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a) Purchases returns / returns outwards
b) Sales returns / returns inwards
c) Sales Journal / Debtors Journal
d) Purchases / Creditors Journal
sharon kalunda answered the question on September 2, 2019 at 06:43
- The cost of consumer goods for a representatives of a household is given below:
Year ...(Solved)
The cost of consumer goods for a representatives of a household is given below:
Year Price
2010 5000
2011 9000
Determine the increase in consumer price index using 2010 as the base year.
Date posted: September 2, 2019. Answers (1)
- Study the ledger accounts given below and write out the transactions that took place affecting the business of Huruma Ltd in January 2008.(Solved)
Study the ledger accounts given below and write out the transactions that took place affecting the business of Huruma Ltd in January 2008.
Date posted: September 2, 2019. Answers (1)
- The following balances were extracted from Mwangaza traders books of accounts.
...(Solved)
The following balances were extracted from Mwangaza traders books of accounts.
Shs.
Opening stock 25,000
Closing stock 35,000
Purchases 190,000
Mark - up 20%
Calculate:
i) Cost of sales
ii) Gross profit
iii) Sales
iv) Rate of stock turnover (ROSTO)
Date posted: September 2, 2019. Answers (1)
- Explain five reasons that contribute to low tax revenue by the government through Kenya RevenueAuthority.(Solved)
Explain five reasons that contribute to low tax revenue by the government through Kenya RevenueAuthority.
Date posted: September 2, 2019. Answers (1)
- The following balances relate to Maendeleo Electrical Enterprise as at 31st December, 2014.
...(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)
- Explain five factors that may influence the choice of distribution channel for milk.(Solved)
Explain five factors that may influence the choice of distribution channel for milk.
Date posted: September 2, 2019. Answers (1)
- 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...(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.
Required:
Prepare a three column cash book and balance it off.
Date posted: September 2, 2019. Answers (1)
- Factors to consider before you locate an office(Solved)
Factors to consider before you locate an office
Date posted: September 2, 2019. Answers (1)
- Explain five benefits that may accrue to Kenya as a result of joining the East Africa community.(Solved)
Explain five benefits that may accrue to Kenya as a result of joining the East Africa community.
Date posted: August 20, 2019. Answers (1)
- Mulwa started a hardware business on 1st Jan 2018. The following is a summary of his transactions during the month.(Solved)
Mulwa started a hardware business on 1st Jan 2018. The following is a summary of his transactions during the month.
Required
Record the above transactions in the appropriate journals.
Date posted: August 20, 2019. Answers (1)
- There is a tendency of firms being located where other firms exist. Highlight five disadvantages of this move.(Solved)
There is a tendency of firms being located where other firms exist. Highlight five disadvantages of this move.
Date posted: August 20, 2019. Answers (1)
- 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...(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
26th Took office cash to the bank leaving shs.40,000 only.
Prepare a duly balanced three column cash book.
Date posted: August 20, 2019. Answers (1)
- Given below are some of the balances extracted from the books of Kings Traders on 31st May 2018.(Solved)
Given below are some of the balances extracted from the books of Kings Traders on 31st May 2018.
Prepare Kings Traders Trading Account for the year ended 31st August 2017.
Date posted: August 20, 2019. Answers (1)
- Ouma runs a retail business. In 2018 he made sales of shs.40,000. His mark-up was 25%. Calculate his gross profit in 2018.(Solved)
Ouma runs a retail business. In 2018 he made sales of shs.40,000. His mark-up was 25%. Calculate his gross profit in 2018.
Date posted: August 20, 2019. Answers (1)
- Using the symbols (+) for increase, (-) for decrease and (NC) for no change, indicate the effects of the following transactions on total assets, capital...(Solved)
Using the symbols (+) for increase, (-) for decrease and (NC) for no change, indicate the effects of the following transactions on total assets, capital and liabilities.
Date posted: August 20, 2019. Answers (1)
- The table below shows description of various types of unemployment. Indicate the type of employment that matches the description.(Solved)
The table below shows description of various types of unemployment. Indicate the type of employment that matches the description.
Date posted: August 20, 2019. Answers (1)
- Outline four factors that affect flow of national income in a two sector economy.(Solved)
Outline four factors that affect flow of national income in a two sector economy.
Date posted: August 20, 2019. Answers (1)
- The following information relates to Kasuku Traders for the year 2018.
i) Closing capital shs.150,000.
ii) The proprietor had withdrawn shs.15,000 in cash and goods valued at...(Solved)
The following information relates to Kasuku Traders for the year 2018.
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.
iv) Made a profit amounting to shs.30,000.
Calculate Kasuku Trader’s initial capital.
Date posted: August 20, 2019. Answers (1)
- The following is a graph showing demand of sweet potatoes. Indicate the effect of increase in consumer’s income on the graph.(Solved)
The following is a graph showing demand of sweet potatoes. Indicate the effect of increase in consumer’s income on the graph.
Date posted: August 20, 2019. Answers (1)
- Outline four disadvantages of using publicity as a method of product promotion.(Solved)
Outline four disadvantages of using publicity as a method of product promotion.
Date posted: August 20, 2019. Answers (1)