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WAEC Financial Accounting 2005 Question 4

Question 4

Double Entry and the Ledger

Which of the following is found in the private ledger?

  1. A.Rent account
  2. B.Sales account
  3. C.Drawings account
  4. D.Bank account.
Show the answer and explanation

Answer: C (Drawings account)

Explanation

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