1. Personal accounts
- represent a person or a group of persons with whom the business is
- further classified into natural , artificial and representative personal accounts
- NATURAL - belong to individual persons - e. g Suyash’s account
- ARTIFICIAL - belong to artificial entities like organization, association, company etc. - TATA Motors ’ account
- Representative - represent certain people in business dealings - outstanding rent account, income received in advance account
2. Impersonal / Real accounts
- Represents assets and properties owned by businesses
- tangible asset account - building , machinary
- intangible asset account - patents, copyright, IP
3. Nominal accounts
- accounts of expenses, losses, income, gains, profit etc
- e. g - salary account, depreciation accounts