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- Enter each of the following transactions in the relevant ledger accounts(Solved)
Enter each of the following transactions in the relevant ledger accounts
(a) Started business in June 15th 2014 with Ksh. 500,000 in bank.
(b) Bought a motor vehicle in June 16th 2014 for KSh. 250,000, payment made by a cheque.
(c) Withdrew Ksh. 50,000 in June 20th 2014 from the business bank a/c to be used in the office.
(d) June 24th, 2014, paid salaries Ksh. 18,000 cash.
Date posted: May 21, 2019. Answers (1)
- The following balances were obtained from the books of Jomba Traders as at 30th July 2014(Solved)
The following balances were obtained from the books of Jomba Traders as at 30th July 2014
Calculate
(a) Cost of goods sold
(b) Rate of stock turnover
Date posted: May 21, 2019. Answers (1)
- In the spaces provided below, indicate with a tick whether each of the following statements relates to preference or ordinary shares(Solved)
In the spaces provided below, indicate with a tick whether each of the following statements relates to preference or ordinary shares
Date posted: May 21, 2019. Answers (1)
- State the factor of production that each of the following resources relate to:-(Solved)
State the factor of production that each of the following resources relate to:-
Date posted: May 21, 2019. Answers (1)
- The following diagram represents demand and supply of a product.(Solved)
The following diagram represents demand and supply of a product.
(a) State what is represented by curves
ap _____________________________
bq _____________________________
letter c _______________________
(b) On the diagram, indicate equilibrium price (PE) and equilibrium quantity (QE)
Date posted: May 21, 2019. Answers (1)
- State and explain factors that have turned to frustrate economic developments in a country like Kenya.(Solved)
State and explain factors that have turned to frustrate economic developments in a country like Kenya.
Date posted: May 12, 2019. Answers (1)
- The following balances were extracted from the books of Highlife
General Stores on 31st December 2015.
Item ...(Solved)
The following balances were extracted from the books of Highlife
General Stores on 31st December 2015.
Item Ksh
Land and buildings 650,000
Stock 470,000
Bank overdraft 80,000
Debtors 350,000
10 year Bank Loan 500,000
Creditors 220,000
Cash 50,000
Motor Van 150,000
Capital ?
Required: Prepare the balance sheet of Highlife General Stores as at 31st
December 2015.
Date posted: May 8, 2019. Answers (1)
- On 1st September 2015, Gondi had Ksh 55,000 in hand and Ksh
250,000 at bank. During the month, the following transactions took place:
September 2 Cash sales...(Solved)
On 1st September 2015, Gondi had Ksh 55,000 in hand and Ksh
250,000 at bank. During the month, the following transactions took place:
September 2 Cash sales banked Ksh 35,260
3 Bought ribbons in cash Ksh 4,500
8 Paid Wangila, a creditor Ksh 94,000 by cheque in full settlement
of his account after deducting 6% cash discount
12 Received a cheque for Ksh 58,800 from Wetu after allowing her a
cash discount of Ksh 1,200
15 Paid salaries Ksh 34,000 in cash
25 Withdrew Ksh 50,000 from bank for office use
28 Anyango, a debtor paid her account of Ksh 75,000 by cheque less
10% - cash discount
30 Deposited all the cash into bank except Ksh 13,700
Required: Prepare a three column cash book and balance it off.
Date posted: May 7, 2019. Answers (1)
- The following balances were extracted from the books of Rehema
Traders on 1st January 2015.
Ksh
Capital...(Solved)
The following balances were extracted from the books of Rehema
Traders on 1st January 2015.
Ksh
Capital 600,000
Creditors 180,000
Motor van 200,000
Furniture 200,000
Stock 60,000
Debtors 80,000
Cash 240,000
The following transactions took place during the year ended 31st December
2015:
(i) Sold furniture worth Ksh 60,000 for which Ksh 40,000 cash was received and the
balance was due at the end of the year.
(ii) Purchased goods worth Ksh 100,000 for which cash of Ksh 70,000 was paid and
the balance was still outstanding at the end of the year.
(iii) Cash Ksh 10,000 was taken from the business by the proprietor to settle the
spouse's hospital bill.
Required: Outline the effect of each transaction on the items of the balance
sheet.
Date posted: May 7, 2019. Answers (1)
- On 1st January 2015, Ndovu Traders had Ksh 30,000 in cash and
Ksh 75,000 at the bank.
