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JAMB Accounts Principles of Accounts 2013 Paper

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Question : 9

Total: 48

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

discount recieved account and credit Alaka's account
Alaka's account and credit discount recieved account
Saka's account and credit discount recieved account
discount allowed account and credit Alaka's account

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