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Classify the following into 3 types of personal accounts a) capital account b)tata steel company c)debtors account d) outsatnding expenses account

Answer»

⬇(A)EVERY ACCOUNT head should be capable of being classified under one of the three kinds/types. The elements or accounts which represent persons and organizations. ... Capital a/c - representing the owner of the business, a person or organisation. Bank a/c - representing Bank, an organization. (B)The Tata Steel group has spawned several companies that are leaders in their SPHERE of operations. (C). Personal Accounts. We further classify these as: ...II. IMPERSONAL Accounts. ...Personal Account: Debit the Receiver. ...Real Account: Debit what COMES in. ...Nominal Account: Debit all expenses and losses. ...Representative Personal Account: Debit the Debtor.(D) Outstanding expenses is the representative personal account because it represents the outstanding expenses to a group pf people. Hence, it can be classified as a personal account. HOPE ITS HELP YOU ✔✔✔



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