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TYPES OF PERSONAL ACCOUNTS : TYPES OF PERSONAL ACCOUNTS Natural Personal Accounts : Relate to individuals or natural persons made of flesh and bones. Artificial : Relate to artificial persons recognized by Law as persons – Manipal Learning Ltd, SBI, RBI, BEL. BHEL etc. Representative : Groups or representative such as Debtors, Creditors, outstanding expenses and prepaid insurance.

REAL ACCOUNTS : REAL ACCOUNTS Tangible Real Account such as cash, building , goods, furniture, machinery, investments. Intangible Real Account such as Goodwill, Patent, Trade Marks, Preliminary expenses.

NOMINAL ACCOUNTS : NOMINAL ACCOUNTS Deals with expenses or losses and gains and income Known as fictitious accounts They do not represent any tangible assets They are not in existence and cannot be seen They are “Ghost” in nature