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what is representative personal accounts??
explain with examples...
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Answer / hemant
Representative personal accounts: The accounts recording transactions relating to the expenses and incomes are classified as nominal accounts. But in certain cases due to the matching concept of accounting the amount, on a particular date, is payable to the individuals or recoverable from individuals.
Such amount (a) relates to the particular head of expenditure or income and (b) represents persons to whom itis payable or from whom it is recoverable. Such accounts are classified as representative personal accounts e.g. "Wages Outstanding Account", Pre-paid Insurance Account. etc.
| Is This Answer Correct ? | 136 Yes | 17 No |
Answer / dilawar ali
Representative personal
accounts are those a/c
which represents a
certain person or a
grnup..... Example:-
prepaid rent,outstanding
salary,prepaid
expenses, advanced
income etc.....
| Is This Answer Correct ? | 72 Yes | 10 No |
Answer / debdeep
All prepaid and outstanding expenses and all advance and accrued incomes/revenues treated under representative personal account.
ex:o/s salaries,prepaid salaries
ex:advance interest,accrued salaries.
| Is This Answer Correct ? | 39 Yes | 5 No |
Answer / tarang
A clubs account would be a personal account..???
| Is This Answer Correct ? | 30 Yes | 6 No |
Answer / kamal das
The account which work as indirectly towards a person or
working in absent of a person that account is called as
representative personal account.
Bank
| Is This Answer Correct ? | 47 Yes | 35 No |
Answer / diksha sharma
representative personal account are those account which
represents a certain indvidual of a socity or gram
example: outstanding salary,prepaid rent or salary
or expences etc........
| Is This Answer Correct ? | 14 Yes | 3 No |
Answer / bhumi
When an accountrepresents a particular person or group of persons ,it is termed as a representation personal account.
For example ,if the salaries for the month of December r not paid to employees,the amount payable to these employees will be added and put under one common title -salaries outstanding account.this account represents the accounts of all the persons to whom salaries have to be paid . Therefore it is termed as representative personal account.
| Is This Answer Correct ? | 9 Yes | 1 No |
Answer / k srinivasan
amount contributed by owner is called capital account. it represents owner. capital is treated as representative personal account. similarly owner drawings are treated as representative personal account
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / amir sohail
These are not in the name of any person or organisation but are represented as personal accounts.For example: outstanding liability account or prepaid account, capital account, drawings account.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / mamatha
those accounts which represents a person or a group known as
representative accounts
| Is This Answer Correct ? | 4 Yes | 3 No |
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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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