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what all are the items that comes under the personal
account?
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Answer Posted / gaurav
Personal Accounts:
Accounts recording transactions relating to individuals or firms
or company are known as personal accounts. Personal accounts
may further be classified as:
(i) Natural Person’s personal accounts: The accounts
recording transactions relating to individual human beings
e.g., Anand’s a/c, Ramesh’s a/c, Pankaj a/c are classified
as natural persons’ personal accounts.
(ii) Artificial Persons’ Personal accounts: The accounts
recording transactions relating to limited companies,
bank, firm, institution, club, etc., Delhi Cloth Mill; M/s
Sahoo & Sahoo; Hans Raj College; Gymkhana Club are
classified as artificial persons’ personal accounts.
(iii) 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 (i) relates
to the particular head of expenditure or income and (ii)
represent persons to whom it is 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
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