From the following information, prepare the Profit and Loss Account of Ganapati Bank Ltd, for the year ended 31st March, 2016:

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Interest on Loans Interest on Fixed Deposits Rebate on Bills discounted Commission Payments and provisions to employees Discount on bills discounted (net) Interest on cash credits Interest paid on Current Accounts 5,18,000 Rent, taxes and lighting 5,50,000 Interest on overdrafts 98,000 Directors fees 16,000 Auditors fees 8,000 Interest on savings deposits 2,92,000 Postage and telegrams 4,46,000 Printing and stationery 84,000 Sundry charges 36,000 3,08,000 6,000 4,000 1,36,000 3,000 6,000 3,000 16,000 Interest on Investments Bad Debts to be written-off amounted to 80,000 and provision for taxation is to be made at 50%.