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प्रश्न
What are the three different types of personal accounts?
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उत्तर
Under the double-entry system of book-keeping, for the purpose of recording the various financial transactions, the accounts are classified as personal accounts and impersonal accounts.
- Natural person’s account: Natural person means human beings.
Example: Vinoth account, Malini account. - Artificial person’s account: Artificial person refers to persons other than human beings recognized by law as persons. They include business concerns, charitable institutions, etc.
Example: BHEL account, Bank account. - Representative personal accounts: These are the accounts that represent persons natural or artificial or a group of persons.
Example: Outstanding salaries account, Prepaid rent account. When expenses are outstanding, it is payable to a person. Hence, it represents a person.
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संबंधित प्रश्न
Accounting equation signifies ___________.
Which one of the following is representative personal account?
Prepaid rent is a ____________.
What is the accounting equation?
Write any one transaction which decreases the assets and decreases the liabilities
How are personal accounts classified?
Write a brief note on accounting equation approach of recording transactions.
For the following transactions, show the effect on the accounting equation.
- Raj started business with cash - ₹ 40,000
- Opened bank account with a deposit of - ₹ 30,000
- Bought goods from Hari on credit for - ₹ 12,000
- Raj withdrew cash for personal use - ₹ 1,000
- Bought furniture by using debit card for - ₹ 10,000
- Sold goods to Murugan and cash received - ₹ 6,000
- Money withdrawn from bank for office use - ₹ 1,000
Create an accounting equation on the basis of the following transactions:
- Rakesh started business with a capital of ₹ 1,50,000
- Deposited money with the bank ₹ 80,000
- Purchased goods from Mahesh and paid through debit card ₹ 25,000
- Sold goods (costing ₹ 10,000) to Mohan for ₹ 14,000 who pays through debit card
- Commission received by cheque and deposited the same in the bank ₹ 2,000
- Paid office rent through ECS ₹ 6,000
- Sold goods to Raman for ₹ 15,000 of which ₹ 5,000 was received at once
Create an accounting equation on the basis of the following transactions:
- Started business with cash ₹ 80,000 and goods ₹ 75,000
- Sold goods to Shanmugam on credit for ₹ 50,000
- Received cash from Shanmugam in full settlement ₹ 49,000
- Salary outstanding ₹ 3,000
- Goods costing ₹ 1,000 given as charity
- Insurance premium paid ₹ 3000
- Out of insurance premium paid, prepaid is ₹ 500
