Question

A bill for `700 retired by bank on our behalf under a rebate of `20, the full amount of the bill

was credited in cash book.
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Answer 1

Answer:

700 retired by bank under a rebate of Rs. 20, the full amount of the bill was credited in Cash Book" , it means that actual bill amounting to Rs. 700 was paid off through Bank A/c at Rs 680 getting rebate of Rs 20 but the amount credited in cash book was Rs 700