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need right answer of my question thank you Rebate on bills discounted Rs.2649 will be deducted from Interest and Discount in P&L A/c. it will
need right answer of my question thank you
Rebate on bills discounted Rs.2649 will be deducted from "Interest and Discount" in P&L A/c. it will also appear on the liability side of Balance sheet under the heading Other liabilities and provisions" Illustration 5 The following are the ledger balances of the National Bank Ltd. Prepare P&L A/c and Balance Sheet as on 31st March 2011 as per the requirements of The Banking Regulation Act. p42 Financial Accounting Page 132 School of Distance Education st Share capital (20000 shares of Rs. 100 each) 2000000 1000000 Reserve Fund investments General expenses 182000 Current accounts 20244000 161000 Interest paid Savings bank account 2920000 4000000 Fixed deposits 230000 Profit and loss Account(on 31" March 2010) Discount received 180000 Rebate on bills discounted 64000 Commission, exchange and brokerage 44000 Cash 227000 Interest received 532000 Cash with RBI 2012000 200000 Owing by foreign correspondents 6482000 Short loans 15585000 Loans and advance to customers 9883000 Investments Bills discounted 6228000 2218000 Premises Adjustments: 1. Provision for bad and doubtful debts required Rs. 129000 2. The bank had bills for collection for its constituents Rs.500000and acceptances, endorsements and guarantees Rs. 1600000. 3. The P&L A/c balance is the balance left on that account after the payment of interim dividend amounting to Rs.200000Step by Step Solution
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