a)Bal. c/d sh. 3600
Bank totals 16000
b) Goods sold and payment received
2200 cash and 10,000 banks
c)Paid sh. 12,400 by the cheque on 8.1.04
d)Banked shs 1500 from the cash till
e)Contra entry
Kavungya answered the question on October 31, 2019 at 13:09
- Mjengo Traders had the following assets and liabilities as at January 2014.
Furniture and equipment 350,000
Debtors ...(Solved)
Mjengo Traders had the following assets and liabilities as at January 2014.
Furniture and equipment 350,000
Debtors 45,000
Stock 25,000
Cash 7,500
Creditors 48,000
i)Additional capital introduced during the year was Ksh 24,000
ii)Drawings made during the year were Ksh 20,000
iii)Net profit was Ksh 34,500
Determine the capital as at 31.12.2014.
Date posted: October 31, 2019. Answers (1)
- In the spaces provided write decrease, increase or no effect to show the effects of each one of the following transactions on the assets, liabilities...(Solved)
In the spaces provided write decrease, increase or no effect to show the effects of each one of the following transactions on the assets, liabilities and capital.
Date posted: October 31, 2019. Answers (1)
- The following is an extract of a cashbook.
Determine the figures represented by W, X, Y and Z.
(Solved)
The following is an extract of a cashbook.
Determine the figures represented by W, X, Y and Z.
Date posted: October 21, 2019. Answers (1)
- The following information relates to Benja Retail Shop as at 31st December, 2006.
Shs.
Opening stock 80,000
Closing stock ...(Solved)
The following information relates to Benja Retail Shop as at 31st December, 2006.
Shs.
Opening stock 80,000
Closing stock 100,000
Sales 325,000
Rate of stock turnover 3 times
Calculate:
(i)the cost of goods sold.
(ii)the gross profit.
Date posted: October 21, 2019. Answers (1)
- Nzundu and Theku bought a building for Kshs.12,000,000. Nzundu paid Kshs.8,000,000 while Theku paid Kshs.4,000,000. The building was insured for 8,000,000 against the...(Solved)
Nzundu and Theku bought a building for Kshs.12,000,000. Nzundu paid Kshs.8,000,000 while Theku paid Kshs.4,000,000. The building was insured for 8,000,000 against the risk of fire. Later the building was partially destroyed by fire to a tune of Kshs.6,000,000.
(a) State the amount of compensation likely to be paid by the insurance company.
(b)Calculate the amount of compensation that each one will receive based on their
capital contributions.
Date posted: October 21, 2019. Answers (1)
- Post the following transactions to the relevant “T” accounts.
(a)Started a business by depositing in the bank a cheque of Shs.10,000
on 2nd January 2011.
(b)Withdrew cash...(Solved)
Post the following transactions to the relevant “T” accounts.
(a)Started a business by depositing in the bank a cheque of Shs.10,000
on 2nd January 2011.
(b)Withdrew cash Shs.2000 from the bank for business use on 5th January 2011.
(c)Ngithi a debtor paid Shs.4000 in cash on 10th January 2011.
(d)Withdrew cash Sh.1,000 from the business for personal use on 16th January 2011.
Date posted: October 21, 2019. Answers (1)
- In each of the following cases state the type of inflation described.
a)A rise in prices due to an increase in money supply
b)A rise in prices...(Solved)
In each of the following cases state the type of inflation described.
a)A rise in prices due to an increase in money supply
b)A rise in prices due to an increase in the prices of factors of production.
c)A rise in price due to buying expensive goods from foreign countries.
d)A rises from decision by firms to increase their profit margins by increasing prices
of their products.
Date posted: October 21, 2019. Answers (1)
- Musengo hardware dealers had the following trial balance for as 31st December, 2014.
Closing stock was valued at Ksh. 55, 000.
Required:
Trading, profit and loss account...(Solved)
Musengo hardware dealers had the following trial balance for as 31st December, 2014.
Closing stock was valued at Ksh. 55, 000.
Required:
Trading, profit and loss account for the year ended 31/12/2014.
Date posted: October 17, 2019. Answers (1)
- The following transactions for the month of June 2013 were extracted from the books of Kyondoni Retail Traders
June 1st Received invoice number 122 valued Kshs....(Solved)
The following transactions for the month of June 2013 were extracted from the books of Kyondoni Retail Traders
June 1st Received invoice number 122 valued Kshs. 10,000 from Onyango
June 5th Received invoice number 345 worth Kshs. 8,400 from Pendo Traders.
June 16th Received invoice number 207 worth Kshs. 15,000 from Jasho Traders.
June 26th Received invoice number 500 from Kurasini Traders worth Kshs. 6,500
Required:
i)Prepare the relevant journal for Kyondoni Retail Traders.
ii)Post the transactions to the relevant ledger accounts for Kyondoni Retail Traders.
Do not balance off the ledger accounts.
Date posted: October 17, 2019. Answers (1)
- The following demand schedule shows a change in demand of milk in Kiwi County in a certain period.
Explain five factors that could have caused...(Solved)
The following demand schedule shows a change in demand of milk in Kiwi County in a certain period.
Explain five factors that could have caused the change in demand of milk from Q0 to Q1.
Date posted: October 17, 2019. Answers (1)
- State the account to be debited and the account to be credited for each of the following transactions.(Solved)
State the account to be debited and the account to be credited for each of the following transactions.
Date posted: October 17, 2019. Answers (1)
- Highlight four limitations of an electronic filing system.(Solved)
Highlight four limitations of an electronic filing system.
Date posted: October 17, 2019. Answers (1)
- Outline four measures that the sender of a message should take in order to enhance effective communication.(Solved)
Outline four measures that the sender of a message should take in order to enhance effective communication.
Date posted: October 17, 2019. Answers (1)
- Mention four circumstances under which the market may be the main factor determining the location of a business enterprise.
(Solved)
Mention four circumstances under which the market may be the main factor determining the location of a business enterprise.
Date posted: October 17, 2019. Answers (1)
- Draw a diagram to illustrate how the demand curve of a product shifts to the right.(Solved)
Draw a diagram to illustrate how the demand curve of a product shifts to the right.
Date posted: October 17, 2019. Answers (1)
- Highlight four benefits to Kenya as a result of being a member of IMF.(Solved)
Highlight four benefits to Kenya as a result of being a member of IMF.
Date posted: October 17, 2019. Answers (1)
- The following information relate to J.’J traders for the year ended 31st Dec 2010
i)Prepare a trading and profit/ loss account for the year ended 31/12/2010.
ii)Calculate;...(Solved)
The following information relate to J.’J traders for the year ended 31st Dec 2010
i)Prepare a trading and profit/ loss account for the year ended 31/12/2010.
ii)Calculate;
a)Current ratio
b)Rate of stock turnover
c)Margin percentage
Date posted: October 11, 2019. Answers (1)
- Highlight five reasons why the output approach underestimates the gross domestic product(Solved)
Highlight five reasons why the output approach underestimates the gross domestic product
Date posted: October 11, 2019. Answers (1)
- Explain five ways in which legal requirements can affect a business and its operations(Solved)
Explain five ways in which legal requirements can affect a business and its operations
Date posted: October 11, 2019. Answers (1)
- Unemployment has been major problem that the Kenyan government has been trying to solve. Explain any five measures that the Kenyan government has taken to...(Solved)
Unemployment has been major problem that the Kenyan government has been trying to solve. Explain any five measures that the Kenyan government has taken to solve this problem.
Date posted: October 11, 2019. Answers (1)