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Class 11th Key Concepts in Accounting: Personal, Real, and Nominal Accounts

 1. Personal account :-  

Ex :- Ram , Shyam, Mohan HDFC Bank ETC

  • Involve individuals or entities like Ram, Shyam, Mohan with accounts in institutions like HDFC Bank.

Debit to receiver

credit to Giver


2. Real Account

Ex :- Sales , purchase, cash Stock , assets ETC

  • Deal with tangible aspects like sales, purchases, cash, stocks, and assets.

Debit What comes in

Credit What goes out


3. Nominal account / Income and Expenses account / Profit and Loss account

Ex :- Salary , commission , Rent , Wages , ETC

  • Focus on income, expenses, profits, and losses.


Debit all expenses and losses

Credit all Income and profits


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