types of accounts- traditional and modern classification - college essay - ruchika228

8/10/2019 Types of Accounts- Traditional and Modern Classification - College Essay - Ruchika228

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Types of Accounts- Traditional and

Modern Classification

By ruchika228 | August 2013

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Traditionally Accounts were of 3 type:-

1. Personal Accounts- All individual & artificial accounts. Individual accounts like

Ram's a/c, Rakesh's a/c. Artificial A/cs like M/s Sultan chand's a/c, HDFC Bank's a/c

etc. and outstanding and prepaid accounts fall under this. Rule- Dr. the receiver

Cr. the giver

2. Real Accounts- All assets, tangible & intangible come under this. Tangible

assets like land & building, plant & machinery, furniture etc. and Intangible assets

like goodwill, patents,trademarks etc. Rule- Dr. what comes in

Cr. what goes out

3. Nominal Accounts- All expenses, losses, incomes and gains come under this.

Rent, wages, salaries, interest, bad debts etc. are some examples. Rule- Dr. allexpenses & losses

Cr. all incomes& gains

As per modern approach Accounts are of 5 types:-

1. Assets A/c- All tangible & intangible assets.

Rule- Dr. the increase

Cr. the decrease

2. Liabilities A/c- deals with the financial obligations of the firm. examples- long term

loans, creditors, o/s expenses etc. Rule- Dr. the decrease

Cr. the increase

3. Capital A/c- deals with the account of the owner of the company. Rule- Dr. the

decrease

Cr. the increase

4. Revenue A/c- deals with the amount charged for the goods sold or services

rendered and other incomes. examples- dividend rec. royalty rec. sales a/c etc.

Rule- Dr. the decrease

Cr. the Increase

5. Expenses A/c- deals with the expenses incurred in the process of earning

revenue. examples- purchase a/c, discount allowed, loss by fire etc. Rule- Dr. the

increase

Cr. the decrease.

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