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ACCOUNTING

JAMB 2001 - Question 8

Account 2001 JAMB Past Questions - Question 8: Hauwa Ltd bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

Choose the most appropriate option for the gap .

Hauwa Ltd bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

A: #250

B: #570

C: #600

D: #850

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ACCOUNTING

Account 2001 JAMB Past Questions - Question 8: Hauwa Ltd bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

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Correct Answer

Explanation