If the total discount allowed in a cash book was N230 and the total discount...
FINANCIAL
JAMB 1999
If the total discount allowed in a cash book was N230 and the total discount received was N255, which of the following is true concerning the two discounts?
- A. They must be balanced in the cash book and the difference taken to the debtors ledger
- B. They must be balanced in the cash book and the difference taken to the trial balance
- C. They should not be balanced in the cash book before being taking to the trial balance
- D. They should not appear in the trial balance as they were already either received or paid out
Correct Answer: D. They should not appear in the trial balance as they were already either received or paid out
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