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Bank loan account is a _? a) Real account b) Nominal account c) Personal account   d) Current account

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Question added by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
Date Posted: 2014/10/25
Sara Naeem
by Sara Naeem , Trainee Finance officer , Wah Brass Mill

C) Personal account...but it depends on the type of loan and the time period

Vinod Jetley
by Vinod Jetley , Assistant General Manager , State Bank of India

I agree with Allana

Mohamed Esam Mohamed Kamel
by Mohamed Esam Mohamed Kamel , Financial Analyst , Egyptian Water & Wastewater Regulatory Agency (EWRA)

A) Real Account

Because asset, liability, reserve, and capital accounts that appear on a balance sheet are real accounts.

The balances of real accounts are not cancelled out at the end of an accounting period but are carried over to the next period. Also called permanent accounts. See also nominal accounts.

Mohammed Salim Allana
by Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

From the fundamentals of accountancy: Bank loan accounts for customer is personal account and for banks it is a Real account

Ijaz Ahmad
by Ijaz Ahmad , Manager Finance , VIP Wears (Pvt) Limited

D) Real Account

Ahmed kandil
by Ahmed kandil , Cost Controller , Battour Holding Cpompany

Personal account thanks ...

Muhammad Sajjad
by Muhammad Sajjad , Chief Accountant , Hassan Kabbani Est. for Gen. Const. of Buildings (IKK Group of Companies)

Accounting equation is Capital+Liabilities=Assets

Capital is represent the owners of the business therefore is a personal account.

Liabilities imply the amounts owe to others (person or organization) and thus are personal account.

All Assets are real account.

 

So. Answer is personal account.

Mark Angelo Damuag
by Mark Angelo Damuag , Financial Analyst , Evacare Management Consultancy Inc

The Bank loan account is (a) Real account since this will be reflected in the balance sheet and never be a  (b) Nominal account since nominal account refers to the account that is being closed after the accounting cycle (e.g interest expense) and maybe a (c) Personal account and (d) Current account since it could be avail by any entity and could be current or non-current. So the answer woild be letter A. Real Account.

Ameen Null
by Ameen Null , Chota shop , Chakai

Chota bussiness karne Kelly liye

bank loan account is a C. Personal Account

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