If the total discount allowed in a cash book was N230 and the total discount received was N255, which of the following is true concerning the two discounts?
a
They must be balanced in the cash book and the difference taken to the debtors ledger
b
They must be balanced in the cash book and the difference taken to the trial balance
c
They should not be balanced in the cash book before being taking to the trial balance
d
They should not appear in the trial balance as they were already either received or paid out
Explanation
Correct Option
dNo explanation available
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Benjaminbc
11 years ago
The correct answer is 'C' and nt 'D' cash discount should not be balance before taken to the trial balance, because cash discount does nt form part of double entry system.....
