Question

rebate on bill discounted means
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Answer 1

Rebate on bills discounted is also known as discount received in advance i.e. discount received but not earned. In such a situation, the rebate on bills discounts will be deducted from interest and discount in profit & loss account and shown as liability in the balance sheet.

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Answer 2

Rebate on bills discounted is also known as discount received in advance i.e. discount received but not earned. In such a situation, the rebate on bills discounts will be deducted from interest and discount in profit & loss account and shown as liability in the balance sheet.