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Question

Which one of the following is an example of personal account?


A
Capital account
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B
Building account
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C
Cash account
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D
Investment account
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Solution

The correct option is A Capital account
A personal account is an account for use by an individual for that person's own needs. Capital account is representing owner of the business, a person or organisation. Examples of personal account are: Debtors, creditors, banks, capital, drawing, outstanding/prepaid accounts.

Fundamentals of Accounting and Auditing

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