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- The following is an extract of a bank account of Komu traders for the month of June 2015.
State the transactions that took place on the...(Solved)
The following is an extract of a bank account of Komu traders for the month of June 2015.
State the transactions that took place on the following dates:
(a) June 5:
(b) June 10:
(c) June 20:
(d) June 25:
Date posted: September 3, 2019. Answers (1)
- On 1st July 2012, Mara traders had Sh.6,000 cash in hand and bank overdraft of Sh.2,000. During the month the following transactions took place:2012
July 2:...(Solved)
On 1st July 2012, Mara traders had Sh.6,000 cash in hand and bank overdraft of Sh.2,000. During the month the following transactions took place:2012
July 2: Received cheques from debtors totaling to Sh.50,000
July 5: Paid rent Sh.2,000 cash.
July 15: Withdrew Sh.5,000 from the bank for personal use.
July 25: Banked all the cash except Sh.1000
Prepare a Two-column Cash Book for the month.
Date posted: September 3, 2019. Answers (1)
- Indicate whether each of the following factors influence demand or supply of a commodity.(Solved)
Indicate whether each of the following factors influence demand or supply of a commodity.
Date posted: September 3, 2019. Answers (1)
- State four reasons why short message services (SMS) is replacing letters as a way of communication.(Solved)
State four reasons why short message services (SMS) is replacing letters as a way of communication.
Date posted: September 3, 2019. Answers (1)
- State the unit of carriage for each of the following modes of transport.(Solved)
State the unit of carriage for each of the following modes of transport.
Date posted: September 3, 2019. Answers (1)
- 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)