Question

an account which relate to an individual,firm,company or an institution are called​

Answer 1

Explanation:

All those accounts that are related to an individual, a firm, a company or an institution are termed as personal accounts. ... Examples of real accounts are Furniture A/c, Goodwill A/c and Machinery A/c.

Answer 2

Answer:

Explanation:

All those accounts that are related to an individual, a firm, a company or an institution are termed as personal accounts.

Personal accounts:

Personal accounts are ledger accounts that record transactions with people or other businesses that your company conducts direct business with. Customers, suppliers, employee wage accounts, employee drawing accounts, owner capital accounts, etc. are a few instances of personal accounts.

For personal accounts, the guiding principle is to debit the recipient and credit the giver.

Example: Paying employees' salaries

In this case, the donor is the company, and the receiver is an employee. As a result, the Cash / Bank account will be credited and the Employee's Salary account will be debited in the journal entry.

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