From the following balances of Hope Bank Ltd. as on 31 March 2011, prepare a profit and loss A/c and a balance sheet for the relevant year:
Balances as on 31 March 2011
|
(Rs. in ’000) |
|
|
Share Capital (Equity Shares |
9,900 |
|
of Rs.100 Each Fully Paid |
|
|
Reserve Fund |
1,920 |
|
Current Accounts |
30,000 |
|
Savings Bank Accounts |
15,000 |
|
Fixed Deposit Accounts |
7,500 |
|
P & L A/c |
2,400 |
|
Money at Call and Short Notice |
1,800 |
|
Salaries (Including Rs.3,60,000 to GM) |
9,600 |
|
Directors’ Fees |
150 |
|
Investment (at Cost) |
22,500 |
|
General Expenses |
210 |
|
Audit Fees |
120 |
|
Building (Net of Depreciation |
6,720 |
|
up to 31 March 2010) Rs.16,80,000 |
|
|
Borrowing from Banks |
6,300 |
|
Cash with Other Banks |
5,400 |
|
Cash with RBI |
9,000 |
|
Cash in Hand |
750 |
|
Interest and Discount Received |
30,240 |
|
Bills Payable |
12,600 |
|
Bills Discounted & Purchased |
9,000 |
|
Term Loans |
13,500 |
|
Cash Credits |
35,010 |
|
Sundry Creditors |
1,500 |
|
Bills for Collection |
2,940 |
|
Acceptances on Behalf of Customers |
7,500 |
|
Interest Accrued and Paid |
3,600 |
Depreciation has to be provided at 5% on the original cost of the building. A provision of Rs.7,50,000 for bad debts and Rsa.60,00,000 for taxation needs to be made.