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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

43

Answers (8)

Representative personal account


Revathi Krishnamurthi

Revathi Krishnamurthi

CA Inter

3K+

12-Apr-20 12:57

Representative personal account

Can you please explain with entries


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

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!!!


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

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


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...


VIJAYA SARADHI MAGANTI

VIJAYA SARADHI MAGANTI

CA Foundation

850

12-Apr-20 13:20