The various types of accounts are as follows:-
• Personal Account- These are accounts which are owned and maintained by any individual person. The transactions are done by that person from his/her account. Example- Mr. X’s a/c in Y bank.
• Real Account- The ledger accounts that are maintained by the business concerns to records the assets that the firm possess. Example building a/c., car a/c., Furniture a/c.
• Nominal Accounts- Two separate accounts are meant for keeping the profits or losses of a business and are maintained by the business owners. This is called Nominal account. Example- salaries a/c, commission a/c.
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