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WAEC Commerce 2008 Question 8

Question 8

Purchase and Sale of Goods

A grocer invoiced a carton of fish valued at N2,500 for N2,000 only. To correct the error, which of the following documents would be sent to the buyer?

  1. A.Credit note for N500.00
  2. B.Debit note for N500.00
  3. C.Credit note for N2,500.00
  4. D.Debit note for N2,500.00.
Show the answer and explanation

Answer: B (Debit note for N500.00)

Explanation

The buyer was undercharged by N500, so a debit note for N500 is sent.