PERSONAL ACCOUNT

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Definitions

the accounts maintained for outside persons are termed personal accounts simply because they record the view of the outside persons. Thus the accounts with Sykes, Biggs and Jones are examples of personal accounts. Any account that the organization maintains with any outside person is termed a personal account. By contrast, accounts maintained which show the point of view of the organization are termed impersonal accounts. Thus the examples, motor car account and E-meter sales account are impersonal accounts. Impersonal account means any account recording the organization's viewpoint of a transaction. (BPL 14 Nov 70 III)