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Profit an Loss Account on 1.4.2016 () S Loss on sale of Investment Issued Capital (Equity shares of? 100 each)S a balance of Citizen Bank Ltd. as on 31st March, 2017 Interest paid on Deposits and borrowings $15 (Dr.) (Cr. 1.50.000 SIL Provident fund Contribution 48.500 12.600 9.200 SIG Director's Fees SILStationery, Printing and Advertisement Auditor's fees General Expenses Commission, Exchange and brokerage 5,500 5,600 1,200 2,700 49,400 35,900 2,20.000 1 Profit on sale of Gold Loan from other Banks 5 Term Loan $9 20,000 80,000 Statutory Reserve ) Rebate on Blls Discounted (1.4.2016) 20,000 3,80,000 Demand, loans and cash credits 60,000 Bank Premises s/0 (NON) Kerala Govt. Bonds 58 80,000 4,20,000 Government of India Securities $$ Current Accounts $5 5,85.000 15,000 25,000 Income from Investments 70,000 67

Profit an Loss Account on 1.4.2016 () S Loss on sale of Investment Issued Capital (Equity shares of? 100 each)S a balance of Citizen Bank Ltd. as on 31st March, 2017 Interest paid on Deposits and borrowings $15 (Dr.) (Cr. 1.50.000 SIL Provident fund Contribution 48.500 12.600 9.200 SIG Director's Fees SILStationery, Printing and Advertisement Auditor's fees General Expenses Commission, Exchange and brokerage 5,500 5,600 1,200 2,700 49,400 35,900 2,20.000 1 Profit on sale of Gold Loan from other Banks 5 Term Loan $9 20,000 80,000 Statutory Reserve ) Rebate on Blls Discounted (1.4.2016) 20,000 3,80,000 Demand, loans and cash credits 60,000 Bank Premises s/0 (NON) Kerala Govt. Bonds 58 80,000 4,20,000 Government of India Securities $$ Current Accounts $5 5,85.000 15,000 25,000 Income from Investments 70,000 67

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Profit an Loss Account on 1.4.2016 (e) AIssued Capital (Equity shares of? 100 each)S UWing Trial balance of Citizen Bank Ltd. as on 31st March, 2017: 515 Interest paid on Deposits and borrowings S Loss on sale of Investment (Dr. (Cr.) 1,50,000 SIG Provident fund Contribution SIG Director's Fees SIL Stationery, Printing and Advertisement s16 Auditor's fees General Expenses Commission, Exchange and brokerage 14 Profit on sale of Gold 48,500 12,600 9.200 5,500 5,600 1,200 2,700 49,400 35,900 Loan from other Banks S 2,20,000 20,000 Term Loan $9 80,000 Statutory Reserve ) Rebate on Bls Discounted (1.4.2016)) 20,000 3,80,000 Demand, loans and cash credits 9 60,000 Bank Premises SID (NON) Kerala Govt, Bonds 58 80,000 4,20,000 5,85.000 15,000 Government of India Securities $8 Current Accounts $5 25,000 Income from Investments 70,000 Money at call and short notice 5t
Transcribed Image Text:Profit an Loss Account on 1.4.2016 (e) AIssued Capital (Equity shares of? 100 each)S UWing Trial balance of Citizen Bank Ltd. as on 31st March, 2017: 515 Interest paid on Deposits and borrowings S Loss on sale of Investment (Dr. (Cr.) 1,50,000 SIG Provident fund Contribution SIG Director's Fees SIL Stationery, Printing and Advertisement s16 Auditor's fees General Expenses Commission, Exchange and brokerage 14 Profit on sale of Gold 48,500 12,600 9.200 5,500 5,600 1,200 2,700 49,400 35,900 Loan from other Banks S 2,20,000 20,000 Term Loan $9 80,000 Statutory Reserve ) Rebate on Bls Discounted (1.4.2016)) 20,000 3,80,000 Demand, loans and cash credits 9 60,000 Bank Premises SID (NON) Kerala Govt, Bonds 58 80,000 4,20,000 5,85.000 15,000 Government of India Securities $8 Current Accounts $5 25,000 Income from Investments 70,000 Money at call and short notice 5t
Bills discounted $1 Shares of other companies S8 73,000 1,17,000 Cash in hand and with Reserve Bank of India S6 1,10,000 Cash at Banks $7 3,00,000 Advance Income tax $1 other Assels Gepdid) 916 Salaries and allowances 9,000 73,500 2Interest and Discount 1,70,000 SI6interim Dividend paid 7,500 Deposits and Savings Bank Accounts $3 4,55,000 Bills for collection s 2,00,000 2,00,000 Acceptances and Endorsements o/ -$12 1,50,000 1,50,000 21 55 300 21 55 300 Additional information: (i) The bills discounted mature at an average date May 20th, (including days of grace). All bills are discounted at 10% p.a. (ii) Claims against the Bank not acknowledged as Debts 2,00,000. (iii) Provide 5% depreciation on cost of premises.Balance on Provision for Depreciation is 30,000. (iv) Provision for taxation for current year is 13,000. (v) Interest accrued on Investments 750. (vi) Details of Advances are as under: Amount () Security (Value as on 31.3.2017) 73,000 Secured by Gold. 1,70,000 Government Securities 1,80,500 70,000 Guaranteed by Directors. 10,000 Shares in Textiles 6,000 - Unsecured 400 1,75,000 Bank Guarantee. 50,000 Gold value of 85,000 40,000 Debenture of a Company value of security 46,000. 5 88 000 (vii) Assume that all Advances are Standard Assets. (viii) The Balance in Current Account is after adjusting overdrafts 1,15,000: You are required to prepare Profit and Loss account for the year ended 31st March, 2011 and Balance Sheet of the Bank as at that date. : 356 :
Transcribed Image Text:Bills discounted $1 Shares of other companies S8 73,000 1,17,000 Cash in hand and with Reserve Bank of India S6 1,10,000 Cash at Banks $7 3,00,000 Advance Income tax $1 other Assels Gepdid) 916 Salaries and allowances 9,000 73,500 2Interest and Discount 1,70,000 SI6interim Dividend paid 7,500 Deposits and Savings Bank Accounts $3 4,55,000 Bills for collection s 2,00,000 2,00,000 Acceptances and Endorsements o/ -$12 1,50,000 1,50,000 21 55 300 21 55 300 Additional information: (i) The bills discounted mature at an average date May 20th, (including days of grace). All bills are discounted at 10% p.a. (ii) Claims against the Bank not acknowledged as Debts 2,00,000. (iii) Provide 5% depreciation on cost of premises.Balance on Provision for Depreciation is 30,000. (iv) Provision for taxation for current year is 13,000. (v) Interest accrued on Investments 750. (vi) Details of Advances are as under: Amount () Security (Value as on 31.3.2017) 73,000 Secured by Gold. 1,70,000 Government Securities 1,80,500 70,000 Guaranteed by Directors. 10,000 Shares in Textiles 6,000 - Unsecured 400 1,75,000 Bank Guarantee. 50,000 Gold value of 85,000 40,000 Debenture of a Company value of security 46,000. 5 88 000 (vii) Assume that all Advances are Standard Assets. (viii) The Balance in Current Account is after adjusting overdrafts 1,15,000: You are required to prepare Profit and Loss account for the year ended 31st March, 2011 and Balance Sheet of the Bank as at that date. : 356 :
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