Answer the question.
State the rule of 'debit and credit' associated with the different types of Accounts?

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Solution

Account Rule
Personal Accounts Debit the Receiver Credit the Giver
Real Accounts Debit what comes in Credit what goes out
Nominal Accounts Debit all expenses and losses Credit all gains and incomes.

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List-I(Types of accounts)	List-II(Principles)
I. Real Accounts	(a) Debit the receiver credit the giver
II. Nominal Accounts	(b) Debit what comes in credit what goes out
III. Personal Accounts	(c) Debit all expenses,losses credit all incomes,gains

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Account	Rule
Personal Accounts	Debit the Receiver Credit the Giver
Real Accounts	Debit what comes in Credit what goes out
Nominal Accounts	Debit all expenses and losses Credit all gains and incomes.