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.
Given: Prime cost N220,000 Factory cost N32,000 Work in progress at beginning N25,000 Work in pr...
The document prepared for the disbursement of government fund is ...
The document from which entries are transferred to the purchases day book is the ...
The accounting concept which is the basis upon which assets of a business are valued is the ...
Given: Equipment Motor Vehicle Loan Creditors Sub in advance ...
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ &a...