Model: Rebate on bills discounted The trial balance of BC Bank Ltd. as on 31 March 2011 shows the following balances:
|
Rs. |
|
|
Interest and Discount |
37,27,170 |
|
Rebate on Bills Discounted (1 April 2010) |
7,150 |
|
Bills Discounted and Purchased |
2,27,500 |
The unexpired discount as on 31 March 2011 is estimated to be Rs.24,125. Draft necessary adjusting entries and calculate the amount of interest and discount to be credited to P & L A/c.