JAMB Accounting 2014 Objective — Question 18
Question 18 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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If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?
- A. N4,500
- B. N8,550Correct
- C. N9,000
- D. N9,450
Explanation
Amount paid = (100−5)% × N9,000 = 95% × N9,000 = N8,550.
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