Sole Trader Final Accounts
ICAN Financial Accounting
9 Sole Trader Final Accounts practice questions covering everything you need for ICAN.
Drill Sole Trader Final Accounts →Sample Sole Trader Final Accounts questions
Alhaji Musa Dangote operates a retail trading business in Kano under the name 'Dangote General Stores'. He has been in business for several years but does not keep a full set of accounting records. Hi…
Mrs. Chidinma Okafor runs a fashion design and retail shop called 'Chidi Couture' located in Enugu. The following trial balance was extracted from her books as at 30 June 2024: …
Mr. Emeka Nwosu commenced business as a sole trader on 1 April 2023, trading under the name 'Nwosu Hardware Supplies' in Onitsha, Anambra State. He invested N500,000 cash as his initial capital. The f…
Mr Emeka Obi, a sole trader, extracted the following balances at 31 March 2024: Trade receivables ₦620,000; Allowance for doubtful debts (opening) ₦40,000; Bad debts written off during the year ₦25,00…
Alhaji Musa, a sole trader in Lagos, recorded the following for the year ended 31 December 2023: Opening inventory ₦480,000; Purchases ₦3,240,000; Carriage inwards ₦60,000; Closing inventory ₦520,000;…
Chidinma runs a sole trader business and prepares accounts to 31 December annually. On 1 October 2023 she paid an annual insurance premium of ₦360,000 covering the period 1 October 2023 to 30 Septembe…
Mr Emeka Obi, a sole trader, extracted the following balances at 31 March 2024: Trade receivables ₦620,000; Allowance for doubtful debts (opening) ₦40,000; Bad debts written off during the year ₦25,00…
Alhaji Musa, a sole trader in Lagos, recorded the following for the year ended 31 December 2023: Opening inventory ₦480,000; Purchases ₦3,240,000; Carriage inwards ₦60,000; Closing inventory ₦520,000;…
Mrs Adaeze operates a sole trader business. At 1 January 2023 her capital was ₦2,100,000. During the year she introduced additional capital of ₦300,000, withdrew ₦480,000 for personal use, and earned …