ICSE Class 10 Commerce 2019 Solved Papers

Question : 31

Total: 31

The following is the Trial Balance of ABC Industries as on 31st December 2015.
Trial Balance of ABC Industries
(as on 31.12.2015)

Particulars	Amount (Dr.)	Particulars	Amount (Cr.)
Salaries	4,000.00	Sales	83,000.00
Cash Balance	2,000.00	Rent Received	2,000.00
Bank Balance	3,000.00	Purchases Returns	1,000.00
Wages	1,500.00	Creditors	7,000.00
Insurance	500.00	Capital Account	25,000.00
Trade Expenses	7,000.00
Discount Allowed	750.00
Opening Stock (1/1/2015)	5,000.00
Buildings	40,000.00
Furniture	15,000.00
Sales Returns	250.00
Drawings	1,000.00
Debtors	5,000.00
Purchases	30,000.00
Legal Charges	1,000.00
Advertisement Expenses	2,000.00
Total	1,18,000.00		1,18,000.00

The closing stoch was valued at ₹ 9,000 .
You are required to prepare a Trading Account and a Profit and Loss Account for the year ending 31st December 2015 and a Balance Sheet as on 31st December, 2015.

Solution:

Trading and Profit & Loss A/c
(For the year ending 31st December, 2015)

Particulars	Amount Dr. ₹	Particulars	Amount Cr. ₹
To Opening stock	5,000	By sales 83,000
To purchases 30,000		Less : Returns 250	82,750
Less : Returns 1,000	29,000
To wages	1,500	By Closing Stock	9,000
To Gross Profit c/d	56,250
	91,750		91,750
To Discount Allowed	750	By Gross Profit b/d	56,250
To Insurance	500	By Rent	2,000
To Trade Expenses	7,000
To salaries	4,000
To Legal Charges	1,000
To Advertisement Expenses	2,000
To Net Profit	43,000
	58,250		58,250

Balance Sheet
(as on 31st December, 2015)

Liabilities	Amount ₹	Assets	Amount ₹
Capital 25,000		Buildings	40,000
(-) Drawing 1,000		Furniture	15,000
(+) Net Profit 43,000	67,000	Cash Balance	2,000
Creditors	7,000	Bank Balance	3,000
		Debtors	5,000
		Closing Stock	9,000
	74,000		74,000

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