The discount column of a three column cashbook is not balanced off but periodically transferred…

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Accounts - Principles of Accounts JAMB 1994

The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts

  • are not important in cashbooks
  • are cash items only
  • do not form part of double entry checkmark
  • are used for bank reconciliation

The correct answer is: C

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