Question
Model: Rebate on bills discounted The trial balance of BC Bank Ltd. as on 31 March 2011 shows the following balances: Rs. Interest and Discount
Model: Rebate on bills discounted The trial balance of BC Bank Ltd. as on 31 March 2011 shows the following balances:
Rs. | |
Interest and Discount | 37,27,170 |
Rebate on Bills Discounted (1 April 2010) | 7,150 |
Bills Discounted and Purchased | 2,27,500 |
The unexpired discount as on 31 March 2011 is estimated to be Rs.24,125. Draft necessary adjusting entries and calculate the amount of interest and discount to be credited to P & L A/c.
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
