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WAEC Financial Accounting 1999 Question 4

Question 4

Final Accounts of a Sole Trader

Carriage outwards is charged to

  1. A.Trading Account
  2. B.Appropriation Account
  3. C.Purchases Account
  4. D.Profit and Loss Account.
Show the answer and explanation

Answer: D (Profit and Loss Account.)

Explanation

Carriage outwards is a selling (distribution) expense charged in the profit and loss account.