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When an account represents certain person or persons then it is called
Natural Personal accounts
Artificial Personal accounts
Real accounts
Representative Personal accounts
Representative Personal Accounts: These are the accounts that represent a certain person or group of persons which includes accounts like Prepaid and Outstanding Rent which represents the amount paid in advance and payable to the landlord respectively.
For example – In the case of Salary, when it is payable to employees, it is known how much amount is payable to each of the employee. But collectively it is called as ‘Salary payable A/c’.
By: SWAPNIL AGGARWAL ProfileResourcesReport error
Sanskar thakur
Wrong answer
Our answer is correct because in accountancy outstanding expenses, prepaid expense, income due but not received etc are treated as representative personal accounts(deemed to personal)
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