ICSE Class 10 Commerce 2018 Solved Papers

Question : 31

Total: 31

The Trial Balance given below was prepared by Pratim Pal on 31st December 2000. Prepare a Trading Account and a Profit and Loss account for the year ending 31st December 2000 and Balance sheet as on 31st December 2000.
Trial Balance

Drawing	Dr.₹ 1,000.00	Capital Account	Cr.₹ 14,400.00
Premises	7,500.00	Sales	23,120.00
Fixture & Fitting	1,560.00	Discount received	330.00
Opening Stock (1.1.2000)	2,730.00	Purchase Returns	730.00
Purchase	15,410.00	Sundry Creditors	1,700.00
Discount Allowed	580.00
Sales return	1,020.00
Rates	750.00
Insurance	210.00
Wages	1,250.00
Trade expenses	960.00
Sundry Debtors	2,310.00
Cash in hand	650.00
Cash at Bank	2,350.00
Salaries	2,000.00
	40,280.00		40,280.00

Closing stock was valued at ₹3,140/ - on 31 st December 2000.

Solution:

Trading and Profit & Loss A/c
(For the year ending 31st December, 2000)

Particulars	Amount ₹	Particulars	Amount ₹/th>
To Opening stock	2,730	By sales 23,120
To purchases 15,410		Less : Returns 1,020	22,100
Less : Returns 730	14,680
To wages	1,250	By Closing Stock	3,140
To Gross Profit transferred to Profit & Loss A/c	6,580
	25,240		25,240
To Rates	750	By Gross Profit transfered from Trading A∕c	6,580
To Insurance	210
To Discount allowed	580	By Discount received	330
To salaries	2,000
To Trade Expenses	960
To Net Profit	2,410
	6,910		6,910

Balance Sheet
(as on 31st December, 2000)

Assets	Amount ₹	Assets	Amount ₹
Capital 14,400		Premises	7,500
(-) Drawing 1,000		Fixtures & Fittings	1,560
(+) Net Profit 2,410	15,810	Cash in hand	650
Creditors	1,700	Cash at Bank	2,350
		Stock	3,140
		Debtors	2,310
	17,510		17,510

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