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O-LevelAccountingSources and recording of data7707/13 · Oct/Nov 2022 · Q31 Mark

Pradip settled Amal's account by credit transfer and received a cash discount for prompt payment. How did Pradip record this discount?

Adebit Amal, credit discount received
Bdebit cash, credit discount received
Cdebit discount allowed, credit Amal
Ddebit discount allowed, credit cash

✓ Correct answer

A: debit Amal, credit discount received

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About this question

Topic
Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2022 Paper 1 Variant 3, question 3.

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