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CBSE Class 11-commerce Answered

what is Representative Personal Account
Asked by sushmi03dhans | 30 Jan, 2020, 12:28: PM
answered-by-expert Expert Answer
Personal Accounts: These accounts relate to persons such as individuals, firms, companies, etc. These are prepared to determine the balance due to or due from persons or organisations. These accounts can further be classified as follows:
  1. Natural Personal Accounts: These are the accounts of those persons who come into existence naturally i.e., persons who are creation of God. Therefore, it includes only accounts in the names of individuals like Maya’s Account, Rahul’s Account, Om’s Account, etc.
  2. Artificial Personal Accounts: These are the accounts of those institutions or corporate bodies which are recognised as persons in business dealings which includes Company’s Account, Society’s Account, etc.
  3. Representative Personal Accounts: These are the accounts that represent a certain person or group of persons which includes accounts like Prepaid and Outstanding Rent which represents the amount paid in advance and payable to the landlord respectively. 


Rule of Debit & Credit: Debit the receiver, Credit the Giver

 

 

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