Neco 2023 Financial Accounting Question 33
Practice objective / multiple choice question 33 from the 2023 Neco Financial Accounting examination.
On 15 March, XYZ Ltd purchased inventory on credit for ₦250,000. The supplier offered a trade discount of 5\% and a cash discount of 2\% if payment is made within 30 days. Freight‑in of ₦8,000 is payable. The company paid the invoice within the discount period. Determine (a) the amount to be recorded in the Purchases Journal, and (b) the amount to be recorded in the Cash Payments Journal.
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About This Question
This is Neco 2023 Financial Accounting Question 33. It is one of the objective questions from the 2023 Neco Financial Accounting examination.
Difficulty level: Medium .
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