Which of the following is wrong ........

Principles of Accounting & Financial Management Concepts of Accounting

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Which of the following is wrong?

All real and personal accounts are transferred to balance sheet

Nominal accounts are transferred to P & L account

Each account is opened separately in ledger

Rent is a personal account, outstanding rent is nominal account

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Explanation:

Rental accounting represents an integrated accounts receivable/accounts payable accounting in the form of open items accounting. It deals with all postings and cash transactions with the contracting parties. Postings are managed at the lowest level for each rental unit and lease out.