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WAEC Financial Accounting 2025 Question 39

Question 39

Final Accounts of a Sole Trader

An item recorded on the credit side of trading, profit and loss account is

  1. A.discount allowed.
  2. B.discount received.
  3. C.salaries and wages.
  4. D.rent and rates.
Show the answer and explanation

Answer: B (discount received.)

Explanation

Discount received is a gain, credited to profit and loss.