how personal account differs from nominal account ?

Answer 1

I am sorry, but I do not understand the question. What do you mean by nominal account? Additional information is required. Thanks.

Answer 2

In accountancy all accounts are divided into major 2 types - 1)personal and 2) impersonal. Impersonal accounts are further divided into real and nominal accounts. So in all there are 3 types - personal, real and nominal.
Personal accounts are those which record transactions with real life individuals or entities and organisations. These have to be in existence. For eg. Sham's A/c, Bank of India A/c, Infosys' A/c, etc. Personal account balance either show money owed to others or money receivable from others.
Nominal accounts record transactions of expenses, income, losses or gains. These do not take identity of receiver or giver into consideration. Stationery Expenses A/c, Electricity Charges A/c, Dividend Received A/c, Profit on sale of assets A/c etc are examples of nominal accounts.

The main point of difference is personal accounts are either Assets or Liabilities and should be considered in Balance Sheet, whereas Nominal accounts are revenue or current items which are always shown in Profit & Loss Account.

Answer 3

personal account
A basic account. You can pay money into your account, get cash from an ATM and pay regular bills. You cannot overdraw and so you can avoid the risk of running up debts and incurring charges. They may be particularly suitable as a first account.

A savings account. This pays a higher rate of interest and is designed to help you save up for things. Usually there is no cheque book or debit card and you cannot pay bills from the account. Some accounts, especially those paying the highest rates of interest may require you to give notice before you can withdraw your money or may limit the number of withdrawals you can make.



and
Nominal Account

Income statement account (revenue and expense) that is closed out at the end of the year.

Nominal account

Definition
An account kept in a ledger which itemises revenue and expenditure such as sales and operating costs.

Answer 4

Simple rule: all profit and loss accounts are nominal and rest are personal.

Answer 5

debit the receiver credit the giver is the personal account rule that means it happans between two members.
debit all losses and credit all income and gain this ia nominal account rule

Answer 6

expensive pals purchase and revenues contain the products and subsequently they're actual account which has pricple of debit what's provided in and credit what is going out. yet whilst your revenues and purchases are actually not in this variety of goods like application centers or banks interest earnings then for them the earnings from centers and interest is nominal account. so whats substantial is despite while you're promoting or purchasingg products or centers .i'm hoping you're clean if not please ask back