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WAEC Financial Accounting 2018 Question 16

Question 16

Double Entry and the Ledger

Sales and Purchases ledgers are used in a business to keep records of

  1. A.the owner's capital and cash transactions.
  2. B.accounts of individual customers and suppliers.
  3. C.current assets and fixed assets.
  4. D.current liabilities and long-term liabilities.
Show the answer and explanation

Answer: B (accounts of individual customers and suppliers.)

Explanation

They hold the personal accounts of customers and suppliers.