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  • Fundamentals of Accounting - 2
  • The goods are purchased for Rs. 40,000 @ 5% cash discount...
Multiple choice

The goods are purchased for Rs. 40,000 @ 5% cash discount. What is the nature of discount here?

  1. Asset

  2. Liability

  3. Income

  4. Expense

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Here discount is an Income & we need to open discount received A/c.

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