First item on the debit side of the account is discharged reduced by the first item on the credit side in the chronological order as per which of the following?

This rule, which was laid down in the famous case Devayanas Vs Noble states the rule of appropriation in running accounts like Cash Credit and Overdraft Accounts. As per this rule, each withdrawal in a cash credit account is considered as a new loan and each deposit as a repayment of the loan in the order in which it is made.