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Discount received is recorded on which of the following side of a cash book?
- AReceipts
- BPayments
- CIncome
- DExpenditure
Correct answer: B
Discussion 1
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CCommunity
Payments
Discount Received is a column found on the credit side of the Cash Book. When a creditor is paid and the business receives a discount the discount received and is recorded in the discount received column and the corresponding entry appears as a debit in the creditor's account.
Discount Received is a column found on the credit side of the Cash Book. When a creditor is paid and the business receives a discount the discount received and is recorded in the discount received column and the corresponding entry appears as a debit in the creditor's account.