2019 - JAMB Accounting Past Questions and Answers - page 5

If a proprietor withdraws cash for private use, whether for himself or owner's use, this is regarded as drawings.
Therefore, the account involved in cash and drawings account. This means that the cash account gives while the drawings account receives.

Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit. Wikipedia

Recording method: Single-entry bookkeeping gives a one-sided picture of transactions recorded in the cash register. In double entry, changes due to one transaction are reflected in at least two accounts.

Error detection: In double entry, debits and credits must always be the same.

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The rent account is debited while Samson's account is credited 

An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. It indicates how the revenues are transformed into the net income or net profit. Wikipedia

A discount received is an income to the business. Therefore, it is credited to the profit and loss.

Cost of goods sold = opening stock + purchases - closing stocks
 = 20,000 + 70,000 - 15,000
= ₦75,000

Gross profit = sales - cost of goods sold
= 100,000 - 75,000
= ₦25,000

Share Issued at Discount is a stock issued at a price below its face value. For example, a share with par of $100 might be issued to an investor for $70. Shares issued at discount are rare because stocks almost never have face values anymore. 

via financial-dictionary

A rights issue or rights offer is a dividend of subscription rights to buy additional securities in a company made to the company's existing security holders. When the rights are for equity securities, such as shares, in a public company, it is a non-dilutive pro rata way to raise capital. Wikipedia