Neco Model Questions Vol1 2018 Financial Accounting Question 30
Practice objective / multiple choice question 30 from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
On 10 April the company purchased inventory costing ₦500,000 on credit. The supplier gave a trade discount of 10 % and, if payment is made within 30 days, a cash discount of 2 % on the net amount after trade discount. Freight‑in of ₦20,000 was paid in cash at the time of purchase. The company paid the amount within the discount period. Record the journal entry for this transaction and state the total of the debit amounts recorded (in naira).
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About This Question
This is Neco Model Questions Vol1 2018 Financial Accounting Question 30. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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