Please can you tell me what is the type of account Bills Payable is?? Is it real or personal account??
8 Replies
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 07 November 2008
It is a personal account, as liability to a person exists.
Devendra
(Qualified Audit Assistant)
(521 Points)
Replied 07 November 2008
Bills Payable is a Personal Account.
Satyendra sahu
(service)
(216 Points)
Replied 07 November 2008
Correct , i agree with above two comments
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 07 November 2008
I hav little query,
Plz justify your answer with below context;
GOLDEN RULES OF ACCOUNTING
Personal Account:
Debit the receiver
Credit the giver
Real Account :
Debit what comes in
Credit what goes out
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 07 November 2008
BILLS PAYABLE IS A REPRESENTATIVE PERSONAL ACCOUNT
Ram kr.
(Buisness)
(883 Points)
Replied 07 November 2008
| Originally posted by :Rupesh Kalantri | ||
| " | BILLS PAYABLE IS A REPRESENTATIVE PERSONAL ACCOUNT | " |
Ram kr.
(Buisness)
(883 Points)
Replied 07 November 2008
CAN REAL ACCOUNT AND NOMINAL ACCOUNT IS ALSO A REPRESENTATIVE ACCOUNT?
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 10 November 2008
| Originally posted by :Guest | ||
| " | CAN REAL ACCOUNT AND NOMINAL ACCOUNT IS ALSO A REPRESENTATIVE ACCOUNT? | " |
no
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