- Balance brought d own cash 10,000 (Dr)
- Bank 15,000 (Cr)
- Cash sales amounting to 18,500/sold goods for sh. 18,500 in cash.
- Banked 12,000 from the cash till
Paid jebet in cash sh. 6000
Kavungya answered the question on April 3, 2019 at 12:38
- The following transaction took place in the business of Highlands Retail in the month
of June 2008
1.6.2008-commenced business with Kshs. 120,000 in cash
4.6.2008-transferred kshs66, 000 from...(Solved)
The following transaction took place in the business of Highlands Retail in the month
of June 2008
1.6.2008-commenced business with Kshs. 120,000 in cash
4.6.2008-transferred kshs66, 000 from business till to the bank
13.6.2008-brought his private furniture worth kshs. 15,000 into the business for business use
28.6.2008-borrowed a loan in cash kshs.40, 000
Required: Post the transactions into the relevant ledger account
Date posted: April 3, 2019. Answers (1)
- Record the following transactions in the relevant ledger accounts for the month of June, 2009
June 1: invested shs.100,000 cash in a retail business
June 2: Obtained...(Solved)
Record the following transactions in the relevant ledger accounts for the month of June, 2009
June 1: invested shs.100,000 cash in a retail business
June 2: Obtained a co-operative loan of Shs.20,000 cash
June 3: bought furniture Shs. 70,000, paying Shs.40,000 cheque and the balance in cash
Date posted: April 3, 2019. Answers (1)
- Given below is a list of subsidiary ledgers:
-General ledger
-Nominal ledger
-Purchases ledger
-Sales ledger
-Cash book
Indicate in which ledger the following accounts should be recorded(Solved)
Given below is a list of subsidiary ledgers:
-General ledger
-Nominal ledger
-Purchases ledger
-Sales ledger
-Cash book
Indicate in which ledger the following accounts should be recorded
Date posted: April 3, 2019. Answers (1)
- The following trial balance was prepared by an incompetent book keeper thus failed to
balance. Balance it.(Solved)
The following trial balance was prepared by an incompetent book keeper thus failed to
balance. Balance it.
Date posted: April 3, 2019. Answers (1)
- The following information relates to Kebirigo Traders as at 31st December, 2009
...(Solved)
The following information relates to Kebirigo Traders as at 31st December, 2009
Kshs.
Buildings 100,000
Debtors 54,000
Capital 136,000
Sales 85,000
Purchases 48,000
Stock 1 Jan.2009 25,400
Creditors 35,700
General expenses 31,800
Bank overdraft 2,500
Prepare a trial balance as at 31st December, 2009
Date posted: April 3, 2019. Answers (1)
- The following balances were extracted from the books of Nyatike Traders Limited as at
31st January 2010 Kshs.
Discount...(Solved)
The following balances were extracted from the books of Nyatike Traders Limited as at
31st January 2010 Kshs.
Discount allowed 5,000
Buildings 250,000
Return outwards 6,000
Purchases 74,000
Creditors 20,000
Drawings 16,000
Capital 319,000
Required: Prepare Nyatike Traders Ltd trial balance as at that date
Date posted: April 3, 2019. Answers (1)
- Identify the situation in which the following types of ledgers are appropriate:
i) Creditors ledger
ii) Private ledgers
iii) Normal ledger(Solved)
Identify the situation in which the following types of ledgers are appropriate:
i) Creditors ledger
ii) Private ledgers
iii) Normal ledger
Date posted: April 3, 2019. Answers (1)
- Prepare Betty’s trial balance from the following information
Items ksh
Purchases ...(Solved)
Prepare Betty’s trial balance from the following information
Items ksh
Purchases 130,000
Capital 150,000
Sales 165,000
Debtors 45,000
Creditors 40,000
Motor vehicles 120,000
Stock 50,000
Cash at bank 10,000
Date posted: April 3, 2019. Answers (1)
- The following information relates to Ogello traders as at 31st Dec 2009:-
Capital (1-1-2009) kshs.100,000
Loss during the year ...(Solved)
The following information relates to Ogello traders as at 31st Dec 2009:-
Capital (1-1-2009) kshs.100,000
Loss during the year kshs.40,000
Investment kshs 35,000
If the trader took goods worth kshs. 15,000 during the year for private use, calculate the capital of
the business as at 31-12-2009
Date posted: April 3, 2019. Answers (1)
- Queen Traders had the following information extracted from her books of accounts as at
31st Dec 2009:-
...(Solved)
Queen Traders had the following information extracted from her books of accounts as at
31st Dec 2009:-
Shs
Capital (1/1/009) 3,400,000
Additional capital 610,780
Drawings for the year 25,220
Capital (31/12/009) 4,900,000
Determine the profit for the year.
