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what is difference between rebate and discount?
generally in bill of exchange accounting
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Answer Posted / natasha
discount is a gernal discount any
boady can get that but rebate is
given in special cases with
retrospevctive effect like when one
achive a target of sale.
rebate on bill discount for
outstanding period which is expected
to realised after balance sheet date
=o/s bill on balance sheet
date*intrest rate*days aftr b/s
date/365.
discount A/c dr.
To rebate on bill.
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