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a) The trial balance of bank Nizwa as on 31/12/18 showed the following balances Particulars OMR Interest and discount, 4,540,600 Rebate on bills discounted (1/1/2018)
a) The trial balance of bank Nizwa as on 31/12/18 showed the following balances Particulars OMR Interest and discount, 4,540,600 Rebate on bills discounted (1/1/2018) 4,750 Bills discounted and purchased 337,400 Unexpired discount is OMR 1,500 Draft necessary adjusting entries, and ledger. Calculate the amount of interest and discount to be credited to profit and loss account and show how this item will appear in the balance sheet and in the final accounts of the bank. (7 marks)
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