WAEC Financial Accounting 2005 Question 14

Question 14

Final Accounts of a Sole Trader

Gross profit is calculated in the

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

Answer: A (Trading Account)

Explanation

The trading account shows gross profit.