WAEC - Accounts Principles Of Accounts (1989 - No. 8)

Which of the following accounts belongs to the private ledger?
drawing accounts
premises account
machinery account
depreciation account
V. Okafor's account

Explanation

Private Ledger – Private ledger consists of accounts that are confidential in nature such as capital, drawings, salaries, etc. These accounts are only accessible by selected individuals.

Examples – Salaries, Drawings, Sales, Purchases, Returns Inward/Outward, Rent, Stationery, Insurance, etc. 

Since drawings are used by the businessman for personal purposes it is a personal account.

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