Question

Explain Personal Accounts. List Different Accounts Consisting Personal Account.

Answer 1

• Personal account is classified into natural account and artificial account.
• Natural account explains about individual persons.
• eg- Anu account
• Artificial acconunt expains about group of persons or associations.
• eg- LIC bank acconut

Answer 2

Personal Accounts are the accounts of persons or organisations with whom the organisation deals in various capacities. Personal Accounts consist of following types of accounts: -Accounts of Customers. -Accounts of Suppliers. -Accounts of Bank/Financial Institutions.