- The following trial balance was extracted from the ledgers of Gathioro’s mobile phones business for the year ended 31st Oct 2013.(Solved)
The following trial balance was extracted from the ledgers of Gathioro’s mobile phones business for the year ended 31st Oct 2013.
Gathioro’s mobile phones
Trial Balance
As at Gathiro’s 31st Oct 2013
On 31st Oct. 2013, the business had closing stock valued at Shs. 60,000
prepare;
i. The trading, profit and loss a/c for the year ended 31st Oct 2013.
ii. A balance sheet as at that date.
Date posted: February 25, 2019. Answers (1)
- Opening stock is the value of stock at the beginning of an accounting period. Wanderi had stock of goods worth sh 10,000 on 2nd February...(Solved)
Opening stock is the value of stock at the beginning of an accounting period. Wanderi had stock of goods worth sh 10,000 on 2nd February 20-6.During the month of January he bought goods totaling to sh.50,000 and sold some of the goods for sh58,000.On 28th Febuary,he had unsold stock worth sh 12,000.
Calculate the gross profit.
Date posted: February 25, 2019. Answers (1)
- State and explain six types of ledger(Solved)
State and explain six types of ledger.
Date posted: February 25, 2019. Answers (1)
- On 1st November 2013:Tabagon Co. Ltd. had a balance of shs. 12,000 at the bank and shs. 2500 in hand. During the month, the following...(Solved)
On 1st November 2013:Tabagon Co. Ltd. had a balance of shs. 12,000 at the bank and shs. 2500 in hand. During the month, the following transaction took place;
Nov. 1 Cash sales Shs. 2500, cash purchase Shs. 1750
Nov. 3 Paid the following accounts by cheque.
Kirop Shs. 1500 less 5% cash discount
Kirui Shs. 2000 less 5% cash discount
Nasimiyu shs. 2100 less 3 % cash discount
Nov. 5 Received the following amounts from debtors,
Ondiek shs. 1200,
58
Jane shs. 3850 and Mueni by cheque shs. 2050 after allowing
her shs. 300 cash discount.
Nov. 14 Paid office cash to the bank shs. 2000
Nov. 17 Cash sales 8500
Nov. 22 Mueni paid her account of shs. 5000 by cheque less 10% cash discount
Nov. 28 Withdrew all the money from the bank for office use except shs. 1000
Nov. 29 Paid salary cash shs. 8000
Nov. 30 A cheque received from Mueni on Nov. 5th was dishonoured.
Prepare Tobago Co. Ltd. three column cash book.
Date posted: February 23, 2019. Answers (1)
- The following were the balances of Kiboko Traders as at 1st January 2009. Cash Sh.40, 000, bank overdraft Sh.17, 000. During the month the following...(Solved)
The following were the balances of Kiboko Traders as at 1st January 2009. Cash Sh.40, 000, bank overdraft Sh.17, 000. During the month the following transactions took place.
January 2nd: Mutes a debtor settled his account of Sh.32, 000 by cheque of Sh.30, 000
4th : Paid salaries amounting to Sh.16,000 by cash.
10th: Deposited Sh.12, 000 into the business bank account from the cash till.
14th: Settled Wayua’s account of Sh.40, 000 and she was allowed a discount of 1% through a cheque.
16th: Deposited Sh.56, 000 in the bank from private resources.
17th: Sold goods for cash Sh.24,000.
20th: Mutua, a debtor, settled his account by a cheque of Sh.16, 000 having been allowed a discount of 2%.
24th: Purchased furniture Sh.10, 400 paying by cheque.
26th: Received Sh.7, 200 cash from Odhiambo.
30th: Banked all the available cash except Sh.3200.
57
Required: Prepare a three column cash for Kubuka Traders.
Date posted: February 23, 2019. Answers (1)
- On January 1st 2006, Mutual Traders had cash in hand Shs.74, 000 and a credit. Bank balance of Shs.500, 000.
During the month the following Transactions...(Solved)
On January 1st 2006, Mutual Traders had cash in hand Shs.74, 000 and a credit. Bank balance of Shs.500, 000.
