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  5. Discount received is...

Discount received is charge to

Accounts - Principles of Accounts
JAMB 2019

Discount received is charge to

  • A. current account
  • B. profit and loss
  • C. trading account
  • D. balance sheet
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Correct Answer: Option B
Explanation

Discount received is treated as income to the business hence it is credited to the profit and loss.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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