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Second Question: The Following transaction incurred in the bills section of main branch of Petra bank 1 of April/2006 (10 Marks) 1. JD 40000 bills
Second Question: The Following transaction incurred in the bills section of main branch of Petra bank 1" of April/2006 (10 Marks) 1. JD 40000 bills for collection (1.5% Commission). 2. JD 20000 Bills of the above has been sent for collection by branches. 3. JD 30000 Bills collected by cash. 4. JD 1500 Bills refused to pay, the bank resent them to customer after deducting JD 60 as Postal Expense. 5. JD 1200 Bills collected by branches. 6. JD 60000 Bills discounted, due date 1st of October, (Interest 20%, JD 160 Commission) 7. JD 5000 Bills discounted collected in cash by bank on 1* of October. 8. JD 3000 Bills sent to central bank for rediscount 1st of July (0% interest rate, commission ) 9. JD 2350 Bills used as collateral bills, JD 1320 Advances by collateral bills (commission JD 20). 10. 1* of October the bank received the bills from the central bank in number 8 transaction. Required: Record entries in the journal of Petra bank
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