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Loan whose account as real nominal and personal?

Accounting Economics
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Question added by Ram Singh yadav
Date Posted: 2016/05/30
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Shameer Nazir Madari
by Shameer Nazir Madari , Assistant Finance Manager , METAL AND RECYCLING COMPANY K.S.C. (PUBLIC)

Loan account is a personal account in nature so increase with debit and decrease with credit.

 

Real Account: The accounts relating to all assets and properties are called real accounts.

 

Personal Account: The accounts relating to individuals, firms, associations or companies are known as personal account.

 

Nominal Account: The accounts relating to expenses, losses, incomes and gains are known as nominal accounts.

 

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