Prepare the Profit and Loss account of The Modern Bank Ltd. for the year ended 31st March, 2019, from the following: Particulars Amount (₹) Interest on Fixed Deposits 1,62,410 Rebate on Bills Discounted 29,000 Interest o

Profit & Loss Account of Modern Bank Ltd. For the Year ended 31st March 2019 Particulars Schedule No. Amount (₹) I. Income Interest Earned 13 271500 Other Income 14 62500 Total 334000 II. Expenditure Interest Expended 15 220190 Operating Expenses 16 75000 Provision for Contingencies 0 Total 295190 III. Profit Net Profit for the Year 38810 Schedule to be annexed with Profit & Loss Account Schedule 13: Interest Earned Interest on Amount (₹) Loan 45000 Cash Credit 24000 Overdraft 71000 Discount on Bills Discounted 89000 Less: Rebate on Bills Discounted 29000 Amount charged against Current accounts 71500 Total 271500 Schedule 14: Other Income Amount (₹) Commission Charged to Customer 62500 Total 62500 Schedule 15: Interest Expended Interest Paid on Amount (₹) Fixed Deposits 162410 Saving Bank Deposits 57780 Total 220190 Schedule 16: Operating Expenses Amount (₹) Establishment Expenses 15000 Director's Fees 10000 Audit Fees 20000 Rent and Taxes 22500 Postage and Telegrams 2000 Printing and Stationery 4000 Sundry Expenses 1500 Total 75000