Trade creditors personal accounts are found in the

Assessment: WAEC SSCE - Financial Accounting - 2008 (Objective) Subject: Financial Accounting

Question 1 Report

Trade creditors personal accounts are found in the
Answer Details
Trade creditors personal accounts are found in the purchases ledger. The purchases ledger is a subsidiary ledger that contains the personal accounts of all the suppliers from whom the business buys goods or services on credit. Each supplier's account will record all the credit purchases made from them, the payments made to them, and any balance owing. Therefore, the trade creditors' personal accounts are maintained in the purchases ledger to track the company's credit purchases and outstanding payments to suppliers.
Read lesson note on The Final Accounts Of A Sole Trader/proprietorship (WAEC)
Read lesson note on Partnership Accounts (JAMB)
Read lesson note on Cashbook (JAMB)
Read lesson note on Control Accounts And Self-balancing Ledgers (JAMB)
View Answer

Related Questions

1

In a partnership business, the net profit serves as opening figure for
2

Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?
3

In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of
4

A sales Day book is used for recording
5

Returns inwards is also called
6

An analytical cash book is used to
7

Which of the following is the basis accounting equation?
8

Which of the following is the effect of an increase in the provision for discount allowed?

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning