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GCE Financial Accounting 1989 Question 7

Question 7

Double Entry and the Ledger

Which of the following accounts belongs to the Private Ledger?

  1. A.Drawings account
  2. B.Premises account
  3. C.Bank account
  4. D.Debtors account
  5. E.Rent and Rates accounts.
Show the answer and explanation

Answer: A (Drawings account)

Explanation

The private ledger keeps the owner's confidential accounts such as capital and drawings.