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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
- For each of the following sources document name the relevant day book.(Solved)
For each of the following sources document name the relevant day book.
Date posted: September 2, 2019. Answers (1)
- On 1st of October 2009 Sambu bought goods on credit quoted at Kshs.240,000. Terms of sales were 20% trade discount and 10% cash discount if...(Solved)
On 1st of October 2009 Sambu bought goods on credit quoted at Kshs.240,000. Terms of sales were 20% trade discount and 10% cash discount if payment was made on 29TH October 2009. Calculate the amount paid if payment was made on 26th October 2009.
Date posted: September 2, 2019. Answers (1)
- In the table below classify the accounts as personal, nominal, real or private.(Solved)
In the table below classify the accounts as personal, nominal, real or private.
Account........................... Account type
Machinery
Kamau( creditor)
Electricity bill
Rent income
Date posted: September 2, 2019. Answers (1)
- Below are some factors that influence the operation of a business. By use of a tick indicate in the appropriate column the Business environment associated...(Solved)
Below are some factors that influence the operation of a business. By use of a tick indicate in the appropriate column the Business environment associated with each of the factors.
Date posted: September 2, 2019. Answers (1)
- The table below shows prices and quantity of a crate of tomatoes supplied at Kapsabet Market for the last quarter of year 2015.Explain five factors...(Solved)
The table below shows prices and quantity of a crate of tomatoes supplied at Kapsabet Market for the last quarter of year 2015.
Explain five factors that may have led to the change in quantities supplied.
Date posted: September 2, 2019. Answers (1)
- 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...(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:
(i) Trading, Profit and Loss Account for the year ended 31st December 2014.
(ii) Balance Sheet as at 31st December 2014.
Date posted: September 2, 2019. Answers (1)
- Outline five circumstances that would make a person prefer a taxi rather than a matatu.(Solved)
Outline five circumstances that would make a person prefer a taxi rather than a matatu.
Date posted: September 2, 2019. Answers (1)
- Mrs. Baraka, a trader had the following cash transactions starting 1st January 2016.(Solved)
Mrs. Baraka, a trader had the following cash transactions starting 1st January 2016.
Jan 1 Balance b/d cash 5,000 bank 15,000
2 Bought goods for sale and paid by cheque 4,000
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.
26 Received payment of 7,500 cheque from Joy Enterprises after allowing discount of shs. 100
28 Paid electricity 3,000 cash
30 Paid water 1,500 in cash
31 Settled Korir Traders account of sh. 2,250 and received a 10% discount.
Enter the above transactions in a three-column cashbook.
Date posted: September 2, 2019. Answers (1)
- The following information relates to Nyangores Traders as at 31st December 2000.Prepare Nyangores Traders Balance Sheet as at December 2000.(Solved)
The following information relates to Nyangores Traders as at 31st December 2000.
Prepare Nyangores Traders Balance Sheet as at December 2000.
Date posted: September 2, 2019. Answers (1)
- 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....(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.
(iii) A debtor, Onyango returned goods to the business worth sh. 5,000.
(iv) Withdrew sh. 20,000 from the bank for business use.
Date posted: September 2, 2019. Answers (1)
- Henry‘s business had a mark-up of 25%. Calculate his margin.(Solved)
Henry‘s business had a mark-up of 25%. Calculate his margin.
Date posted: September 2, 2019. Answers (1)
- Mention four factors that may have caused the Demand curve to shift to the right.(Solved)
Mention four factors that may have caused the Demand curve to shift to the right.
Date posted: September 2, 2019. Answers (1)
- State four differences between subsistence production and large-scale production.(Solved)
State four differences between subsistence production and large-scale production.
Date posted: September 2, 2019. Answers (1)
- 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)