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- a) The following balances were extracted from the books of spikes Ltd on 31st Dec 2001.
...(Solved)
a) The following balances were extracted from the books of spikes Ltd on 31st Dec 2001.
Shs.
Fixed Assets 42,000
Stock 48,000
Debtors 50,000
Bank overdraft 25,000
Creditors 40,000
Cash in hand 2,000
Capital 77,000
During the month of January, the following transactions took place.
a) Bought motor vehicle on credit valued at Kshs. 80,000 from General motors.
b) Withdrew sh. 28,000 for personal use.
Prepare a balance sheet as at 31st Jan 2002 for spikes Ltd.
Date posted: March 4, 2019. Answers (1)
- The following balances were extracted from the books of MM traders on 31st January 2002.
Item ...(Solved)
The following balances were extracted from the books of MM traders on 31st January 2002.
Item Amount
Sales 10,000
Purchases 6,000
Bank loan 2,000
Buildings 30,000
Machinery 40,000
Premises 60,000
Debtors 5,000
Creditors 4,000
Opening Stock 7,000
Capital 132,000
You are required to prepare a trial balance for MM traders as at 31st January 2002 from
the above information.
Date posted: March 4, 2019. Answers (1)
- The following balances relates to a business for the year ended 31st Dec 2000.
Capital as at 31st Dec 2000 ...(Solved)
The following balances relates to a business for the year ended 31st Dec 2000.
Capital as at 31st Dec 2000 170,000
Drawings for the year 5,000
Net profit for the year 5,000
Extra capital introduced 52,000
Purchases 20,000
i) Determine the amount of capital as at 1st Jan 2001.
ii) Calculate the Net profit ratio
Date posted: March 4, 2019. Answers (1)
- The following is a summary of transactions for Ryan Traders for the month of April 2002.
2nd April - Commenced business with shs. 12,000 in cash...(Solved)
The following is a summary of transactions for Ryan Traders for the month of April 2002.
2nd April - Commenced business with shs. 12,000 in cash and shs. 150,000 at the bank
3rd April - Made cash sales amounting to shs. 6,000
5th April - Received cash shs. 16,000 from a debtor
12th April - Paid for motor expenses shs. 7,000 in cash
13th April - Drew shs. 30,000 from bank for office use
15th April - Paid salaries in cash amounting to shs. 15,000
17th April - Bought furniture worth shs. 18,000 paying by cheque.
18th April - Paid expenses amounting to shs. 15,000 by cash
19th April - Cash sales of shs. 40,000 received by cheque
23rd April - Paid shs. 20,000 cash into the bank
25th April - Paid a creditor shs. 16,000 by cheque
You are required to prepare a two-column cash book for Ryan Traders for the month of April
2002.
Date posted: March 4, 2019. Answers (1)
- Mr Ryan had he following assets and liabilities on 30th April 2002.
...(Solved)
Mr Ryan had he following assets and liabilities on 30th April 2002.
Kshs
Cash at bank 23,100
Cash in hand 3,250
Debtors 45,300
Stock 48,200
Furniture 11,600
Motor-vehicle 65,000
Creditors 56,000
Bank loan 25,000
Calculate his capital
Date posted: March 4, 2019. Answers (1)
- The following information relates to demand and supply schedule for good.Price per unit (Kshs.) Quantity demanded ...(Solved)
The following information relates to demand and supply schedule for good.
Price per unit (Kshs.)--Quantity demanded---Quantity supplied.
70---------------100-----------------------1000
60-----------500-------------800
50-----------500-------------400
30----------800------------400
20----------900------------300
10---------1000-----------100
i) On the graph paper provided, draw the demand and supply curve on the same graph
and determine equilibrium price and quantity.
ii) What would happen if the price of good X was increased from shs. 50 to shs. 70.
Explain.
iii) What would happen if the price of good X was decreased from shs. 50 to shs. 10.
Explain.
Date posted: March 4, 2019. Answers (1)
- With the aid of a tree diagram, show the main divisions of trade.(Solved)
With the aid of a tree diagram, show the main divisions of trade.
Date posted: March 4, 2019. Answers (1)
- The following information was drafted from the books of Rayrose college on 31st Jan 2002.
Item Amount ...(Solved)
The following information was drafted from the books of Rayrose college on 31st Jan 2002.
Item Amount (Kshs)
Opening stock 400,000
Sales 700,000
Closing stock 10,000
Purchases 150,000
Sales returns 20,000
Purchase returns 50,000
Salaries and wages 80,000
Rent 70,000
Income 80,000
Calculate:
a) Gross Profit
b) Net profit
c) Mark-up percentage
Date posted: March 4, 2019. Answers (1)
- From the following trial balance of S. Thompson, you are asked to draw up an income statement for the year ended 31st March 20x2 and a balance sheet as at that date(Solved)
From the following trial balance of S. Thompson, you are asked to draw up an income statement for the year ended 31st March 20x2 and a balance sheet as at that date.
Date posted: March 2, 2019. Answers (1)
- Using the book keeping equation, indicate the correct figure in the empty spaces provided.(Solved)
Using the book keeping equation, indicate the correct figure in the empty spaces provided.
Date posted: March 2, 2019. Answers (1)
- Mwachai BINA’s books disclose the following information for the period ended
31 Dec. 1996.(Solved)
Mwachai BINA’s books disclose the following information for the period ended
31 Dec. 1996.
Required: Draw up Mwachai’s trading profit and loss account for the period ended.
Date posted: March 2, 2019. Answers (1)
- List down four machines used in the mail nom and their use.(Solved)
List down four machines used in the mail nom and their use.
Date posted: March 2, 2019. Answers (1)
- Indicate the account in which the following entries as made.(Solved)
Indicate the account in which the following entries as made.
Date posted: March 2, 2019. Answers (1)
- Discuss the main sources of capital to small scale enterprises.(Solved)
Discuss the main sources of capital to small scale enterprises.
Date posted: March 1, 2019. Answers (1)
- Indicate the type of resource represented by the following. (i) Forest (ii) Road (iii) Doctor (iv) Wildlife(Solved)
Indicate the type of resource represented by the following.
Type of Resource
Forest
Road
Doctor
Wildlife
Date posted: March 1, 2019. Answers (1)
- Outline any four factors that an investor should consider before setting up a small scale
retail shop in a town.
(Solved)
Outline any four factors that an investor should consider before setting up a small scale
retail shop in a town.
Date posted: March 1, 2019. Answers (1)
- The office performs a fundamental role in any business organisation.” Account for this statement.(Solved)
The office performs a fundamental role in any business organisation.” Account for this statement.
Date posted: March 1, 2019. Answers (1)
- Write short notes on the following types of partners.
a)Active Partners
b)Minor partners
c)Quasi partner
d)Outgoing partner
(Solved)
Write short notes on the following types of partners.
a)Active Partners
b)Minor partners
c)Quasi partner
d)Outgoing partner
Date posted: March 1, 2019. Answers (1)
- Highlight any four methods that the government can use to influence the quantity of a commodity supplied.(Solved)
Highlight any four methods that the government can use to influence the quantity of a commodity supplied.
Date posted: March 1, 2019. Answers (1)
- Highlight any four reasons why most businessmen do not prefer transferring their goods
via canals.
(Solved)
Highlight any four reasons why most businessmen do not prefer transferring their goods
via canals.
Date posted: March 1, 2019. Answers (1)