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Accounting for bill discounting

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(Querist)
18 December 2008 Sir, I want to know the detail accounting entries which we will made for bill discounting made on sales with bank at each stage such as 1) sales made, 2)Bill discounted with bank 3) then Receipt of money from party in bank . Also tell me any internal control procedure which company will adopt for bill discounting , their interest etc. or any web site available for detail information
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CA R N Mohil

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CA R N Mohil (Expert)
23 December 2008 the follwing entries to be passed:-
On discounting the bill
1) Bill discounting a/c dr
Bill discounr charges dr
to Bank ( Bill discounting )a/c
On receipt of fund by the bank
Bank ( Bill discounting) a/c
to party
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