From the following information, you are required to prepare Profit and Loss Account of Zee Bank Ltd., for the year ending 31st March, 2016 : $ 2$ Interest and Discount Other Income Income on Investments 44,00,000 Interest Expended 1,25,000 Operating Expenses 5,000 Interest on Balance with RBI 13,60,000 13,31,000 25,000 Additional information : (a) Rebate on bills discounted to be provided for $ 15,000 (b) Classification of advances : $ 25,00,000 5,60,000 2,55,000 Standard Assets Sub-standard Assets (fully secured) Doubtful Assets not covered by Security Doubtful Assets covered by Security : For 1 year For 2 years For 3 years For 4 years Loss Assets 25,000 50,000 1,00,000 75,000 1,00,000 (c) Make tax provision @ 35% (d) Profit and Loss A/c (Cr.) $40,000.

From the following information, you are required to prepare Profit and Loss Account of Zee Bank Ltd., for the year ending 31st March, 2016 : $ 2$ Interest and Discount Other Income Income on Investments 44,00,000 Interest Expended 1,25,000 Operating Expenses 5,000 Interest on Balance with RBI 13,60,000 13,31,000 25,000 Additional information : (a) Rebate on bills discounted to be provided for $ 15,000 (b) Classification of advances : $ 25,00,000 5,60,000 2,55,000 Standard Assets Sub-standard Assets (fully secured) Doubtful Assets not covered by Security Doubtful Assets covered by Security : For 1 year For 2 years For 3 years For 4 years Loss Assets 25,000 50,000 1,00,000 75,000 1,00,000 (c) Make tax provision @ 35% (d) Profit and Loss A/c (Cr.) $40,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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