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Why nominal accounts are not balanced?
Verified Answer
Why nominal accounts are not balanced?
Nominal accounts are closed by transferring their respective balances to the Trading A/c or Profit and Loss A/c and hence they are not balanced. Whereas, Real and Personal accounts are balanced because their respective balances are carried forward to the Balance Sheet.
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Most Upvoted Answer
Why nominal accounts are not balanced?
Nominal is related to profit loss exp etc so and it is transfered to profit and loss account
Community Answer
Why nominal accounts are not balanced?
Day to day transactions accur in nominal account
Thr rule of nominal account is ...
Debit all expenses and losses
credit all incomes and gains
it means we debit expenses and losses
and incomes and gains we credit
nominal account also presents firm's account and business account
Thr rule of nominal account is ...
Debit all expenses and losses
credit all incomes and gains
it means we debit expenses and losses
and incomes and gains we credit
nominal account also presents firm's account and business account
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Why nominal accounts are not balanced?
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Why nominal accounts are not balanced? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Why nominal accounts are not balanced? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why nominal accounts are not balanced?.
Why nominal accounts are not balanced? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Why nominal accounts are not balanced? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why nominal accounts are not balanced?.
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