Get premium membership and access questions with answers, video lessons as well as revision papers.
1st –Bank overdraft
7th Sales by cheque Kshs. 10,000
8th Paid electricity by cash 700
10th Contra entry of ksh 3,000
sharon kalunda answered the question on September 4, 2019 at 13:03
- The following table shows the price of 2kg of maize flour 1 loaf of bread, and 1 packet of milk in 2013 and 2014 with...(Solved)
The following table shows the price of 2kg of maize flour 1 loaf of bread, and 1 packet of milk in 2013 and 2014 with their weights.
Required:
Calculate Consumer Price Index (C.P.I) for the year 2014 for the basket of goods composed of the three items using the Weighted Average Method and determine level of inflation.
Date posted: September 4, 2019. Answers (1)
- The following information relates to Makini Traders for the year ending 31st December 2015.
...(Solved)
The following information relates to Makini Traders for the year ending 31st December 2015.
Shs.
Margin........................................... 15%
Sales ............................................640,000
Purchases........................................ 480,000
Stock on 1/1/2015................................ 130,000
Closing stock ......................................?
Required
Trading Account of Makini Traders for the year ending 31st December 2015.
Date posted: September 4, 2019. Answers (1)
- The following information relates to Kamongo Traders for the year ending 31st Dec. 2010.
...(Solved)
The following information relates to Kamongo Traders for the year ending 31st Dec. 2010.
Shs.
Additional investment................................. 900,000
Drawings ..............................................300,000
Closing capital..................................... 7,000,000
Profit.............................................. 3,200,000
Required: Kamongo‘s initial capital.
Date posted: September 4, 2019. Answers (1)
- The following trial balance was extracted from the books of Jua Kali Trader as at 30th June 2016.
Stock as at 30th June 2016 was sh.70,000
(i)...(Solved)
The following trial balance was extracted from the books of Jua Kali Trader as at 30th June 2016
Stock as at 30th June 2016 was sh.70,000
(i) Prepare Jua Kali Traders trading, profit and loss account for the period ended 30th June 2016.
(ii) A balance sheet as at that date.
Date posted: September 4, 2019. Answers (1)
- On 1st January 2015, Ngunjiri had shs.15,000 in hand and bank overdraft of sh.25,000.
During the month the following transactions took place:
January 2: Cash sales directly...(Solved)
On 1st January 2015, Ngunjiri had shs.15,000 in hand and bank overdraft of sh.25,000.
During the month the following transactions took place:
January 2: Cash sales directly banked sh40,360
January 4; Bought stock of goods in cash sh.2,400
January 6: Received a cheque of sh.97,800 from Karanja after allowing him a cash discount of Sh. 2,200.
January 9: Paid Mung‘athia, a creditor sh.65,800 by cheque after deducting 6& cash discount.
January 14; Paid salaries sh.8,000 in cash.
January 17: Mwatela, a debtor settle his account of sh.75,000 by cheque less 10% cash discount.
January 24; Withdraw sh.30,000 from bank for office use.
January 28: Bought stationery in cash sh.10,000.
January 31; Withdraw sh.7,000 from bank for private use.
Required
Prepare the three column cash book duly balanced.
Date posted: September 4, 2019. Answers (1)
- Explain five reasons why a firm would prefer trade credit to a bank loan.(Solved)
Explain five reasons why a firm would prefer trade credit to a bank loan.
Date posted: September 4, 2019. Answers (1)
- The table below shows source document state the book of original entry in which the information from these source documents would be recorded.(Solved)
The table below shows source document state the book of original entry in which the information from these source documents would be recorded.
Date posted: September 4, 2019. Answers (1)
- Funny Traders, had the following assets and liabilities as at 1st January, 2015 ...(Solved)
Funny Traders, had the following assets and liabilities as at 1st January, 2015
Sh
Furniture + equipment........................... 350,000
Debtors .........................................45,000
Cash............................................ 7,000
Creditor......................................... 48,000
For the year ended 31st December, 2015 there was:
(i) Additional capital introduced amounting to sh34,000.
(ii) Drawings made during the year amounting to sh20,000.
(iii) Net profit amounting to sh34,000.
Determine the capital of the business as at 31st December, 2015.
Date posted: September 4, 2019. Answers (1)
- Indicate the form of external environmental factor described by the statement below.(Solved)
Indicate the form of external environmental factor described by the statement below.
Date posted: September 4, 2019. Answers (1)
- The following balances were extracted from the books of Sitaki Mambo traders as at 31st December, 2015
...(Solved)
The following balances were extracted from the books of Sitaki Mambo traders as at 31st December, 2015
Sh.
