Real Account

Dedit:-What Comes In                     -      जो वस्तु व्यापार में आये उसे डेबिट करो

Credit:-What Goes Out                   -      जो वस्तु व्यापार में जाये उसे क्रेडिट करो

Nominal Account to Nominal Account

Debit:-All Expenses and Losses      -      व्यय एवं हानियों को डेबिट करो

Credit:-All Income and Gains         -      आय एवं लाभों को क्रेडिट करो