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ICSE Class 10 Commerce 2023 Solved Papers

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Question : 39
Total: 39
Prepare a Trading, Profit and Loss Account of XYZ, for the year ending on 31‌st ‌ March, 2022 and a Balance Sheet as on 31st March, 2022.
 Particulars  Amount (Dr.) ₹ &nbsAmount (Cr.) ₹p;
 Capital    1,00,000
 Furniture  20,000  
 Purchases  1,50,000  
 Debtors  2,00,000  
 Interest Received    4,000
 Salaries  30,000  
 Sales    3,21,000
 Purchase Returns    5,000
 Wages  20,000  
 Rent  15,000  
 Sales Return  10,000  
 Carriage outwards  7,000  
 Creditors    1,26,000
 Printing and Stationery  8,000  
 Insurance  12,000  
 Opening Stock  50,000  
 Office Expenses  12,000  
 Bank Overdraft    2,000
 Drawing  24,000  
 Total  5,58,000  5,58,000

Closing Stock was valued at ₹60,000 on 31‌st ‌ March, 2022 .
Solution:  
Trading and Profit & Loss A/e
(for the year ending 31st March, 2022)
 Particulars   Amount ₹  Particulars  Amount ₹
 To Opening Stock  50,000  By Sales 3,21,000  
 To Purchase 1,50,000    Less : Return 10,000  3,11,000
 Less : Return 5,000  1,45,000  By Closing Stock  60,000
 To Wages  20,000    
 To Gross Profit transferred to Profit Loss A/c  1,56,000    
   3,71,000    3,71,000
 To Insurance  12,000  By Gross Profit  1,56,000
 To office expenses  12,000  By Interest  4,000
 To Salaries  30,000    
 To Carriage out ward  7,000    
 To Rent  15,000    
 To Printing Stationary  8,000    
 To Net Profit  76,000    
   1,60,000    1,60,000

Balance Sheet
(as on 31st March, 2022)
 Liabilities  Amount ₹  Assets  Amount ₹
 Capital 1,00,000    Furniture  20,000
 (-) Drawing 24,000    Debtors  2,00,000
 + Profit 76,000  1,52,000  Closing Stock  60,000
 Creditors  1,26,000    
 Bank overdraft  2,000    
   2,80,000    2,80,000
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