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- The table below shows estimated values for a certain country in millions of dollars.
...(Solved)
The table below shows estimated values for a certain country in millions of dollars.
US$
Wages and salaries .....................450,000
Income from rent .......................30,000
Profit of corporation ..................40,000
Net interest ............................80,000
Indirect taxes ..........................70,000
Subsidies ...............................200,000
Depreciation............................. 80,000
Net income from abroad..................... 50,000
From the above table calculate;
(a) The gross domestic produce
(b) Gross national product
Date posted: September 4, 2019. Answers (1)
- The following information was extracted from the books of Migori Traders on(Solved)
The following information was extracted from the books of Migori Traders on 31st December 2015.
Stock 1st Jan................................... 30,000
Sales .......................................................500,000
Purchases ...................................................300,000
Return in ....................................................5,000
Purchases return ............................................20,000
Carriage in ..................................................5,000
Stock 31st Dec 2015............................... 70,000
Sales and wages ..............................................20,000
Commission received........................................... 5,000
Repairs .......................................................5,000
Prepare;
Trading account
Profit and loss account
Date posted: September 4, 2019. Answers (1)
- Enter the following transactions in a single column cash book and balance it off. (Solved)
Enter the following transactions in a single column cash book and balance it off.
2013 August 2nd commenced business with Sh. 14.000 cash and 200,000 at the bank.
2013 August 3rd made cash sales amounting to sh. 6,000
2013 August 5th received cash 16,000 from Marwa, a debtor.
2013 August 12th paid for motor expenses Sh. 7,000 in cash.
2013 August 13th drew Sh. 30,000 from bank for office use.
Date posted: September 4, 2019. Answers (1)
- For each of the following transactions, indicate in the spaces provided the accounts to be debited and credited, and the type of ledger in which...(Solved)
For each of the following transactions, indicate in the spaces provided the accounts to be debited and credited, and the type of ledger in which the accounts is maintained.
Date posted: September 4, 2019. Answers (1)
- In the spaces provided indicate whether each of the following sentences relate to verbal or audio visual communication.(Solved)
In the spaces provided indicate whether each of the following sentences relate to verbal or audio visual communication.
Date posted: September 4, 2019. Answers (1)
- The table below contains descriptions relating to the type of cash terms used in home trade. Name the type which each description refers to.(Solved)
The table below contains descriptions relating to the type of cash terms used in home trade. Name the type which each description refers to.
Date posted: September 4, 2019. Answers (1)
- The following information was extracted from the records of Mwema Enterprises for the period ending 31st December 2015.
Required
i) Trading profit and Loss A/C.
ii) Balance sheet(Solved)
The following information was extracted from the records of Mwema Enterprises for the period ending 31st December 2015.
Required
i) Trading profit and Loss A/C.
ii) Balance sheet
Date posted: September 4, 2019. Answers (1)
- The following information was extracted from the records of Subira Wholesalers for the month of March 2015.
Post the information to the relevant ledger accounts(Solved)
The following information was extracted from the records of Subira Wholesalers for the month of March 2015.
Post the information to the relevant ledger accounts
Date posted: September 4, 2019. Answers (1)
- Below is a cashbook of Achieng for the month of July 2014.
Outline the transactions that took place on
1st (Cr. Side) 7th , 8th 10th(Solved)
Below is a cashbook of Achieng for the month of July 2014.
Outline the transactions that took place on
1st (Cr. Side) 7th , 8th 10th
Date posted: September 4, 2019. Answers (1)
- 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)