Please can you tell me what is the type of account Bills Payable is?? Is it real or personal account??
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Bills Payable
Replies (8)
It is a personal account, as liability to a person exists.
Bills Payable is a Personal Account.
Correct , i agree with above two comments
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
BILLS PAYABLE IS A REPRESENTATIVE PERSONAL ACCOUNT
| Originally posted by :Rupesh Kalantri | ||
| " | BILLS PAYABLE IS A REPRESENTATIVE PERSONAL ACCOUNT | " |
CAN REAL ACCOUNT AND NOMINAL ACCOUNT IS ALSO A REPRESENTATIVE ACCOUNT?
| Originally posted by :Guest | ||
| " | CAN REAL ACCOUNT AND NOMINAL ACCOUNT IS ALSO A REPRESENTATIVE ACCOUNT? | " |
no
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