Get premium membership and access questions with answers, video lessons as well as revision papers.
- The following transactions relate to Furaha traders for the month of July,2008
July 1 : Balance brought down cash sh.16,250 and Bank...(Solved)
The following transactions relate to Furaha traders for the month of July,2008
July 1 : Balance brought down cash sh.16,250 and Bank Shs.19,847
July2 : Sold goods worth Shs.1,348 to Patel and received a calculator in exchange
July 5 : Paid transport by cheque Shs.2,000
July 6 : Issued a cheque to Kerio Traders setting an invoice for Shs.10,000 deducting 2%
cash discount
July 10: Transfer Shs.15 000 from cash till to bank
July 12: Sold goods for cash Shs.12,000 less 2% cash discount
July 13: Sold goods to Onyango on credit worth Shs.15, 000
July 14: The owner of the business withdrew Shs.3000 in cash to buy a present for his
daughter
July 16 : Received a cheque from Kuria Shs.2,500 less 5 % cash discount
July 22 : Bought furniture from Babu Traders on credit worth Shs.16,500 and cash
discount of 10% if payment is made within 2 weeks
July 24: Withdrew cash from bank for office use Shs8,000
July 26: The owner brought into the business Shs.9,000 cash
July 27: Issued a cheque to Babu Traders for amount due
July 28: Sold goods to Kuria worth Shs.5,000 for Shs.3,800 and received payment by
cheque
July 30: Banked all cash and remained with Shs.100 in the cash till
Required; Prepare Furaha Traders three column cash book for the month of July, 2008
Date posted: April 4, 2019. Answers (1)
- Mumji Enterprises maintain a petty cash book on an imprest system with weekly float of
Kshs.40,000.
The following information relates to the week ended 7th June 2009:-
...(Solved)
Mumji Enterprises maintain a petty cash book on an imprest system with weekly float of
Kshs.40,000.
The following information relates to the week ended 7th June 2009:-
1st cash in hand was Ksh.7000
1st receives reimbursement from the chief cashier
1st paid wages Ksh.5500, bus fare Ksh.1250,Sugar sh.220 and stamps shs.150
2nd Bought stationery Ksh.5000
3rd Paid postage shs.200
4th Bought tea leaves shs.80 and shs.2000 for type writer repair
5th Bought coffee shs.340 and milk shs.800
7th Bought a ribbon for type writer shs.500, stencils shs.350 and bus fare shs.900
Required: - Prepare a petty cash book duly balanced on 7th June with the following columns.
Traveling, Wages, Stationary, Postage, tea and miscellaneous
Date posted: April 4, 2019. Answers (1)
- Enter the following transactions in the petty cash book of Makavale stores for the month of
July 2009 using the following analysis columns: Telephone and postage;...(Solved)
Enter the following transactions in the petty cash book of Makavale stores for the month of
July 2009 using the following analysis columns: Telephone and postage; office
stationery, traveling expenses and office expenses. The business operates the petty cash book
on an imprest system of 4000/= replenished on weekly basis
July 1st – received a cheque from the cashier to start the imprest
1st – paid for taxi hire 250/= and 130/= for office cleaning
2nd – bought postage stamps for 210/= and a ball of string for use in the office 100/=
3rd – postage of a parcel cost 100/= and paid a telephone bill 900/=
4th – purchased envelopes for 150/= and one ream of photocopying paper 500/=
5th – paid for bus fare 500/= and made a telephone call costing 50/=
6th – purchased a window cleaning cream for 250/= and bus fare 200/=
8th – Received a cheque to replenish the imprest
8th – bought various office stationary for 400/=
9th – purchased postage stamps for 210/= and paid 950/ telephone bill
10th – paid train fare 600/= and taxi fare 250/=
11th – paid for office cleaning 150/=
12th – purchased two reams of writing paper 600/= and office dusters 300/=
14th – obtained a cheque from the cashier to replenish the imprest
Required:. Prepare the petty cash book for the two weeks
Date posted: April 4, 2019. Answers (1)
- On March 2007, Doris had cash in hand shs.87,000 and cash at bank shs.25,000. During this
month, the following transactions took place:
March 2nd : Cash sales...(Solved)
On March 2007, Doris had cash in hand shs.87,000 and cash at bank shs.25,000. During this
month, the following transactions took place:
March 2nd : Cash sales shs.60,000
3rd: Paid salaries shs.101,500 by cheque
7th : Received a cheque of shs.76,000 from Henry after allowing a cash discount of 5%
13th: Bought office furniture by cheque shs.86,000
17th: Settle marital account for shs.34,200 in cash having deducted shs.8,000 cash discount
20th: Received a cheque for shs.165,000 in respect for cash sales
22nd: Paid wages shs.25,000 in cash
24th: Withdrew shs.32,000 for bank for office use
25th : Withdrew shs.4,000 cash for personal use
29th: Received shs.17,000 cash form Alvin in settlement of his account less shs.1000
cash discount
31st : Deposited all the money into the bank except shs.24,600
Required: Prepare a three column cash book duly balanced
Date posted: April 4, 2019. Answers (1)
- The following information relates to Ndhiwa resort traders for the month of November 2009:-
November, 1.started a business with shs 160,000 cash
...(Solved)
The following information relates to Ndhiwa resort traders for the month of November 2009:-
November, 1.started a business with shs 160,000 cash
2. Purchases shs.120,000
3. Made sales in cash shs.126,000
4. Paid for electricity shs.1000 in cash
5. Received rent of shs.37 500 in cash
6. Gave discount of shs.6,000 in cash
Required :- i) Post the above information in the relevant ledger accounts and balance them off
ii) Extract a trial balance
Date posted: April 4, 2019. Answers (1)
- Record the following transactions in the relevant ledger accounts, balance the account
and extract a trial balance
Date ...(Solved)
Record the following transactions in the relevant ledger accounts, balance the account
and extract a trial balance
Date Transaction
1/4/2007 Mary started business with shs.80,000 cash
2/4/2007 Bought stationery for shs.4,000 and paid in cash
3/4/2007 Opened a bank account and deposited shs.50,000 from the cash till
4/420007 Bought motor vehicle worth shs.250,000 from Lucy motors on credit
5/4/2007 Bought postage stamps for shs.60 in cash
Date posted: April 4, 2019. Answers (1)
- Mr. Omanda started a business in January 2000 with cash in hand 100,000. The following
transactions took place during the year:-
January: Bought stock by cash Kshs.20,000
February:...(Solved)
Mr. Omanda started a business in January 2000 with cash in hand 100,000. The following
transactions took place during the year:-
January: Bought stock by cash Kshs.20,000
February: Sold goods on credit Kshs.30,000
March: Opened a bank account by banking cash Kshs.60,000
April: A debtor returned goods worth shs.5,000
May: Bought goods Kshs.70,000 on credit
June: The owner took cash Shs.10,000 to pay his children school fees
Extract a trial balance.
