Question

Bank of India is an example of Real Account.

• A. True
• B. False

Answer 1

The correct option is B False

Personal accounts are related to individuals, firms, companies, etc. A few examples of personal accounts are debtors, creditors, banks, outstanding.prepaid accounts, accounts of credit customers, accounts of goods suookiers, capital, drawings, etc.

Personal accounts are classified into three subcategories: Artificial, Natural, and Representative personal accounts.

Representative personal accounts represents a certain person or group directly or indirectly.

Bank of India is a personal account as it is related to a banking firm which is an artificial person. All those accounts which are relayed to a person, whether artificial or natural, are termed as personal accounts.