Neco 2024 Financial Accounting Question 29

Practice objective / multiple choice question 29 from the 2024 Neco Financial Accounting examination.

Neco 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 29 NECO • 2024 • FINANCIAL_ACCOUNTING • objective

The owner of a sole‑proprietorship withdraws ₦50,000 cash for personal use. Identify the two accounts affected and indicate the appropriate debit or credit entry for each.

Answer Options

Correct Answer A. Debit Drawings ₦50,000; Credit Cash ₦50,000
B. Debit Owner's Equity ₦50,000; Credit Cash ₦50,000
C. Credit Drawings ₦50,000; Debit Cash ₦50,000
D. Debit Drawings ₦50,000; Credit Bank ₦50,000
Correct Answer
A
Correct Option:
Debit Drawings ₦50,000; Credit Cash ₦50,000

About This Question

This is Neco 2024 Financial Accounting Question 29. It is one of the objective questions from the 2024 Neco Financial Accounting examination.

Difficulty level: Easy .

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