what are the different types of accounts ? give three examples of each.
The following are the three types of accounts.
(i) Personal Account-These are the accounts that relate to the persons or organisations such as, firm, companies, sole proprietors, individuals, supplier, etc.
Example: Ram Account, Shyam Trader’s Account, VK Ltd. Account, etc.
(ii) Real Account- These are the accounts that relate to non-living things (whether tangible or intangible) such as, Machinery Account, Furniture Account, Building Account, Goodwill Account, etc.
(iii) Nominal Account-These are the accounts that relate to the revenues, gains, expenses and losses, etc.
Example: Sales Account, Purchases Account, Salary Account, Rent Account, etc.