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WAEC Financial Accounting 2002 Question 13

Question 13

Final Accounts of a Sole Trader

Carriage inward expenses of a business is treated in

  1. A.trading account
  2. B.balance sheet
  3. C.appropriation account
  4. D.profit and loss account.
Show the answer and explanation

Answer: A (trading account)

Explanation

Carriage inwards is part of the cost of purchases, so it goes in the trading account.