Classification of Runescape Accounts - Hints for Journalizing - Advantages of Journal

Personal Accounts

Accounts recording transactions relating to individuals or firms or company are known as personal accounts. Personal runescape accounts for sale may further be classified as :

(1) Natural person’s personal accounts: The accounts recording transactions relating to individual human beings e.g., Anand’s A/c, Remesh’s A/c, Pankaj’s A/c are classified as natural person’s personal accounts.

(2) Artificial person’s personal account: The accounts recording transactions relating to sell runescape accounts limited companies. bank, firm, institution, club. etc. e.g. Delhi Cloth Mill; Hans Raj College; Gymkhana Club are classified as artificial persons’ personal accounts.

(3) Representative personal accounts: The accounts recording transactions relating to the expenses and incomes are classified as nominal accounts. But in certain cases due to the matching concept of accounting the amount, on a particular date, is payable to the individuals or recoverable from individuals.

Such amount (a) relates to the particular head of expenditure or income and (b) represents persons to whom itis payable or from whom it is recoverable. Such accounts are classified as representative personal accounts e.g. “Wages Outstanding Account”, Pre-paid Insurance Account. etc.

Hints for Journalizing

The following discussion will help in diagnosing the transaction with a view to find out which rs accounts for sale are relevant for passing the journal entry.

1. Treatment of cash/credit transaction.

Read carefully the following transactions:

(i) Purchased goods for Rs. 1,200 cash. .
(ii) Purchased goods for Rs. 1,200.
(iii) Purchased goods for Rs. 1,200 from Arun.
(iv) Purchased goods for Rs. 1,200 from Arun on cash.

2. Treatment of payment on personal/expenses account.

When payment is made to a person against amount due to him as per his ledger account-the personal runescape accounts on sale the creditor should be debited. However if the payment is being made to a person representing business expenditure then the particular expenditure (nominal) account should be debited.

3. Treatment of receipt on personal/ income account.

When amount is received from a person against amount recoverable from him as per ledger account-the personal account of the debtor should be credited. However if the amount received represents business income, then the particular income (nominal) runescape account should be credited.

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