On 3/11/2018, the customer's bill of exchange was sent to the Central Bank to be re-discounted. On 7/11/2018, the Central Bank refused to re-deduct the customer’s bill, Munir, and returned it to the National Bank, due to the fact that it exceeded the maximum permissible ceiling for re-deducting bills. On 31/12/2018, the debtor, Walid Al-Asi, authorized the bank to record the value of the bill due on him, which the customer had previously deposited with Munir, for deduction with the bank. 

Required: 

Record previous operations in the general journal of the National Bank, the head office.

Answer rating: 100% (QA)

When the bill is received from the drawer for collection no entry is passed Collection charges ... View the full answer