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How many types of account example pls
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Answer Posted / s. s. pathak
Basically, Accounts are nothing but according to Golden
Rule there are three types of the account-
Personal a/c
Real A/c
Nominal A/c
Personal A/c- Those accounts that denotes the transactions
with any person are called personal account.Such as,- Ram's
a/c; Mohan's a/c S.K & sons a/c; LIC CO. a/c
It is futher categorised into three categories-
1.Natural Personal A/c
2.Artificial Personal A/c
3.Representative Per. A/c
1.Natural Per. A/c:- Those accounts that denotes the
transactions with any natural person are called Natural
per. A/c
2.Artificial per. A/c:- Those accounts that denotes the
transaction with any firm, Company, Associations etc are
called Artificial personal A/c
3.Representative Per. A/c:- All those incomes and
expenditures which are outstanding or prepaid(dues/Advance)
for the currentf financial period are called representative
personal a/c
Real A/c:-Those accounts that denotes the transactions
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