Paper 2 · Specimen 2026 · Partnership Accounts

On dissolution of a partnership, trade payables of $26 000 were settled and a 10% discount was received from them. Calculate the amount of discount received.

Model answer

2600

Also accepted: 2 600, $2 600

Explanation

Discount received = 10% of the trade payables balance: $26 000 x 10% = $2 600. This is the difference between the $26 000 owed and the $23 400 actually paid to settle it.

Derived from ZIMSEC Accounting Paper 2, specimen 2026, Q2

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