What is meant by rebate with ref to bill of exchange

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Dear Student
Rebate is a discount allowed by the payee to the drawee when the drawee makes payment of the bill before its due date.
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On Jan 01, 2016 Neha sold goods for Rs 20,000 to Muskan and drew upon her a bill of exchange payable after two months. One month before the maturity of the bill Muskan approached Neha to accept the payment against the bill at a rebate @ 12% p.a. Neha agreed to the request of Muskan and Muskan retired the bill under the agreed rate of rebate. Journalise the above transaction in the books of Neha and Muskan.

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What is meant by rebate with ref to bill of exchange

Dear Student Rebate is a discount allowed by the payee to the drawee when the drawee makes payment of the bill before its due date. Regards

Dear Student
Rebate is a discount allowed by the payee to the drawee when the drawee makes payment of the bill before its due date.
Regards