Question

what is personal account and its types​

Answer 1

Explanation:

1. Personal Account

As the name suggests, Personal Accounts are the ones that are related with individuals, companies, firms, group of associations etc. These persons could include natural persons, artificial persons or representative persons.

Type of Personal Accounts

a. Natural Persons

These accounts relate to natural persons such as Veer’s A/c, Ayan’s A/c, Karen’s A/c etc.

b. Artificial Accounts

These accounts relate to companies and institutions such as Kapoor Pvt Ltd A/c, Booker’s Club A/c etc. Thus, companies and institutions are the entities that exist in the eyes of law.

c. Representative Accounts

Accounts that are a representative of some person are called as representative accounts. These include Outstanding Interest A/c, Outstanding Wages A/c, Prepaid Expense A/c e

Answer 2

Real, Personal and Nominal accounts are the traditional classification of account types in accounting, however, personal accounts are further distinguished under three categories such as Natural, Artificial, and Representative. Golden rule of accounting for personal accounts is – Debit the Receiver & Credit the Giver

Hopefully this helps you:)