NECO Accounting 2022 Objective — Question 8
Question 8 of 50 from the National Examinations Council (NECO) Accounting 2022 Objective paper, with the correct answer and a full explanation.
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The entries for cash drawn from the bank by a proprietor for private use is: debit
- A. Cash Account; credit Bank Account
- B. Bank Account; credit Cash Account
- C. Drawings Account; credit Bank AccountCorrect
- D. Cash Account; credit Drawings Account
Explanation
Cash drawn for private use decreases the bank account (credit) and increases drawings (debit) - Debit Drawings, Credit Bank.
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