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Accounting MCQs / Q&A
Which of the following entries is correct in respect of reserve for discounts on accounts payable?
Which of the following entries is correct in respect of reserve for discounts on accounts payable?
A. Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
B. Debit Accounts Payable A/c and Credit P&L A/c
C.…