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Determine:
i) Income statement for the year ended 31 December 2012.
ii) Statement of financial position as at 31 December 2012.
(Solved)
The following financial information was extracted from the books of Zuraya commercial Bank Ltd. as at 31 December 2012.
Date posted:
February 11, 2019
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Answers (1)
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Determine:
i). Revenue accounts for both marine and fire insurance for the year ended 31 October 20008.
ii). Profit and loss account for the year ended 31...
(Solved)
Bima Insurance Ltd specializes in general insurance business. The following trial balance was extracted from the books of the company as at 31 October 2008.
Date posted:
February 11, 2019
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Answers (1)
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Explain the meaning of the following terms as used in insurance business
i) Bonus in reduction of premium.
ii) Surrender value
(Solved)
Explain the meaning of the following terms as used in insurance business
i) Bonus in reduction of premium.
ii) Surrender value
Date posted:
February 11, 2019
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Answers (1)
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Determine:
a) Fire and marine insurance revenue account for the year ended 31 October 2010
b) Statement of comprehensive income for the year ended 31 October 2010
c)...
(Solved)
The following trial balance was extracted from the books of Umoja Insurance Company limited as at 31 October 2010
Date posted:
February 11, 2019
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Answers (1)
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Determine:
a) Crop account, poultry account and dairy account for the year ended 31 March 203.
b) General profit and loss account for the year ended 31st...
(Solved)
The following information was extracted from the books of Moses Kiprono, a farmer, for the year ended 31 March 2003.
Date posted:
February 11, 2019
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Answers (1)
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Determine:
i) Crop and livestock revenue accounts, in columnar format, for the year ended 31 March 2012.
ii) General income statement for the year ended 31 March...
(Solved)
The following balances were extracted from the books of Shamba Ltd. as at 31 March 2012:
Date posted:
February 11, 2019
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Answers (1)
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Explain the circumstances under which an entity should recognize a biological asset or agricultural produce in the context of International Accounting Standard (IAS) 41, Agriculture.
(Solved)
Explain the circumstances under which an entity should recognize a biological asset or agricultural produce in the context of International Accounting Standard (IAS) 41, Agriculture.
Date posted:
February 11, 2019
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Answers (1)
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In the context of accounting for long-term construction contracts, briefly explain the following terms:
(i) Retention money
(ii) Escalation clause
(Solved)
In the context of accounting for long-term construction contracts, briefly explain the following terms:
(i) Retention money
(ii) Escalation clause
Date posted:
February 11, 2019
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Answers (1)
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Determine:
(i) Trading, profit and loss account for the year ended 31 March 2006.
(ii) Balance sheet as at 31 March 2006
(Solved)
Kopesha Limited has been in business for several years dealing in electronic goods. All the firm’s goods are sold on hire purchase terms. The following trial balance extracted from the books of the firm as at 31 March 2006:
Date posted:
February 11, 2019
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Answers (1)
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Distinguish between “leasing” and “hire purchase” highlighting how each is accounted for.
(Solved)
Distinguish between “leasing” and “hire purchase” highlighting how each is accounted for.
Date posted:
February 11, 2019
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Answers (1)
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Determine:
a) The value of closing stock as at 31st March 2007
b) Hire purchase debtors account as at 31 March 2007
c) Trading and profit and loss...
(Solved)
Maridadi company ltd,sells high resolution television sets on both cash basis and hire purchase terms each television costs sh 16,000 and is sold at sh20,000 on cash basis. If a television set is sold on hire purchase terms a deposit of sh5,000is paid followed by ten installments of sh2,000 each . The company recognizes gross profit on television sets sold on hire purchase terms based on cash collected in the period and excludes television sets n hire-purchase terms from its closing stock. The company has a policy of valuing television sets repossessed from hire-purchase customers who have defaulted on payment at 60% of the unpaid installments. Repossessed television sets are sold on cash basis at the same gross profit rate television sets sold on cash
basis. Provided below is the trial balance of the company as at 31` March 2007
Date posted:
February 11, 2019
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Answers (1)
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For each of the years ended 31 December 2006, 2007 and 2008, prepare extracts of financial statements using the percentage of completion approach in line...
(Solved)
Date posted:
February 11, 2019
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Answers (1)
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Differentiate between defined benefit and defined contribution plans
(Solved)
Differentiate between defined benefit and defined contribution plans
Date posted:
February 11, 2019
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Answers (1)
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Explain the disclosure requirements for contracts in progress at the end of the reporting period in accordance with International Accounting Standard (IAS) 11, Construction Contracts.
(Solved)
Explain the disclosure requirements for contracts in progress at the end of the reporting period in accordance with International Accounting Standard (IAS) 11, Construction Contracts.
Date posted:
February 11, 2019
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Answers (1)
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Explain two methods of accounting for construction contracts.
(Solved)
Explain two methods of accounting for construction contracts.
Date posted:
February 11, 2019
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Answers (1)
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Three firms of accounts decided to amalgamate into a new firm Cheloti Gusera Kandie & Co. with effect from 1 April 1999. Until 31 March...
(Solved)
Three firms of accounts decided to amalgamate into a new firm Cheloti Gusera Kandie & Co. with effect from 1 April 1999. Until 31 March 1999 Apopo. Cheloti and Chuma were partners in Apopo Cheloti & Co. sharing capital and profits equally. Guserwa. Kurgat and
Ochieng were partners in Guserwa & Co. sharing capital and profits in the ratio 4:4:1. Kandie was a sole practitioner.
The balance sheets of the firms as at 31 March 1999 were as follows:
Date posted:
February 11, 2019
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Answers (1)
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Ali and Bali are in partnership trading as A and B Retailers. Similarly, Cheche and Dunga are in partnership trading as C and D Traders....
(Solved)
Ali and Bali are in partnership trading as A and B Retailers. Similarly, Cheche and Dunga are in partnership trading as C and D Traders. It was mutually agreed that as at 1 January 2004, the partnership businesses be amalgamated into one firm, ABC and D Enterprises. The profit and loss sharing ratios of the partners both in the old and new partnership were as follows:
Date posted:
February 11, 2019
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Answers (1)
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Jembe and Panga were sole traders manufacturing farm implements. On 31 March 2004, they amalgamated and traded as partners sharing profits and losses in the...
(Solved)
Jembe and Panga were sole traders manufacturing farm implements. On 31 March 2004, they amalgamated and traded as partners sharing profits and losses in the ratio of 3:2. One year later on 31 March 2005, they converted the partnership into a limited liability company called Shamba Ltd.
No. adjustments have been made to record the amalgamation and conversion but the balance sheets for the sole traders as at 31 March 2004 and the partnership as at 31 March 2005 were as follows:
Date posted:
February 8, 2019
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Answers (1)
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Kuni and Moto were partners in a business of logging and saw milling sharing profits and
losses equally. The partnership balance sheet as at 31 December...
(Solved)
Date posted:
February 8, 2019
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Answers (1)
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A and B Advocates and M and N Advocates were practicing firms of advocates. On 1 January 2006, they agreed to amalgamate the partnerships into...
(Solved)
A and B Advocates and M and N Advocates were practicing firms of advocates. On 1 January 2006, they agreed to amalgamate the partnerships into one firm Able and Mine Advocates. The accounts of the separate partnerships have been prepared annually to 31
December.
The agreed profit and loss sharing ratios in the old and new firms were as follows
Date posted:
February 8, 2019
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Answers (1)