Model: Rebate on bills discounted The following information is available in the books of AZ Bank Limited as on 31 March 2010.
|
Rs. |
|
|
Bills Discounted |
1,20,11,350 |
|
Rebate on Bills Discounted (1 April 2009) |
3,15,550 |
|
Discount Received |
12,22,450 |
Details of bills discounted are as follows:
|
Value of Bill |
Due Date |
Rate of Discount(%) |
|
15,00,000 |
12 June 2010 |
14 |
|
20,00,000 |
9 July 2010 |
12 |
|
50,00,000 |
29 July 2010 |
15 |
|
80,00,00 |
28 August 2010 |
18 |
Calculate the rebate on bills discounted as on 31 March 2010 and give necessary journal entries.