BOOK KEEPING FORM ONE – CLASSIFICATION ACCOUNTING msomimaktaba, November 11, 2018May 7, 2020 CLASSIFICATION OF ACCOUNTSClassification of AccountsIt is necessary to know the classification of accounts and their treatment in double entry system of accounts. Broadly, the accounts are classified into three categories:Personal accountsImpersonalReal accountsTangible accountsIntangible accountsLet us go through them each of them one by one.Difference between Personal and Impersonal AccountDifferentiate between personal and impersonal accountsThe differences between personal and impersonal accounts can be seen from what is debited and what is credited. In this concept you are going to learn those differences and investigate how they differ.There are two types of accounts. Personal account and impersonal accounts, impersonal accounts is further divided in two groups. They are depicted on the image below.Personal AccountsPersonal accounts deal with accounts relating to individuals, companies, firms and banks. They are further classified into three categories shown below. You will be able to understand them one by one.Natural Personal AccountAn account related to any individual like David, George, Ram, or Shyam is called as a Natural Personal Account.Artificial Personal AccountAn account related to any artificial person like M/s ABC Ltd, M/s General Trading, M/s Reliance Industries, etc., is called as an Artificial Personal Account.Representative Personal AccountRepresentative personal account represents a group of account. If there are a number of accounts of similar nature, it is better to group them like salary payable account, rent payable account, insurance prepaid account, interest receivable account, capital account and drawing account, etc.Example of personal account ALL NOTES FOR ALL SUBJECTS QUICK LINKS:AGRICULTURE O LEVEL PURE MATHEMATICS A LEVELBAM NOTES A LEVELBASIC MATH O LEVELBIOLOGY O/A LEVELBOOK KEEPING O LEVELCHEMISTRY O/A LEVELCIVICS O LEVELCOMPUTER(ICT) O/A LEVELECONOMICS A LEVELENGLISH O/A LEVELCOMMERCE O/A LEVELACCOUNTING A LEVELGENERAL STUDIES NOTESGEOGRAPGY O/A LEVELHISTORY O/A LEVELKISWAHILI O/A LEVELPHYSICS O/A LEVELMOCK EXAMINATION PAPERSNECTA PAST PAPERS Book Keeping Study Notes Form 1 Book Keeping Study Notes Msomi Maktaba All Notes FORM 1Post navigationPrevious postNext postRelated PostsMatokeo ya darasa la saba 2023/2024 February 2, 2024NECTA Standard Seven Results | Matokeo Ya Darasa la Saba 2023/2024? The NECTA PSLE results 2023 is the final Results of the PSLE Exam in Tanzania, released by the National Examinations Council of Tanzania 2 months after the candidates sat for the examination. The results usually provide reports in terms… Read More Basic Mathematics Study Notes Form 4 Mathematics – LINEAR PROGRAMMING November 13, 2018August 17, 2024LINEAR PROGRAMMING SIMULTANEOUS EQUATIONS Solving simultaneous equations graphically, the solution is given by the point of intersection of the two lines. Examples 1. Solve graphically the following simultaneous equations. 2x – y = 1 3x+3y =6 Equation 1 2x – y = 1 X intercept, y= 0 2x – y… Read More Agriculture Form 3 Agriculture Form 3 – CROP PRODUCTION November 13, 2018February 13, 2019ALL NOTES FOR ALL SUBJECTS QUICK LINKS: AGRICULTURE O LEVEL PURE MATHEMATICS A LEVEL BAM NOTES A LEVEL BASIC MATH O LEVEL BIOLOGY O/A LEVEL BOOK KEEPING O LEVEL CHEMISTRY O/A LEVEL CIVICS O LEVEL COMPUTER(ICT) O/A LEVEL ECONOMICS A LEVEL ENGLISH O/A LEVEL COMMERCE O/A LEVEL ACCOUNTING A LEVEL… Read More Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment *Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ
Matokeo ya darasa la saba 2023/2024 February 2, 2024NECTA Standard Seven Results | Matokeo Ya Darasa la Saba 2023/2024? The NECTA PSLE results 2023 is the final Results of the PSLE Exam in Tanzania, released by the National Examinations Council of Tanzania 2 months after the candidates sat for the examination. The results usually provide reports in terms… Read More
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