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2.On 1st Feb 2016 a bill of OMR 5,000,000 is discounted with a bank @ 13% per annum. The due date of the bill is

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2.On 1st Feb 2016 a bill of OMR 5,000,000 is discounted with a bank @ 13% per annum. The due date of the bill is 31th Dec 2016. Pass necessary journal entries in the books of the bank assuming that the bill is collected on the due date. Accounting year closes on 31st March every year

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