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Its key to prepeare financials
Things which are in existence (physical existence) like vehicles, buildings, stocks, etc. comes under real accounts. All the other impersonal accounts are nominal accounts. Assets and liabilities like goodwill, prepaid expenses, deferred assets and liabilities and equity such as capital and, revaluation reserve etc. and PnLs items are nominal
Real accounts are Balance sheet items & nominal accounts are are profit & loss items.