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WAEC Financial Accounting 1998 Question 49

Question 49

Final Accounts of a Sole Trader

Discounts Allowed is charged to

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

Answer: E (Profit and Loss Account.)

Explanation

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