State the type of accounts in Personal, Real and Nominal Accounts: (i) Machinery (ii) Interest Received (iii) Capital
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State the type of accounts in Personal, Real and Nominal Accounts: (i) Machinery (ii) Interest Received (iii) Capital
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Answer:
An example of a Real Account is a Bank Account. A Personal account is a General ledger account connected to all persons like individuals, firms and associations. An example of a Personal Account is a Creditor Account. A Nominal account is a General ledger account pertaining to all income, expenses, losses and gains