I was studying digital electronics, especially latches and flip-flops and the like and I came to understand that flip-flops are basically memory storage elements, in that case why would I need configurations to continuously toggle values from 0 to 1, like in the case of J-K flip-flops or T-flip-flops?
E.g. Binary counters, Frequency divider
Some quick samples: http://hyperphysics.phy-astr.gsu.edu/hbase/electronic/tflipflop.html
A J-K flip-flop is like an R-S flip-flop except that where a 1-1 input is forbidden in the R-S it is allowed in the J-K. The R-S without the toggle can act as a one bit storage as you say. The J-K not only acts like a one bit storage, it also has another capability, it can toggle. The toggling gives you an extra feature, used in circuits the last responder wrote. If I wanted to buy parts, I might want the part that is more multipurpose.