Date posted: April 4, 2019. Answers (1)
- A newly industrialized country with a population of 40 million people, had its national
income estimates during the year 2009 as follows:
...(Solved)
A newly industrialized country with a population of 40 million people, had its national
income estimates during the year 2009 as follows:
Value in Kshs (million)
Exports 250000
Consumption expenditure 624000
Investment 300000
Government spending 416000
Imports 210000
Depreciation 10000
Net indirect taxes 50000
Required:
(i) Calculate the GNP per capital of the country
ii) Outline limitations of using GNP pr capita in measuring the standard of living of accounts
Date posted: April 4, 2019. Answers (1)
- By use of a diagram, explain how price and output are determined in a collusive oligopoly
(centralized cartel) market situation(Solved)
By use of a diagram, explain how price and output are determined in a collusive oligopoly
(centralized cartel) market situation
Date posted: April 4, 2019. Answers (1)
- A manufacturer exhibited his goods in a local trade fair. However, his sales didn’t increase
significantly thereafter. Outline five reasons that may have led to lack...(Solved)
A manufacturer exhibited his goods in a local trade fair. However, his sales didn’t increase
significantly thereafter. Outline five reasons that may have led to lack of significant sales
increase
Date posted: April 4, 2019. Answers (1)
- Jogoo business enterprise has been using salesmen to market their products. Highlight
five benefits of this strategy to the company(Solved)
Jogoo business enterprise has been using salesmen to market their products. Highlight
five benefits of this strategy to the company
Date posted: April 4, 2019. Answers (1)
- Highlight five circumstances under which persuasive advertising may be used(Solved)
Highlight five circumstances under which persuasive advertising may be used
Date posted: April 4, 2019. Answers (1)
- Highlight five benefits that a firm gets from the use of customers care services as part
of its operation(Solved)
Highlight five benefits that a firm gets from the use of customers care services as part
of its operation
Date posted: April 4, 2019. Answers (1)
- Your father wants to insure his life with British American Insurance Company. As a Business
Studies student, explain to him five benefits of life assurance(Solved)
Your father wants to insure his life with British American Insurance Company. As a Business
Studies student, explain to him five benefits of life assurance
Date posted: April 4, 2019. Answers (1)
- Outline five disadvantages of sirens as a form of communication that is popular with
ambulances and the police(Solved)
Outline five disadvantages of sirens as a form of communication that is popular with
ambulances and the police
Date posted: April 4, 2019. Answers (1)
- Describe the procedure that a shareholder would follow in selling share through the stock
exchange.(Solved)
Describe the procedure that a shareholder would follow in selling share through the stock
exchange.
Date posted: April 4, 2019. Answers (1)
- The following information was extracted from books of Chunga Traders for the period ending
31/12/2000:- Fixed assets – 350,000
Drawings – 50,000
Creditors – 50,000
Cash – 60,000
Discount received...(Solved)
The following information was extracted from books of Chunga Traders for the period ending
31/12/2000:- Fixed assets – 350,000
Drawings – 50,000
Creditors – 50,000
Cash – 60,000
Discount received 4,000
Rent – 12,000
Bank overdraft – 10,000
Debtors – 20,000
Stock (31/12/2000)-30,000
Commission received – 6,000
Gross profit – 80,000
Electricity – 3,000
Stock (11/1/2000) – 50,000
Salaries – 20,000
Calculate:- (i) Working capital
(ii) Capital employed
Date posted: April 4, 2019. Answers (1)
- Highlight four circumstances under which a country may be classified as underdeveloped(Solved)
Highlight four circumstances under which a country may be classified as underdeveloped
Date posted: April 4, 2019. Answers (1)
- Highlight four characteristics of good development plan(Solved)
Highlight four characteristics of good development plan
Date posted: April 4, 2019. Answers (1)
- The following statement shows the various level of economic integration. Against this statements,
give the level that suits each:(Solved)
The following statement shows the various level of economic integration. Against this statements,
give the level that suits each:
Date posted: April 4, 2019. Answers (1)