During the month, the following transactions took place:
January 2: Bought...(Solved)
On 1st January 2015, Ndovu Traders had Ksh 30,000 in cash and
Ksh 75,000 at the bank.
During the month, the following transactions took place:
January 2: Bought goods in cash worth Ksh 15,500.
5: Received cash from Chui Ksh 23,750 after allowing 5% cash
discount.
8: Withdrew Ksh 8,900 from the bank for personal use.
11: Maro, a debtor settled her account of Ksh 16,800 by a cheque of Ksh
16,000.
15: Sales amounted to Ksh 24,250 in cash.
17: Paid Furaha traders Ksh 29,100 in cash in full settlement of their
account less
3% cash discount.
20: Withdrew Ksh 15,000 from the bank for business use.
22: Koko a debtor settled her account of Ksh 40,000 by cheque less 2.5%
cash discount.
25: Paid wages Ksh 21,000 cash
Required: Prepare a duly balanced three column cash book.
Date posted: May 7, 2019. Answers (1)
- Outline the advantages of using hoarding to promote a product(Solved)
Outline the advantages of using hoarding to promote a product.
Date posted: April 25, 2019. Answers (1)
- Discuss five monetary policies that are used by the central bank of Kenya to influence the amount of...(Solved)
Discuss five monetary policies that are used by the central bank of Kenya to influence the amount of money in circulation in the economy.
Date posted: April 23, 2019. Answers (1)
- Give reasons as to why the government undertakes the responsibility to provide its public with certain goods(Solved)
Give reasons as to why the government undertakes the responsibility to provide its public with certain goods.
Date posted: April 19, 2019. Answers (1)
- Outline four challenges of using free gift as a method of product promotion(Solved)
Outline four challenges of using free gift as a method of product promotion.
Date posted: April 18, 2019. Answers (1)
- Outline the importance of ethics in public relations(Solved)
Outline the importance of ethics in public relations
Date posted: April 17, 2019. Answers (1)
- What factors account for the presence of small firms in an economy?(Solved)
What factors account for the presence of small firms in an economy?
Date posted: April 9, 2019. Answers (1)
- The following information was extracted from books of Chunga Traders for the period ending
31/12/2000:-
Fixed assets – 350,000
Drawings – 50,000
Creditors – 50,000
Cash – 60,000
Discount received 4,000
Rent...(Solved)
The following information was extracted from books of Chunga Traders for the period ending
31/12/2000:-
Fixed assets – 350,000
Drawings – 50,000
Creditors – 50,000
Cash – 60,000
Discount received 4,000
Rent – 12,000
Bank overdraft – 10,000
Debtors – 20,000
Stock (31/12/2000)-30,000
Commission received – 6,000
Gross profit – 80,000
Electricity – 3,000
Stock (11/1/2000) – 50,000
Salaries – 20,000
Prepare:- Their profit & loss account
Date posted: April 4, 2019. Answers (1)
- The following balance sheet was prepared by the accounts clerk of Mapato traders:-
Requirements:
Calculate the following
i) Working capital
ii) Return on capital
iii) Current ratio
iv) Capital employed
v) Borrowed...(Solved)
The following balance sheet was prepared by the accounts clerk of Mapato traders:-
Requirements:
Calculate the following
i) Working capital
ii) Return on capital
iii) Current ratio
iv) Capital employed
v) Borrowed capital
Date posted: April 4, 2019. Answers (1)
- The following trial balance was extracted from Vumilia traders as 31st December 2006
Additional information:
-closing stock 25,000
-Outstanding salaries 450
-Insurance 900 has been paid in advance
-Depreciate machinery...(Solved)
The following trial balance was extracted from Vumilia traders as 31st December 2006
Additional information:
-closing stock 25,000
-Outstanding salaries 450
-Insurance 900 has been paid in advance
-Depreciate machinery by 10% on cost
Required: i) trading, profit and loss a/c
ii) Balance sheet
Date posted: April 4, 2019. Answers (1)
- The following information was extracted from Jaribu traders on 31st December 2009
Stock turnover 5
Mark up ...(Solved)
The following information was extracted from Jaribu traders on 31st December 2009
Stock turnover 5
Mark up 25%
Cost of sales 60,000
Closing stock 8,000
Required: i) Net sales
ii) Average stock
iii) Opening stock
iv) Net purchases
Date posted: April 4, 2019. Answers (1)