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Question
Ram's account is a Real account.
Ram's account is a Real account.
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Solution
The correct option is B False
It is a false statement. Real
account states debit what comes in, credit what goes out.If
something comes into business, it shall be debited and if something goes out of
business, it shall be credited.
A personal
account is an account for use by an individual for that person's
own needs. It is a relative term to differentiate them from
those accounts for business or corporate use.
Hence,
Ram's account is a Personal Account.
It is a false statement. Real account states debit what comes in, credit what goes out.If something comes into business, it shall be debited and if something goes out of business, it shall be credited.
A personal account is an account for use by an individual for that person's own needs. It is a relative term to differentiate them from those accounts for business or corporate use.
Hence, Ram's account is a Personal Account.
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