Question

State the nature of account (Personal , Real or Nominal ) and show which will be credited :
(i) Rent received
(ii) Machinery purchased
(iii) Goods purchased
(vi) Capital introduced
(v) Rent paid
(vi) Interest received
(vii) Building sold
(viii) Discount allowed
(ix) Goods sold

Answer 1

Accounts	Nature of Accounts	Debited/Credited
(i) Rent Received A/c (ii) Machinery A/c (iii) Purchases A/c (iv) Capital A/c (v) Rent Paid A/c (vi) Interest Received A/c (vii) Building A/c (viii) Discount Allowed A/c (ix) Sales A/c	Nominal Real Nominal Personal Nominal Nominal Real Nominal Nominal	Credited Debited Debited Credited Debited Credited Credited Debited Credited