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Question
How are personal accounts classified?
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Solution
Personal account: Account relating to persons is called personal account. The personal account may be natural, artificial or representative personal account.
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RELATED QUESTIONS
‘Cash withdrawn by the proprietor from the business for his personal use’ causes ____________.
Real account deals with ____________.
Which one of the following is representative personal account?
Write any one transaction which decreases the assets and decreases the liabilities
Write any one transaction which increases one asset and decreases another asset
What is an Account?
Classify the accounts with suitable examples.
What are the three different types of personal accounts?
Complete the accounting equation.
Assets = Capital + Creditors
? = ₹ 1, 60,000 + ₹ 80,000
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
