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Kavungya answered the question on September 25, 2019 at 12:33
- The following balance sheet was extracted from the books of Kirui traders on 1st April 2011.
The following transactions took place during the month of April...(Solved)
The following balance sheet was extracted from the books of Kirui traders on 1st April 2011.
The following transactions took place during the month of April 2011.
4.04.2011 Mrs Kirui sold her personal assets for sh.30000 receiving payment by
Cheque which she invested in the business.
10.04.201 She purchased goods for sh.29000 on credit from Mutai
19.04.2011 She returned goods worth sh.3000 to Mutai after they were found defective
30.04.2011 She sold goods for sh.12000 cash
Required
Open the relevant ledger accounts, record the above transactions and balance them off.
Date posted: September 25, 2019. Answers (1)
- Mr. Kisuiya insured his house with an Insurance company for sh.1,000,000. After some months Mr. Kisuiya’s house was completely destroyed by fire. Highlight five reasons...(Solved)
Mr. Kisuiya insured his house with an Insurance company for sh.1,000,000. After some months Mr. Kisuiya’s house was completely destroyed by fire. Highlight five reasons which may make the Insurance company not to compensate Mr. Kisuiya
Date posted: September 25, 2019. Answers (1)
- Unemployment is a problem in any economy in the world. Explain five measures that the Kenyan government may take to reduce this problem.(Solved)
Unemployment is a problem in any economy in the world. Explain five measures that the Kenyan government may take to reduce this problem.
Date posted: September 25, 2019. Answers (1)
- Give four incentives that a government may give investors to encourage development of firms in a certain area.(Solved)
Give four incentives that a government may give investors to encourage development of firms in a certain area.
Date posted: September 25, 2019. Answers (1)
- For each of the following transactions identify the book of original entry in which the transaction should be recorded.
(a)Goods worth sh.4,000 returned by a client
(b)Goods...(Solved)
For each of the following transactions identify the book of original entry in which the transaction should be recorded.
(a)Goods worth sh.4,000 returned by a client
(b)Goods were purchased for sh.120,000 on credit
(c)Returned goods worth sh.6,200 to the supplier
(d)Sale of office furniture worth sh.80,000 on credit
Date posted: September 25, 2019. Answers (1)
- State four ways in which the government may promote local trade.(Solved)
State four ways in which the government may promote local trade.
Date posted: September 25, 2019. Answers (1)
- The following Trial balance was obtained from the books of East Traders for the year
ended 30.06.2011
Prepare East Stores profit and loss account
(Solved)
The following Trial balance was obtained from the books of East Traders for the year
ended 30.06.2011
Prepare East Stores profit and loss account
Date posted: September 25, 2019. Answers (1)
- The information below was extracted from the books of Ssisa Stores for the year
ended 31.12.2011
Opening stock sh.75,000
Closing stock sh.25,000
Turnover sh.900,000
Margin 25%
Determine:
(a)Gross profit
(b)Rate of Turnover(Solved)
The information below was extracted from the books of Ssisa Stores for the year
ended 31.12.2011
Opening stock sh.75,000
Closing stock sh.25,000
Turnover sh.900,000
Margin 25%
Determine:
(a)Gross profit
(b)Rate of Turnover
Date posted: September 25, 2019. Answers (1)
- Outline four advantages of a systematic arrangement of goods in a warehouse.(Solved)
Outline four advantages of a systematic arrangement of goods in a warehouse.
Date posted: September 25, 2019. Answers (1)
- The following are some of the documents used in International trade; Proforma Invoice,Consular Invoice, Certificate of origin and Indent. Match each document with the Appropriate...(Solved)
The following are some of the documents used in International trade; Proforma Invoice,Consular Invoice, Certificate of origin and Indent. Match each document with the Appropriate description in the table below.
Date posted: September 25, 2019. Answers (1)
- Identify the tax system described by the following statements.
(a)Tax payers pay a fixed percentage of their income as tax.
