Some of the items in the trial balance of Modern Bank Ltd as on March 31, 2016 were as follows:You are required to prepare the Profit and Loss Account of the Bank, maintaining the provision for income-tax at ₹ 84,000 and provision for doubtful debts at ₹ 52,000 for the year ended March, 2016. All workings should form part of your answer.

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Loans and Advances Current Accounts (including O/D of 15,00,000) Bills Discounted and Purchased Interest on Fixed Deposits Interest on Loans Discount (subject to unexpired disc. 30,000) Interest on cash credits Commission earned Loss on investment 71,50,000 Salaries and allowances 66,00,000 Printing and stationery 19,20,000 Interest on Saving Bank Deposits 1,55,000 Auditors fees 2,25,000 Directors fees 2,01,000 Interest on overdrafts 1,05,000 Provision for bad debts, 1st April 2015 46,500 Bad debts 34,000 Provision for income-tax 1st April 2015 Income tax paid for 2015-16 82,000 4,500 75,000 5,000 2,500 95,000 42,000 21,000 66,000 54,000