Question

Explain Personal Accounts. List Different Accounts Consisting Personal Account.

Answer 1

Nominal Accounts are the accounts of Incomes, Expenses, Losses and Gains.

Answer 2

Personal accounts are those accounts which are related to a particular person/individual/firm etc. For example, Account of Sam, bank account of Radha, Credit account of RPM cement plant etc.

Personal accounts can be classified into three parts:-

• Natural Personal Account

Account belonging to a particular person is call natural personal account. For example, Tina's account, Tia's drawing account etc.

• Artificial Personal Account

Account belonging to a particular form are called artificial personal account. For Example, debit account of ESR public school, capital account of Tata industries etc.

• Representative Personal Account

Account belonging to group of persons is known as representative account.

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