NSZ. Ltd. makes payments to its sundry creditors through cheques and the cash discount received on...
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NSZ. Ltd. makes payments to its sundry creditors through cheques and the cash discount received on these payments is recorded in the triple-columnar cash book. In the event of dishonour of any such cheques, the discount so received should be written back through - (1) A debit to discount column of the cash book. (ii) A credit discount column of the cash book. (iii) A credit to bank column of the cash book. (iv) A debit to discount account through journal proper. (v) A credit to creditor's account through journal proper. Select the correct answer from the options given below- Only (i) of the above A B C D Only (ii) of the above Both (i) & (ii) of the above Both (iv) & (v) of the above NSZ. Ltd. makes payments to its sundry creditors through cheques and the cash discount received on these payments is recorded in the triple-columnar cash book. In the event of dishonour of any such cheques, the discount so received should be written back through - (1) A debit to discount column of the cash book. (ii) A credit discount column of the cash book. (iii) A credit to bank column of the cash book. (iv) A debit to discount account through journal proper. (v) A credit to creditor's account through journal proper. Select the correct answer from the options given below- Only (i) of the above A B C D Only (ii) of the above Both (i) & (ii) of the above Both (iv) & (v) of the above
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Option D is the correct answer iv and v of these vi A d... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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