Cash at bank................................... 12,500
Cash in hand ....................................7,500
Wages due .......................................3,500
Creditors .......................................11,500
Loan from bank ...................................60,000
Motor vehicles ...................................100,000
Equipment + Machinery .............................50,000
Stock ............................................25,000
Debtors ...........................................30,000
Prepare a balance sheet for Sitaki Mambo traders as at 31st December 2015
Date posted: September 4, 2019. Answers (1)
- Using the following transactions, state the name of the account to be debited and the account to be credited.
Transaction ........................................A/c debited.......................... A/c Credited
(i) Made...(Solved)
Using the following transactions, state the name of the account to be debited and the account to be credited.
Transaction ........................................A/c debited.......................... A/c Credited
(i) Made cash sales of sh 2,000
(ii) Purchased machine by cheque
(iii) paid a creditor sh3,000 cash
(iv) withdraw sh10,000 for business Use.
Date posted: September 4, 2019. Answers (1)
- Hellen the new manager, outshine Company limited, is considering turning the office layout from being an open office layout to a landscape layout. Outline four...(Solved)
Hellen the new manager, outshine Company limited, is considering turning the office layout from being an open office layout to a landscape layout. Outline four changes she can adopt.
Date posted: September 4, 2019. Answers (1)
- The following information relates to Malindi Traders for the year ended
31st December 2015.
...(Solved)
The following information relates to Malindi Traders for the year ended
31st December 2015.
Shs
Total current assets ......................587,500
Total Fixed assets ........................720,000
Total current liabilities ..................32,500
Total long term liabilities................. 357,500
Net Profit ..................................50,000
Capital...................................... 625,000
Sales....................................... 1,000,000
Opening stock................................. 50,000
Closing stock .................................25,000
Margin....................................... 20%
Calculate:
(i) Working capital
(ii) Current ratio
(iii) Mark-up percentage
(iv) Rate of stock turnover
(v) Return on capital
Date posted: September 4, 2019. Answers (1)
- State FOUR Ways in which advertising agencies assist in sales promotion.(Solved)
State FOUR Ways in which advertising agencies assist in sales promotion.
Date posted: September 4, 2019. Answers (1)
- Kisii Traders had the following balances as at 31st December 2014.
...(Solved)
Kisii Traders had the following balances as at 31st December 2014.
Shs
Bank Loan 3 years........................... 472,500
Buildings ....................................540,000
Creditors ....................................227,000
Debtors .......................................116,900
Furniture ......................................408,170
Gross profit ...................................520,600
Motor vehicle ...................................900,000
Discount allowed ................................142,000
Lighting........................................ 25,200
Interest on loan ................................1,200
Closing stock ...................................72,500
Rent Received ..................................120,000
Repairs on buildings .............................60,000
Repairs on furniture .............................72,030
Repairs on motor vehicle .........................300,000
General expenses ..................................102,100
Capital ..........................................1,400,000
Prepare:
(i) Profit and loss account for the year ended 31st December 2014.
(ii) Balance sheet as at 31/12/2014.
Date posted: September 4, 2019. Answers (1)
- State FOUR economic effects of taxation to a country's economy.(Solved)
State FOUR economic effects of taxation to a country's economy.
Date posted: September 4, 2019. Answers (1)
- In each of the following cases, state the type of inflation described.
a) The unrest in Libya has resulted to an increase in the price of...(Solved)
In each of the following cases, state the type of inflation described.
a) The unrest in Libya has resulted to an increase in the price of oil.
b) The price of bread has gone up to Shs.60 due to Increase in the price of Wheat.
c) A lot of Money in circulation has led to the general increase of price.
d) A rise in price due to uneven growth in Some sectors of the economy.
Date posted: September 4, 2019. Answers (1)
- The following are types of internal and external environments (Solved)
The following are types of internal and external environments. Technological, Business structure, Demographic and physical.In the table below , write the type of environment that suits the description.
Date posted: September 4, 2019. Answers (1)
- Record the following transactions in a two column cash bookand balance it off as at January 12th2008 January 1 Started business with capital sh. 10,000...(Solved)
Record the following transactions in a two column cash bookand balance it off as at January 12th2008
January 1 Started business with capital sh. 10,000 cash and sh. 25,000 bank overdraft
January 2 bought stock in cash sh. 6,000
January 3 cash sales sh. 2,500
January 7 bought stock worth sh. 5,000 on credit
January 12 withdrew cash from bank for office use sh. 4,000
Date posted: September 4, 2019. Answers (1)
- Atemo is the head of the marketing team at ABC Company that has recorded tremendous increase in volume of sales over the last four years....(Solved)
Atemo is the head of the marketing team at ABC Company that has recorded tremendous increase in volume of sales over the last four years. Highlight four attributes that she possess.
Date posted: September 4, 2019. Answers (1)