Model: P & L A/c and balance sheet. From the following figures taken from the books of Asian Bank Ltd., prepare profit and loss account and balance sheet as on 31 March 2011:
|
(Rs. in ’000) |
|
|
5,00,000 Shares of Rs.10 Each, Rs.Paid up |
2,500 |
|
Reserve Fund Investments |
1,750 |
|
Fixed Deposits |
4,750 |
|
Savings Bank Deposits |
15,000 |
|
Current Deposits |
40,000 |
|
Money at Call and Short Notice |
2,250 |
|
Investments |
12,500 |
|
Interest Accrued and Paid |
1,000 |
|
Rent |
100 |
|
Salaries (Including GM’s Salary 1,20,000) |
345 |
|
Directors Fees |
30 |
|
Provident Funds Contribution |
25 |
|
General Expenses |
50 |
|
Profit and Loss Account (1 April 2010) |
1,000 |
|
Bank Drafts |
1,550 |
|
Unclaimed Dividends |
100 |
|
Premises (After Depreciation up to 31 March 2010 Rs.5,00,000) |
6,000 |
|
Cash |
750 |
|
Stock of Stationery |
50 |
|
Cash with RBI |
7,000 |
|
Traveller’s Cheques |
2,500 |
|
Balance Writs Other Banks |
8,000 |
|
Letters of Credit |
1,500 |
|
Borrowed from Banks |
4,000 |
|
Owing by Foreign Correspondents |
500 |
|
Interest and Discounts |
3,500 |
|
Commission |
250 |
|
Bill Discounted |
3,000 |
|
Loans |
15,000 |
|
Cash Credits and Overdrafts |
20,000 |
|
Bills for Collection |
700 |
|
Acceptances on Behalf of Customers |
1,000 |
|
Dividend for 2009–10 |
250 |
|
Branch Adjustments (Cr.) |
50 |
|
Rebate on Bills Discounted for Unexpired Term is Rs.25,000 |
A provision for doubtful debts amounting to Rs.1,50,000 is required. Create provision for taxation to the extent of Rs.5,00,000. Charge 5% depreciation on premises on original cost. Travellers’ cheques paid amounted to Rs.1,00,000.