Foundation
Elements Of Book Keeping And Accountancy
Nature Of Accounts And Rules Of Debit And Credit
Introduction To Book Keeping And Accounting
Accounting Equation Effects
Question
Which one of the following is an example of personal account?
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Solution
A personal account is an account for use by an individual for that person's own needs. Capital account is representing owner of the business, a person or organisation. Examples of personal account are: Debtors, creditors, banks, capital, drawing, outstanding/prepaid accounts.