Question

8. Personal Account is related to
(a) Assets and Liabilities
(b) Customers, Creditors etc.
(c) Expenses, Losses, In-come etc.
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Answer 1

Answer:

A Personal account is a General ledger account connected to all persons like individuals, firms and associations. An example of a Personal Account is a Creditor Account. A Nominal account is a General ledger account pertaining to all income, expenses, losses and gains.

Answer 2

Answer:

Personal Account is related to Customers, Creditors.

Explanation:

A Personal account is is a General record account associated with all people like people, firms and affiliations and companies. An illustration of a Personal Account is a Creditor Account. A Nominal record is a General record account relating to all pay, costs, loses and gains.

Personal account deals with the debit of the receiver and the credit of the giver .

examples of personal account: debtors, creditors, banks, outstanding/prepaid accounts, accounts of credit customers, suppliers, capital.

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