Total 17,00,000 Schedule No. 15 : Interest Expended Interest paid on deposits 21.25.000 Total 21,25,000 Schedule No. 16: Operating Expenses General managers remuneration 9,00.000 Directors fees 1,00,000 Staff salaries and allowances 15,00,000 Sundry Expenses 1,50.000 Rent and taxes paid 2,00.000 Total 28,50,000 5 Illustration - 5 The following are the figure extracted from the books of Ichalkaranji Bank Limited, as on 31-3-2015 Particulars Rs. Interest and Discount Received 37,05.738 Interest paid on Deposits 20,37,452 Issued and Subscribed Capital 10,00,000 Salaries and Allowances 2,00.000 Director's fee and allowances 30,000 Rent and taxes paid 90,000 Postage and telegrams 60.286 Statutory reserve fund 8,00.000 Commission, exchange & brokerage 1,90,000 Rent received 65,000 Profit on sale of investments 2,00,000 Depreciation on Bank's properties 30,000 Stationery expenses 40,000 Other expenses 25,000 Auditor's Fee 5,000 Other Information: a) A customer to whom a sum of Rs. 10 lakhs had been advanced has become Insolvent and it is expected that only 50% can be recovered from his estate . Also there were other debts, for which a provision of Rs. 1,50,000 was found necessary by the auditors. c) Rebate on bills discounted on 31-3-2014 was Rs. 12,000 and or 31-3-2015 was Rs. 16.000 d) Provide Rs. 6,50,000 for Income tax. . e) The directors desire to declare 10% dividends. Prepare the Profit and Loss Account of Ichalkaranji Bank Ltd. for the year ended on 31-3-2015