Question

distinguish between personal and impresanal accounts in the transactions

Answer 1

ANSWER :-

IMPERSONAL ACCOUNT:In the accounts of the nominal ledger, we have different types of expenses for different purposes like rent, insurance, telephone and others. As these expenses are related NOT to the person to whom the money is paid and more concerned towards the reason for payment these are known as IMPERSONAL accounts.

PERSONAL ACCOUNT:

In contrast to impersonal accounts, personal accounts are kept for each of the credit customers or suppliers of a business. Here we have the purchases or sales record in a PERSONAL account which is between the business and another specified business. Incidentally, the personal accounts are kept in personal ledgers and of two types namely the sales ledger and purchase or bought ledger.

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Answer 2

Hyyy dear
Personal Account: Relating to person's name and business name...
For example Saba A/c, Drawings A/c, Bank A/c, Shreeleather A/c etc.

Impersonal Account is Real and Nominal Account

Real Account: Relating to properties, possession, and assets for example Goodwill A/c, Plant and Machinery A/c etc.

Nominal Account: Relating to expenses losses, incomes and gains for example Purchases A/c, Sales A/c etc.

In transition Golden rule says

Personal Account:
Debit the receiver.
Credit the giver.

Real Account:
Debit what comes in.
Credit what gose out.

Nominal Account:
Debit all expenses and losses.
Credit all incomes and gains.

Hope it will help you...