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WAEC Financial Accounting 2019 Question 38

Question 38

Double Entry and the Ledger

Capital and drawings accounts are kept in the

  1. A.general ledger.
  2. B.purchases ledger.
  3. C.sales ledger.
  4. D.private ledger.
Show the answer and explanation

Answer: D (private ledger.)

Explanation

The owner's private accounts (capital, drawings) may be kept in a private ledger.