Please can you tell me what is the type of account Bills Payable is?? Is it real or personal account??
Please can you tell me what is the type of account Bills Payable is?? Is it real or personal account??
It is a personal account, as liability to a person exists.
Bills Payable is a Personal Account.
Correct , i agree with above two comments
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
BILLS PAYABLE IS A REPRESENTATIVE PERSONAL ACCOUNT
| Originally posted by :Rupesh Kalantri | ||
| " | BILLS PAYABLE IS A REPRESENTATIVE PERSONAL ACCOUNT | " |
CAN REAL ACCOUNT AND NOMINAL ACCOUNT IS ALSO A REPRESENTATIVE ACCOUNT?
| Originally posted by :Guest | ||
| " | CAN REAL ACCOUNT AND NOMINAL ACCOUNT IS ALSO A REPRESENTATIVE ACCOUNT? | " |
no
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