From the following information, you are required to prepare Profit and Loss Account of Zee Bank Ltd., for the year ending 31st March, 2016 : $ 2$ Interest and Discount Other Income Income on Investments 44,00,000 Interest Expended 1,25,000 Operating Expenses 5,000 Interest on Balance with RBI 13,60,000 13,31,000 25,000 Additional information : (a) Rebate on bills discounted to be provided for $ 15,000 (b) Classification of advances : $ 25,00,000 5,60,000 2,55,000 Standard Assets Sub-standard Assets (fully secured) Doubtful Assets not covered by Security Doubtful Assets covered by Security : For 1 year For 2 years For 3 years For 4 years Loss Assets 25,000 50,000 1,00,000 75,000 1,00,000 (c) Make tax provision @ 35% (d) Profit and Loss A/c (Cr.) $40,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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From the following information, you are required to prepare Profit and Loss
Account of Zee Bank Ltd., for the year ending 31st March, 2016 :
$
2$
Interest and Discount
Other Income
Income on Investments
44,00,000 Interest Expended
1,25,000 Operating Expenses
5,000 Interest on Balance with RBI
13,60,000
13,31,000
25,000
Additional information :
(a) Rebate on bills discounted to be provided for $ 15,000
(b) Classification of advances :
$
25,00,000
5,60,000
2,55,000
Standard Assets
Sub-standard Assets (fully secured)
Doubtful Assets not covered by Security
Doubtful Assets covered by Security :
For 1 year
For 2 years
For 3 years
For 4 years
Loss Assets
25,000
50,000
1,00,000
75,000
1,00,000
(c) Make tax provision @ 35%
(d) Profit and Loss A/c (Cr.) $40,000.
Transcribed Image Text:From the following information, you are required to prepare Profit and Loss Account of Zee Bank Ltd., for the year ending 31st March, 2016 : $ 2$ Interest and Discount Other Income Income on Investments 44,00,000 Interest Expended 1,25,000 Operating Expenses 5,000 Interest on Balance with RBI 13,60,000 13,31,000 25,000 Additional information : (a) Rebate on bills discounted to be provided for $ 15,000 (b) Classification of advances : $ 25,00,000 5,60,000 2,55,000 Standard Assets Sub-standard Assets (fully secured) Doubtful Assets not covered by Security Doubtful Assets covered by Security : For 1 year For 2 years For 3 years For 4 years Loss Assets 25,000 50,000 1,00,000 75,000 1,00,000 (c) Make tax provision @ 35% (d) Profit and Loss A/c (Cr.) $40,000.
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