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B/R and B/P comes under what accounts in traditional approach Whether they are representative personal accounts or real accounts?? Please clarify...


VIJAYA SARADHI MAGANTI

VIJAYA SARADHI MAGANTI

CA Foundation

850

12-Apr-20 11:55

105

Answers (8)

Representative personal account


Revathi Krishnamurthi

Revathi Krishnamurthi

CA Inter

3K+

12-Apr-20 12:57

Revathi Krishnamurthi

Representative personal account

Can you please explain with entries


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VIJAYA SARADHI MAGANTI

VIJAYA SARADHI MAGANTI

CA Foundation

850

12-Apr-20 12:58

Real account represents asset account which has some value. So it has been realised. But B/P or B/R is yet to be encashed. So we treat b/r - dr [debit what comes in], b/p - cr [ cr what goes out], which says we will have some benefit out of it


Revathi Krishnamurthi

Revathi Krishnamurthi

CA Inter

3K+

12-Apr-20 13:10

Revathi Krishnamurthi

Real account represents asset account which has some value. So it has been realised. But B/P or B/R is yet to be encashed. So we treat b/r - dr [debit what comes in], b/p - cr [ cr what goes out], which says we will have some benefit out of it

Sorry,In the previous conversation you have mentioned them as representative personal account can you please justify it!!!


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VIJAYA SARADHI MAGANTI

VIJAYA SARADHI MAGANTI

CA Foundation

850

12-Apr-20 13:12

I have distinguished real and representative real account. Kindly read slowly


Revathi Krishnamurthi

Revathi Krishnamurthi

CA Inter

3K+

12-Apr-20 13:13

Sorry representative personal account


Revathi Krishnamurthi

Revathi Krishnamurthi

CA Inter

3K+

12-Apr-20 13:14

Revathi Krishnamurthi

Real account represents asset account which has some value. So it has been realised. But B/P or B/R is yet to be encashed. So we treat b/r - dr [debit what comes in], b/p - cr [ cr what goes out], which says we will have some benefit out of it

I think fixed assets are also real accounts out of which benefit is to be realised in future so that we cannot classify them as representative personal account


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VIJAYA SARADHI MAGANTI

VIJAYA SARADHI MAGANTI

CA Foundation

850

12-Apr-20 13:18

Can you please explain it on a paper clearly and attach it...


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VIJAYA SARADHI MAGANTI

VIJAYA SARADHI MAGANTI

CA Foundation

850

12-Apr-20 13:20

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