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- Ndovu bought 200 blankets at Sh.500 each on credit. The terms of sale were 20% trade discount, 10% quantity discount and 5% cash discount if...(Solved)
Ndovu bought 200 blankets at Sh.500 each on credit. The terms of sale were 20% trade discount, 10% quantity discount and 5% cash discount if payment is made within two weeks. Calculate the amount paid if payment is made after one week.
Date posted: September 3, 2019. Answers (1)
- The following trial balance was prepared from the books of Joska Traders as at 31st Dec 2014.
(i)Prepare Joska Traders profit and loss account.
(ii) Calculate :
(a)...(Solved)
The following trial balance was prepared from the books of Joska Traders as at 31st Dec 2014.
(i)Prepare Joska Traders profit and loss account.
(ii) Calculate :
(a) Mark up
(b) Margin
(c) R.O.S.T.O
Date posted: September 3, 2019. Answers (1)
- On 1 April 2014, Kama Traders had Sh 200,000 in cash and Sh 70,000 bank overdraft.
During the month the following transactions took place.
April 10 A...(Solved)
On 1 April 2014, Kama Traders had Sh 200,000 in cash and Sh 70,000 bank overdraft.
During the month the following transactions took place.
April 10 A debtor settled his account of sh 500,000 by cheque less 5% cash discount.
April 15: Settled Jane‘s account of sh 90,000 by cheque less 3% cash discount.
April 30: Banked all cash except sh 40,000.
Enter the above information in the cash book given.
Date posted: September 3, 2019. Answers (1)
- The following information was extracted from the books of Sunrise Enterprise on 30th June 2012
Prepare the Trading account of Sunrise Enterprise for the year ended...(Solved)
The following information was extracted from the books of Sunrise Enterprise on 30th June 2012
Prepare the Trading account of Sunrise Enterprise for the year ended 30th June 2012.
Date posted: September 3, 2019. Answers (1)
- The following information was obtained from the records of Biashara traders as at 31st December 2014. ...(Solved)
The following information was obtained from the records of Biashara traders as at 31st December 2014.
Sh.
Long term loan............................ 20,000
Debtors ...................................6,000
Cash at bank ..............................24,000
Creditors .................................14, 000
Furniture .................................40,000
Stock..................................... 10,000
Prepare Biashara Traders balance sheet as at 31st December 2014.
Date posted: September 3, 2019. Answers (1)
- Using a diagram illustrate the effects of a rightward shift in supply curve on equilibrium price and quantity.(Solved)
Using a diagram illustrate the effects of a rightward shift in supply curve on equilibrium price and quantity.
Date posted: September 3, 2019. Answers (1)
- The following balances were extracted from the books of Mutwiri Traders for the year ended 31st December 2011. ...(Solved)
The following balances were extracted from the books of Mutwiri Traders for the year ended 31st December 2011.
Shs.
Gross profit ...........................76,200
Stock (31 st Dec.) .....................160,400
Cash ...................................210,120
Motor vehicle ..........................1,206,000
Capital .................................1,207,120
Equipment ...............................401,200
Furniture ................................188,800
Creditors .................................248,400
Debtors ..................................151,800
Discount received .......................52,800
Salaries ...............................24,800
Carriage outward....................... 28,800
Rent income ............................25,200
Advertising.............................. 44,400
Insurance................................ 18,800
Bank overdraft ...........................825,400
Required:
(i) Prepare a profit and loss A/C for Mutwiri Traders for the year ended 31 st Dec.2011.
(ii) Prepare a balance sheet as at 31 st Dec.2011.
Date posted: September 3, 2019. Answers (1)
- The following transactions related to Kioko Traders for the month of May 2012(Solved)
The following transactions related to Kioko Traders for the month of May 2012
May 2: Sold goods on credit to Asunta sh.24, 000 and Janet sh.32, 000
May 8: Bought goods on credit from Patel Traders sh.80, 000
May 12: Asunta returned goods worth sh.4, 000
May 15: Purchased goods on credit from Karoki sh.68, 000 and Petero sh.62, 100
May 20: Goods worth sh. 12,000 were returned to Patel Traders and goods worth sh.6, 000 to Karoki
May 23: Goods sold on credit to Asunta sh. 16,000, Tom sh.22000 and Joseph sh.26, 000 May 27: Goods
returned by Janet sh.4, 000
May 30: Purchased a motor vehicle on credit worth sh. 1,000,000 from General motors
Prepare the relevant journals.
