FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve Question 89: Forward Bank Ltd furnishes the following information as on 31st March, 2018. Amount in Bills Discounted 82,23,000 Rebate on bills discounted

please solve image text in transcribed

Question 89: Forward Bank Ltd furnishes the following information as on 31st March, 2018. Amount in Bills Discounted 82,23,000 Rebate on bills discounted as on 1st April, 2017 1,32,960 Discount received 6,33,990 Details of bills discounted is as given below: Value of Bills (3) Due Date Rate of Discount 10,95,000 15th June, 2018 14% 30,00,000 25th June, 2018 2% 16,92,000 5th July, 2018 16% 24,36,000 15th July, 2018 16% (i) Calculate the rebate on bills discounted as on 31s1 March, 2018 (ii) Pass necessary Journal Entries

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Sixth International Congress On Accounting 1952

The Sixth International Congress On Accounting 1952

Authors: Various

1st Edition

0367512807, 9780367512804

More Books

Students also viewed these Accounting questions

Question

★★★★★
Condensed income statements for PCO and its 75-percent-owned subsidiary, SCO, appear below: Intercompany sales amounted to $400,000, unconfirmed intercompany profits in ending inventory are $50,000...

Answered: 1 week ago

Question

★★★★★
What is the probability of getting at least one head on three tosses of a coin?

Answered: 1 week ago

Question

★★★★★
=+11. Pole vault. Pole vault technology has evolved considerably since the times of the ancient Greeks and even more recently as new materials have found their way into pole manufacturing. There are...

Answered: 1 week ago

Question

★★★★★
The 2012 balance sheet for Guthrie Corporation revealed the following information: Common stock, $10 par, 50,000 shares issued and outstanding Preferred stock, $100 par, 6%, cumulative stock, 1,000...

Answered: 1 week ago

Question

★★★★★
Prepare a journal entry on April 30 for fees earned on the account, $11,250. Refer to the Chart of Accounts for the exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12...

Answered: 1 week ago

Question

★★★★★
Adieu Company reported the following current assets and liabilities for December 31 for two recent years: a. Compute the quick ratio on December 31 of both years. b. Interpret the company's quick...

Answered: 1 week ago

Question

★★★★★
The law of diminishing marginal returns means that, as you increase the number of units of a variable input, after some point Group of answer choices a. Total output will fall. b. Costs of production...

Answered: 1 week ago

Question

★★★★★
ASSIGNMENT: For this assignment, you will serve in the hypothetical role of HR Specialist and external consultant who is tasked with developing a performance evaluation strategy for the job on which...

Answered: 1 week ago

Question

★★★★★
this final course assignment, you are going to assemble all elements of your hypothetical business that you have been working on throughout the course into one thoughtfully planned portfolio. This...

Answered: 1 week ago

Question

★★★★★
Answer.... The article "The Influence of Temperature and Sunshine on the Alpha-Acid Contents of Hops"t reports the following data on yield (y), mean temperature over the period between date of coming...

Answered: 1 week ago

Question

★★★★★
Cuban Investors buys real estate, develops it, and resells it for a profit. A new property is available, and Mark Cuban, the president and owner of Cuban Investors, believes it can be sold for...

Answered: 1 week ago

Question

★★★★★
Bowling Green Financial is preparing its Budgeted Income Statement for next year. Bowling Green Financial has collected the following information about this statement: Sales for next year total...

Answered: 1 week ago

Question

★★★★★
Are you telling a story, or have you got a lot of disconnected pages?

Answered: 1 week ago

Question

★★★★★
Have you looked carefully at the risks, assumptions and dependencies and documented them?

Answered: 1 week ago

Question

★★★★★
Have you got a one page summary that you are happy with?

Answered: 1 week ago

Previous Question Next Question