In which ledger is the account of yao, a debtor found?

Assessment: WAEC SSCE - Financial Accounting - 2003 (Objective) Subject: Financial Accounting

Question 1 Report

In which ledger is the account of yao, a debtor found?
Answer Details
The account of Yao, a debtor, would be found in the Sales Ledger. The Sales Ledger is a subsidiary ledger in accounting that contains the individual accounts of a company's customers who owe money for the products or services that they have purchased on credit. Since Yao is a debtor, it means that he owes money to the company, which makes him a customer who purchased goods or services on credit. Therefore, his account would be recorded in the Sales Ledger. In contrast, the Purchases Ledger is a subsidiary ledger that contains the individual accounts of a company's suppliers who are owed money for the products or services that they have supplied on credit. The General Ledger is the primary ledger that contains all the financial accounts of a company, and the Nominal Ledger is another name for the General Ledger.

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