NBAA ATEC Practice Questions - NBAA Accounting Technician Certificate ATEC Exam

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A business receives a cheque from a debtor for TZS 98,000 in full settlement of an invoice of TZS 100,000. How is this recorded in the three-column cash book?

Debit Bank TZS 98,000 and Debit Discount Allowed TZS 2,000 Debit Bank TZS 98,000 and Credit Discount Received TZS 2,000 Credit Bank TZS 98,000 and Credit Discount Allowed TZS 2,000 Debit Bank TZS 100,000 and Credit Discount Allowed TZS 2,000

Correct Answer:

Debit Bank TZS 98,000 and Debit Discount Allowed TZS 2,000

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