a) Profit and loss sharing -share profit and loss equally
b) Salary to partners -no salary to partners
c) Loans given to the business by the partner -5% interest on loans advance by a partner
d) Admission of a new partner -All partners must agree before a new partner is admitted.
sharon kalunda answered the question on September 3, 2019 at 06:09
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For each of the following sources document name the relevant day book.
Date posted: September 2, 2019. Answers (1)
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Date posted: September 2, 2019. Answers (1)
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In the table below classify the accounts as personal, nominal, real or private.
Account........................... Account type
Machinery
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Date posted: September 2, 2019. Answers (1)
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Date posted: September 2, 2019. Answers (1)
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Explain five factors that may have led to the change in quantities supplied.
Date posted: September 2, 2019. Answers (1)
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Closing stock was valued at shs. 55,000 while...(Solved)
The following trial balance was extracted from the Books of Nandi Hills Enterprises for the year ended 31/12/2014.
Closing stock was valued at shs. 55,000 while depreciation on motor vehicles was shs. 15,000.
Required:
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Date posted: September 2, 2019. Answers (1)
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Date posted: September 2, 2019. Answers (1)
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Mrs. Baraka, a trader had the following cash transactions starting 1st January 2016.
Jan 1 Balance b/d cash 5,000 bank 15,000
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9 Paid insurance 150 cash
12 Received 250 cash from Mr. Kibet
14 Deposited 1,000 in the bank
16 Received by cheque 2,000 from Mchana
20 With drew 7,500 from bank for office use.
23 Paid wages 900 by cheque.
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28 Paid electricity 3,000 cash
30 Paid water 1,500 in cash
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Enter the above transactions in a three-column cashbook.
Date posted: September 2, 2019. Answers (1)
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Prepare Nyangores Traders Balance Sheet as at December 2000.
Date posted: September 2, 2019. Answers (1)
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(i) Started business with sh. 50,000 in cash.
(ii) Sold goods worth sh....(Solved)
Read the following transactions and state the accounts to be debited or credited.
(i) Started business with sh. 50,000 in cash.
(ii) Sold goods worth sh. 30,000 receiving a cheque.
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Date posted: September 2, 2019. Answers (1)
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Date posted: September 2, 2019. Answers (1)
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Date posted: September 2, 2019. Answers (1)
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Date posted: September 2, 2019. Answers (1)
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The following trial balance was extracted from the ledgers of Baraka Traders for the year ended 31st December 2015.
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Date posted: September 2, 2019. Answers (1)
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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
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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
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Date posted: September 2, 2019. Answers (1)
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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)
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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)
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Date posted: September 2, 2019. Answers (1)
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Date posted: September 2, 2019. Answers (1)
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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)