Question

Classify the following into personal, real and nominal accounts, 

1. Capital

2. Buildings 

3. Carriage inwards 

4. Cash 

5. Commission received 

6. Bank

Answer 1

1. Capital – Personal account 

2. Buildings – Real account 

3. Carriage inwards – Nominal account 

4. Cash – Real account 

5. Commission received – Nominal account 

6. Bank – Personal account