Which of the following accounts belongs to the private ledger?

Which of the following accounts belongs to the private ledger?

Answer Details

I'm happy to explain what a private ledger is and which of the listed accounts belongs to it! A private ledger is a set of financial accounts that a company maintains for internal use only, and it is not shared with outsiders. The information contained in a private ledger is used for managerial decision-making, budgeting, and other internal accounting purposes. Out of the listed accounts, the V. Okafor's account is most likely to belong to the private ledger. This is because it is a personal account that represents transactions related to a specific individual, rather than the company's assets or expenses. Personal accounts, such as customer accounts or employee accounts, are typically part of a company's private ledger. On the other hand, the other accounts listed - drawing accounts, premises account, machinery account, and depreciation account - are all related to the company's assets or expenses, which are generally part of the company's general ledger, not the private ledger. I hope this helps!