. Debit the receiver credit the giver is the rule for
A: Real account
B: Personal account
C: Nominal account
D: None of these
The debit-credit or the accounting rules for the three types of accounts are:
- For real accounts, the rule is- debit what comes in, credit what goes out.
- For personal accounts, the rule is- debit the receiver, credit the giver.
- For nominal accounts, the rule is- debit all expenses & losses, Credit all incomes & gains.
Hence, the correct answer is option B: Personal account.