Date posted: September 3, 2019. Answers (1)
- The following information relates to Muindi Traders.Stock (1/1/2011)............ 30.000Stock (31/12/2011)........... 15,000Purchases..................... 150,000Mark up .......................20%Prepare the trading account for the period ended 31/12/2011.(Solved)
The following information relates to Muindi Traders.
Stock (1/1/2011)............ 30,000
Stock (31/12/2011)........... 15,000
Purchases..................... 150,000
Mark up .......................20%
Prepare the trading account for the period ended 31/12/2011.
Date posted: September 3, 2019. Answers (1)
- Identify the source document used to make entries in the following journals.(Solved)
Identify the source document used to make entries in the following journals.
Date posted: September 3, 2019. Answers (1)
- Record the following transactions in Kanana‘s Ledger accounts.
2014
Jan 1 : Credit sales to Mawira Ksh.60,000
Jan 2 : Credit purchases from Mutua Ksh. 120,000(Solved)
Record the following transactions in Kanana‘s Ledger accounts.
2014
Jan 1 : Credit sales to Mawira Ksh.60,000
Jan 2 : Credit purchases from Mutua Ksh. 120,000
Date posted: September 3, 2019. Answers (1)
- On 1st July 2012, Meru traders had the following balances: ...(Solved)
On 1st July 2012, Meru traders had the following balances:
shs.
Computer................ 45,000
Capital ................136,000
Creditors ..............20,000
Furniture.............. 80,000
Bank ..................26,000
Cash................... 5,000
The following transactions took place on 2nd July 2012 :
- purchased a motor van for sh.400,000 on credit from Shah motors
- paid a creditor sh. 13,000 by cheque
- bought furniture for sh.8000 by cheque
Prepare a balance sheet as at 2nd July 2012 after the above transactions had taken place.
Date posted: September 3, 2019. Answers (1)
- State four users of a balance sheet.(Solved)
State four users of a balance sheet.
Date posted: September 3, 2019. Answers (1)
- Identify the type of advertising described by each of the following :(Solved)
Identify the type of advertising described by each of the following :
Date posted: September 3, 2019. Answers (1)
- Mwiti has a retail shop in Meru town valued at Ksh. 1,500,000. He insured the business with an insurance company for sh.1,000,000 against fire. After...(Solved)
Mwiti has a retail shop in Meru town valued at Ksh. 1,500,000. He insured the business with an insurance company for sh.1,000,000 against fire. After six months a fire broke out and destroyed 80% of the business. Determine the amount of compensation that he can claim from the insurance company.
Date posted: September 3, 2019. Answers (1)
- Identify the element of transport to which each of the following items relate.
(a) Diesel
(b) Port
(c) School bus
(d) Lake(Solved)
Identify the element of transport to which each of the following items relate.
(a) Diesel
(b) Port
(c) School bus
(d) Lake
Date posted: September 3, 2019. Answers (1)
- Indicate with a tick whether the following items fall in the internal or external business environment.(Solved)
Indicate with a tick whether the following items fall in the internal or external business environment.
Date posted: September 3, 2019. Answers (1)
- The following trial balance was extracted from Milka traders on 31st Dec 2015.(Solved)
The following trial balance was extracted from Milka traders on 31st Dec 2015.
Additional information;
Closing stock was sh. 22000
Prepare Milka traders Trading, profit and loss account for the year ending 31/12/2015.
Date posted: September 3, 2019. Answers (1)
- The following transactions took place in the business of Shujaa Enterprise during the month of March 2015.(Solved)
The following transactions took place in the business of Shujaa Enterprise during the month of March 2015.
2015 March
1st: Credit purchase from Maisha sh 20,000, Ndovu sh 5,000, Kingi sh 12,000
3rd: Credit sales to Kombo sh 6000, Mamboleo sh 8000, Ndugu sh 10,000
8th: Goods returned to Shujaa Enterprises from Kombo sh 500, Ndugu sh 1000
12th: Goods returned by Shujaa Enterprises to Kingi sh 1500, Ndovu sh 500
Required;
Record the above information in the relevant books of original entry.
Date posted: September 3, 2019. Answers (1)
- Explain five factors that may affect economic planning process.(Solved)
Explain five factors that may affect economic planning process.
Date posted: September 3, 2019. Answers (1)