Practice 6: The following is an analysis of the bills discounted from the books of accounts of a AM Bank as at 31st December 2017 Bills discounted Rebate on bills discounted (1 January 2017) Discount Received 6,000,000 50,000 150,000 Date of bills Amount RO Term months Discounted at % p.a October 20 2 12 November 5 1,200,000 1,000,000 600,000 4 10 December 5 2. 12 December 20 300,000 3 10 Required: Calculate the rebate on bills discounted for the above bills. Pass the journal entries and Show the discount and interest and rebate on bills discounted account in the ledger books of bank. 30