ACCOUNTS | PERSONAL ACCOUNT | IMPERSONAL ACCOUNT

Classification of accounts
ACCOUNTS

It is a way or method to maintain the all business daily transactions as a record for maintaining its all balance in which include company expanses and income, profit and loss, purchase and sales, etc. That is knows as account.

Types of accounts:

Personal Account:

These account are those account in which the transaction shall be maintained in between two person to company, one person one bank or one company one company.

Rules:

Cr. - Credit Account

Dr. - Debit Account.

Debit the receiver always Dr.

Credit the given always Cr.

Examples:

Ram sold goods to Mohan.

Mohan a/c Dr.
Ram a/c Cr.

Mohan purchase goods from Ram.

Mohan a/c Dr.
Ram a/c Cr.

Mohan purchase furniture from Ram.

Mohan a/c Dr.
Ram a/c Cr.

Mohan sold goods to Mohan.

Mohan a/c Dr.
Ram a/c Cr.

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Impersonal Account:

These are two type:

Real account
Nominal account

Real account: These account are those account which have to maintain as the transaction in which we can know that what comes in and what goes out in supplier to customer.

Rules:

What comes in always Dr.

What goes out always Cr.

Purchase always Dr. side.

Sales always Cr. side.

Examples:

Ram sold to Mohan goods for cash.

Cash a/c Dr.
Sale a/c Cr.

Mohan purchase furniture from Ram to cash.

By furniture a/c Dr.
To cash a/c Cr.

Purchase goods for cash.

Purchase a/c Dr.
Cash a/c Cr.

Comments

LIABILITY | EXPENSE

LIABILITY: These liability are those liability which have to pay by the proprietor for long time or sort time. Liability are two type: Current Liability These liability are those liability which have to pay by the proprietor for soft term to own business out sides investors, shares holders, soft term loan or creditors, etc. Fixed Liability These liability are those liability which have to pay by the proprietor for long term to own business, partners, debenture or long term loan. EXPENSE: These expenses are those expenses which have to spend by the proprietor for business activities. These are two type: Direct expenses: These expenses are those expenses which have to spend by the proprietor directly. For examples: Carriage - in & out word Fright Transport Tax Fuel Wages Posts and stamp Rent, etc. Indirect expenses These expenses are those expenses which have to spend by the proprietor indirectly for business purpose. For examples: full-width Advertisement Books & Stati...

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