"Debit the receiver and credit the giver" is the golden rule for which type of account?

Real A/c

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Personal A/c

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Nominal A/c

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None of these

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Solution

The correct option is B Personal A/c
"Debit the receiver, and credit the giver" is a golden rule for Personal A/c. Personal accounts are the accounts for individual, firms, companies etc. By debit the receiver means the person who is receiving goods on credit will be debited and the person who is giving will be credited.

Suggest Corrections

List I	List II
(Types of accounts)	(Principles)
A. Real Accounts	1. Debit the receiver Credit the giver
B. Nominal Accounts	2. Debit what comes in Credit what goes out
C. Personal Accounts	3. Debit all expenses and losses Credit all gains and incomes