During the month the following Transactions took place
2006
January 2 Cash Sales Sh.100, 000
January 3 Paid salaries Shs.203, 000 by cheque
January 6 received a cheque of Shs.153, 600
January 6 from Mwanza after allowing her a cash discount of 40%
55
January 12 Bought office furniture by cheque Shs.170, 000.
January 16 Settled Kamaru’s Account Shs.80, 000 in cash deducting Shs.1, 600
cash discount.
January 18 received a cheque for Shs.300, 000 in respect of sales
January 21 Paid wages Shs.48, 000 in cash.
January 22 Withdrew Shs.60, 000 from the bank for office use.
January 25 Took Shs.10, 000 cash for his son/s birthday to be celebrated at home.
January 28 Received Shs.33, 000 cash from Matoka settlement of his account less Shs.1,320 cash discount.
January 30 Deposited all the money into the bank except Shs.50, 000.
Prepare a 3 column cashbook duly balanced.
Date posted: February 23, 2019. Answers (1)
- List 3 types of discounts.(Solved)
List 3 types of discounts.
Date posted: February 23, 2019. Answers (1)
- On 1 March, 2001, mingy traders had Ksh. 13,200 in cash and bank balances of Sh56, 000. Thefollowing transaction took place during the month.2001 2 Cash...(Solved)
On 1 March, 2001, mingy traders had Ksh. 13,200 in cash and bank balances of Sh56, 000.The
following transaction took place during the month.
2001 2 Cash sales sh. 12,000
12 paid a creditor sh. 8,200
27 received a cheque for sh. 4,500 from debtors
31 paid rent 7,500 in cash
Record the above information in a two column cash book and balance it off.
Date posted: February 23, 2019. Answers (1)
- List the uses of two column cash book(Solved)
List the uses of two column cash book.
Date posted: February 23, 2019. Answers (1)
- What is cashbook?(Solved)
What is cashbook?
Date posted: February 23, 2019. Answers (1)
- List some Limitations of a trial balance.(Solved)
List some Limitations of a trial balance.
Date posted: February 23, 2019. Answers (1)
- Define a trial balance.(Solved)
Define a trial balance.
Date posted: February 23, 2019. Answers (1)
- Record the following transaction in the affected accounts and balance them off on 10th January 2015. (10mks)
2015
January 1: Start business with furniture worth Sh.130,000
2: Bought...(Solved)
Record the following transaction in the affected accounts and balance them off on 10th January 2015. (10mks)
2015
January 1: Start business with furniture worth Sh.130,000
2: Bought goods for Sh.50,000 on credit from Nyamwea.
4: Sold stock of goods for Sh.40,000 cash
5: Opened a bank account and deposited Sh.20,000 from cash till.
6: Obtained a loan from K.I.E Sh.30,000 by cheque.
7: Paid Nyamwea Sh.30.000 by cheque.
8 : Withdraw cash Sh.60,000 from bank for office use.
Date posted: February 23, 2019. Answers (1)
- The following table contains information relating to a business A, B, C, and D. Determine the figures represented by W, X and Y.(Solved)
The following table contains information relating to a business A, B, C, and D. Determine the figures represented by W, X and Y.
Date posted: February 23, 2019. Answers (1)
- State FIVE characteristics of a liability.(Solved)
State FIVE characteristics of a liability.
Date posted: February 23, 2019. Answers (1)
- Define Liabilities.(Solved)
Define Liabilities.
Date posted: February 23, 2019. Answers (1)
- What are the current assets?(Solved)
What are the current assets?
Date posted: February 22, 2019. Answers (1)
- Explain what is meant by the term fixed assets.(Solved)
Explain what is meant by the term fixed assets.
Date posted: February 22, 2019. Answers (1)
- Explain the following terms as used in business.
a.) Debtor
b)Creditors
c.) Goods
d.) Assets(Solved)
Explain the following terms as used in business.
a.) Debtor
b)Creditors
c.) Goods
d.) Assets
Date posted: February 22, 2019. Answers (1)
- State and explain Types of exchange rates.(Solved)
state and explain Types of exchange rates.
Date posted: February 22, 2019. Answers (1)