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Type of accounts and rules of debit & credit
A summary record of the transaction in a classification manner is call an account. For example cash account, machinery account, etc. In a cash account, all transactions relating to cash pe posted. The same classified procedure is to be applies to other accounts. Nowadays all the bank management systems and accounts management systems are digitalizing because it’s necessary. Therefore the Eastern Marketics are providing the best software development services, web development services, SEO & SMO services all over the world. There are two main approaches for discussing types of accounts.
- Traditional of British approach
- Modern or American Approach
The traditional classification of Accounts (British Approach)
According to this approach, accounts are classified into four main categories. These are as under.
Personal Account :
All accounts relating to the name of individuals and firms are known as a personal accounts. For example Aslam’s account. muneeza’s account, etc. These accounts are maintaines for knowing the “balance due to” or “balance due from” individuals or organizations.
Real Account :
All the accounts relating to assets or property are call real accounts. These accounts are permanent in nature so balances of these accounts are to be transferring to the next accounting period. These accounts are using in the preparation of the balance sheet for knowing the financial position of the business because it’s important for consistency. For example cash account, machinery account, and furniture account.
Nominal Account :
All accounts relating to income or gain and expenses or losses are known as nominal accounts. These accounts are temporary in nature so balances of these accounts cannot be transferring to next
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