Ahlibank's Financial Institutions Group (FIG) is responsible for the bank's correspondent banking relationships. FIG has a...

 

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Ahlibank's Financial Institutions Group (FIG) is responsible for the bank's correspondent banking relationships. FIG has a dedicated team of professionals to develop and maintain long-lasting relationships with their clients and concerning its financial services, FIG purchased bills from its various Corporate Customers on different dates throughout the year. While calculating the rebate on bills discounted, the bank generally considers 365 per annum except for a leap year. You have newly joined as an assistant in the accounts department and the following particulars are extracted from the books of Ahlibank for the year ending 31 March 2018. You are given with opening balances at the beginning of the year, the total Bills purchased during the year amounting to OMR 6,000,000. The balance of discount received during the year was OMR 350,000. Last year closing balance of rebate on bills discounted was OMR 90,800. A Read aloud the year amounting to OMR 6,000,000. The balance of discount received during the year was OMR 350,000. Last year closing balance of rebate on bills discounted was OMR 90,800. Additional information on bills discounted during the year is as follows: Date of the bills purchased 16th February 25th December 29th January Amount OMR Term months Discounted at % per annum 1300,000 800,000 1500,000 200,000 1800,000 3 8. 3 12 3 11 15th November 4 10 21th February 28th March 9. 400,000 4 10 Keeping in view all the information provided you are required to prepare: a) Calculate the rebate on bills discounted for the year ending 31 March 2018 (4 Marks) (1 Mark)t b) Show the discount account in the books of Ahlibank llege/announcements/final-assessment-timetable-041620 ch Ahlibank's Financial Institutions Group (FIG) is responsible for the bank's correspondent banking relationships. FIG has a dedicated team of professionals to develop and maintain long-lasting relationships with their clients and concerning its financial services, FIG purchased bills from its various Corporate Customers on different dates throughout the year. While calculating the rebate on bills discounted, the bank generally considers 365 per annum except for a leap year. You have newly joined as an assistant in the accounts department and the following particulars are extracted from the books of Ahlibank for the year ending 31 March 2018. You are given with opening balances at the beginning of the year, the total Bills purchased during the year amounting to OMR 6,000,000. The balance of discount received during the year was OMR 350,000. Last year closing balance of rebate on bills discounted was OMR 90,800. A Read aloud the year amounting to OMR 6,000,000. The balance of discount received during the year was OMR 350,000. Last year closing balance of rebate on bills discounted was OMR 90,800. Additional information on bills discounted during the year is as follows: Date of the bills purchased 16th February 25th December 29th January Amount OMR Term months Discounted at % per annum 1300,000 800,000 1500,000 200,000 1800,000 3 8. 3 12 3 11 15th November 4 10 21th February 28th March 9. 400,000 4 10 Keeping in view all the information provided you are required to prepare: a) Calculate the rebate on bills discounted for the year ending 31 March 2018 (4 Marks) (1 Mark)t b) Show the discount account in the books of Ahlibank llege/announcements/final-assessment-timetable-041620 ch

Answer rating: 100% (QA)

Year endad 31Maach 2018 Total Bills Peuschased duang yoers 2 ONR B0 0000o Discau... View the full answer