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Q4. Calculate the profit of a bank by preparing income and expenditure statement. -Assume that you are an accountant in a PNZ Bank. From the

Q4. Calculate the profit of a bank by preparing income and expenditure statement.

  1. -Assume that you are an accountant in a PNZ Bank. From the following particulars, prepare the profit and loss account of bank PNZ for the year ended 31-03-2020.

Particulars

OMR

Particulars

OMR

Locker rent

Discount on bills discounted

Director and auditor fee

Establishment Expenses

Interest on loan

Interest on fixed deposit

Interest on cash credit

Sundry expenses

Impairment for credit loss

Transfer fee

Fee and commission expenses

Provision for doubtful debts

Decrease in net changes in face value of sale of investment

70,000

2,100,000

50,000

600,000

2,800,000

2,980,000

2,400,000

20,000

2,000

5,000

25,000

300,000

900

Interest on current account

Interest on over draft

Interest on savings bank account

Postage and telegram

Printing and stationary

Discount on bills discounted

Rent and taxes

Income tax expenses

Depreciation

Fee and commission income

Profit on exchange difference arising on foreign operation

450,000

600,000

720,000

20,000

30,000

550,000

220,000

35,000

8,000

70,000

500

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