Question

Which of the following is a representative personal account?

A Outstanding Expenses Correct Answer Incorrect Answer
B Rajeev & Sons Co. Correct Answer Incorrect Answer
C ICICI Bank Ltd. Correct Answer Incorrect Answer
D Mr. Suraj's A/c Correct Answer Incorrect Answer

Solution

Representative Personal Account: This account represents accounts of both natural and artificial entities. The transactions in this account either belong to the previous year or the coming year. For example, salary drawn in advance, or salary due(outstanding expenses).

Practice Next
×
×