From the following particulars, prepare the Profit and Loss Account of ABN Bank Ltd for the year ending 31st March, 2016:Adjustments to be made:

(a) Rebate on bills discounted ₹ 5,20,000;

(b) Provide for taxation @ 50% of the profits.

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Interest on loans Interest on fixed deposits Rebate on bills discounted (1.4.2015) Commission charged to customers Office expenses Discount on bills discounted Interest on cash credit Amount charged against current accounts 34,90,000 Rent and taxes 36,50,000 Interest on overdrafts 4,80,000 Directors' remuneration 94,000 Interest on Savings Deposit accounts 15,50,000 Postal expenses 19,40,000 Printing and Stationery 22,40,000 Other expenses 1,20,000 1,80,000 12,80,000 42,000 6,90,000 15,000 39,000 18,000