The following information is available in the books of X Bank Limited as on 31st March, 2007: Bills discounted Rebate on bills discounted (as on 1-4-2006) Discount received Details of bills discounted are as follows: Value of Bills (3) 18,25,000 12% 50,00,000 12% 28,20,000 14% 40,60,000 16% Calculate the rebate on bills discounted as on 31-3-2007 and give necessary Journal Entries Due Date 1,37,05,000 2,21,600 10,56,650 05-06-2007 12-06-2007 25-06-2007 06-07-2007 Rate of Discount