Get premium membership and access questions with answers, video lessons as well as revision papers.
- Match the following types of taxes with the appropriate description given below:-
Corporate tax, Customs duty, Estate duty, Excise duty(Solved)
Match the following types of taxes with the appropriate description given below:-
Corporate tax, Customs duty, Estate duty, Excise duty
Date posted: April 4, 2019. Answers (1)
- Outline four short comings of a country borrowing heavily from internal and external sources(Solved)
Outline four short comings of a country borrowing heavily from internal and external sources
Date posted: April 4, 2019. Answers (1)
- Mention four ways in which individuals can hold money(Solved)
Mention four ways in which individuals can hold money
Date posted: April 4, 2019. Answers (1)
- E-banking is a method of banking through electronic systems. Give four reasons to account
for the rising popularity of this banking system(Solved)
E-banking is a method of banking through electronic systems. Give four reasons to account
for the rising popularity of this banking system
Date posted: April 4, 2019. Answers (1)
- Identify the motive of holding money in each of the circumstances below:-
(a) Need to hold money to cater for future unforeseen eventualities
(b) Need to have...(Solved)
Identify the motive of holding money in each of the circumstances below:-
(a) Need to hold money to cater for future unforeseen eventualities
(b) Need to have money to cater for daily expenses
(c) Need to have money with hope that prices will fall in future in order to purchase more
Date posted: April 4, 2019. Answers (1)
- Give four circumstances under which a trader would operate a fixed deposit account(Solved)
Give four circumstances under which a trader would operate a fixed deposit account
Date posted: April 4, 2019. Answers (1)
- Highlight four differences between a balance sheet and statement of affairs(Solved)
Highlight four differences between a balance sheet and statement of affairs
Date posted: April 4, 2019. Answers (1)
- On 1st January 2009, Rodi Traders had a capital of shs 550 000 at the end of the year.
The following balances were available
Items ...(Solved)
On 1st January 2009, Rodi Traders had a capital of shs 550 000 at the end of the year.
The following balances were available
Items 31.12.2009
Shs.
Creditors 50 000
Debtors 30 000
Bank overdraft 80 000
Buildings 870 000
Rent due 10 000
Salaries prepaid 10 000
i) Prepare statement of affairs as at 31.12.2009
ii) Determine the net profit for the year
Date posted: April 4, 2019. Answers (1)
- On 31st January 2004, Maleya Traders had a capital of Kshs.65000. At the end of the year, the
following balances were available:-
...(Solved)
On 31st January 2004, Maleya Traders had a capital of Kshs.65000. At the end of the year, the
following balances were available:-
Kshs.
Stock 8,000
Creditors 6,000
Cash at bank 4,000
Premises 90,000
Prepare a statement of affairs on 31st December 2004
Date posted: April 4, 2019. Answers (1)
- The bookkeeper of Chacha Traders extracted the following information form the accounting
records:-
...(Solved)
The bookkeeper of Chacha Traders extracted the following information form the accounting
records:-
1/1/2009 31/12/2009
Suppliers 445,000 620,000
Discount received - 12,000
Purchases returns - 25,000
During the year ended 31/12/2009, suppliers were paid shs.1,400,000 while cash purchases
Amounted to shs.800,000. Determine the purchase for the year
Date posted: April 4, 2019. Answers (1)
- The following information was obtained from Maganda Enterprises for the year ended
31st Dec 2003:-
Opening stock kshs.40,000
Purchases ...(Solved)
The following information was obtained from Maganda Enterprises for the year ended
31st Dec 2003:-
Opening stock kshs.40,000
Purchases kshs.400,000
Gross profit kshs. 100,000
Goods were sold at a marked-up of 25%
Required;
Calculate: i) Sales for the year
ii) Rate of stock turn over
Date posted: April 4, 2019. Answers (1)
- The following balances were extracted from the books of Chombo wholesalers for the year
ended 31st December, 2009
Calculate;- a) Margin
...(Solved)
The following balances were extracted from the books of Chombo wholesalers for the year
ended 31st December, 2009
Calculate;- a) Margin
b) Current ratio
c) Rate of Stock turnover
Date posted: April 4, 2019. Answers (1)
- The following balances were extracted from the books of Shah Traders on 30th June, 2010
Closing stock was Kshs. 70,000 as at 30th June, 2010. Prepare...(Solved)
The following balances were extracted from the books of Shah Traders on 30th June, 2010
Closing stock was Kshs. 70,000 as at 30th June, 2010. Prepare the trading account for the period
ended 30th June, 2010
Date posted: April 4, 2019. Answers (1)
- The following relates to Atis traders
Stock (1-7-2007) shs. 22,000
Purchases ...(Solved)
The following relates to Atis traders
Stock (1-7-2007) shs. 22,000
Purchases 100,000
Mark –up 10%
Stock (30-6-2008) 26,000
Prepare her trading account
Date posted: April 4, 2019. Answers (1)
- The following balances were extracted from the books of Wanga traders as at 30th June,2009
Current assets 320000
Capital ...(Solved)
The following balances were extracted from the books of Wanga traders as at 30th June,2009
Current assets 320000
Capital 525000
Net profit 95000
Creditors 88200
Accrued expenses 10800
Calculate: a) Working capital
b) Return on capital
Date posted: April 4, 2019. Answers (1)
- The following information relates to Mandu enterprises limited
Stock (1.1.2009) 40000
Stock (31.1.2009) 60000
Purchases ...(Solved)
The following information relates to Mandu enterprises limited
Stock (1.1.2009) 40000
Stock (31.1.2009) 60000
Purchases 500000
Margin 20%
Prepare Mandu Enterprises Limited Trading account for the year ended 31st December, 2009
Date posted: April 3, 2019. Answers (1)
- The following information related to Virusi Trader for the year ended June 28th 2009
...(Solved)
The following information related to Virusi Trader for the year ended June 28th 2009
Shs
Sales 5 400 000
Expenses 800 000
Mark up ration 2:3
Stock turnover ratio 6times
Required:-
Calculate: i) Gross profit
ii) Cost of sales
iii) Net profit
Date posted: April 3, 2019. Answers (1)
- The information below relates to Half-Bilha Traders for the year ended 30th September 2009;
Net sales 300,000
Cost of sales...(Solved)
The information below relates to Half-Bilha Traders for the year ended 30th September 2009;
Net sales 300,000
Cost of sales 150,000
Bad debts 30,000
Wages 25,000
Discount received 25,000
Rent 6,000
Carriage inwards 18,000
Carriage outwards 12,000
Prepare a profit and loss account for the business
Date posted: April 3, 2019. Answers (1)
- The following information was extracted form the books of Bondo Traders as at 31st Dec. 2004
Opening stock 2,500
Purchases ...(Solved)
The following information was extracted form the books of Bondo Traders as at 31st Dec. 2004
Opening stock 2,500
Purchases 46,000
Closing stock 1,500
Mark up 20%
Prepare a trading account.
Date posted: April 3, 2019. Answers (1)
- The following information relates to Kafupi business enterprise:-
Average stock Shs.120,000
Rate of stock turnover 3 times
Margin ...(Solved)
The following information relates to Kafupi business enterprise:-
Average stock Shs.120,000
Rate of stock turnover 3 times
Margin 25%
From the data above, determine;
(a) The cost of goods
(b) Gross profit
(c) Sales
Date posted: April 3, 2019. Answers (1)