On 31st December,2009 details extracted from Khetia’s Ltd. showed commission received for the year as Kshs. 60,000. Commission received in advance by 1^st January,2009 was Kshs.12,000. Whereas...

      

On 31^st December,2009 details extracted from Khetia’s Ltd. showed commission received for the
year as Kshs. 60,000. Commission received in advance by 1^st January,2009 was Kshs.12,000.
Whereas commission received in advance as at 31^st December, 2009 was Kshs. 24,000.
Determine the commission income for the year 2009 that is posted to the profit and loss account

  

Answers

---

---

Kavungya answered the question on April 3, 2019 at 13:11

Next: The following data was extracted from the books of Mwauri Traders: ...
Previous: State the journal that deals with each of the following types of transactions

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

Learn High School English on YouTube

Related Questions

---

• The following data was extracted from the books of Mwauri Traders: ...(Solved)
  

  The following data was extracted from the books of Mwauri Traders:
  31-12-2002 31-12-2003
  Shs. Shs.
  Salaries accrued 46 000
  Salaries prepaid 150 000
  For the year ended 31-12-2003, salaries paid amounted to sh.200 000.
  Prepare the salaries account as at 31^st Dec. 2003

  Date posted: April 3, 2019.  Answers (1)

• The following information was available for the year 2009:- 2009 Accrued rent...(Solved)
  

  The following information was available for the year 2009:-
  2009 Accrued rent Prepaid rent
  Jan 1 Shs.20,000 Shs.40,000
  Dec 31 Shs.36,000 Shs.3400
  Rent expense paid in the course of the year amounted to shs.121,200.
  Prepare the rent account and show the amount charged to profit and loss account

  Date posted: April 3, 2019.  Answers (1)

• Give three documents from which information entered in cash receipts and cash payments Journals may be obtained(Solved)
  

  Give three documents from which information entered in cash receipts and cash payments
  Journals may be obtained

  Date posted: April 3, 2019.  Answers (1)

• Omondi had the following transaction in the year ending 30^th June 2008:- ...(Solved)
  

  Omondi had the following transaction in the year ending 30^th June 2008:-
  Shs
  Debtors as at 1st July 2007 113 000
  Cash received from debtors in the year 651 500
  Debtors as at 30th June 2008 138 500
  Bad debts in the year 1 700
  Discounts allowed in the year 2 600
  Cash sales 800 000
  
  Calculate the total sales for the year

  Date posted: April 3, 2019.  Answers (1)

• The following information was obtained from Laban traders during the month of February 2010 Feb. 4: goods returned by Otange traders amounted to kshs. 4 000,...(Solved)
  

  The following information was obtained from Laban traders during the month of February 2010
  
  Feb. 4: goods returned by Otange traders amounted to kshs. 4 000, credit note no.214
  8: Akamba traders returned goods worth kshs. 15 000 and was issued with credit note no.316
  15: received goods worth ksh.6,000 from punch line traders. Credit note 510
  28: goods returned by Viva traders’ kshs. 9 600. Credit note no. 440
  
  Prepare the relevant journal for Laban traders

  Date posted: April 3, 2019.  Answers (1)

• Record the following transactions in a double column cash book of JABER traders and balance it off as at 12^th June 2009:- June 1: Balances : Cash...(Solved)
  

  Record the following transactions in a double column cash book of JABER traders and balance
  it off as at 12^th June 2009:-
  June 1: Balances : Cash shs.5500
  Bank shs.18000 (Cr)
  June 3: Purchases shs.4500 was made being paid by cheque shs.4000, balance later
  June 7: Sold goods for cash shs.6000
  June 12: took shs.7000 to bank
  June 13: Credit purchases from Ombogo shs.3000
  June 14: paid Alweny shs.1000 cash

  Date posted: April 3, 2019.  Answers (1)

• Ondiko Traders had Kshs. 100000 cash in hand and Kshs.243000 cash at bank during the month of March 2008. The following transactions took place in that...(Solved)
  

  Ondiko Traders had Kshs. 100000 cash in hand and Kshs.243000 cash at bank during the month
  of March 2008. The following transactions took place in that month:
  March 3 – paid rent Kshs.5000 cash
  March 11- cash sales Kshs.14000
  March 14-purchased equipment worth Kshs. 37000 paying by cheque
  March 20- Deposited shs. 30000 into bank from cash till
  March 31- Took Kshs. 10000 cash for personal use
  
  Prepare Ondiko traders’ two- column cash book for March 2008

  Date posted: April 3, 2019.  Answers (1)

• The following transactions relate to Kabela Traders for the month of Dec. 2004. 2nd Dec cash sales shs.30,000 8th Dec. Banked shs.15,000 10th Dec. withdrew shs.10,000 from bank...(Solved)
  

  The following transactions relate to Kabela Traders for the month of Dec. 2004.
  2nd Dec cash sales shs.30,000
  8th Dec. Banked shs.15,000
  10th Dec. withdrew shs.10,000 from bank for office use
  
  Prepare a cash book

  Date posted: April 3, 2019.  Answers (1)

• The following transactions took place in the business of Kiprono during the first week of Jan. 2003 Jan 1st Balance brought down ...(Solved)
  

