User Account

All Pages

Prepare an income statement for the bank

Assignment Help Financial Accounting
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

Reference no: EM132643695

Questions Cloud

Explain the resources and training necessary : You will explain the resources and training necessary to accomplish the mission of arson investigation in the greater metropolitan area. You will address tools.
Prepare entries related to the bonds for the year : The bonds were issued on April 1, 2012. Bonds of P30,000 mature at annual interval beginning April 1, 2013. Prepare entries related to the bonds for the year
What is experience with Computer Forensics : What is your experience with Computer Forensics? Does it matter the operating system when it comes to web browser?
How much were Alamo Freeze operating cash flows : Alamo Freeze Corporation starts in business during 2020. How much were Alamo Freeze's operating cash flows during 2020
Prepare an income statement for the bank : Prepare an Income Statement for the bank. the authorized capital consists of 20,000 shares of Tk. 100 each, all of which have been subscribed but only Tk. 50
Describe how aarnet is connected to the internet : Describe how AARNet is connected to the Internet in Australia and overseas and Give the list of available networks/access points including their technical
Traditional enterprise security requirements : Cybersecurity requirements differ from traditional enterprise security requirements. How does this requirement affect the way you protect data?
Calculate the projects NPV if the company proceeds now : The project's cost of capital is 12%. Calculate the project's NPV if the company proceeds now
What motivates hackers to attack computer networks : Why is understanding hacking, exploitation, vulnerabilities, and attacks critically important? What motivates hackers to attack computer networks?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the effect of the error on ending owners equity

What is the effect of the error on ending owner's equity for 20X3 and 20X4?- Which of three methods would be chosen if management's goal is to:  Produce an up-to-date inventoryvaluation on the balance sheet?

  What is the minimum line of credit to request from a lender

Do you believe that the company needs outside financing? What is the minimum line of credit to request from a lender? Do you think you are a good candidate

  Find the interest rate the car dealership is charging

A car dealership offers a lease on an $18000 car. The lessee will pay $2000 down and $200 per month for 36 months. He then has the option to purchase the car for $13000. Instead, he could borrow from a bank the $16000 at 6.5% compounded monthly. Find..

  Compute the depreciation expense for each of the four years

Compute the depreciation expense for each of the four years. Delta Machine Company purchased a computerized assembly machine for $135,000 on January 1, 2018.

  Record the issuance of bonds and entries to be passed post

Mellilo Corporation issued $5,600,000 of 20-year, 9.5 percent bonds on July 1, 2015, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June 30, 2035. Mellilo's fiscal year ends on December 31...

  How will the current standards modify

How to analyze effects of using the fair value option for liabilities under the prior standards during the 2008 recession. How will the current standards modify

  Is the environment of accounting unaffected by socia

The environment of accounting is unaffected by social - economic- Legal conditions, restraints, and influences that vary from time to time.

  What is the? firms average annual compound growth rate

Warren? Buffett's Berkshire Hathaway Company went public in 1965. The public offering price was? $18 per share. The stock was trading at? $190,500 on July? 1, 2014, and the market value of the firm was? $304.8 billion. What is the? firm's average ann..

  Accrued liability for unemployment claims

In its December 31, 2011 balance sheet, what amount should Acme report as accrued liability for unemployment claims?

  Prepare journal entries to record this event

Rodriguez Corporation issues 19,000 shares of its common stock for $183,700 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.

  Find what is the difference between actual and budgeted cost

Bramble Corp. uses flexible budgets. At normal capacity of 24000 units, Find what is the difference between actual and budgeted costs?

  What is yield to maturity on bonds if purchased bond today

The bond is currently selling for $1,015. Par value of the bond is $1,000. What is the yield to maturity on the bonds if you purchased the bond today?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd