Question

3. Classify the following into three types of personal accounts :-
I. Capital Account
II. Tata Steel Company
III. Debtors Accounts
IV. Outstanding Expenses Account
V. Bank Account
VI. Haryana Education Board
VII. Shri Ram College of Commerce​

Answer 1

ANSWER :

• I. Capital Account

➨ Natural Personal Account

• II. Tata Steel Company

➨ Artificial Personal Account

• III. Debtors Accounts

➨ Natural Personal Account

• IV. Outstanding Expenses Account

➨ Representative Personal Account

• V. Bank Account

➨ Artificial Personal Account

• VI. Haryana Education Board

➨ Artificial Personal Account

• VII. Shri Ram College of Commerce

➨ Artificial Personal Account

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KNOW MORE :

❒ Classification of Accounts under English Approach or Traditional Approach :-

• According to English Approach or Traditional Approach of accounts classification, there are mainly Two types of accounts.

These are :

• [i] Personal Accounts

• [ii] Impersonal Accounts

❒ Personal Accounts :-

• Personal Accounts are further classified into Three types of accounts.

These are :

• [a] Natural Personal Account

• [b] Artificial Personal Account

• [c] Representative Personal Account

❒ Impersonal Accounts :-

• Impersonal Accounts are further classified into Two types of accounts.

These are :

• [a] Real Account

• [b] Nominal Account