Nominal Accounts. Nominal Accounts Examples

Nominal Accountants:  

                       Accounts dealing with expenses, losses, gains and incomes are called nominal accountants.

                  Eg:  Salaries, rents, Commission etc..,  

When the firm receives benefit            Debit              When the firm gives benefit              Credit                         (Debit all losses and expenses)                         (Credit all gains and incomes)

      Dr                           Account                         Cr

Nominal Accounts:

a) Paid wages Rs.10000

            Wages a/c ….Dr

                To Cash a/c……..Cr

b) Received Commission Rs.430

             Cash a/c……..Dr

                 To Commission a/c…….Cr

c) Received Interest Rs.600

    This transaction is influenced by Real & Nominal a/c’s

              Cash a/c ……..Dr

                 To Commission a/c ……..Cr