Question

Give 5 examples of Personal Accounts

Answer 1

Answer:

Personal Accounts

Ledger accounts that contain transactions related to individuals or other organizations with whom your business has direct transactions are known as personal accounts. Some examples of personal accounts are customers, vendors, salary accounts of employees, drawings and capital accounts of owners, etc.

The golden rule for personal accounts is: debit the receiver and credit the giver.

Example: Payment of salary to employees

In this example, the receiver is an employee and the giver will be the business. Hence, in the journal entry, the Employee’s Salary account will be debited and the Cash / Bank account will be credited.

Explanation:

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Answer 2

Answer:

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