Concept:Only cash discount is recorded as discount received in the books; trade discount is deducted from the purchase amount.Explanation:Total list price =10×₦500=₦5,000Trade discount =5%×₦5,000=₦250Amount payable after trade discount =₦5,000−₦250=₦4,750Cash discount received =12%×₦4,750=₦570So, the amount recorded as discount received is ₦570.Answer:₦570