Question

7. Debit the receiver, credit the giver is rule for
[A] personal account
[B] tangible real account
[C] nominal
account
[D] representative personal account​

Answer 1

Answer:

A) Personal Account as they are the accounts for individual, firms, companies etc. By debit the receiver means the person who is receiving good on credit will be debited and the person who is giving goods will be credited....

Hope this help you

Answer 2

ANSWER :

★ [A] Personal Account

• ❍ Debit the receiver, credit the giver is the rule for Personal Account.

• ❍ Accounts heads pertaining to persons, firms, companies, organizations etc. are called Personal Accounts. It includes the accounts such as Ram's A/C, Gauhati Commerce College A/C etc.

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KNOW MORE :

• ❒ Rules of Debit and Credit under Traditional Approach or English Approach :-

[1] For Personal Accounts :

• ✎ Debit is the Receiver of the benefit.

• ✎ Credit is the Giver of the benefit.

[2] For Real Accounts :

• ✎ Debit what Comes in.

• ✎ Credit what Goes out.

[3] For Nominal Accounts :

• ✎ Debit all Expenses and Losses.

• ✎ Credit all Incomes and Gains.

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• ❒ Rules of Debit and Credit under American Approach or Modern Approach :-

[1] For Assets Accounts :

• ✎ When there is an increase in the Asset, it is 'Debited'.
• ✎ When there is a decrease in the Asset, it is 'Credited'.

[2] For Liabilities Accounts :

• ✎ When there is an increase in the Liabilities, it is 'Credited'.

• ✎ When there is a decrease in the Liabilities, it is 'Debited'.

[3] For Capital Accounts :

• ✎ When there is an increase in the Capital, it is 'Credited'.

• ✎ When there is a decrease in the Capital, it is 'Debited'.

[4] For Revenue Accounts :

• ✎ When there is an increase in the Revenue, it is 'Credited'.

• ✎ When there is a decrease in the Revenue, it is 'Debited'.

[5] For Expenses Accounts :

• ✎When there is an increase in the Expense, it is 'Debited'.

• ✎ When there is a decrease in the Expense, it is 'Credited'