From the following particulars, prepare the Profit and Loss Account of Bank of Community, for the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
From the following particulars, prepare the Profit and Loss Account of Bank of Community, for the year ended 31st March 2021? Solution: Total Total Items Commission charged Discount on bills discounted Audit Fee Establishment expenses Printing and Stationery Interest on fixed deposits Interest on cash credits Interest on savings bank accounts Postage telegram Rent and taxes Particulars Schedule No 13 14 13+14 15 16 (13+14)-(15+16) Amounts 100,000 176,000 10,000 30,000 7,000 500,000 450,000 99,000 20,000 45,000 Amounts (SR) From the following particulars, prepare the Profit and Loss Account of Bank of Community, for the year ended 31st March 2021? Solution: Total Total Items Commission charged Discount on bills discounted Audit Fee Establishment expenses Printing and Stationery Interest on fixed deposits Interest on cash credits Interest on savings bank accounts Postage telegram Rent and taxes Particulars Schedule No 13 14 13+14 15 16 (13+14)-(15+16) Amounts 100,000 176,000 10,000 30,000 7,000 500,000 450,000 99,000 20,000 45,000 Amounts (SR)
Expert Answer:
Answer rating: 100% (QA)
Particulars Schedile No Amount SR Interest Income 13 ... View the full answer
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Posted Date:
Students also viewed these accounting questions
-
Murray Company uses a job-order costing system and the following information is available from its records. The company has three jobs in the process: #6, #9, and #13. Raw material used $120,000...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
By using Accounting Equation, find out the effect on Assets, Liabilities and Capital of Priyam Garg Associates with these transactions of their Business. 1. Capital invested $ 52,150 in Cash 2....
-
Find the lengths of the curves. The cardioid r = 1 + cos
-
Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, Capital had a balance of $618,500. During the year, Marcie invested an additional $40,000 and withdrew...
-
Tests of controls are ordinarily performed for both financial statement audits and internal control audits. a. What is the objective of tests of controls when performed for internal control audits?...
-
A 40 in plasma television uses about \(175 \mathrm{~W}\). How many kilowatt-hours are needed to run the television in a month if the television is on for an average of 3 hours a day?
-
The following information pertains to Torasic Companys budgeted income statement for the month of June 2011: Sales (1,200 units at $250) $300,000 Variable cost 150,000 Contribution margin $150,000...
-
4- DE has a current market value of equity of $20,000. Currently, the firm has excess cash of $1000, total assets of $30,000, net income of $4000, and 500 shares of stock outstanding.DE's is going to...
-
Mr. Juan Dela Cruz is a self-employed professional based in the Philippines. He provides consulting services in the field of information technology. As a resident Filipino citizen, Mr. Dela Cruz is...
-
B. Based on your studies on ethics in technology, answer all the following questions: (6 Marks) 1. Give an example of an ethical dilemma caused by telecommuting? (3 points) 2. Explain how might your...
-
The Bamboo 132/66 kV Interbus Transformer (IBTF) Interface consists of three (3) identical power transformers connected as shown in the SLD below; Figure Qu. 2 The nameplate obtained from one of...
-
Case 17-1 Randall Corporation Paul Syrie, senior partner at Newcombe Consulting, was preparing his presentation for the CEO of a large client, Randall Corporation, the following day. Newcombe had...
-
1. How much of the costs were allocated between the standard and deluxe models of the product? Is the marketing manager correct that LGI is making significant margins on the Deluxe Loot Box? Please...
-
3 Suppose a bank customer with 1,000,000 wishes to trade out of euro and into Japanese yen. The dollar-euro exchange rate is quoted as $1.60 = 1.00 and the dollar-yen exchange rate is quoted at $1.00...
-
5. Let f: [-1,1] R be a function which satisfies |f(x)| x for every x = [-1, 1]. Show that f is differentiable at 0 and find f'(0).
-
Which type of entit(ies) may prepare financial statements using a special purpose framework. Issuers Non-issuers A. yes yes B. yes no C. no yes D. no no Option D Option B Option C Option A
-
Coastal Refining Company operates a refinery with a distillation capacity of 12,000 barrels per day. As a new member of Coastal's management team, you have been given the task of developing a...
-
Wexford Ltd, who prepare their financial statements on 31 December each year, provide for depreciation of their vehicles by a reducing balance method, calculated as 25 per cent on the balance at the...
-
Prepare the sales ledger control account and the individual credit customers accounts for the month of November 20X9 from the details provided below. It was decided that Rachel would not pay her debt...
-
Explain the difference between a direct debit transaction and a standing order transaction.
-
Research evidence suggests that, in practice, a cost-plus approach influences many pricing decisions. Required: What is meant by cost-plus pricing and what are the problems of using this approach? E-1
-
Jerry and Co. is a large computer consultancy business that has a division specialising in robotics. Can you identify three non-financial measures that might be used to help assess the performance of...
-
What are the reasons for holding inventories? Are these reasons different from the rea- sons for holding cash? R-3
Study smarter with the SolutionInn App