ANSWER :
★ [A] Personal Account
- ❍ Debit the receiver, credit the giver is the rule for Personal Account.
- ❍ Accounts heads pertaining to persons, firms, companies, organizations etc. are called Personal Accounts. It includes the accounts such as Ram's A/C, Gauhati Commerce College A/C etc.
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KNOW MORE :
- ❒ Rules of Debit and Credit under Traditional Approach or English Approach :-
[1] For Personal Accounts :
- ✎ Debit is the Receiver of the benefit.
- ✎ Credit is the Giver of the benefit.
[2] For Real Accounts :
[3] For Nominal Accounts :
- ✎ Debit all Expenses and Losses.
- ✎ Credit all Incomes and Gains.
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- ❒ Rules of Debit and Credit under American Approach or Modern Approach :-
[1] For Assets Accounts :
- ✎ When there is an increase in the Asset, it is 'Debited'.
- ✎ When there is a decrease in the Asset, it is 'Credited'.
[2] For Liabilities Accounts :
- ✎ When there is an increase in the Liabilities, it is 'Credited'.
- ✎ When there is a decrease in the Liabilities, it is 'Debited'.
[3] For Capital Accounts :
- ✎ When there is an increase in the Capital, it is 'Credited'.
- ✎ When there is a decrease in the Capital, it is 'Debited'.
[4] For Revenue Accounts :
- ✎ When there is an increase in the Revenue, it is 'Credited'.
- ✎ When there is a decrease in the Revenue, it is 'Debited'.
[5] For Expenses Accounts :
- ✎When there is an increase in the Expense, it is 'Debited'.
- ✎ When there is a decrease in the Expense, it is 'Credited'