Please can you tell me what is the type of account Bills Payable is?? Is it real or personal account??
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 07 November 2008
It is a personal account, as liability to a person exists.
Devendra
(Qualified Audit Assistant)
(521 Points)
Replied 07 November 2008
Bills Payable is a Personal Account.
Satyendra sahu
(service)
(216 Points)
Replied 07 November 2008
Correct , i agree with above two comments
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 07 November 2008
I hav little query,
Plz justify your answer with below context;
GOLDEN RULES OF ACCOUNTING
Personal Account:
Debit the receiver
Credit the giver
Real Account :
Debit what comes in
Credit what goes out
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 07 November 2008
BILLS PAYABLE IS A REPRESENTATIVE PERSONAL ACCOUNT
Ram kr.
(Buisness)
(883 Points)
Replied 07 November 2008
| Originally posted by :Rupesh Kalantri | ||
| " | BILLS PAYABLE IS A REPRESENTATIVE PERSONAL ACCOUNT | " |
Ram kr.
(Buisness)
(883 Points)
Replied 07 November 2008
CAN REAL ACCOUNT AND NOMINAL ACCOUNT IS ALSO A REPRESENTATIVE ACCOUNT?
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 10 November 2008
| Originally posted by :Guest | ||
| " | CAN REAL ACCOUNT AND NOMINAL ACCOUNT IS ALSO A REPRESENTATIVE ACCOUNT? | " |
no
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