Is Capital Account a Personal or Real Account and why?
Download our app for free and get startedPlay store
Capital Account is a Personal Account because it represents the Proprietor of the business who is a human being.
art

Download our app
and get started for free

Experience the future of education. Simply download our apps or reach out to us for more information. Let's shape the future of learning together!No signup needed.*

Similar Questions

  • 1
    What is the rule of recording transactions in Personal Accounts?
    View Solution
  • 2
    Which account should be debited, if wages are paid for installation of a machine?
    View Solution
  • 3
    No account is opened in the name of the Proprietor in the books of the firm. Give reason.
    View Solution
  • 4
    Which of the following equations are correct?
    1. Assets = Capital + Liabilities
    2. Assets = Capital - Liabilities
    3. Assets = Liabilities - Capital
    4. Capital = Assets - Liabilities
    5. Capital = Assets + Liabilities
    6. Liabilities = Capital + Assets
    7. Liabilities = Capital - Assets
    8. Liabilities = Assets - Capital
    View Solution
  • 5
    What journal entry is passed in case of purchase of goods within the state?
    View Solution
  • 6
    What is a pay-in-slip?
    View Solution
  • 7
    If total assets of the business are ₹ 4,50,000 and outside liabilities are ₹ 2,00,000, calculate owner's equity.
    View Solution
  • 8
    Proprietor of the firm has withdrawn goods for his personal use. The accountant has recorded it as sale in the books of accounts. Is he correct in doing so?
    View Solution
  • 9
    What is Transfer Voucher?
    View Solution
  • 10
    On $31^{\text {st }}$ March, $2019,$ the total assets and external liabilities were $₹ 2,00,000$ and $₹ 6,000$ respectively.
    During the year, the proprietor had introduced capital of $₹ 20,000$ and withdrawn $₹ 12,000$ for personal use. He made a profit of $₹ 20,000$ during the year. Calculate the capital as on $1^{\text {st }}$ April, $2018.$
    View Solution