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JAMB Principles of Accounts 2011 Question 18

Question 18

Final Accounts of a Sole Trader

The item on the credit side of the trading account is the

  1. A.returns outwards
  2. B.carriage on sales
  3. C.sales
  4. D.purchases.
Show the answer and explanation

Answer: C (sales)

Explanation

Sales (less returns inwards) are credited in the trading account.