Basics of accounts

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krishnamoorthy

krishnamoorthy (Querist)
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22 March 2016 what is difference between personal account and representative personal account?

Sathish M

Sathish M (Expert)
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22 March 2016 Personal Accounts – The accounts which relate to an individual, firm, company are called personal accounts. It can be classified into three categories –

1. Natural Personal account- It refers to the accounts of human beings. For example tom account, Stephen account etc…

2. Artificial Personal account – It refers to accounts that do not have physical existence like accounts of companies for example Microsoft account, Google account etc….

3. Representative Personal account – It refers to those accounts which represent a particular group of persons. They are not in the name of any person or organization, but indirectly represent obligation towards individual or group of people. So prepaid insurance account or unearned commission account are some of its examples.

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