What comes under Personal account?

Some examples of personal accounts are customers, vendors, salary accounts of employees, drawings and capital accounts of owners, etc.

The golden rule for personal accounts is: debit the receiver and credit the giver.
The golden rule for real accounts is: debit what comes in and credit what goes out.

Which is an example of personal accounts?

A few examples of personal accounts include debtors, creditors, banks, outstanding/prepaid accounts, accounts of credit customers, accounts of goods suppliers, capital, drawings, etc.

What is account type of account?

3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.

What are the three different types of personal accounts?

Real, Personal and Nominal accounts are the traditional classification of account types in accounting, however, personal accounts are further distinguished under three categories such as Natural, Artificial, and Representative.

How do you classify accounts?

Broadly, the accounts are classified into three categories:

Personal accounts.
Real accounts. Tangible accounts. Intangible accounts.

How many types of real accounts are there?

Thus, Real Accounts can be of two types: Tangible Real Accounts and Intangible Real accounts.

Which is an example of a personal account?

Debit the receiver. Credit the Giver. For Example – Goods sold to Suresh. In this transaction, Suresh is a personal account as being a natural person. His account will be debited in the entry as the receiver. These account types are related to assets or properties. They are further classified as Tangible real account and Intangible real accounts.

What are the three types of accounts in accounting?

There are mainly three types of accounts in accounting: Real, Personal and Nominal, personal accounts are classified into three subcategories: Artificial, Natural, and Representative. If you fail to identify an account correctly as either a real, personal or nominal account, in most cases, you will get end up recording incorrect journal entries.

What are the different types of real accounts?

Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.

Which is an example of a tangible real account?

Few examples of tangible real accounts are building, machinery, stock, land, etc. Intangible real accounts are related to things that can’t be touched and felt physically. Few examples of such real accounts are goodwill, patents, trademarks, etc. The golden rule for real accounts

Which is an account other than a personal account?

Nominal accounts are accounts other than Personal and Real accounts Real accounts are accounts other than Personal and Nominal accounts Personal accounts are accounts other than Real and Nominal accounts Accounting System – Minimum Accounting Heads

Real Accounts 1 Real Accounts All assets of a firm, which are tangible or intangible, fall under the category of ‘Real Accounts’. 2 Personal Accounts Second among three types of accounts are personal accounts which are related to individuals, firms, companies, etc. 3 Nominal Accounts

What are the three types of account heads?

Every Account head belongs to one of the three types. Any element or account head used in an organisational accounting system would belong to one of these types. It should be either a personal account or real account or a nominal account.