Prepare the Profit and Loss Account of Syndicate Bank Ltd, for the year ended 31st March, 2016 from the following information:

Provide 8,000 for depreciation, ₹ 20,000 for doubtful debts and ₹ 15,000 for taxation. An interim dividend of ₹ 12,000 was paid. On 31.3.2016 the bills discounted outstanding with an average due date of 22.6.2016 were ₹ 5,00,000, discounted @ 10% p.a.

Transcribed Image Text:

Interest on Loans Interest on Cash Credits Interest on Fixed Deposits Interest on Current Accounts Interest on Govt. Securities Interest on inter-bank borrowings Discount on bills discounted Commission and exchange Miscellaneous receipts Rebate on bills discounted (1.4.2015) Establishment expenses 2,59,000 Rent and taxes 1,95,000 Directors and Auditors fees 2,75,000 Postage and Telegrams 42,000 Printing and Advertisement 54,000 General expenses 68,000 Bad Debts 1,95,000 Profit and Loss Account (Cr.) on 1.4.2015 8,000 Insurance 7,000 Salaries 49,000 Contribution to Provident Fund 54,000 18,000 6,000 4,000 3,000 2,000 12,000 30,000 8,000 32,000 20,000