Question

Q6.Personal accounts are related to:​

Answer 1

Answer:

Personal accounts are related to Debtors and Creditors

Explanation:

Here complete question:

Personal Accounts are related to:

a. Assets and Liabilities

b. Expenses, losses and incomes

c. Debtors, creditors

d. all of the above

Explanation:

Accounts recording  transactions relating to individuals (person or group of person) or firms or companies are known as 'Personal Account'

It records a trader's dealing with persons or firms. A separate account is opened for each such person or firm to record the transactions related to them.

The accounts recording transactions relating to individual human beings or companies as Debtors or Creditors.

If there is debit balance in personal account, it indicates that the person has received more benefit that he/she imparted to the traders.

If there is credit balance in personal account, it indicates the reverse position that the person has imparted more benefit than he received from the traders.

#SPJ3  

Answer 2

Personal accounts are associated with individuals, companies, companies, the institution of institutions, etc.

Explanation:

• A Personal Account is a General ledger account related to all men and women like individuals, companies, and institutions.
• An instance of a Personal Account is a Creditor Account. A Nominal account is a General ledger account referring to all income, expenses, losses, and gains.
• These men and women may want to encompass herbal men and women, synthetic men and women, or consultant men and women.

• For instance, Suresh and Suresh buying and selling Co., Charitable trusts, XYZ Bank Ltd, C employer Ltd, etc.

• There may be personal consultant accounts as well.
• For instance, In the case of Salary, while it's miles payable to employees, it's miles recognized how an awful lot quantity is payable to every employee.
• But together it's miles referred to as ‘Salary payable A/c’.

#SPJ6