Reference no: EM132643695
The following balances of the United Commercial Bank Lid. as at 31" December 20016 has been given to determine Profit and Loss as well as the
Assets and Liability position of the bank, Paid up capital 10,00,000
Salaries 52,150
Profit and loss account 40,333
Buildings 204,000 debit balance
Current accounts 34,12,829
Law charges 1,650
Fixed deposits 38,95,554
Cash with other banks 120,512 5
Savings bank deposit 25,68,00
0 Investment 878, 125
Audit's fees 5,980
Loans and overdraft 7000,00 0
Furniture 38,280
Bills discounted 1400,52 0
Interest and deposit 2,10,223
Unexpired Insurance 437
Commission and 1,02,000
Stamps in hand 189 exchange
Investment reserve 35,000 Reserve fund 265,000 fund
Branch adjustment (dr.) 46,894
Contingency reserve 50,000
Postage and telegram 4,546
Cash in hand and with 816,324 Rent, taxes etc. 8,507
Bangladesh Bank Provident fund 10,000
contribution Adjustments:
(a) the authorized capital consists of 20,000 shares of Tk. 100 each, all of which have been subscribed but only Tk. 50 per share has been called up.
(b) The bank has accepted Tk. 2,00,000 bills on behalf of customers.
(c) Provide for depreciation on buildings tk. 5,000 and on furniture Tk. 4,500.
(d) Unexpired discount on 31-12-2000 was TK. 9000.
(e) Postage of Tk. 2000 is unused and Salaries of TK. 20000 is outstanding
Requirement:
Question 1: From the above information prepare an Income Statement for the bank
Question 2: Prepare a classified Balance Sheet