I don't know why I'm saying this but I'm gonna say it anyways.. I really need motivation for Accounting! sometimes it gets difficult even though I love it ! just wanted to share my current feeling.

Thank you :)

(a) On 1/1/2019, the rebate on bills discounted account of bank sohar showed a credit balance of OMR 100,000. On 31/12/2019, the discount account showed a credit balance of OMR1,500,000 before adjusting unexpired discount. The bills discounted outstanding on 31/12/2019 were OMR 20,000,000 with a maturity date of January 31/1/2020. They were discounted at 12% p.a. Write adjustment entries and relevant ledger accounts to record these items and also show how these items will appear in the final accounts of the bank. (7 marks)