Final Accounts of a Sole

Contents & notes: what this topic covers

Under Final Accounts of a Sole, the JAMB Principles of Accounts syllabus expects you to study:

• 6. Final Accounts of a Sole Trader/Proprietor a. Statement of profit or loss/income statement b. Statement of financial position c. Adjustments: i. provision for bad and doubtful debt ii. provision for discounts iii. provision for depreciation using straight- line and reducing balance methods iv. accruals and prepayment TOPICS/CONTENTS

Study notes & guidance

Study Final Accounts of a Sole using a recommended Principles of Accounts textbook that follows the JAMB syllabus. Work through the contents listed above one by one, make brief notes in your own words, and then practise as many questions on this topic as you can — in Principles of Accounts, understanding and steady practice matter far more than memorising. Use the objectives below as a checklist: if you can do each one confidently, you have mastered this topic.

Objectives — candidates should be able to

After studying Final Accounts of a Sole, you should be able to:

1. Determine the cost of sales, gross profit and net profit of a sole trader;
2. Identify non-current assets, current assets, long- term liabilities, current liabilities and proprietor’s capital;
3. Compute adjustable items on the related expenditure and income in the statement of profit or loss; and
4. Differentiate between bad debts and provision for bad and doubtful debts. OBJECTIVES

These objectives are from the official JAMB syllabus. Use them as a checklist — if you can do each one confidently, you have mastered this topic.

Source: official JAMB UTME Principles of Accounts syllabus (IBASS, jamb.gov.ng). Reproduced for study use. Last checked: 17 Sept 2026. Always confirm the current syllabus on the official portal.