Which of the following accounts belongs to the private le...
Which of the following accounts belongs to the private ledger?
Drawing accounts
Premises account
Machinery account
Depreciation account
V. Okafor's account
Correct answer is A
Private Ledger – Private ledger consists of accounts that are confidential in nature such as capital, drawings, salaries, etc. These accounts are only accessible by selected individuals.
Examples – Salaries, Drawings, Sales, Purchases, Returns Inward/Outward, Rent, Stationery, Insurance, etc.
Since drawings are used by the businessman for personal purposes it is a personal account.
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Sales - #232,000 Opening stock - # 28,000 Purchases - #128,000 Carriage inwards - # 4,000 Carria...
Trading Account of Umeh Enterprises for the year ended 31st December 2019 ...