What are the examples of personal account?

What are the examples of personal account?

Some examples of personal accounts are customers, vendors, salary accounts of employees, drawings and capital accounts of owners, etc. The golden rule for personal accounts is: debit the receiver and credit the giver. In this example, the receiver is an employee and the giver will be the business.

What are 3 types of accounts with examples?

3 Different types of accounts in accounting are Real, Personal and Nominal Account….

• Debit Purchase account and credit cash account. …
• Debit Cash account and credit sales account. …
• Debit Expenses account and credit cash/bank account.

What are the examples of nominal account?

Nominal accounts are typically associated with the income statement, and so are used to record revenues, expenses, gains, and losses. Examples of these accounts are product revenue, the cost of goods sold, compensation expense, and utilities expense.

What are the 3 nominal accounts?

Nominal accounts are also called temporary accounts. Temporary or nominal accounts include revenue, expense, and gain and loss accounts.

Is rent a personal account?

(i) Rent Account is a Nominal Account, but Outstanding Rent Account is a Personal Account. Rent Received in Advance Account is a Personal Account. Prepaid Rent Account is a Personal Account. (ii) Salaries or Wages Account is a Nominal Account but Outstanding Salaries or Outstanding wages Account is a Personal Accounts.

Is bank a personal account?

Bank account is an example of personal account and not nominal account. 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.