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ACCOUNTS | PERSONAL ACCOUNT | IMPERSONAL ACCOUNT

By Pashupati Thakur

ACCOUNTS | PERSONAL ACCOUNT | IMPERSONAL ACCOUNT, Classification of 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.
full-width

  • Impersonal Account:

These are two type:

  1. Real account
  2. 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.





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