Osa started business with Le 40,000 cash. The accounting entry is debit - SchoolNGR

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Osa started business with Le 40,000 cash. The accounting entry is debit

Osa started business with Le 40,000 cash. The accounting entry is debit

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Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE

A Cash account; credit capital account
B Capital account; credit cash account
C Purchases account; credit cash account
D Expenses account; credit capital account

Correct Answer: Option B

Explanation:
Debit capital account (i.e the money used in starting a business) and credit cash

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