Personal accounts are related to
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personal account may relate to natural persons, artificial persons and representative persons they are explained as under with the examples.
(a) Natural persons : Accounts which related to individual human beings.for example:Ram, Ramesh, Suresh etc.(b) Artificial persons: They relate to a group of persons or firms or instructions for example: Andhra Bank,Life insurance etc (C) Representative persons: These accounts are also personal in nature eg, salaries payable ( to employees) account ,Rent receivable ( from tenent) account, insurance premium paid in advance ( to a insurance company) accounts.
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