Confusion in basic oncept in types of accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 October 2013
Dear all,
Under types of accounts, we take any Bank a/c under Personal a/c because bank is an artificial person.But if we categorize cash a/c under Real a/c, why we cannot take Our own bank a/c (where we kept our cash) as real a/c so that we can apply the rule of real a/c (Dr what comes in, Cr what goes off)?
Under types of accounts, we take any Bank a/c under Personal a/c because bank is an artificial person.But if we categorize cash a/c under Real a/c, why we cannot take Our own bank a/c (where we kept our cash) as real a/c so that we can apply the rule of real a/c (Dr what comes in, Cr what goes off)?
22 October 2013
See, essentially use the same rule for the bank A/c. Debiting it increases the balance, crediting it reduces.
Reason for categorizing it is as a personal account is because the money is out of our books and bank holds it on our behalf same as any other debtor.
Reason for categorizing it is as a personal account is because the money is out of our books and bank holds it on our behalf same as any other debtor.
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