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  • Rebate On Bills Discounted Is From Interest and D

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    Shajid Hassan
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    This document contains a multiple choice question about accounting for rebates on bills discounted. The question asks whether rebate on bills discounted is added to, deducted from, or not deducted from interest and discount in the profit and loss account. The solution provided is that the correct answer is B) deducted, as rebate on bills discounted is known as discount received in advance and is deducted from interest and discount in the P&L and shown as a liability in the balance sheet. The document provides additional similar accounting questions and ways to learn more about bills of exchange.

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    This document contains a multiple choice question about accounting for rebates on bills discounted. The question asks whether rebate on bills discounted is added to, deducted from, or not deducted from interest and discount in the profit and loss account. The solution provided is that the correct answer is B) deducted, as rebate on bills discounted is known as discount received in advance and is deducted from interest and discount in the P&L and shown as a liability in the balance sheet. The document provides additional similar accounting questions and ways to learn more about bills of exchange.

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    3 views1 page

    Rebate On Bills Discounted Is From Interest and D

    Uploaded by

    Shajid Hassan
    This document contains a multiple choice question about accounting for rebates on bills discounted. The question asks whether rebate on bills discounted is added to, deducted from, or not deducted from interest and discount in the profit and loss account. The solution provided is that the correct answer is B) deducted, as rebate on bills discounted is known as discount received in advance and is deducted from interest and discount in the P&L and shown as a liability in the balance sheet. The document provides additional similar accounting questions and ways to learn more about bills of exchange.

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    © All Rights Reserved
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    Class 11 >> Accountancy >> Bill of Exchange >> Renewal and Retiring of the Bi

    Question
    Rebate on bills discounted is _______ from interest
    and discount in the P/L Account .

    A added

    Correct Answer

    B deducted

    C not deducted

    D none of the above

    Hard

    Open in App

    Updated on : 2022-09-05

    Solution Verified by Toppr

    Correct option is B)
    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.

    Was this answer helpful? 36 2

    SIMILAR QUESTIONS

    Q1 \Discount at the time of retirement of a Bill is a


    gain for the drawee.

    Medium View solution >

    Q2 Discount at the time of retirement of a Bill is a


    gain for the drawee.

    Medium View solution >

    Q3 Rebate is calculated for __________ time


    before the due date.

    Easy View solution >

    Q4 Discount allowed by the holder of the bill to


    encourage retirement is called _____.

    Medium View solution >

    Q5 A bill of Rs. 5000 is being renewed for next 3


    month with interest @ 12 % p.a
    ascertain the Interest Amount __________.

    Medium View solution >

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