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JAMB Principles of Accounts 1999 Question 16

Question 16

Cash Book

Chibuike bought 36 notebooks at ₦10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?

  1. A.₦338.58
  2. B.₦342.00
  3. C.₦345.42
  4. D.₦360.00
Show the answer and explanation

Answer: A (₦338.58)

Explanation

360 less 5% = 342; less 1% cash discount (3.42) = ₦338.58.