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- The following trial balance was extracted from the books of Mawego Traders 31st December 2010.
Prepare:
i)Profit and loss account for the year ended 31st December 2010.
ii)Balance...(Solved)
The following trial balance was extracted from the books of Mawego Traders 31st December 2010.
Prepare:
i)Profit and loss account for the year ended 31st December 2010.
ii)Balance sheet as at 31st December 2010.
Date posted: September 26, 2019.
- On 1 -8-2010, Onyango bought goods on credit quoted at sh 200,000.Terms of sale were 20% trade discount and 10% cash discount if payment was...(Solved)
On 1 -8-2010, Onyango bought goods on credit quoted at sh 200,000.Terms of sale were 20% trade discount and 10% cash discount if payment was made on 29 – 8- 2010
Calculate the amount paid if payment was made on 26 – 08 – 2010.
Date posted: September 26, 2019.
- The following balances were extracted from the books of Watber Traders as at 31st December, 2009.
Additional information:
On 31st December, 2009 Watber Traders receiver cheques amounting...(Solved)
The following balances were extracted from the books of Watber Traders as at 31st December, 2009.
Additional information:
On 31st December, 2009 Watber Traders receiver cheques amounting to Sh 40,000 From debtors as part payment of their accounts
Prepare Watber Traders balance sheet as at 31st December,2009.
Date posted: September 26, 2019.
- The following account balances were obtained from the books of Kaswanga Traders on 30th June 2011.
Sh
Land and buildings - 200,000
Current assets - 420,000
Furniture - ...(Solved)
The following account balances were obtained from the books of Kaswanga Traders on 30th June 2011.
Sh
Land and buildings - 200,000
Current assets - 420,000
Furniture - 60,000
Motor car - 240,000
Capital - 480,000
Current liabilities - 440,000
Required : Prepare a trial balance for Kaswanga Traders as at 30th June 2011
Date posted: September 26, 2019.
- Record the following transactions in a two column cash book of Magunga Traders and balance it off.
2012
January 1 – Balance b/d - cash...(Solved)
Record the following transactions in a two column cash book of Magunga Traders and balance it off.
2012
January 1 – Balance b/d - cash sh 10,000
- bank sh 25,000
January 2 – Bought stock in cash sh 6,000
January 7 – Cash sales shs 2,500
January 12 – With drew cash from bank for office use sh 4,000
January 1st – Paid wages in cash sh . 3,000
January 31st – Received sh 4,500 from Otaro, a debtor by cheque
Date posted: September 26, 2019.
- The following information related to businesses A,B ,Cand D
Determine the figures represented by M,N,P, and Q
(Solved)
The following information related to businesses A,B ,Cand D
Determine the figures represented by M,N,P, and Q
Date posted: September 26, 2019.
- State the type of insurance policy described in each case.
a)Premium are paid over a stated period with the sum assured payable when insured dues
b)Covers...(Solved)
State the type of insurance policy described in each case.
a)Premium are paid over a stated period with the sum assured payable when insured dues
b)Covers a vehicle against all losses arising from its authorized use.
c)Covers loss, damage or injury accidentally caused to other people by the insured , His property, employees, pets or agents.
d)Covers goods and money lost in private and commercial premises.
Date posted: September 26, 2019.
- The following information relates to Bizna Distributor Company for the year ended 31stDec 2009
shs
Gross profit 600,000
Opening stock 285,000
Sales 2,400,000
Purchases 1,830,000
Expenses 360,000
Closing stock ...(Solved)
The following information relates to Bizna Distributor Company for the year ended 31stDec 2009
shs
Gross profit 600,000
Opening stock 285,000
Sales 2,400,000
Purchases 1,830,000
Expenses 360,000
Closing stock 315,000
Fixed assets 400,000
Debtors 900,000
Bank 35,000
Current liabilities 438,000
Required calculate
i) Margin
ii) Rate of stock turnover
iii) Return on capital employed
iv) Current ratio
Date posted: September 26, 2019.
- The following Trial Balance was extracted from the books of Kisumu Auto spares as at 31st Oct 2011
Stock on 31st October 2011 was sh. 80,200
Required,
(i)Prepare...(Solved)
The following Trial Balance was extracted from the books of Kisumu Auto spares as at 31st Oct 2011
Stock on 31st October 2011 was sh. 80,200
Required,
(i)Prepare Trading ,Profit and Loss account for the year ended 31st Oct 2011
(ii)Prepare Balance sheet as at 31st October 2011
Date posted: September 26, 2019.
