JAMB - Accounts Principles Of Accounts (2017 - No. 38)
The discount column on the left-hand side of cashbook represents a discount
received from a creditor
allowed to a debtor
received from a debtor
allowed to a creditor
Explanation
Allowed to a debtor: the debit side of the cashbook is where all proceeds from sales are recorded and have to be matched with the discount allowed to the debtor /creditor
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