Neco Model Questions Vol1 2018 Financial Accounting Question 39
Practice objective / multiple choice question 39 from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
On 15 March the business purchased goods on credit from Supplier X for \(\text{₦}120,000\), terms 2/10, n/30. On 20 March goods worth \(\text{₦}20,000\) were returned to the supplier. The balance was paid on 25 March, and the supplier allowed a cash discount of 2 % on the amount paid. What net amount should be recorded in the Purchases Journal for this transaction?
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About This Question
This is Neco Model Questions Vol1 2018 Financial Accounting Question 39. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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