  The following transactions took place in the business of Kiprono during the first week of Jan.
  2003
  Jan 1st Balance brought down
  Cash = Kshs12,000.00
  Bank= Kshs.35,000
  Jan 2nd Sold an old piece of furniture for Kshs.8,000 cash
  Jan 3rd Cash sales Kshs.10,000 paid directly to the bank
  Jan 4th Purchased goods worth Kshs.20,000 , paid Kshs.5,000 cash and the balance
  to be paid later
  Jan 5th Kiprono took cash Kshs.1,500 for personal use
  Jan 6th Bought goods worth Kshs.15,000 paying partly by cheque Kshs.10,000 and
  the balance in cash
  
  Required: Prepare Kiprono’s two column cash book for the month of January and balance it

  Date posted: April 3, 2019.  Answers (1)

• Identify four uses of the cash book(Solved)
  

  Identify four uses of the cash book

  Date posted: April 3, 2019.  Answers (1)

• The following cash book relates to Baraka enterprises State the transactions that took place on the above cashbook on the following dates Jan 1 Jan 10 Jan 15 Jan 20(Solved)
  

  The following cash book relates to Baraka enterprises
  
  
  State the transactions that took place on the above cashbook on the following dates
  Jan 1
  Jan 10
  Jan 15
  Jan 20

  Date posted: April 3, 2019.  Answers (1)

• The following transaction took place in the business of Highlands Retail in the month of June 2008 1.6.2008-commenced business with Kshs. 120,000 in cash 4.6.2008-transferred kshs66, 000 from...(Solved)
  

  The following transaction took place in the business of Highlands Retail in the month
  of June 2008
  1.6.2008-commenced business with Kshs. 120,000 in cash
  4.6.2008-transferred kshs66, 000 from business till to the bank
  13.6.2008-brought his private furniture worth kshs. 15,000 into the business for business use
  28.6.2008-borrowed a loan in cash kshs.40, 000
  
  Required: Post the transactions into the relevant ledger account

  Date posted: April 3, 2019.  Answers (1)

• Record the following transactions in the relevant ledger accounts for the month of June, 2009 June 1: invested shs.100,000 cash in a retail business June 2: Obtained...(Solved)
  

  Record the following transactions in the relevant ledger accounts for the month of June, 2009
  June 1: invested shs.100,000 cash in a retail business
  June 2: Obtained a co-operative loan of Shs.20,000 cash
  June 3: bought furniture Shs. 70,000, paying Shs.40,000 cheque and the balance in cash
  
  

  Date posted: April 3, 2019.  Answers (1)

• Given below is a list of subsidiary ledgers: -General ledger -Nominal ledger -Purchases ledger -Sales ledger -Cash book Indicate in which ledger the following accounts should be recorded(Solved)
  

  Given below is a list of subsidiary ledgers:
  -General ledger
  -Nominal ledger
  -Purchases ledger
  -Sales ledger
  -Cash book
  Indicate in which ledger the following accounts should be recorded

  Date posted: April 3, 2019.  Answers (1)

• The following trial balance was prepared by an incompetent book keeper thus failed to balance. Balance it.(Solved)
  

  The following trial balance was prepared by an incompetent book keeper thus failed to
  balance. Balance it.
  
  

  Date posted: April 3, 2019.  Answers (1)

• The following information relates to Kebirigo Traders as at 31^st December, 2009 ...(Solved)
  

  The following information relates to Kebirigo Traders as at 31^st December, 2009
  Kshs.
  Buildings 100,000
  Debtors 54,000
  Capital 136,000
  Sales 85,000
  Purchases 48,000
  Stock 1 Jan.2009 25,400
  Creditors 35,700
  General expenses 31,800
  Bank overdraft 2,500
  Prepare a trial balance as at 31^st December, 2009

  Date posted: April 3, 2019.  Answers (1)

• The following balances were extracted from the books of Nyatike Traders Limited as at 31st January 2010 Kshs. Discount...(Solved)
  

  The following balances were extracted from the books of Nyatike Traders Limited as at
  31st January 2010 Kshs.
  Discount allowed 5,000
  Buildings 250,000
  Return outwards 6,000
  Purchases 74,000
  Creditors 20,000
  Drawings 16,000
  Capital 319,000
  Required: Prepare Nyatike Traders Ltd trial balance as at that date

  Date posted: April 3, 2019.  Answers (1)

• Identify the situation in which the following types of ledgers are appropriate: i) Creditors ledger ii) Private ledgers iii) Normal ledger(Solved)
  

  Identify the situation in which the following types of ledgers are appropriate:
  i) Creditors ledger
  ii) Private ledgers
  iii) Normal ledger

  Date posted: April 3, 2019.  Answers (1)

• Prepare Betty’s trial balance from the following information Items ksh Purchases ...(Solved)
  

  Prepare Betty’s trial balance from the following information
  Items ksh
  Purchases 130,000
  Capital 150,000
  Sales 165,000
  Debtors 45,000
  Creditors 40,000
  Motor vehicles 120,000
  Stock 50,000
  Cash at bank 10,000

  Date posted: April 3, 2019.  Answers (1)

• The following information relates to Ogello traders as at 31st Dec 2009:- Capital (1-1-2009) kshs.100,000 Loss during the year ...(Solved)
  

  The following information relates to Ogello traders as at 31st Dec 2009:-
  Capital (1-1-2009) kshs.100,000
  Loss during the year kshs.40,000
  Investment kshs 35,000
  If the trader took goods worth kshs. 15,000 during the year for private use, calculate the capital of
  the business as at 31-12-2009

  Date posted: April 3, 2019.  Answers (1)