- Using a diagram, describe the effects of outward shift in supply curve on equilibrium price and quantity.(Solved)
Using a diagram, describe the effects of outward shift in supply curve on equilibrium price and quantity.
Date posted: September 26, 2019.
- Outline four distinctions between monopolistic competition and oligopoly. (Solved)
Outline four distinctions between monopolistic competition and oligopoly.
Date posted: September 26, 2019.
- Name the office machines used to perform the following functions.
a)To fold documents, place them in the envelope and seal.
b)Used to transmit printed messages...(Solved)
Name the office machines used to perform the following functions.
a)To fold documents, place them in the envelope and seal.
b)Used to transmit printed messages such as Letters ,maps diagrams and photographs
c)Reproducing documents from a master copy(stencil)
d)Printing postage impressions on the envelopes
Date posted: September 26, 2019.
- Maneno traders had the following balances as at 6th January 2012.
Land & building ...(Solved)
Maneno traders had the following balances as at 6th January 2012.
Land & building 150,000
Cash in hand 25,500
Creditors 15,000
Bank overdraft 30,000
Purchases 18,000
Sales 30,000
Returns inwards 5,000
Required;
A trial balance as at 6th January 2012
Date posted: September 26, 2019.
- Classify the following accounts as either real or nominal.
a)Delivery van
b)Purchases
c)Insurance premium
d)Commission income (Solved)
Classify the following accounts as either real or nominal.
a)Delivery van
b)Purchases
c)Insurance premium
d)Commission income
Date posted: September 26, 2019.
- The balances below relates to Eureka Traders for the year ended 31st December 2010.
...(Solved)
The balances below relates to Eureka Traders for the year ended 31st December 2010.
Shs.
Capital ?
2 year Bank loan 230,020
Creditors 95,200
Fixed assets 480,000
Current assets 145,220
Determine the following
i.) Working capital.
ii.)Capital employed.
Date posted: September 26, 2019.
- Outline four features of demand deposit account.(Solved)
Outline four features of demand deposit account.
Date posted: September 26, 2019.
- Tumetoka Mbali Traders maintains a petty cash book on imprest system with a float of kshs. 18,000. Reimbursement is usually made on the first day...(Solved)
Tumetoka Mbali Traders maintains a petty cash book on imprest system with a float of kshs. 18,000. Reimbursement is usually made on the first day of the week. The following payments were made on the first week of June 2012
June 1st: Received Shs. 2,000 for reimbursement
3rd :Bought stamps for shs. 400
4th :Bought stationery for shs. 1,000
5th : Bought sugar for shs. 580 and paid postage shs. 850
6th : Bought tealeaves for shs. 500 and stationery for shs. 650
7th : Paid ostrich a creditor shs. 5,500
7th :Received cash for reimbursement
Required;
Prepare a petty cash book duly balanced using the following analysis columns, stationery, postage, travelling, staff tea, miscellaneous and ledger accounts.
Date posted: September 26, 2019.
- Highlight five reasons why a country would be reluctant to adopt free trade policy with her trading partners.(Solved)
Highlight five reasons why a country would be reluctant to adopt free trade policy with her trading partners.
Date posted: September 26, 2019.
- Explain five benefits that may accrue to a firm as a result of operating on large scale. (Solved)
Explain five benefits that may accrue to a firm as a result of operating on large scale.
Date posted: September 26, 2019.
- The following trial balance relates to Nthoi’s enterprise as at 31st December 2011
...(Solved)
The following trial balance relates to Nthoi’s enterprise as at 31st December 2011
DR CR
Shs. Shs.
Drawings 60,000
Land + buildings 700,000
Cash in bank 115,000
Stock 1.1.2011 18,000
Purchases and Sales 500,000 1,000,000
Debtors and Creditors 46,000 92,000
Salaries and wages 85,000
Carriage inwards 9,000
Carriage outwards 12,000
Motor vehicles 400,000
Capital 909,000
Water and lighting 36,000
Insurance 40,000
Returns 0,000 50,000
2,051,000 2,051,000
Stock on 31st December 2011 was valued at kshs. 25,000.
