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Question
Answer in one sentence only:
What is Personal Account?
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Solution
Personal account represents a person and group of persons with whom business deals.
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Classify the following accounts under the types of Personal, Real and Nominal account:
Loose Tools A/c
Classify the following accounts under the types of Personal, Real, and Nominal accounts:
Prepaid Rent A/c
Classify the following accounts under the types of Personal, Real and Nominal account:
Outstanding Income A/c
Classify the following account under the types of Personal, Real and Nominal account:
Freight A/c
Classify the following account under the types of Personal, Real, and Nominal account:
Sundry Income A/c
Classify the following account under the types of Personal, Real and Nominal account:
Outstanding Wages A/c
Classify the following account under the types of Personal, Real and Nominal account:
Bank of Maharashtra A/c
Classify the following account under the types of Personal, Real and Nominal account:
Loan A/c
Classify the following account under the types of Personal, Real and Nominal account:
Motor Car A/c
Classify the following account under the types of Personal, Real and Nominal account:
Income tax A/c
Classify the following account under the types of Personal, Real and Nominal account:
Siddhivinayak Trust A/c
Classify the following account under the types of Personal, Real and Nominal account:
Indian Railways A/c
Classify the following account under the types of Personal, Real and Nominal account:
Income Received in Advance A/c
Classify the following account under the types of Personal, Real and Nominal account:
Raj & company A/c
Classify the following account under the types of Personal, Real and Nominal account:
Royalty A/c
