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Joe discounted a bill of exchange face value OMR 6,000 with the bank, and bank...

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Accounting

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Joe discounted a bill of exchange face value OMR 6,000 with the bank, and bank charged a discount of OMR 300.What is the journal entry in he books of the bank? Dr Bills discounted 6,000 Cr Joe 5,700 Cr Interest and discount 300 None of these Dr Bills discounted 6,000 Cr Joe 5,700 Cr Interest and discount 300 Dr Interest and discount 300 C r Bills discounted 6,000 Dr Joe 700 Modern commercial banks secondary service include Loans Cash credit Deposits Remittance of funds An annual payment which an insurer guarantees to pay for lump sum money received in the beginning is called Annuity Policy Claim Premium In life insurance, the policy amount is payable: e On the death of the insured or on the expiry of policy period which ever is earlier Only when the insured has incurred the loss After the expiry of the policy period After the death of the assured

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