Required; prepare Nthoi’s Trading Profit and Loss Account for the year ended 31st December 2011.
Date posted: September 26, 2019.
- State four factors that may positively affect the productivity of labour.(Solved)
State four factors that may positively affect the productivity of labour.
Date posted: September 26, 2019.
- The following transactions relate to Ostrich Ltd.
i)Started the business with Kshs. 10,000 cash and Shs. 15,000 at the business bank account
ii)Paid Kavi a creditor...(Solved)
The following transactions relate to Ostrich Ltd.
i)Started the business with Kshs. 10,000 cash and Shs. 15,000 at the business bank account
ii)Paid Kavi a creditor Shs. 3,000 by cheque
Post the above transactions in the relevant ledger accounts
Date posted: September 26, 2019.
- The following balances were extracted from the books of Muli traders as at 31st March 2010
Shs.
Fixed Assets 200,000
Creditors 35,000
Current assets 110,000
4 year bank loan 150,000
Required;
Determine the net...(Solved)
The following balances were extracted from the books of Muli traders as at 31st March 2010
Shs.
Fixed Assets 200,000
Creditors 35,000
Current assets 110,000
4 year bank loan 150,000
Required;
Determine the net worth of the business as at 31st march 2010
Date posted: September 26, 2019.
- Outline four limitations of the circular flow of income. (Solved)
Outline four limitations of the circular flow of income.
Date posted: September 26, 2019.
- The following entries were made in the two column cash of Dot-com traders. Explain each of the entries. (Solved)
The following entries were made in the two column cash of Dot-com traders. Explain each of the entries.
Date posted: September 26, 2019.
- Identify the type of good described by each of the following statements
a)Owned by no one but the government
b)Produced to be used in the production...(Solved)
Identify the type of good described by each of the following statements
a)Owned by no one but the government
b)Produced to be used in the production of other goods.
c)Available in abundance as gifts of nature
d)Have monetary value and human effort is needed to obtain them
Date posted: September 26, 2019.
- Outline four ways in which horizontal communication may be used in a business organization. (Solved)
Outline four ways in which horizontal communication may be used in a business organization.
Date posted: September 26, 2019.
- On 1st June 2011, Nyati Traders had cash in hand of sh25,000 and sh56,200 at bank.
During month, the following transactions took place:
2011
June 2...(Solved)
On 1st June 2011, Nyati Traders had cash in hand of sh25,000 and sh56,200 at bank.
During month, the following transactions took place:
2011
June 2 Cash sales, sh42,000.
June 5 Received a cheque of sh70,500 from Butala Traders after deducting a 6% cash discount.
June 8 Paid salaries, sh24,000 in cash
June 9 Kivuitu settled his account of sh45,000 in cash and was allowed sh l,800 cas discount.
June 12 Cash sales sh46,500.
June 18 Paid Tuiei's debt of sh l00,000 by cheque after deducting 5% cash discount.
June 24 Withdrew sh26,000 from the bank for office use.
June 30 Banked all the cash except sh25,000.
Prepare a 3-column cashbook and balance it off on 30th June, 2011.
Date posted: September 26, 2019.
- The following balances relate to Msafiri Traders as at 31st December, 2012:
...(Solved)
The following balances relate to Msafiri Traders as at 31st December, 2012:
Sh.
Purchases 900,000
Stock, 1/1/2012 230,000
Buildings 1,200,000
Motor vehicles 750,000
Returns outwards 50,000
Debtors 190,000
Creditors 310,000
Loan from IDB 600,000
Cash at hand 130,000
Cash at bank 270,000
Drawings 100,000
Capital 1,840,000
Net profit 170,000
Stock, 31/12/2012 280,000
Expenses (including carriage inwards, shs 150,000) 250,000
REQUIRED:
i)Balance sheet as at 31st December, 2011.
ii)Calculate:
-Mark-up percentage.
-Return on capital employed.
Date posted: September 26, 2019.
- Recent data indicates that a large proportion of Kenya’s population comprises of the youth the ages of 10 to 20 years. State four benefits of...(Solved)
Recent data indicates that a large proportion of Kenya’s population comprises of the youth the ages of 10 to 20 years. State four benefits of this to the country.
Date posted: September 26, 2019.