Question

b) Explain Rule of Recording Personal Account under traditional approach.​

Answer 1

Explanation:

Under traditional approach, accounts can be classified into personal and impersonal accounts. I. Personal Accounts: 'Debit The Receiver And Credit The Giver'. Where the accounts are related to persons, the rule is “debit the person who receives the benefit and credit the person who gives the benefit”.

Answer 2

Answer:

Under traditional approach, accounts can be classified into personal and impersonal accounts. I. Personal Accounts: 'Debit The Receiver And Credit The Giver'. Where the accounts are related to persons, the rule is “debit the person who receives the benefit and credit the person who gives the benefit

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