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WAEC Financial Accounting 1996 Question 44

Question 44

Final Accounts of a Sole Trader

Discount allowed is a charge made against

  1. A.Trading Account
  2. B.Profit and Loss Account
  3. C.Appropriation Account
  4. D.Current Account
  5. E.Nominal Account.
Show the answer and explanation

Answer: B (Profit and Loss Account)

Explanation

Discount allowed is an expense and is charged in the profit and loss account.