(b)Amount of tax paid increases proportionately with...(Solved)
Identify the tax system described by the following statements.
(a)Tax payers pay a fixed percentage of their income as tax.
(b)Amount of tax paid increases proportionately with increase in income
(c)Type of tax which takes a higher proportion of low income earners as compared to high income earners
Date posted: September 25, 2019. Answers (1)
- Give four reasons why it would be advisable to take an endowment policy instead of a whole life policy.(Solved)
Give four reasons why it would be advisable to take an endowment policy instead of a whole life policy.
Date posted: September 25, 2019. Answers (1)
- The diagram below shows equilibrium price and quantity.
Draw a new demand curve on the diagram above showing a decrease in demand and the effect on;
(i)equilibrium...(Solved)
The diagram below shows equilibrium price and quantity.
Draw a new demand curve on the diagram above showing a decrease in demand and the effect on;
(i)equilibrium price
(ii)equilibrium quantity
(iii)equilibrium point
Date posted: September 25, 2019. Answers (1)
- Give four reasons why discounts are granted.(Solved)
Give four reasons why discounts are granted.
Date posted: September 25, 2019. Answers (1)
- Identify the macro-environmental factor affecting business operations as described by the following statements.
(a)Laws and policies that regulate business activities
(b)Affects buyer’s ability to buy commodities offered...(Solved)
Identify the macro-environmental factor affecting business operations as described by the following statements.
(a)Laws and policies that regulate business activities
(b)Affects buyer’s ability to buy commodities offered by a business
(c)Firms selling similar products trying to out do each other in their efforts to maximize profits
(d)Dictates how people live and what products they consume
Date posted: September 25, 2019. Answers (1)
- The following trial balance was extracted from the books of Rafiki traders as at 31st December 2018.(Solved)
The following trial balance was extracted from the books of Rafiki traders as at 31st December 2018.
Required:
(i) Prepare Rafiki traders trading profit and loss account.
(ii) A balance sheet as at 31st December 2018.
Date posted: September 25, 2019. Answers (1)
- By aid of a diagram, explain how price of a commodity is determined by the forces of demand and supply.(Solved)
By aid of a diagram, explain how price of a commodity is determined by the forces of demand and supply.
Date posted: September 25, 2019. Answers (1)
- On 1st May 2018, Sosiot traders had Sh.25,000 Cash in hand and Bank overdraft of sh 15,000. During the month the following transactions took place.(Solved)
On 1st May 2018, Sosiot traders had Sh.25,000 Cash in hand and Bank overdraft of sh 15,000. During the month the following transactions took place.
2018
May 3: Kipkurui ,a debtor settled his account of sh 12000 by cheque of sh 10,000
May 5: Paid rent by cash sh. 5000
May 6: Deposited sh. 2000 into the business bank account from the cash till.
May 8: Received sh 6000 Cash from Kamau, a debtor
May 10: Wanjiku a debtor settled her account of 15,000 by cheque, having been
allowed 20% discount.
May 15: Purchased Furniture worth sh 3,000 paying by cheque
May 18: Deposited sh 7,000 into the bank from private sources.
May 23: Received the following amounts in cash from debtors having deducted
cash discount of 5%. Kertich sh 7600, Brian sh 4750
May 25: Banked all the available Cash except sh 1000
Required:
Prepare a dully balanced three column cash book.
Date posted: September 25, 2019. Answers (1)
- Kenya is endowed with some economic resources yet it has failed to exploit them.
Outline five reasons that account for this.(Solved)
Kenya is endowed with some economic resources yet it has failed to exploit them.
Outline five reasons that account for this.
Date posted: September 25, 2019. Answers (1)
- The table below shows the Gross Domestic Product (GDP) of a country X in the year 2014 to 2018(Solved)
The table below shows the Gross Domestic Product (GDP) of a country X in the year 2014 to 2018
a)Explain five factors that may have caused the above trend.
b) Explain five causes of demand pull inflation
Date posted: September 25, 2019. Answers (1)