Question

Q20. Classify the following accounts under

personal, real and nominal accounts.

(i) Drawings

(ii) Debtors

(iii) Rent paid in advance

(iv) Discount allowed

(v) Sales

(vi) Leasehold property A/c

(vii) Bank Overdraft

(viii) Commission paid​

Answer 1

Answer:

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Explanation:

Personal Accounts

We further classify these as:

Natural Personal Accounts

Artificial Personal Accounts

Representative Personal Accounts

Impersonal Accounts

Impersonal Accounts are further classified as:

Real Accounts

Nominal Accounts