The following particulars are extracted from the books of the Commercial Bank Ltd for the year ending
Question:
The following particulars are extracted from the books of the Commercial Bank Ltd for the year ending 31st March, 2011:
It is ascertained that proportionate discount not yet earned on the Bills Discounted which will mature during 2011-12 amount to ₹ 96,860.
Pass the necessary journal entries with narration adjusting the above and show:
(a) Rebate on Bills Discounted Account;
(b) Interest and Discount Account in the ledger of the Commercial Bank Limited.
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To adjust the interest discounts and the rebate on bills discounted in the books of the Commercial B...View the full answer
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2nd Edition
Authors: M Hanif, A Mukherjee
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