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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
‘Cash withdrawn by the proprietor from the business for his personal use’ causes ____________.
A firm has assets of ₹ 1,00,000 and the external liabilities of ₹ 60,000. Its capital would be ___________.
Prepaid rent is a ____________.
What is the accounting equation?
How are personal accounts classified?
Write a brief note on accounting equation approach of recording transactions.
Classify the accounts with suitable examples.
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- Money withdrawn from bank for office use - ₹ 1,000
Prepare accounting equation for the following transactions.
- Murugan commenced business with cash ₹ 80,000
- Purchased goods for cash ₹ 30,000
- Paid salaries by cash ₹ 5,000
- Bought goods from Kumar for ₹ 5,000 and deposited the money in CDM.
- Introduced additional capital of ₹ 10,000
What will be the effect of the following on the accounting equation?
- Sunil started business with ₹ 1,40,000 cash and goods worth ₹ 60,000
- Purchased furniture worth ₹ 20,000 by cash
- Depreciation on furniture ₹ 800
- Deposited into bank ₹ 40,000
- Paid electricity charges through net banking ₹ 500
- Sold goods to Ravi costing ₹ 10,000 for ₹ 15,000
- Goods returned by Ravi ₹ 7,500 (costing ₹ 5,000)
