Question

On 31.03.2020 discount earned 12,20,000, rebate on bills discounted 30.000
rebate on bills discounted (01.04.79) 10,000. What amount transfer to P & L Alc
-
NO
20.000
2,60,000
(d)

Answer 1

Answer:

hello dear

Explanation:

Rebate on Bills Discounted is also known as Discount Received in Advance, or, Unexpired Discount or, Discount Received but not earned. ... from the Income from Interest and Discount in Profit and Loss Account and the same also ... Bank will earn discount @ 12% for 92 days i.e., = Rs. 30,000 x 12/100 x 92/365 = Rs. 907.