Accounts And Its Classification Types Of Accounts An Analysis
Accounts Classification According to Kohler’s Dictionary for Accountants, an account has been defined as a formal record of a particular type of transactions expressed in money. (I) PERSONAL ACCOUNTS: These accounts show the transactions with customers, suppliers, money lenders, the banks and the owner. Personal accounts can take the following forms: (a) Natural Personal Accounts: The term natural persons means persons who are the creation of God. For example proprietor’s account or the account of say, Naresh a customer or supplier....