Personal Accounts means the elements or accounts which represent persons and organizations.
They are of three types natural, artificial and representative personal accounts.
Types of Personal Accounts
Natural Account: The accounts that are related to any individual are called Natural Accounts. For example, Smith, John, Raj etc.
Artificial Accounts: Accounts related to organizations companies etc are called Artificial Accounts. For example, Raj & Co., Giriraj Traders etc.
Representative Account: An account indirectly representing a person or a group of persons is called representative account.For example, Salary/Payroll Account.
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