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What is retiring a bill under rebate?
Retiring bill means when a bill acceptor desires to fulfill the bill amount before its maturity, then he desire to give this proposal to the bill holder to clarify about this before its maturity date. This is the exchange of retiring bill. Now, in the case when the holder accepts the proposal and offer some discount is provided, then this whole process is known as Retiring a bill under rebate.
You have to prepare reports on the basis of some criteria, if you are accepting this to fulfill the need of your homework, then you must have a complete knowledge of a journal report. This is why sometimes students get confused and unable to create the report properly. If you need any help in this problematic condition, then you can easily take help from us through our Retiring a bill under rebate Homework Help services.
Where the journal entries are necessary?
This is completely required in –
- Creditor’s Book –
- Cash account as amount received in its actual form.
- Rebate account.
- To Bill receivable account.
- Debtor’s Book
- Bill Payable Account.
- To Cash Account.
- To rebate account.
Thus when you will prepare journal’s entry, then the debtor’s account must be perfect and balanced with the creditor’s account. So, you need to calculate the proper discount to make the rebate in a proper way. A lot of questions can be asked to the students which need to be understood in a proper way before preparing. For any confusion you can easily take the services of our retiring a bill under rebate Homework Help.
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