Outstanding Legal Fees Is A Nominal Account Or A Real Account Or A Personal Account
Accrued Legal Fees / Legal Fees Payab le / Outstanding Legal Fees is not a nominal account as it is related wit h legal fees payab le b y the compa ny to lawyers or attorneys against t he legal services received b y the compa ny during t he accou nting period. Outstanding legal fees is not concerned wit h real accou nt as it is related wit h livi ng or natural persons suc h as lawyers or attor neys. Outstanding legal fees is a Representative Personal Account as it s hows all of the certai n lawyers to w hom the compa ny did not paid against t he legal services received duri ng t he accou nting period. So, “Outstanding Legal Fees Account” is created to represent all of t he certai n lawyers to w hom the compa ny liab le to pay. Outsta nding legal fees is not closed until it is fully paid off. So, outsta nding legal fees is a personal account and not a nominal account or a real account.