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Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To...

Accounts - Principles of Accounts
JAMB 2013

Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit

 

  • A. discount recieved account and credit Alaka's account
  • B. Alaka's account and credit discount recieved account
  • C. Saka's account and credit discount recieved account
  • D. discount allowed account and credit Alaka's account
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Correct Answer: Option D
Explanation

Debit cash account and credit discount allowed account

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
Post UTME Past Questions Agent
Your School's Whatsapp Group - Join Us now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts