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- The following information was extracted from the books of Zamzam traders as at 31st December 2015 ...(Solved)
The following information was extracted from the books of Zamzam traders as at 31st December 2015
...........................................Ksh
Purchases............................... 70,000
Sales ..................................170,000
Stock (1 Jan 2015)..................... 20,000
Capital............................... 240,000
Bank overdraft ........................145,000
Cash .................................3,000
Discount allowed..................... 5,000
Discount received ....................7,000
Return outwards ......................5,000
Return inwards .......................4,000
carriage on purchase .................2,000
Rent and rates ......................30,000
Commission received ..................2,200
Machinery ...........................40,000
Motor vehicles ......................70,000
Debtors ............................20,000
Creditors ..........................30,000
Drawings ...........................70,000
Wages and salaries ..................200,000
Additional information:
i) Stock on 31st Dec. 2015 was 15,000
ii) Wages and salaries accrued at 31st Dec. 2015 Kshs 10,000
iii) Prepaid rates shs 6,000
iv) Provide depreciation as follows;
Machinery shs 4,000
Motor vehicle 10% on cost
v) Drawings of stock 2,000/=
Required:
Prepare Zamzam traders trading, profit and loss account for year ended 31st Dec 2015.
Date posted: September 5, 2019. Answers (1)
- Journalise the following transactions through a general journal.
Jan 1 Sold an old typewriter on credit to Githumu academy worth shs 53,000
Jan 6...(Solved)
Journalise the following transactions through a general journal.
Jan 1 Sold an old typewriter on credit to Githumu academy worth shs 53,000
Jan 6 Bought an old sofa set on credit from Murata Sacco, for shs 8,000
Jan 10 Proprietor converted his personal saloon car for business use worth Kshs 150,000
Jan 12 Paid wages shs 6,000 cash.
Date posted: September 5, 2019. Answers (1)
- The table below shows the demand and supply schedules for product A in a week.Using the information given in the table above, draw the demand...(Solved)
The table below shows the demand and supply schedules for product A in a week.
Using the information given in the table above, draw the demand and supply curves showing the market equilibrium for the product.
Date posted: September 5, 2019. Answers (1)
- The following information relates to Gakarara traders for the year 2015. ...(Solved)
The following information relates to Gakarara traders for the year 2015.
.......................................................shs
Net sales ...........................................320,000
Margin............................................... 25%
Expenses .............................................35,000
Rate of Stock Turnover................................ 6 times
From the information above,calculate
i) Gross profit
ii) Cost of goods sold
iii) Net profit
Date posted: September 5, 2019. Answers (1)
- Record the following transaction in the cash book below. Duly balanced.
On 1st Jan 2015, Mugo traders had shs 22,500 in cash and shs 250,000...(Solved)
Record the following transaction in the cash book below. Duly balanced.
On 1st Jan 2015, Mugo traders had shs 22,500 in cash and shs 250,000 at bank. During the month, the following transactions took place.
5th Jan Received a cheque of shs 45,250 form Wacu traders in full settlement of her debt after allowing a 5% cash discount.
25th Jan Paid Kandara traders shs 15,000 cash after deducting a cash discount of shs 600.
30th Jan Deposited all cash into the bank except shs 500.
Date posted: September 5, 2019. Answers (1)
- Identify the type of ledger appropriate for the following accounts.(Solved)
Identify the type of ledger appropriate for the following accounts.
Date posted: September 5, 2019. Answers (1)
- Compute the missing figures and fill in the blank spaces.(Solved)
Compute the missing figures and fill in the blank spaces.
Date posted: September 5, 2019. Answers (1)
- Identify the term of payment associated with the following statements.(Solved)
Identify the term of payment associated with the following statements.
Date posted: September 5, 2019. Answers (1)
- Name the factor of production associated with each of the rewards listed below.(Solved)
Name the factor of production associated with each of the rewards listed below.
Date posted: September 5, 2019. Answers (1)
- The following diagram represents equilibrium price and quantity for a market. Outline four effects of a shift in demand curve to the left.(Solved)
The following diagram represents equilibrium price and quantity for a market. Outline four effects of a shift in demand curve to the left.
Date posted: September 5, 2019. Answers (1)
- Indicate in the table the type of advertisement described.(Solved)
Indicate in the table the type of advertisement described.
Date posted: September 5, 2019. Answers (1)
- The following transactions relate to Mamboleo Retailers for the month of September 2014
Sept 3 Sold goods on credit to Bukachi sh.14000 and Janet sh.18000
Sept 9...(Solved)
The following transactions relate to Mamboleo Retailers for the month of September 2014
Sept 3 Sold goods on credit to Bukachi sh.14000 and Janet sh.18000
Sept 9 Bought goods on credit from Shaban Traders sh.45000
Sept 14 Bukachi returned goods worth sh.2500
Sept 18 Purchased goods on credit from Nambaka sh.36000 and Janet sh.1200
Sept 22 Goods worth sh.7000 were returned to Shaban Traders and goods worth sh.4000 to Nambaka
Sept 24 Sold goods on credit to Bukachi sh.9000
Sept 26 Goods returned by Nehemiah sh.3000
Sept 30 Bought a generator worth sh.450,000 on credit from Dynomite power company
Required :
Prepare the relevant journals.
Date posted: September 5, 2019. Answers (1)
- The following balances were extracted from the books of Highway stores on 31st Dec. 2015(Solved)
The following balances were extracted from the books of Highway stores on 31st Dec. 2015
Items.................................................................... Shs.
Land and buildings ........................................................650,000
Stock...................................................................... 470,000
Bank overdraft.............................................................. 80,000
Debtors...................................................................... 350,000
Ten year loan................................................................ 500,000
Creditors ....................................................................220,000
Cash........................................................................ 50,000
Motor van .....................................................................150,000
Required :
i) Prepare a balance sheet for Highway Stores as at 31st Dec. 2015.
Date posted: September 5, 2019. Answers (1)
- The following information relates to Kembe Traders as at 31st December 2008
Rate of stock turnover 3 times
Mark up 20%
Opening stock sh.160,000
Closing stock sh.200,000
Required :...(Solved)
The following information relates to Kembe Traders as at 31st December 2008
Rate of stock turnover 3 times
Mark up 20%
Opening stock sh.160,000
Closing stock sh.200,000
Required : Determine
i) Gross profit
ii) Sales
Date posted: September 5, 2019. Answers (1)
- The table below relates to four different businesses, insert the correct values for A, B, C and D.(Solved)
The table below relates to four different businesses, insert the correct values for A, B, C and D.
Date posted: September 5, 2019. Answers (1)
- Identify the type of utility created by the following activities.(Solved)
Identify the type of utility created by the following activities.
Date posted: September 5, 2019. Answers (1)
- For each of the following transactions indicate the account to be debited or credited.(Solved)
For each of the following transactions indicate the account to be debited or credited.
Date posted: September 5, 2019. Answers (1)
- The following table represents the supply of sweet potatoes for three (3) months.Explain FIVE reasons to account for the change in quantity supplied of sweet...(Solved)
The following table represents the supply of sweet potatoes for three (3) months.
Explain FIVE reasons to account for the change in quantity supplied of sweet potatoes in the market.
Date posted: September 5, 2019. Answers (1)
- The following information relates to Baraka traders.
Closing stock was valued at sh.8000
Required :
i) The trading profit and loss account.
ii) The balance sheet(Solved)
The following information relates to Baraka traders.
Closing stock was valued at sh.8000
Required :
i) The trading profit and loss account.
ii) The balance sheet
Date posted: September 5, 2019. Answers (1)
- The following information relates to Haraka Traders for the year ended(Solved)
The following information relates to Haraka Traders for the year ended 30th June 2014
Net sales..................................... Shs. 400,000
Expenses .......................................Shs. 30,000
Margin ............................................20%
Rent Revenue ....................................Shs. 20,000
Carriage outwards .................................Shs. 10,000
Prepare Haraka traders profit and loss Account for the year ended 30th June 2014
Date posted: September 4, 2019. Answers (1)