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JAMB Principles of Accounts 2005 Question 11

Question 11

Cash Book

In a three-column cash book, the discount allowed is shown on the

  1. A.debit side
  2. B.credit side
  3. C.folio column
  4. D.memorandum column
Show the answer and explanation

Answer: A (debit side)

Explanation

Discount allowed is recorded beside the cash received from debtors, on the debit (receipts) side.