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No bank account is a Personal account in Accounting

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โˆ™ 2012-09-06 08:24:10
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Q: Is bank account a real account in accounting?
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Is bills payble account is a real account?

Bill payable is a personal account and only cash and bank accounts are real accounts in accounting.


How do you record drawings in accounting?

Drawings in accounting are recorded as a double entry in the cash book. This is a credit to the bank account and a debit to the cash account.


What is the financial accounting entry for check cashing?

[Debit] Cash account [Credit] bank account


Is bank account is real account or personal account?

It is Personal Account and Cash A/c is actually real account.


What is another name for a real account in accounting?

Nominal accounts


What are three golden rules of accounting explain them in detail?

Real account personal account nominal account


Is bank a real account?

yes


What is the accounting treatment of saving deposit in closed bank?

Even if the account is closed, the cash inside of the account is still considered an asset and no accounting entries are necessary. If a new account is opened, the new account is debited the cash balance and the old account is credited.


What are the accounting journal entries to record paid on account?

Debit accounts payableCredit cash / bank


Why real account is called real account?

Because these are the only accounts which have real existance like cash account and bank account other accounts are just in books of accounts and no real physical existance.


Can the director of a corporation deposit company money into their personal bank account?

They can deposit money into their personal bank account but they shouldn't. It will mix funds and accounting and taxes will be challenging. They can also be accused of wrongdoing.


Can a creditor take your bank account as real property?

yer

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