–Accepting deposits.
-Lending.
-Providing advice.
-Safe custody of valuable items.
-Acting as trustees.
-Acting as guarantors and referees.
-Issuing letters of credit.
Kavungya answered the question on September 25, 2019 at 09:18
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Prepare a corrected trial balance.(Solved)
The following trial balance was prepared by a book keeper but failed to balance.
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Trial Balance
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Dr Cr
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Date posted: September 25, 2019. Answers (1)
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a)Proprietor brought in a personal car worth sh. 80 000 for business use.
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Machine 150 000
Motor vehicles 200...(Solved)
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Capital 292 000
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Additional information
(i)Closing stock was valued at sh.72,000
(ii)Telephone charges prepaid shs.1100
(iii)Outstanding water...(Solved)
The following balances were obtained from the books of Nakhulo Traders on 31st Dec 2011
Additional information
(i)Closing stock was valued at sh.72,000
(ii)Telephone charges prepaid shs.1100
(iii)Outstanding water bill shs. 1300
(iv)Depreciation on equipment is 10% on cost carried inwards shs.11,000, carried outwards shs.10,000
Prepare;
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Date posted: September 25, 2019. Answers (1)
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Additional information;
(i)Stock as at 31st December 2011 shs 52,000
(ii)Rent...(Solved)
The following trial balance was extracted from the books of Bumala traders on 31st Dec 2011
Additional information;
(i)Stock as at 31st December 2011 shs 52,000
(ii)Rent accrued shs. 6,000
(iii)Insurance paid in advanced sh.4,000
(iv)Commission due shs.5,000
(v)Salaries along shs.21,000
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(b)Balance sheet as at that date
Date posted: September 25, 2019. Answers (1)
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