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Representative Personal Accounts
1- Outstanding expense Account
2- Advance Expense Account
3- Outstanding Income Account
4- Advance Income Account
The accounts recording transactions relating to the expenses and incomes are classified as nominal accounts. But in certain cases due to the matching concept of accounting the amount, on a particular date, is payable to the individuals or recoverable from individuals. Such amount (a) relates to the particular head of expenditure or income and (b) represents persons to whom it is payable or from whom it is recoverable. Such accounts are classified as representative personal accounts
1. Wages Outstanding Account
2. Pre-paid Insurance Account
Representative personal account-these are accounts which represents certain person orgroup of persons. For example salary due, rent outstanding etc.The rule of personal account is applicable to these also but instead their nature is specified.Agree with the given answers.
Agreed with the answers to colleagues
Representative personal accounts are the accounts representing person(s)
Salaries & wages payable account
Outstanding income account
Advance income account
person named to administer an estate used to be called an executor or executrix. Now the term is personal representative, regardless of whether that person is named in a will or is appointed because there was no will.
A personal representative carries out the wishes of the decedent regarding distribution of his/her assets, and to complete the decedent’s business, such as paying bills and filing tax returns.
The personal representative is the court representative who has the authority to search for any important documents. The search should include the home, office, place of business, and any safe deposit boxes. Meeting with advisors such as accountants, investment professionals, insurance agents, and attorneys is advised. Any information indicating that an asset exists or that bills are unpaid should be kept for use in the administration of the estate. Items to look for:
• Funeral and burial plans
• Safe deposit rental agreements and keys
• Trust agreements
• Nuptial agreements
• Life insurance policies or statements
• Pension, IRA, or retirement statements
• Recent income tax returns for past several years
• Gift tax returns
• Marriage, birth, and death certificates
• Divorce papers
• Military records and discharge papers
•Certificates of deposit, bank statements, checkbooks, and check registers
• Notes receivable and payable
• Motor vehicle titles
• Deeds, deeds of trust, mortgages, leases, and title policies
• Stock and bond certificates and account statements
• Bankruptcy filings
• Partnership, LLC, or corporate agreements
• Unpaid bills
• Health insurance papers
• Papers regarding fraternal organizations or professional societies (because they may offer benefits upon the death of their member).
AGREE WITH MR MALIK ANSWER
The accounts recording transactions relating to the expenses and incomes are classified as nominal accounts. But in certain cases due to the matching concept of accounting the amount, on a particular date, is payable to the individuals or recoverable from individuals
