Neco Model Questions Vol1 2023 Financial Accounting Question 31
Practice objective / multiple choice question 31 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
The Purchases ledger was opened with a debit balance of \(\text{₦}80,000\). During the month the following entries were posted: credit purchases of \(\text{₦}35,000\), returns outward of \(\text{₦}3,000\) (recorded as a credit), and a discount received on the net purchases which was recorded as a credit of an unknown amount. After all entries the ledger shows a closing debit balance of \(\text{₦}108,800\). What is the discount rate (as a percentage) that was applied to the net purchases?
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 31. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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