ICSE Class 10 Commerce 2020 Solved Papers

Question : 31

Total: 31

Prom the following Trial Balance of A.B. Chandra as on 31st December, 2019.
Trial Balance of A. B. Chandra
(as on 31-12-2019)

Particulars	Amount (Dr.)	Particulars	Amount (Cr.)
Cash in Hand	2,000	Discount Received	750
Drawings	2,800	Capital	40,000
Opening Stock (01/01/2018)	4,000	Purchases Returns	1,250
Wages	2,000	Sales	83,000
Cash at Bank	3,500	Creditors	15,000
Insurance	700	Bank Loan	10,000
Trade Expenses	1,200
Furniture	20,000
Buildings	61,000
Salaries	5,000
Discount Allowed	750
Sales Returns	3,000
Purchases	31,250
Debtors	10,000
Telephone Charges	1,000
Bills receivable	1,800
Total	1,50,000		1,50,000

The closing stock was valued at ₹12,000.
You are required to prepare a Trading Account and a Profit and Loss Account for the year ending 31st December, 2019 and a Balance Sheet as on 31st December, 2019.

Solution:

Trading and Profit & Loss A/c
(for the year ending 31st December, 2019)

Particulars	Amount Dr. ₹	Particulars	Amount Cr. ₹
To Opening stock	4,000	By sales 83,000
To purchases 31,250		Less : Returns 3,000	80,000
Less : Returns 1,250	30,000	By Closing Stock	12,000
To wages	2,000
To Gross Profit transferred to Profit \& Loss A/c	56,000
	92,000		92,000
To Discount Allowed	750	By Gross Profit b/d	56,000
To Insurance	700	By Rent	750
To Trade Expenses	1,200
To salaries	5,000
To Telephone Charges	1,000
To Net Profit	48,100
	56,750		56,750

Balance Sheet
(as on 31st December, 2019)

Liabilities	Amount ₹	Assets	Amount ₹
Capital 40,000		Buildings	61,000
(-) Drawing 2,800		Furniture	20,000
(+) Net Profit 48,100	85,000	Debtors	10,000
Creditors	15,000	Bill Receivable	1,800
Bank Loan	10,000	Cash in Hand	2,000
		Cash at Bank	3,500
		Stock	12,000
	1,10,300	Stock	1,10,300

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