The following is an extract from the Trial Balance of a Bank as on 31st March, 2016:

Transcribed Image Text:

Debit: Bills discounted 51,50,000. Credit: Rebate on bills discounted (1.4.2015) 30,501; Discount received 1,45,500. An analysis of the bills discounted as mentioned above, shows the following: Date of Bill 13.1.2016 17.2.2016 6.3.2016 16.3.2016 Amount (3) 7,50,000 6,00,000 4,00,000 2,00,000 Period 4 Months 3 Months 4 Months 2 Months Rate of Discount 12% 12% 11% 10% Find out the amount of discount received, to be credited to Profit and Loss Account, and pass appropriate Journal Entries for the same. Show also as to how these items appear in the Balance Sheet.