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WAEC Financial Accounting 2013 Question 15

Question 15

Double Entry and the Ledger

Reserves account is kept in the

  1. A.private ledger.
  2. B.creditors ledger.
  3. C.nominal ledger.
  4. D.debtors ledger.
Show the answer and explanation

Answer: A (private ledger.)

Explanation

Accounts that concern the owners' interest, such as capital and reserves, are kept in the private ledger.