Hazina Bank Ltd., a registered commercial bank, prepares its accounts to 30 June each year. The...

 

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Hazina Bank Ltd., a registered commercial bank, prepares its accounts to 30 June each year. The trial balance of the bank as at 30 June 2003 was as follows:Sh.’000’sh.â€TM000â€TM Treasury billsLoans to customers Other money market placements Property, plant and equipmentCash and balances with the Central Bankinterest on loansInterest on treasury bills and bondsForeign exchange incomeFees and commissions incomeDeposits with other banksOther fixed assetsinterest on placements and bank balancesNon-operating incomeCustomers’ deposits Deposits and balances due to other banksDepreciation chargesDirectors emolumentsBad and doubtful debtsinterim dividends paidSalaries and wagesinterest on borrowed fundsinterest on customers depositsOrdinary share capitalAuditors feesContribution to staff pension schemeAdministrative expensesLoss on sale of fixed assets Reserves Legal fees2,344,0005,946,40034,6001,008,0001,257,000230,00064,00084,00025,00068,00050,000590,00070,000230 ,0007,00029,000285,00043,60040,000870,800476,400144,000340,40072,00034,0008,480,000430,000500,000 1,058,000___________12,405,60012,405,600Additional information:1. Current tax has been estimated at Sh.200,000,0002. A final dividend of 15% has been proposed.3. Unrecorded accrued interest expense on customers’ deposits at 30 June 2003 was sh.70,000,000.4. Interest income on loans and advances to customers of Sh.150,000,000 at 30 June 2003 was omitted from the books.Required: (a) Profit and loss account for the year ended 30 June 2003., , (b) Balance sheet as at 30 June 2003. (These statements should be presented in accordance with IAS 30 â€" Disclosures in the Financial Statements of Banks and Similar Financial Institutions). Hazina Bank Ltd., a registered commercial bank, prepares its accounts to 30 June each year. The trial balance of the bank as at 30 June 2003 was as follows:Sh.’000’sh.â€TM000â€TM Treasury billsLoans to customers Other money market placements Property, plant and equipmentCash and balances with the Central Bankinterest on loansInterest on treasury bills and bondsForeign exchange incomeFees and commissions incomeDeposits with other banksOther fixed assetsinterest on placements and bank balancesNon-operating incomeCustomers’ deposits Deposits and balances due to other banksDepreciation chargesDirectors emolumentsBad and doubtful debtsinterim dividends paidSalaries and wagesinterest on borrowed fundsinterest on customers depositsOrdinary share capitalAuditors feesContribution to staff pension schemeAdministrative expensesLoss on sale of fixed assets Reserves Legal fees2,344,0005,946,40034,6001,008,0001,257,000230,00064,00084,00025,00068,00050,000590,00070,000230 ,0007,00029,000285,00043,60040,000870,800476,400144,000340,40072,00034,0008,480,000430,000500,000 1,058,000___________12,405,60012,405,600Additional information:1. Current tax has been estimated at Sh.200,000,0002. A final dividend of 15% has been proposed.3. Unrecorded accrued interest expense on customers’ deposits at 30 June 2003 was sh.70,000,000.4. Interest income on loans and advances to customers of Sh.150,000,000 at 30 June 2003 was omitted from the books.Required: (a) Profit and loss account for the year ended 30 June 2003., , (b) Balance sheet as at 30 June 2003. (These statements should be presented in accordance with IAS 30 â€" Disclosures in the Financial Statements of Banks and Similar Financial Institutions).

Answer rating: 100% (QA)

a Hazina Bank Ltd Statement of comprehensive income Year ended 30 June 2003 Sh Income Interest on lo... View the full answer