In which account personal transaction of owner can be recorded?
Ananya withdrew Rs. 2,000 per month for personal use, recording each transaction as a debit to her drawing account and a credit to her cash account. The journal entry closing the drawing account requires a credit to _______ account & debit to _______ account.
State whether the following statements are True or False. 1) Prepaid insurance is nominal account. 2) Personal transactions of proprietor are recorded in the books of account of business. 3) Every debit has equal and corresponding credit. 4) Loan account is personal account. 5) Drawing account is a real account. 6) Commission received is a nominal account. 7) Outstanding wages is a nominal account. 8) Bank of India is an example of real account. 9) An order placed for the goods, entry is passed/recorded in the book of account. 10 Every transaction has only on effect