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Explain the difference between trade and cash discount

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Reference no: EM132980396

Question - a) Open all accounts that are necessary to record the above transactions and enter the balance brought forward from the previous accounting period. All credit balances must be shown in brackets.

b) Post necessary entries in the relevant accounts to record transactions, ensuring that your account correctly for any discounts and VAT.

c) Explain the difference between trade and cash discount and how they are treated in the accounts.

Reference no: EM132980396

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