Question

Match List I with List II and select the correct answer using the codes given below the lists:

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

• A. $A=3,B=2,C=1$
• B. $A=1,B=3,C=2$
• C. $A=2,B=3,C=1$
• D. $A=1,B=2,C=3$

Answer 1

Answer: (C)

$A=2,B=3,C=1$

Golden Rules of Accounting :-

• Personal Account - Debit the Receiver & Credit the Giver.
• Real Account - Debit what Comes In & Credit what Goes out.
• Nominal Account - Debit all Expenses and Losses & Credit all Income and Gains.