Impersonal Account

This is one that is comprised of both: (i) real accounts and (ii) Norminal accounts.

Real accounts or in other words called property accounts are those accounts that refer to assets such as machinery, plants, furniture and fittings, stock in trade, cash etc. where as

Norminal Accounts are those accounts that deal on gains and losses (profit or loss accounts) such as discounts, wages, rent, rate, sales, purchases etc.

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