WAEC Accounting 2012 Objective — Question 15
Question 15 of 50 from the West African Examinations Council (WAEC) Accounting 2012 Objective paper, with the correct answer and a full explanation.
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Osa started business with Le40,000 cash. The account entries is: debit
- A. Cash Account, credit Capital AccountCorrect
- B. Capital Account, credit Cash Account
- C. Purchases Account, credit Cash Account
- D. Expenses Account, credit Capital Account
Explanation
For a new business, the accounting entry is Dr: Cash/Bank account, Cr: Capital account.
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