what is representative personal accounts??
explain with examples...
Answer Posted / hemant
Representative personal accounts: The accounts recording transactions relating to the expenses and incomes are classified as nominal accounts. But in certain cases due to the matching concept of accounting the amount, on a particular date, is payable to the individuals or recoverable from individuals.
Such amount (a) relates to the particular head of expenditure or income and (b) represents persons to whom itis payable or from whom it is recoverable. Such accounts are classified as representative personal accounts e.g. "Wages Outstanding Account", Pre-paid Insurance Account. etc.
Is This Answer Correct ? | 136 Yes | 17 No |
Post New Answer View All Answers
If balancing account is not assigned to company & is assigned to department wat will be the effects
Wha is difference between expenses and expenditure
Tell me by saying, perpetual or periodic inventory system; what do we mean?
Dear sir/madam, Want to know entry for closing of sundry creditors account on the end of the year when its accounts shows debit balance, Payment made excess. E.g Invoice rcvd : 100000.00 from XYZ company payment Made: 105000.00 Please suggest best entry for the same
how to deduct tds on income from other sources with examples
How does Cheques work while processing it in SAP? What are the effects and the methods.
Hi,Friends, I have a simple question in my mind that I have one head office that in faridabad and other branch in delhi,i purchase material in delhi for availing the tax benefit in delhi then i transfer the same material to head office(faribabad) agianst "F" form,i purchased material in delhi basic price rs. 5 +.42 taxes it comes rs. 5.42/-,my question is on which amount i should transfer the material from delhi to faridabad i.e 5,5.42 or 5 + freight(if any).kindly please solve my problem.
Time limit for payment of divident for listed limited companies & Unlisted public limited companies are? 30 or 45 or 60 or 90
Types of errors in account
Cash Processing
What is the rate of penalty charged when the given Vat Cheque dishonoured?
Tell us what inspired you to move to the next opportunity?
when dissoluction of firm why investment flchuationfund subtrect from book value
Cash bill of sale so the company can deduct the amount.
What are the different branches of accounting?