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Illustration - 1 1. From the following balances extracted from the books of Tushar Bank Ltd., Akola, prepare the Profit and Loss Account for the
Illustration - 1 1. From the following balances extracted from the books of Tushar Bank Ltd., Akola, prepare the Profit and Loss Account for the year ended 31st March 2015 and the Balance Sheet as on that date. Particulars Current accounts Savings Accounts Fixed and time deposits Acceptances Unclaimed dividend Dividend 2013-2014 Profit and Loss A/c (Credit) on 1-4-2015 Reserve fund Share Capital: 20,000 shares of Rs. 50 each. Interest and discount received Interest paid Borrowings from other banks Money at call Investments (Market value Rs. 62,00,000) Premises (After depreciation upto 31-3-2014 Rs. 2,00,000) Sundry creditors Bills payable Rs. 1,60,00,000 60,00,000 19,00,000 4.00,000 60,000 1,00,000 4,20,000 7,00,000 10,00,000 15,00,000 4.00,000 14.00,000 6,00,000 60,00,000 24,00,000 60,000 16.00.000 2.80.000 Salaries 1,60,000 Rent and taxes 40,000 Audit fee 4,000 Printing 10,000 General expenses 6,000 Cash in hand 1.20,000 Cash with R.B.I. 30,00,000 Cash with other banks 26,00,000 Bills discounted and purchased 12.00.000 Loans, overdrafts and cash credits 1,40,00,000 Adjustments : 1) Authorised share capital is Rs. 20,00.000 divided into 40,000 shares of Rs. 50 each 2) Rebate on bills discounted amounted to Rs. 10,000. 3) Create provision for taxation Rs. 2,00,000. 4) Provision for bad and doubtful debts is required to be made at Rs. 60,000 5) Provide 5% depreciation on the original amount of premises
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