From the following Trial Balance of Progressive Bank Ltd. Prepare (a) the Profit & Loss Account for the year ending 31^st December 2011 and (b) the Balance Sheet as on that date.

Additional Information:

(a) Depreciation on premises is Tk. 25,000

(b) Provision for bad and doubtful debt is Tk. 1500

(C) Create a provision for taxation by Tk. 5000.

Trial Balance December 31, 2011 # Particulars Debit (TK) Credit (TK) Share Capital (Authorized and Subscribed: 3000 shares Tk. 100 each Tk. 50 paid up) 1,50,000 4,60,000 50,000 10,00,000 1,40,000 1,75,000 1,25,000 10,00,000 17,500 22,50,000 30,50,000 50,000 Interest & Discount Received Share Premium A/C Balance with Bangladesh Bank Commission, Brokerage & Exchange Received Interest paid on deposits Money at call & short notice Savings Bank Deposit Rent, Rates & Insurance Current Deposits Fixed Deposits Reserve Fund Cash in hand Salaries & Allowances Bills Discounted & Purchased Bills Payable Investment in Shares Prize Bonds Directors' Fees Interest Suspense Account Bank Premises (Cost Tk. 10,00,000) Outstanding Auditors' Fees Stationery, Printing and Advertisement Loans, Cash Credit and Overdraft 41,000 1,37,500 4,25,000 3,50,000 12,00,000 1,32,500 1,45,000 62,500 8,50,000 50,000 1,02,500 32,61,500 76, 12, 500 76,12,500