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Q1: The business owed KLCC 800. It pays him by cheque on 3 June 2019, which is within the time limit laid down by him

Q1: The business owed KLCC 800. It pays him by cheque on 3 June 2019, which is within the time limit laid down by him for a 2.5% cash discount.

Required: Posting discount received in cash book, discount received account and purchase ledger account.

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