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Question

Which of the following is an example of personal account?

A
Machinery
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B
Rent
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C
Cash
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D
Creditor
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Solution

The correct option is C Creditor

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


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