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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
