The total of the discount from creditors is transferred to

Assessment: WAEC SSCE - Financial Accounting - 2007 (Objective) Subject: Financial Accounting

Question 1 Report

The total of the discount from creditors is transferred to
Answer Details
The total of the discount received from creditors is transferred to the credit side of the discounts received account. This account is used to record any discounts received by the business from its suppliers for early or prompt payment of accounts payable. The balance of the discounts received account is eventually transferred to the credit side of the profit and loss account at the end of the accounting period.
Read lesson note on Partnership Accounts (JAMB)
Read lesson note on Nature And Significance Of Accounting (JAMB)
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