A business transaction is recorded in the books of accoun...
A business transaction is recorded in the books of account when the
Owner of the business invests his N10,000 in another company
Business retains part of ofits profits for future expansion purposes
Business invest applies for overdraft facilities from its bankers
Owner of the business collects N5,000 from the accountant
Correct answer is D
When the owner of the business withdraws money from the business for personal use, it is called ''drawings'' and must be recorded for future reference.
Any type of drawings reduces the capital or owner's equity of a business, so it is important to keep track of these drawings and manage them within your accounts. However, drawings are not considered a business expense.
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The accounting entries used to record a cheque issued by a business is to? ...
The internal users of accounting information are the ...
A business operates on a mark-up of 25%. If cost of goods sold is N800,000. What is the profit? ...
Trading Account of Umeh Enterprises for the year ended 31st December 2019 ...
Which of the following items is found in the credit column of the trial balance? ...