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JAMB Principles of Accounts 2013 Question 16

Question 16

Final Accounts of a Sole Trader

Sales ₦232,000
Opening stock ₦28,000
Purchases ₦128,000
Carriage inwards ₦4,000
Carriage outwards ₦6,000
Closing stock ₦10,000
Discount received ₦18,000
Expenses ₦20,000
Calculate the expenses debited to the profit and loss account.

  1. A.₦17,000.
  2. B.₦23,000.
  3. C.₦26,000.
  4. D.₦30,000.
Show the answer and explanation

Answer: C (₦26,000.)

Explanation

Carriage outwards 6 000 + expenses 20 000 = ₦26 000 (discount received is income, a credit).