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Osa started business with Le 40,000 cash. The accounting entry is debit

Accounts - Principles of Accounts
WAEC 2012

Osa started business with Le 40,000 cash. The accounting entry is debit

  • A. cash account; credit capital account
  • B. capital account; credit cash account
  • C. purchases account; credit cash account
  • D. expenses account; credit capital account
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Correct Answer: Option B
Explanation

Debit capital account (i.e the money used in starting a business) and credit cash 

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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