But Personel ac- dr-receiver and cr-giver Real a/c-- dr-what comes in and cr- what goes out Drawings means something is taken away by the prpritor.. so it should be the real ac ...
01 July 2010
I think this will clear ur doubt:- Classification of Personal Accounts: (a) Natural personal accounts: It relates to transactions of human beings like Ram, Rita, etc. (b) Artificial (legal) personal accounts: For business purpose, business entities are treated to have separate entity. They are recognized as persons in the eye of law for dealing with other persons. For example: Government, Companies (private or limited), Clubs, Co-operative societies etc. (c) Representative personal accounts: These are not in the name of any person or organization but are represented as personal accounts. For example: outstanding liability account or prepaid account, capital account, drawing account.
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