What is meant by personal and impersonal account
Types of accounts personal , Impersonal & further distribution With examples Types of accounts Types of accounts There are basically two types of accounts 1. Personal account 2. Impersonal account 1. Personal account Personal account is a account of a person with whom business deals with. And this person are classified into three 1. Real person 2. Artificial/legal 3.Representative So the account relating all this type of person are called personal accounts. Where legal person have a separate identity in law and also known as separate person not a human being. For ,e.g. company A is separate from company B.And in the case of representative it refers to group/individuals where identity is not disclosed. Debentures A/c Xyz mills A/c Mr.xyz A/c Furniture & fixtures A/c etc. Impersonal account All those account other then personal are said to be impersonal account.Mainly classified into tw...