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Discount on Issue of Debentures

Discount rece...

Question

Discount received is a personal account.

A

True

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B

False

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Solution

The correct option is B False
Discounts allowed represent a debit or expense, while discount received are registered as a credit or income.
Nominal Accounts are accounts related and associated to losses, expenses, income or gains.
Discount received is an income , hence it is a nominal account.

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