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Question
Which of the following statement generally contains personal & real but does not contain nominal accounts?
Which of the following statement generally contains personal & real but does not contain nominal accounts?
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Solution
The correct option is A Balance sheet
Nominal accounts are the accounts of expenses and incomes which are recorded in profit & loss account of the business. At the end of the financial year, all expense and income accounts are transferred to Trading and Profit & Loss account. Balance sheet contains the real account like fixed assets. Balance sheet also contains the personal accounts, like account of sundry debtors and sundry creditors.
Nominal accounts are the accounts of expenses and incomes which are recorded in profit & loss account of the business. At the end of the financial year, all expense and income accounts are transferred to Trading and Profit & Loss account.
Balance sheet contains the real account like fixed assets. Balance sheet also contains the personal accounts, like account of sundry debtors and sundry creditors.
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