Bills Payable

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Please can you tell me what is the type of account Bills Payable is?? Is it real or personal account??

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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