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Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To...

Accounts - Principles of Accounts
JAMB 2016

Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit

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

Alaka is a debtor to saka we therefore
debit saka's cash account and credit 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
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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