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KINDLY EXPLAIN THREE TYPES OF ACCOUNTS WITH EXAMPLES
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Answer Posted / mukesh
there are two tyes of account
1)personal
i)natural-it includes human ac..eg ram ,shyam
ii)artificial-its for business entities eg government companies,clubs
iii)representative-they are not in the name of any human organization but are represented as personal ac. eg capital, drawings, prepaid salary,outstanding expense 2)impersonal
i)real-it includes assets except debtors and bank. eg cash, buildings,patent
ii)nominal- it includes all loss,gains and revenue eg consignment,joint venture,salry,rent , income
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