Question

what is reabit of bills discount?

Answer 1

Answer:

Meaning of Rebate on Bills Discounted:

Rebate on Bills Discounted is also known as Discount Received in Advance, or, Unexpired Discount or, Discount Received but not earned.

Its treatment is same as we do in the case of Interest Received in Advance.

Answer 2

Explanation:

when the drawer pays the bill amount within or before the maturity of such bills, then the payee gives him a discount for early payment.