Explain Personal Accounts. List Different Accounts Consisting Personal Account.
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- 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
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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.
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