Question

How are accounts debited and credited under personal account?​

Answer 1

Answer:

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The terms debit and credit come from double-entry book-keeping. ... Assets, like cash or property that you own, are "debit accounts", that is, a debit is an increase in the balance of the account. Liabilities, like money you owe, are "credit accounts", that is, a credit is an increase.

Answer 2

Answer:

Simple dear u have to just follow the personal account rule that is " debit the receiver and credit the giver " .

A person who receives benefit from the business, his account is to be debited, similarly, a person who gives benefit to the business, his account is to be credited .

For example:

Goods sold on credit to Mr. Ramesh for ₹ 5,000. In this case ,Ramesh is the benefit receiver, hence his account is to be debited. Suppose, the goods sold to Ramesh for cash for ₹ 5000 ,tho6he is receiver of goods his account should not be debited instead cash account be debited. In the same way, credit purchase of goods from Mahesh ₹ 2000 ,Mahesh account is to be credited, as he is benefit giver. If goods are purchased for cash from Mahesh, his account should not be credited, as he is not a benefit giver, ( cash account be credited). Thus,benefit receiver amount be debited and benefit giver account is to be credited.

Read the example carefully u will understand how to credit and debit under personal account.