The following transaction to Best Sales (K) Ltd for the month of March 2009.(Solved)
The following transaction to Best Sales (K) Ltd for the month of March 2009.
March 1: Started business with Sh. 800,000 in the bank.
March 2: Bought goods on credit from the following persons
Ndichu- Sh. 76,000
Omolo- Sh. 27,000
Tina- Sh. 56,000
March 5: Cash sales Sh. 87,000
March 6: Paid wages in cash Sh. 14,000
March 7: Sold goods on credits to
Emma-Sh.35, 000
Jane- Sh. 42,000
Juma- Sh. 72,000
March 9: Bought goods for cash Sh. 46,000
March 10: Bought goods on Credits from
Omolo- Sh. 57,000
Ndebu-Sh. 98,000
March 12: Paid wages in cash Sh.465, 000
March 13: Sold on credit to: Jane- Sh. 32,000
Juma- Sh. 23,000
March 15: Bought fix tires on credit from Beta Ltd Sh. 50,000
March 17: Paid Omolo by cheque Sh. 84,000
March 18: Returned goods to Ndebu Sh.20, 000
March 24: Jane returned some of goods sold to her Sh.11, 000
March 31: Bought a motor van paying by cheque Sh. 400,000
Required:
Record the above transaction in the ledger of Best Sales Ltd and balance off the account; hence forth, extract a trial balance as at 31 March 2009.
Date posted: February 27, 2019. Answers (1)
Write a two-column cash book from the following detail and balance off as at the end of the month.(Solved)
Write a two-column cash book from the following detail and balance off as at the end of the month.
2009
Oct 1: Started business with capital in cash Sh. 1,000,000
Oct 2: Paid rent by cash Sh. 100,000
Oct 3: Loan from Mary- Sh. 500,000, paid by cheque.
Oct 4: Paid B. Peter by cheque Sh. 65,000
Oct 5: Cash sales made Sh. 98,000
Oct 7: Mitter, owe of debtor paid by cash Sh.62, 000
Oct 9: Paid Den (creditor) in cash 22,000
Oct 11: Cash sales paid direct into the bank Sh. 53,000
Oct 15: George (creditor) paid as by cheque Sh. 65,000
Oct 16: Repaid Mary by cheque Sh.100, 000
Oct 19: Took Sh.50, 000 out of the cash till and paid it into the bank accounts.
Oct 22: Paid motor expenses by cheque Sh. 12,000
Oct 26: Withdrew Sh. 100,000 cash from the bank for business use.
Oct 31: Paid wages in cash Sh. 97,000.
Date posted: February 27, 2019. Answers (1)
The following is a trial balance of ABC Ltd.(Solved)
The following is a trial balance of ABC Ltd.
Required:
Draw up a statement of comprehensive income for the year ended 31st Dec. 2009 and statement of financial position as at 31/12/2009.
Date posted: February 27, 2019. Answers (1)
Differentiate between:
1. An asset account and liability account
2. An expense account and revenue account
3. A trial balance and a balance sheet(Solved)
Differentiate between:
1. An asset account and liability account
2. An expense account and revenue account
3. A trial balance and a balance sheet
Date posted: February 27, 2019. Answers (1)
Differentiate between Return inwards and return outwards(Solved)
Differentiate between Return inwards and return outwards
Date posted: February 27, 2019. Answers (1)
Differentiate between A debit entry and credit entry(Solved)
Differentiate between A debit entry and credit entry
Date posted: February 27, 2019. Answers (1)