Date posted: April 3, 2019. Answers (1)
- The following was obtained from the books of Wambui Mary for the ended 31st December,2007
Drawings ...(Solved)
The following was obtained from the books of Wambui Mary for the ended 31st December,2007
Drawings 82000
Profit 170000
Additional investment 58000
Capital 1.1.2007 240000
Calculate the of Mary Wambui as at 31st Dec,2007
Date posted: April 3, 2019. Answers (1)
- The following balance sheet relates to Hamisi traders as at 1st January 2008.
Additional information:-
- On 2nd January 2008, Hamisi traders bought stock for cash at...(Solved)
The following balance sheet relates to Hamisi traders as at 1st January 2008.
Additional information:-
- On 2nd January 2008, Hamisi traders bought stock for cash at Shs 36 000
- On 10th January 2008, a debtor paid shs 26 000 to Hamisi traders
- On 13th January 2008, Hamisi used his personal cash to buy equipment for shs 47 000 for
the business
Prepare Hamisi traders balance sheet as at 31st January 2008.
Date posted: April 3, 2019. Answers (1)
- Okelo invested Kshs.120,000 into a business. At the end of the year, his capital was Kshs.160000
and his monthly drawing was Kshs.2000. Determine the net profit...(Solved)
Okelo invested Kshs.120,000 into a business. At the end of the year, his capital was Kshs.160000
and his monthly drawing was Kshs.2000. Determine the net profit for the year
Date posted: April 3, 2019. Answers (1)
- Show how the following transactions may affect the items of balance sheet, stating whether it is
an increase , decrease or no effect(Solved)
Show how the following transactions may affect the items of balance sheet, stating whether it is
an increase , decrease or no effect
Date posted: April 3, 2019. Answers (1)
- The following balances relates to Onyonka traders as at 1st Jan. 2010
The following transactions took place the same month:-
Jan 2nd debtors paid in cash shs.20,000.
Jan....(Solved)
The following balances relates to Onyonka traders as at 1st Jan. 2010
The following transactions took place the same month:-
Jan 2nd debtors paid in cash shs.20,000.
Jan. 31st sold stock worth shs.20,000 for Shs.25,000 by cheque
Prepare a balance sheet as 31st Jan. 2010
Date posted: April 3, 2019. Answers (1)
- Given below are transactions relating to Mwala traders. For each of the transactions, indicate
in the column below the account to be debited and the account...(Solved)
Given below are transactions relating to Mwala traders. For each of the transactions, indicate
in the column below the account to be debited and the account to be credited
Date posted: April 3, 2019. Answers (1)
- Indicate the balance sheet items which would be affected by the following transactions
(a) Purchase of a lawn mower by cheque
(b) Sale of goods on credit...(Solved)
Indicate the balance sheet items which would be affected by the following transactions
(a) Purchase of a lawn mower by cheque
(b) Sale of goods on credit to Mwangi
(c) A debtor pays by cash
(d) The owner converted his personal car into a business asset
Date posted: April 3, 2019. Answers (1)
- The proprietor of the sunrise dealer had ksh.13,730/= as capital as at 1st January 2010.
The following transactions took place.
i) Sold goods worth ksh 3000/= for...(Solved)
The proprietor of the sunrise dealer had ksh.13,730/= as capital as at 1st January 2010.
The following transactions took place.
i) Sold goods worth ksh 3000/= for ksh.9000/=
ii) Deposited ksh.50, 000/= from his personal savings
If his capital as at 31st January 2010 was kshs.62, 230/=, determine the value of drawings
for the month of January 2010.
Date posted: April 3, 2019. Answers (1)
- The accounting period of Ochomo Traders ended on 30th June, 2008. The assets, liabilities and
capital were as follows on their date :
Capital ...(Solved)
The accounting period of Ochomo Traders ended on 30th June, 2008. The assets, liabilities and
capital were as follows on their date :
Capital 51000
Cash in hand 4000
Stock 10000
Furniture 7000
Creditors 5000
Long term loan 20000
Premises 50000
Debtors 2000
Bicycle 3000
Required: Prepare Ochomo traders balance sheet as at 30th June,2008
Date posted: April 3, 2019. Answers (1)
- Use the balance sheet equation to fill the missing figures in the table below(Solved)
Use the balance sheet equation to fill the missing figures in the table below
Date posted: April 3, 2019. Answers (1)