Model: Preparation of P & L A/c From the following information, prepare the profit and loss A/c of Merchant Bank Ltd. for the year ended on 31 March 2011 in the prescribed form:
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| Interest on Loan | 5,18,000 |
| Interest on Fixed Deposits | 5,50,000 |
| Rebate on Bills Discounted Required | 98,000 |
| Commission | 16,400 |
| Establishment | 1,08,000 |
| Discount on Bills Discounted | 3,90,000 |
| Interest on Cash Credit | 4,46,000 |
| Interest on Current Account | 84,000 |
| Rent and Taxes | 36,000 |
| Interest on Overdraft | 3,08,000 |
| Director’s Fees | 6,000 |
| Auditor’s Fees | 2,400 |
| Interest on Savings Bank Deposits | 1,36,000 |
| Postage, Phone, Internet Expenses | 2,800 |
| Printing and Stationery | 5,800 |
| Sundry Charges | 3,400 |
Bad debts to be written off amounted to Rs.80,000. Provision for taxation may be made @ 50%. Balance of profit from last year was Rs.2,40,000. The Directors have recommended a dividend of Rs. 40,000 for the shareholders.
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