i) Low national and per capita Income among the majority
ii) High rates of unemployment among Kenyans hence low PAYE
iii) Disparity in income distribution – majority are poor and not paying taxes
iv) Negative attitude among the majority on payment of taxes
v) High rates of tax evasion among Kenyans
vi) Corrupt KRA officials who do not remit tax revenues / collusion with tax payers.
vii) Very few categories of taxes by KRA (mainly on incomes)
viii) High cost of tax collection exceeding revenues.
sharon kalunda answered the question on September 2, 2019 at 06:13
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...(Solved)
The following balances relate to Maendeleo Electrical Enterprise as at 31st December, 2014.
Sh.
Machinery 1,240,000
Stock 190,000
Debtors 150,000
Motor vehicle 1,100,000
Cash- in- hand 150,000
Creditors 270,000
Bank overdraft 130,000
10 year bank loan 1,200,000
Capital 1,660,000
Drawings 750,000
Net profit 320,000
Required:
Prepare a balance sheet as at 31st December, 2014 clearly showing:
i) Net capital
ii) Total current liabilities
iii) Total current assets
Date posted: September 2, 2019. Answers (1)
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month, the following transactions took place.
October, 2010:
2: Cash...(Solved)
On first October 2010, Makueni Traders had sh. 110,000 in hand and sh. 500,000 at bank. During the
month, the following transactions took place.
October, 2010:
2: Cash sales directly banked sh. 70,520
3: Bought stationery in cash sh. 9,000
4: Bought stock worth sh. 40,000 and the payment was done by the end of the next month in cash.
5: Paid Josh, a creditor sh. 188,000 by cheque in full settlement of his account after deductions 6% cash
discount
10: Received a cheque for sh. 117,600 from Esther after allowing her a cash discount of sh. 2,400
12: Sold goods worth sh. 10,000 to Eric on credit
16: Paid salaries sh. 62,000 in cash
20: Withdrew sh. 100,000 from bank for office use
24: Arnold, a debtor paid his account of sh. 150,000 by cheque less 10% cash discount
28: The owner took some stock worth sh. 5,000 home for family use
30: Deposited all the cash into bank except sh. 27,400.
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Prepare a three column cash book and balance it off.
Date posted: September 2, 2019. Answers (1)
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Required
Record the above transactions in the appropriate journals.
Date posted: August 20, 2019. Answers (1)
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Date posted: August 20, 2019. Answers (1)
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Jan 2nd...(Solved)
On 1st January 2019 Caleb traders had shs.110,000 in hand and shs 50,000 (cr) at bank. During the month, the following transactions took place:
Jan 2nd Cash sales 40,000
3rd Paid postage expenses 4,100 in cash
5th received the following cheques from debtors after they had deducted 2% in each case, Kamau shs.2450, Loni Shs.9,604 and Tena shs.2940.
9th paid the following creditors in cash and in each case deducted 2% cash discount, willy shs 2,000 and Yaola shs.6,000.
13th Cash sales directly banked shs.10,000
16th sold goods worth shs.18,000 on credit to Kiyonga.
24th Receive shs. 18,000 cash from Oman in settlement of his account of shs.20,000
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Prepare a duly balanced three column cash book.
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Prepare Kings Traders Trading Account for the year ended 31st August 2017.
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Date posted: August 20, 2019. Answers (1)
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Date posted: August 20, 2019. Answers (1)
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i) Closing capital shs.150,000.
ii) The proprietor had withdrawn shs.15,000 in cash and goods valued at...(Solved)
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i) Closing capital shs.150,000.
ii) The proprietor had withdrawn shs.15,000 in cash and goods valued at shs 18,000 for personal use.
iii) The proprietor put shs 90,000 cash into business from personal savings.
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Calculate Kasuku Trader’s initial capital.
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b) Individual accounts of debtors
c) Fixed assets accounts
d) Accounts...(Solved)
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