JAMB Accounting 2014 Objective — Question 10
Question 10 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.
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Given: If Emenike Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12%, assuming N22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?
- A. N25,650
- B. N22,800
- C. N19,950Correct
- D. N18,240
Explanation
Amount paid = N(100−12½)% × N22,800 = N19,950.
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