Q5Insurance Revenue Account and Bill Discounting
16 marks very hard
From the following information as on 31st March, 2013 of Bachan Insurance Co Ltd engaged in fire insurance business, prepare the Revenue Account, reserving 40% of the net premiums for unexpired risks and an additional reserve of ₹50,000; and from the following information available in the books of X Bank Limited as on 31st March, 2013, calculate the rebate on bills discounted as on 31-3-2013 and give necessary journal entries in the books of X Bank Ltd as on 31st March, 2013.
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