(a) The trial balance of bank Nizwa as on 31/12/18 showed the following balances

Particulars	OMR
Interest and discount,	4,540,600
Rebate on bills discounted (1/1/2018)	4,750
Bills discounted and purchased	337,400
Unexpired discount is OMR 1,500

Draft necessary adjusting entries, and ledger. Calculate the amount of interest and discount to be credited to profit and loss account and show how this item will appear in the balance sheet and in the final accounts of the bank.

(b) Oman United Insurance Corporation provides you with some of the data related to its life insurance policies:

Premium received during the year = OMR 49,000

Reinsurance premium paid = 15% of the total premium received this year

Bonus in reduction of premium = 1% of the total premium received this year

Outstanding premium at the start = OMR 8,750

Premium received in advance at the end = OMR 1,895

Required: You have been asked to calculate the amount of premium to be credited to revenue account this year.