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GCE Financial Accounting 1990 Question 40

Question 40

Final Accounts of a Sole Trader

The salary of a shopkeeper who sells goods would be charged in the

  1. A.Balance Sheet
  2. B.Sales Account
  3. C.Profit and Loss account
  4. D.Trading Account
  5. E.Manufacturing Account.
Show the answer and explanation

Answer: C (Profit and Loss account)

Explanation

Salaries of selling staff are selling expenses, charged in the profit and loss account.