Question

Rule of parsonal account is applied on liabilities

Answer 1

Answer:

Rule for Liability Account is Increases are credits and decreases are debits .

Answer 2

Explanation:

The rule of debiting the receiver and crediting the giver comes into play with personal accounts. A personal account is a general ledger account pertaining to individuals or organizations. If you receive something, debit the account. If you give something, credit the account