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From the following particulars, prepare the Profit andLoss Account of X Bank Ltd. for the year ending 31stMarch, 1996: (Rs. in Thousands)Rs.Interest on Loans3,490Interest on fixed deposits3,650Rebate on bills discounted (1.4.95)480Commission94Office expenses1,550Discount on bills discounted1,940Interest on cash credits2,240Interest on current accounts120Rent and taxes1801,280Interest on overdraftsDirector's fees42Interest on savings deposit accounts690Postal expenses15Printing and Stationery39Other expenses18Adjustments to be made:(a) Rebate on bills discounted 5,20,000(b) Provide for taxation @ 50% of the profits. |
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