Multiple choice general knowledge sports

Golden Rules of Accounting - Personal A/c

  1. Debit the receiver; Credit the Giver

  2. Debit the Giver; Credit the Receiver

  3. Debit the Receiver and Giver

  4. Credit the Receiver and Giver
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A Correct answer
Explanation

According to the golden rules of accounting for personal accounts, 'Debit the receiver and Credit the giver.' When something is received, the receiver's account is debited, and when something is given, the giver's account is credited.

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