What are Impersonal accounts
What are Impersonal accounts and how it is classified?
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Impersonal accounts: All accounts that are not personal are termed as impersonal accounts. This can be classified into sub part.
(a) Real Account: Real account illustrates the assets.
(b) Nominal Account: Nominal accounts are of expenditures and income. All expenses and income are converted to nominal account.
Journalize the below transactions, prepare relevant ledger accounts and finally trial balance. . XYZ Pvt Ltd 01.01.2009 Started business
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