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JAMB Principles of Accounts 2004 Question 22

Question 22

Incomplete Records

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the

  1. A.revenue and expenditure account
  2. B.receipts and payments account
  3. C.profit and loss appropriation account
  4. D.profit and loss account
Show the answer and explanation

Answer: D (profit and loss account)

Explanation

The figures worked out for each income and expense account are the amounts for the year, and they go to the profit and loss account.