BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Ledger accounts that contain transactions related to individuals or other organizations with whom your business has direct transactions are known as personal accounts. Some examples of personal accounts are customers, vendors, salary accounts of employees, drawings and capital accounts of owners, etc.

Detailed explanation-2: -Examples of personal account are: Debtors, creditors, banks, capital, drawing, outstanding/prepaid accounts.

Detailed explanation-3: -A personal account is an account for use by an individual for that person’s own needs. It is a relative term to differentiate them from those accounts for business or corporate use.

Detailed explanation-4: -3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.

Detailed explanation-5: -All the accounts related to an individual, a firm or a company are termed as a personal accounts. Hence, bank account is an example of a personal account.