Model: Rebate on bills discounted The following information is available in the books of AZ Bank Limited as on 31 March 2010.

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Rs.

Bills Discounted

1,20,11,350

Rebate on Bills Discounted (1 April 2009)

3,15,550

Discount Received

12,22,450

Details of bills discounted are as follows:

Value of Bill

Due Date

Rate of Discount(%)

15,00,000

12 June 2010

20,00,000

9 July 2010

50,00,000

29 July 2010

80,00,00

28 August 2010

Calculate the rebate on bills discounted as on 31 March 2010 and give necessary journal entries.

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Model: Rebate on bills discounted The following information is available in the books of AZ Bank Limited as on 31 March 2010.

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