Outline the procedure of balancing a ledger account.

Answers

- Identify the ledger account / title account
- Find the totals of debit side and credit side
- Get the difference between debit total and credit total
- Insert the difference on the side with the smaller total and label it as balance c/d
- Confirm and put the equal totals of the two sides and double underline each
- Transfer the account balance to the side with the greater total below it as balance b/d

sharon kalunda answered the question on September 5, 2019 at 13:41

Next: Give four reasons why free trade is not suitable to a developing country.
Previous: Outline four factors that can hinder timely implementation of a development plan.

View More Business Studies Questions and Answers | Return to Questions Index

Exams With Marking Schemes

Related Questions

Give four reasons why free trade is not suitable to a developing country.(Solved)
Give four reasons why free trade is not suitable to a developing country.

Date posted: September 5, 2019. Answers (1)
The following information was extracted from the books of Bizna Traders for the month ended 29^th February 2016. Required : Prepare a profit and loss account for...(Solved)
The following information was extracted from the books of Bizna Traders for the month ended 29^th February 2016.

Shs.
Rent received ...........................4,000
Discount allowed .........................10,155
Discount received ........................5,144
Gross profit............................. 23,005
Carriage outwards........................ 6,000
Salaries ................................19,637
Depreciation expenses ...................2,000

Required :
Prepare a profit and loss account for the business for the month ended 29^th Feb.2016

Date posted: September 5, 2019. Answers (1)
On 1^st April 2015, Nyamothe Retailers has sh.20,000 in cash and sh.45,000 at bank. During the month of April the following transactions took place : Required...(Solved)
On 1^st April 2015, Nyamothe Retailers has sh.20,000 in cash and sh.45,000 at bank. During the month of April the following transactions took place :

April 2nd Credit sales to Juma sh.5,000
April 12^th Cash sales directly banked sh.15,000
April 16^th Paid rent 8,000 and wages 2,000 all in cash
April 18^th Credit purchases from Kamau 20,000
April 20^th Paid telephone bills by cheque shs.12,000
April 29^th Deposited all the cash into bank except sh.1000

Required :
Prepare dully balanced two column cash book.

Date posted: September 5, 2019. Answers (1)
The following balances were extracted from the books of Murungari General stores. Required : Prepare a balance sheet as at 30^th April 2014.(Solved)
The following balances were extracted from the books of Murungari General stores.

shs.
Premises ..............................................350,000
Creditors .............................................150,000
5yrs bank loan........................................ 100,000
Motor vehicle .........................................200,000
Bank overdraft ........................................250,000
Stock .................................................170,000
Debtors ................................................120,000
Cash ..................................................60,000
Prepaid rent ..........................................22,000
Capital ..................................................?

Required :
Prepare a balance sheet as at 30^th April 2014.

Date posted: September 5, 2019. Answers (1)

Highlight four circumstances for using the short message service (SMS) to communicate.(Solved)
Highlight four circumstances for using the short message service (SMS) to communicate.

Date posted: September 5, 2019. Answers (1)
The following transactions took place in the month of January 2015 for Karuku Retailers. Jan 12^th Sales to Juma worth shs.200,000 invoice no. 231 Jan 20^th Sales...(Solved)
The following transactions took place in the month of January 2015 for Karuku Retailers.

Jan 12^th Sales to Juma worth shs.200,000 invoice no. 231
Jan 20^th Sales to Kiama worth sh.150,000
Jan 26^th Sales to Mercy worth sh.125,000
Required : A sales journal for Karuku.

Date posted: September 5, 2019. Answers (1)
The following statements refer to different office layouts. Identify the type of office layout explained in the following statements. a) All staff members operate from...(Solved)
The following statements refer to different office layouts. Identify the type of office layout explained in the following statements.
a) All staff members operate from the same room
b) Senior managers are assigned separate rooms from where they coordinate activities.
c) High class office designed to enhancing the image of the organisation.

Date posted: September 5, 2019. Answers (1)
Identify the type of goods described by the following statements given in the table.(Solved)
Identify the type of goods described by the following statements given in the table.

Date posted: September 5, 2019. Answers (1)

The following information was extracted from the books of Ambwere Trader for the year ended 31^st Dec 2015. Cost of sales ......................................1,200,000 Stock as at 1.1.2015...(Solved)
The following information was extracted from the books of Ambwere Trader for the year ended 31^st Dec 2015.

Cost of sales ......................................1,200,000
Stock as at 1.1.2015 ..............................160,000
Stock as at 31.12. 2015 .............................240,000
Calculate the rate of stock turn over

Date posted: September 5, 2019. Answers (1)
The following balances were extracted from the books of Mungoma Traders as at 31st Dec 2015. Prepare a balance sheet for Mungoma Traders as at 31^st...(Solved)
The following balances were extracted from the books of Mungoma Traders as at 31st Dec 2015.

