Three Column Cash Book (Extract) Date Particulars Cash Bank Particulars Date Cash Bank ₦ ₦ ₦ ₦ 1. Bal b/d 3000 4000 Electricity 5 200 300 2. Cash sales 1000...

Answer Details

In this Three Column Cash Book, there are three columns: Date, Particulars, and Cash/Bank. The Cash column represents the cash transactions, while the Bank column represents the bank transactions. The Particulars column includes a description of the transaction. To calculate the discount allowed, we need to first identify the transaction related to Fatima. From the extract, we can see that Fatima is mentioned in the second row under the Particulars column with an amount of ₦2,000 in the Cash column. Now we know that the discount rate is 2%. To calculate the discount allowed, we need to multiply the amount owed by the discount rate. In this case, the amount owed by Fatima is ₦2,000. So, the discount allowed is: 2% x ₦2,000 = ₦40 Therefore, the answer is ₦40.