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- The following trial balance was extracted from the ledgers of Baraka Traders for the year ended 31st December 2015.(Solved)
The following trial balance was extracted from the ledgers of Baraka Traders for the year ended 31st December 2015.
On 31st December 2015, the business had closing stock valued at Shs. 60,000.
Required:
(i) The Trading, Profit and Loss Account for the year ended 31st December 2015.
(ii) A Balance Sheet as at that date.
Date posted: September 2, 2019. Answers (1)
- Record the following transactions in Akili Traders‘ Three-Column Cashbook and balance it off on 31st January 2015.Jan 1 Balance b/d Cash Kshs. 200,000 Dr.Bank –...(Solved)
Record the following transactions in Akili Traders‘ Three-Column Cashbook and balance it off on 31st January 2015.
Jan 1 Balance b/d Cash Kshs. 200,000 Dr.
Bank – Kshs. 15,000Cr
Jan 2 Cash sales Kshs. 145,000
Jan 6 Paid for motor expenses Kshs. 2,000
Jan 7 Paid salaries in cash Kshs. 50,000
Jan 9 Bought stationeries in cash Kshs. 1,000
Jan 14 Settled Kalyet‘s account of Kshs. 60,000 by cheque less 3% cash discount.
Jan 18 Received a cheque of 84,600 from Koech after deducting 10% cash discount.
Jan 21 Cash sales paid direct into the bank 340,000
Jan 23 Kaigat settled his account of 2,600 by cheque after deducting 5% cash discount.
Jan 24 Received cheque from the following debtors after deducting 10% discount in each case;
Chuma Kshs, 3,000, Buko 28,000 and Matapei 9,000
Jan 25 Paid consultancy salaries in cash Shs. 2,000
Jan 29 Credit purchase of Shs. 10,000
Jan 31 Banked all except 4,200
Date posted: September 2, 2019. Answers (1)
- Mark with a tick to indicate in the appropriate column the financial statement in which each of the items in the table below would appear.(Solved)
Mark with a tick to indicate in the appropriate column the financial statement in which each of the items in the table below would appear.
Date posted: September 2, 2019. Answers (1)
- The following was obtained from the Books of Keino Traders.
Calculate:-
(i) Cost of goods sold.
(ii) Net sales
(iii) Gross profit(Solved)
The following was obtained from the Books of Keino Traders.
Calculate:-
(i) Cost of goods sold.
(ii) Net sales
(iii) Gross profit
Date posted: September 2, 2019. Answers (1)
- Chetambe retail shop carried out the transactions given in the table below. For each transaction, state the source of document and respective book of original...(Solved)
Chetambe retail shop carried out the transactions given in the table below. For each transaction, state the source of document and respective book of original entry.
Date posted: September 2, 2019. Answers (1)
- An entrepreneur may spot a gap in the market which may be converted into a business idea. Name four such gaps.(Solved)
An entrepreneur may spot a gap in the market which may be converted into a business idea. Name four such gaps.
Date posted: September 2, 2019. Answers (1)
- National income from expenditure approach is calculated as follows:
NI = C + I + G + (X-M)
State the meaning of the following:
(i) C
(ii) I:
(iii)...(Solved)
National income from expenditure approach is calculated as follows:
NI = C + I + G + (X-M)
State the meaning of the following:
(i) C
(ii) I:
(iii) G
(iv) X-M:
Date posted: September 2, 2019. Answers (1)
- Sherry traders had the following assets and liabilities as at 1st January 2004.
For the year ended 31st December 2004,
(i) Additional capital was Shs. 24,000
(ii) Drawings...(Solved)
Sherry traders had the following assets and liabilities as at 1st January 2004.
For the year ended 31st December 2004,
(i) Additional capital was Shs. 24,000
(ii) Drawings were Shs. 20,000
(iii) Net profit was Shs. 34,000
Determine the capital as at 31st December 2004.
Date posted: September 2, 2019. Answers (1)
- The following balances were obtained from the Books of Mtema Traders as at 31st July 2010.(Solved)
The following balances were obtained from the Books of Mtema Traders as at 31st July 2010.Prepare a trial balance as at 31st July 2010.
Date posted: September 2, 2019. Answers (1)
- Outline four challenges that a distributor of fresh milk is likely to face in his / her operations.(Solved)
Outline four challenges that a distributor of fresh milk is likely to face in his / her operations.
Date posted: September 2, 2019. Answers (1)
- Highlight four ways in which HIV/AIDS prevalence has negatively affected business activities.(Solved)
Highlight four ways in which HIV/AIDS prevalence has negatively affected business activities.
Date posted: September 2, 2019. Answers (1)
- State four auxiliary services to business.(Solved)
State four auxiliary services to business.
Date posted: September 2, 2019. Answers (1)
- The following information was extracted from the books of Umeme Traders as at 31st December 2009.
Prepare:
(i) Profit and loss account for the year ended 31st...(Solved)
The following information was extracted from the books of Umeme Traders as at 31st December 2009.
Prepare:
(i) Profit and loss account for the year ended 31st December 2009.
(ii) Balance sheet as at 31st December 2009.
Date posted: September 2, 2019. Answers (1)
- On 1st June 2015, Ndovu Traders had cash in hand of sh.25,000 and sh.56,200 at bank.
During the month, the following transactions took place:
2015
June 2 Cash...(Solved)
On 1st June 2015, Ndovu Traders had cash in hand of sh.25,000 and sh.56,200 at bank.
During the month, the following transactions took place:
2015
June 2 Cash sales, sh.42,000.
June 5 Received a cheque of sh.70,500 from Kiptala Traders after deducting a 6% cash discount.
June 8 Paid salaries, sh24,000 cash.
June 9 Yegon settled his account of sh.45,000 in cash and was allowed sh.l,800 cash discount.
June 12 Cash sales sh46,500.
June 18 Paid Tuitoek's debt of sh.l00,000 by cheque after deducting 5% cash discount.
June 24 Withdrew sh.26,000 from the bank for office use.
June 30 Banked all the cash except sh.25,000.
Prepare a 3-column cashbook and balance it off on 30th June, 2015.
Date posted: September 2, 2019. Answers (1)
- Explain five problems that are likely to face the process of implementation of well-prepared economic development plans.(Solved)
Explain five problems that are likely to face the process of implementation of well-prepared economic development plans.
Date posted: September 2, 2019. Answers (1)
- Outline the steps that one must follow when sent to the field to promote the products of the bank through personal selling.(Solved)
Outline the steps that one must follow when sent to the field to promote the products of the bank through personal selling.
Date posted: September 2, 2019. Answers (1)
- Giving the types of unemployment, state the causes of the remedies.(Solved)
Giving the types of unemployment, state the causes of the remedies.
Date posted: September 2, 2019. Answers (1)
- Study the following table of the demand and supply of product x.Explain five factors that may have led to the trend above.(Solved)
Study the following table of the demand and supply of product x.
Explain five factors that may have led to the trend above.
Date posted: September 2, 2019. Answers (1)
- Compute the consumer price index (CPI) from the following data giving explanation of your outcome
Year .............Price
2010............. 300
2011 .............375(Solved)
Compute the consumer price index (CPI) from the following data giving explanation of your outcome
Year .............Price
2010............. 300
2011 .............375
Date posted: September 2, 2019. Answers (1)
- In the table below fill in the missing figures S,T,U and V.(Solved)
In the table below fill in the missing figures S,T,U and V.
Date posted: September 2, 2019. Answers (1)