Banking
(a) The following particulars are extracted from the (trial balance) books of M/s Sound Bank Ltd. for the year ending on 31 March 2011:
Details | |
1. Interest and Discount | 98,31,200 |
2. Rebate on Bills Discounted (1 April 2010) | 32,520 |
3. Bills Discounted and Purchased | 33,72,700 |
It is ascertained that proportionate discount not yet earned on the bills discounted, which will mature during 2011–12 amounted to 46,380. Pass the necessary journal entries adjusting the above and show in the ledger of the bank:
Rebate on bills discounted account
Interest and discount account.
(b) Calculate the provision required to be made in respect of advance:
Details | Amount |
Term Loan | 1,00,000 |
ECGC Cover | 30% |
Security | 24,00,000 |
Period for which advance had remained doubtful is 2 years.
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but it seems wrong to me. Just need some help regarding completed
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