Diamond Ringo business was started when Mr Diam... - JAMB Accounting 1995 Question
Diamond Ringo business was started when Mr. Diamond brought in a cheque of N500,000, which was paid into the bank account. Which of the following entries properly records the transaction?
A
Cash account was credited with N500,000 and capital account was debited with N500,000
B
Bank account was debited with N500,000 and capital account was credited with N500,000
C
Bank account was accredited with N500,000
D
Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000
correct option: b
Please share this, thanks:
Add your answer
No responses