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What types of accounts continue till the life of business? and what types of account closed after particular period?

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Question added by BILAL IQBAL , Officer Financial Controller , Union National Bank
Date Posted: 2014/04/04
aziz urrehman
by aziz urrehman , key account executive , alkhair group of companies foam manufacturing

asset and liabilties are keep till the life of business and all nominal accounts are closed early

BILAL IQBAL
by BILAL IQBAL , Officer Financial Controller , Union National Bank

Assets, Liabilies and captial( called Real Account) keeps going on till the life of business and nominal account like income and expense get close every accounting period

Swarnendu Ganguly
by Swarnendu Ganguly , Area Sales Manager (AVP) , Indusind Bank Ltd

I feel that the proprietorship concerns usually die out in long run...either taken over as partnership or pvt. ltd. concern or die out/

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