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.
Profit expressed as a fraction of the selling price is known as ...
Amin Ltd. Creditor Ledger Control Account (Extracts) Beginning control account Balance: De...
The accounting entry to correct sales day book overcast is? ...
A major benefit derived from the reconciliation of branch and head office books is to? ...
Departmentalization of accounts is useful because it shows the? ...