Calculate the profit of a bank by preparing income and expenditure statement.

A-Assume that you are an accountant in a PNZ Bank. From the following particulars, prepare the profit and loss account of bank PNZ for the year ended 31-03-2020.

 

B- Assume that you are an accountant in a AXC Bank. On 31^st March, 2020, the following balance stood in the books of AXC bank. From the given data below prepare balance sheet statement.

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Particulars OMR Particulars OMR Locker rent 70,000 Interest on current account 450,000 Discount on bills discounted 2,100,000 Interest on over draft 600,000 Director and auditor fee 50,000 Interest on savings bank 720,000 Establishment Expenses 600,000 account 20,000 Interest on loan 2,800,000 Postage and telegram 30,000 Interest on fixed deposit 2,980,000 Printing and stationary 550,000 Interest on cash credit 2,400,000 Discount on bills discounted 220,000 Sundry expenses 20,000 Rent and taxes 35,000 Impairment for credit loss 2,000 Income tax expenses 8,000 Transfer fee 5,000 Depreciation 70,000 Fee and commission 25,000 Fee and commission income 500 expenses 300,000 Profit on exchange Provision for doubtful debts 900 difference arising on foreign Decrease in net changes in operation face value of sale of investment Particulars OMR Particulars OMR Locker rent 70,000 Interest on current account 450,000 Discount on bills discounted 2,100,000 Interest on over draft 600,000 Director and auditor fee 50,000 Interest on savings bank 720,000 Establishment Expenses 600,000 account 20,000 Interest on loan 2,800,000 Postage and telegram 30,000 Interest on fixed deposit 2,980,000 Printing and stationary 550,000 Interest on cash credit 2,400,000 Discount on bills discounted 220,000 Sundry expenses 20,000 Rent and taxes 35,000 Impairment for credit loss 2,000 Income tax expenses 8,000 Transfer fee 5,000 Depreciation 70,000 Fee and commission 25,000 Fee and commission income 500 expenses 300,000 Profit on exchange Provision for doubtful debts 900 difference arising on foreign Decrease in net changes in operation face value of sale of investment

Answer rating: 100% (QA)

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