What is Personal Account Golden Rules of Account tally
Personal Account:- The account pertaining to an individual, firm, company, local authority, and association with which the business deal is called a personal Account. It is an account of natural person and artificial person (legal person). In artificial person partnership firm, limited company, association, local authority etc. are grouped.
Golden Rule of personal account.
Debit: The Receiver.
Credit: The Giver.
For Example :- Creditors A/c, Debtors A/c, Bank A/c, Collage A/c Hospital’s A/c Firm A/c, any Company A/c.
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