Get premium membership and access questions with answers, video lessons as well as revision papers.
- The following figures obtained from the records of Buka Enterprises for the year ended 30th June 2000
Sales 500,000
Cost...(Solved)
The following figures obtained from the records of Buka Enterprises for the year ended 30th June 2000
Sales 500,000
Cost of goods sold 280,000
Calculate the gross margin.
Date posted: March 27, 2019. Answers (1)
- Cumvi Traders had a capital of sh 180,000 as at 31.12.1998
Additional information
a) during the year the owner converted her private car worth 90,000 for business...(Solved)
Cumvi Traders had a capital of sh 180,000 as at 31.12.1998
Additional information
a) during the year the owner converted her private car worth 90,000 for business use
b) Goods worth sh. 50,000 were taken from the business for her own use
c) Net profit for the year was sh 140,000
Calculate capital as at 31 Dec. 1999
Date posted: March 27, 2019. Answers (1)
- The following balances were obtained from the books of Rah traders
Opening stock 50,000
Sales 360,000
Gross...(Solved)
The following balances were obtained from the books of Rah traders
Opening stock 50,000
Sales 360,000
Gross profit 25% of sales
Closing stock 70,000
Calculate
a) Cost of goods
b) Rate of stock turnover
Date posted: March 27, 2019. Answers (1)
- The following information was obtained from the books of Kina Traders on 30th June 1998
Opening stock 8,000
Purchases bank ...(Solved)
The following information was obtained from the books of Kina Traders on 30th June 1998
Opening stock 8,000
Purchases bank 53,000
Sales 62,900
Return outwards 2,700
Closing stock 12,700
Prepare Kina Traders balance a/c for the year ended 30th June 1998
Date posted: March 27, 2019. Answers (1)
- The following information relates to Mali traders for the year ended 31st Dec 1998.
Capital 1.198 250,000
Additional...(Solved)
The following information relates to Mali traders for the year ended 31st Dec 1998.
Capital 1.198 250,000
Additional investment 68,000
Drawing 92,000
Profit 180,000
Calculate the capital of Mali traders as at 31st Dec 1998
Date posted: March 27, 2019. Answers (1)
- State four uses of balance sheet for business organizations.(Solved)
State four uses of balance sheet for business organizations.
Date posted: March 27, 2019. Answers (1)
- The following information was extracted from the books of Peshau Traders as at April
1998
Cost of goods sold 65,000
General expenses ...(Solved)
The following information was extracted from the books of Peshau Traders as at April
1998
Cost of goods sold 65,000
General expenses 280,000
Capital for the period was 20% 10,000
Calculate rate of net profit to capital
Date posted: March 27, 2019. Answers (1)
- The following account balances were extracted from the books of Kiboko enterprises
on 30th June 1997.
Opening stock 65,000
Sales ...(Solved)
The following account balances were extracted from the books of Kiboko enterprises
on 30th June 1997.
Opening stock 65,000
Sales 280,000
Purchases 190,000
Purchases returns 10,000
Sales returns 4,200
Closing stock was Kshs. 70,000 as at 30th June 1997.
Prepare the trading a/c for period
ended 30th June 1997.
Date posted: March 27, 2019. Answers (1)
- The following information was extracted from the books of Kwaso traders on 31st August 1997.
Gross profit 130,800
Carriage of...(Solved)
The following information was extracted from the books of Kwaso traders on 31st August 1997.
Gross profit 130,800
Carriage of sales 4,700
Commission received 8,000
General expenses 18,200
Insurance 4,000
Prepare a profit and loss A/C
Date posted: March 27, 2019. Answers (1)
- The following balances were extracted from the books of Waso traders on 30th October 1995.
Cash 20, 520
Bank ...(Solved)
The following balances were extracted from the books of Waso traders on 30th October 1995.
Cash 20, 520
Bank 160,230
Premises 800,000
Debtors 40,000
Creditors 62,000
2 year loan 40,000
Stock 2,500
Prepare a balance sheet
Date posted: March 27, 2019. Answers (1)
- During the month of July 1995 Kungu made sales worth Kshs.60,000. His margin on sales was 20%, calculate;
a) The cost of goods sold
b) The gross...(Solved)
During the month of July 1995 Kungu made sales worth Kshs.60,000. His margin on sales was 20%, calculate;
a) The cost of goods sold
b) The gross profit
Date posted: March 27, 2019. Answers (1)
- The following account balances were extracted from the books of Kitu traders on 30th
November 1995
Machinery 250,000
Debtor ...(Solved)
The following account balances were extracted from the books of Kitu traders on 30th
November 1995
Machinery 250,000
Debtor 62,000
Creditors 46,000
Stock 12,680
Cash in hand 1,500
Cash at bank 15,000
Determine the capital as at 30th November 1995
Date posted: March 27, 2019. Answers (1)
- On 1 Match, 2001, Mingi traders had Ksh. 13,200 in cash and bank balances of Sh 56,000. The following transaction took place during the month.
2001...(Solved)
On 1 Match, 2001, Mingi traders had Ksh. 13,200 in cash and bank balances of Sh 56,000. 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: March 27, 2019. Answers (1)
- The following is an extract of a cashbook of Maisha traders.
Determine the opening balances on 1.7..98(Solved)
The following is an extract of a cashbook of Maisha traders.
Determine the opening balances on 1.7..98
Date posted: March 27, 2019. Answers (1)
- For each of the following types of account indicate by writing Dr. or Cr.
The side of record for increase and decrease.(Solved)
For each of the following types of account indicate by writing Dr. or Cr.
The side of record for increase and decrease.
Date posted: March 27, 2019. Answers (1)
- Enter the following transactions as in the cash Book of Temple Traders Below
March 5 Cash 30,000
March 10 paid a creditor Kshs 7,500 by...(Solved)
Enter the following transactions as in the cash Book of Temple Traders Below
March 5 Cash 30,000
March 10 paid a creditor Kshs 7,500 by cheque
March 20 received 5,000 in cash
March 15 deposited 12,500into bank
March 28 Paid wages 2,400 in cash
Date posted: March 27, 2019. Answers (1)
- Record the following transactions in ledger accounts.
a) Received Ksh. 20,000 cash in respect of rent paid
b) Purchased goods worth 30,000 on credit from crown traders.(Solved)
Record the following transactions in ledger accounts.
a) Received Ksh. 20,000 cash in respect of rent paid
b) Purchased goods worth 30,000 on credit from crown traders.
Date posted: March 27, 2019. Answers (1)
- For each of the following transactions state the account to be debited and credited.(Solved)
For each of the following transactions state the account to be debited and credited.
Date posted: March 27, 2019. Answers (1)
- Balance the following ledger accounts.(Solved)
Balance the following ledger accounts.
Date posted: March 27, 2019. Answers (1)
- Enter each of the following transactions relating to Jokin Traders in the relevant ‘T’ A/c
i. Deposited cash in hand shs. 5,000 into bank
ii. Bought a...(Solved)
Enter each of the following transactions relating to Jokin Traders in the relevant ‘T’ A/c
i. Deposited cash in hand shs. 5,000 into bank
ii. Bought a motor vehicle on credit on for 250,000 from Raji Traders
iii. Paid salaries sh. 2, 400 by cheque
Date posted: March 27, 2019. Answers (1)