Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To
FINANCIAL
JAMB 2013
Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit
- A. discount recieved account and credit Alaka's account
- B. Alaka's account and credit discount recieved account
- C. Saka's account and credit discount recieved account
- D. discount allowed account and credit Alaka's account
Correct Answer: D. discount allowed account and credit Alaka's account
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