Case Study: 2 PART -A (5 Marks) With the objective to become a world-class Omani services company that helps customers, communities and people to prosper and grow, Sohar International operates intending to help people'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centered on the principles of More Velocity, making everything simple and fast: More Value, ensuring relevance and connectivity to customers' world; and More Vision, liberating stakeholders through talented leadership. Trade Finance services aid the export and import business of any business, private or public Sohar International bank also provides the Letters of Credit for Import and Export It purchases 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 are a newly joined assistant in the accounts department and the following particulars are extracted from the books of Sohar International Bank for the year ending 31 December 2019. You are given with opening balances at the beginning of the year, the total Bills purchased during the year amounting to OMR 2,990,000. The balance of discount received during the year was OMR 534,600. Last year closing balance of rebate on bills discounted was OMR 77,600 Additional information on bills discounted during the year is as follows: Date of bills Amount (OMR) Term months Discounted at % per annum 18th September 550,000 28th October 320,000 2 7 5 November 970,000 20th December 300,000 29th December 850,000 12 Keeping in view all the information provided you are required to prepare: 6 Page 5 9 4 4 4 8 10 a) Calculate the rebate on bills discounted for the above bills. (4 Marks) b) Show the balance of Discount transferred to Income statement in the books of OAB (1 Mark) bank