Rails - Nov 2014 - Writeexcel gem - bitmap image not writing into the spreadsheet

workbook   = WriteExcel.new("images.xls")
worksheet4 = workbook.add_worksheet('Image 1')
worksheet4.write('A10', "Image inserted over scaled rows and
columns.")
worksheet4.insert_image('A1',
  File.join(File.dirname(File.expand_path(__FILE__)), '24bit.bmp')
)
workbook.close

I am not able to write bitmap image whereas I can import .jpg images well. 

Error i am getting 
"isn't a 24bit true color bitmap."

Also used this step to convert into true color bitmap
"convert alarm.bmp -type truecolor 24bit.bmp"

Help..

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