Question

from the following information prepare profit and loss account of thrifty bicycle ltd for the year ended 31.03.2018
interest on loan 25,90,000
interest on fixed deposit 31,70,000
commission, exchange and brokerage 82,000
payment to employees 5,40,000
discount on bills
discounted(gross) 15,50,000
interest on cash credit
22,30,000
rent,taxes and lighting 1,80,000
interest on overdraft 15,40,000
directors fees and allowances 30,000
audit fees 12,000
interest on savings bank deposit 6,80,000
postage and telephone 14,000
printings and stationary 29,000
sundry charges 17,000
additional information:
rebate on bills discounted 4,90,000
provide for contingencies 2,00,000
transfer 15,57,000 to reserve fund
transfer 2,00,000 to Central government

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Answer 1

Answer:

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