Motor Vehicles.................................... 80,000
Plant and Machinery............................... 70,000
Loan from bank ....................................60,000
Stock .............................................25,000
Debtors ...........................................30,000
Creditors .........................................15,000
Cash at Bank .......................................20,000

Prepare a balance sheet for Mungoma Traders as at 31^st Dec.2015.

Date posted: September 5, 2019. Answers (1)
For each case of the following cases, name the motive for holding Money(Solved)
For each case of the following cases, name the motive for holding Money

Date posted: September 5, 2019. Answers (1)
State the document to be applied in each of the following statements.(Solved)
State the document to be applied in each of the following statements.

Date posted: September 5, 2019. Answers (1)
For each of the following transaction, indicate in the spaces provided the account to be debited the account to be credited and the ledger in...(Solved)
For each of the following transaction, indicate in the spaces provided the account to be debited the account to be credited and the ledger in which it is maintained.

Date posted: September 5, 2019. Answers (1)
Record the following transactions in the cash book of Kamau Traders for the Month of May 2016 and balance it . 2016 Jan 1 : Cash in...(Solved)
Record the following transactions in the cash book of Kamau Traders for the Month of May 2016 and balance it .

2016
Jan 1 : Cash in hand shs 10,000. Cash at Bank shs 20,000.
Jan 10 : Paid Lucy shs 8,800 and Toms shs 11,000 after deduction 12% cash discount in Each case.
Jan 30 : Banked all the cash leaving ksh 1,200 in the cash book.

Date posted: September 5, 2019. Answers (1)
State four features of consumer goods and services(Solved)
State four features of consumer goods and services

Date posted: September 5, 2019. Answers (1)
The following information relates to Mungoma Traders for the year ended 31^st Dec 2015(Solved)
The following information relates to Mungoma Traders for the year ended 31^st Dec 2015

Gross profit............................... 140,000
Salaries ...................................20,000
Electricity charges..........................8,000
Discount Allowed............................ 6,000
Discount Received............................ 26,000

Prepare a profit and Loss Account for Mungoma Traders for the year ended 31^st Dec 2015.

Date posted: September 5, 2019. Answers (1)
The following balances were extracted from the books of Ongware traders as at 31^st December 2015. Calculate : i) Current ratio ii) Cost of goods sold iii) Mark up iv)...(Solved)
The following balances were extracted from the books of Ongware traders as at 31^st December 2015

Sales during the year amounted to Ksh.2,000,000
Stock on 1st Jan. 2015 was shs.100,000
Stock on 31st Dec. 2015 was shs.200,000
Creditors shs.250,000
Bank overdraft shs.400,000
Cash in hand shs.150,000
Gross profit margin was 20%

Calculate :
i) Current ratio
ii) Cost of goods sold
iii) Mark up
iv) Rate of stock turnover

Date posted: September 5, 2019. Answers (1)
Prepare a duly balanced three column cash book from the following information extracted from the books of Omwami traders. Jan 1st Balance b/d cash sh.4,000, Bank...(Solved)
Prepare a duly balanced three column cash book from the following information extracted from the books of Omwami traders.

Jan 1st Balance b/d cash sh.4,000, Bank Sh.27,000
Jan. 4th Settled Olweny creditors account of shs.8000 by cheque having deducted 6% cash discount
Jan 8th Received shs.6,000 cash from Mutoma traders
Jan 16th Deposited shs.4,500 to bank account
Jan 24th Withdrew shs.9200 from bank for private use
Jan 29th Received shs.19950 from Kahawa by cheque after allowing 5% discount
Jan 31st Banked all the cash leaving shs.1500 in the office

Date posted: September 5, 2019. Answers (1)
The following balance were extracted from the books of Nyachenge discount centre for the year ended 31^st December 2010.Prepare a balance sheet as at 31^st...(Solved)
The following balance were extracted from the books of Nyachenge discount centre for the year ended 31^st December 2010

Cash ...........................................................20,520
Bank ...........................................................160,230
Premises .......................................................800,000
Debtors .........................................................40,000
Creditors....................................................... 40,000
2 year loan..................................................... 62,000
Stock ............................................................2500

Prepare a balance sheet as at 31^st December 2010.

Date posted: September 5, 2019. Answers (1)
Omwega traders had the following balances on 30^th June 2009. Prepare a trial balance for Omwega traders as at 30^th June 2009.(Solved)
Omwega traders had the following balances on 30^th June 2009.

Sales ................................................420,000
Motorvan .............................................300,000
Purchases.............................................240,000
Equipments ...........................................120,000
Debtors ...............................................80,000
Creditors............................................. 40,000
Expenses .............................................160,000
Capital ..............................................440,000

Prepare a trial balance for Omwega traders as at 30^th June 2009.

Date posted: September 5, 2019. Answers (1)

Quick Links