Get premium membership and access questions with answers, video lessons as well as revision papers.
-Letter of inquiry—buyer sends to supplier to inquire/ask information about certain goods.
-Order—request made by the buyer for supply specified goods in it.
Or LPO[Local purchase order] –an official designed form used by businesses when buying goods.
-Goods received note--- buyer informs the seller he/she has received the goods.
-Goods returned/damaged note---buyer sends it when goods received do no match order
sent/goods are demaged.
-IOU[I owe you]—note prepared by the buyer to inform the seller he/she still has not paid
his/her debt.
sharon kalunda answered the question on May 22, 2019 at 12:30
- The following information relates to Rose holdings for May 2015.
May 1.Sold goods to Garry at ksh. 660.
May 5.Bought goods from K.N.T.C for ksh. 7500.
May 10...(Solved)
The following information relates to Rose holdings for May 2015.
May 1.Sold goods to Garry at ksh. 660.
May 5.Bought goods from K.N.T.C for ksh. 7500.
May 10 Bought three office machines at ksh 2,500 each on credit from Fine elecronics.
May 15 Goods worth ksh.1,850 were sold to Jack on credit.
May 18 She sold old furniture on credit to Twiga motols at KSH. 1,500 whose book value was
ksh.1000.
Required.Record the above transactions in appropriate journals.
Date posted: May 22, 2019. Answers (1)
- The following balances were extracted from the books of Kasuku traders on 30th June 2018.
The following transactions took place in the month of July 2018.
July...(Solved)
The following balances were extracted from the books of Kasuku traders on 30th June 2018.
The following transactions took place in the month of July 2018.
July 10 Kasuku traders received ksh. 15,000 from a debtor by cheque.
July 15 Bought more furniture worth ksh. 2,500 and paid in cash.
July 20 Took goods worth 14,000 for home use.
Required.Prepare a balance sheet as at 30th July 2018.
Date posted: May 22, 2019. Answers (1)
- Mention the four elements of transport .(Solved)
Mention the four elements of transport .
Date posted: May 22, 2019. Answers (1)
- State the kind of information recorded in the following ledger accounts
i. Sales Ledger
ii. Private Ledger
iii. Nominal Ledger
iv. Cash book(Solved)
State the kind of information recorded in the following ledger accounts
i. Sales Ledger
ii. Private Ledger
iii. Nominal Ledger
iv. Cash book
Date posted: May 22, 2019. Answers (1)
- Muriuki prepared a trial balance for his business but it failed to balance. Help
him prepare a correct one(Solved)
Muriuki prepared a trial balance for his business but it failed to balance. Help
him prepare a correct one
Date posted: May 22, 2019. Answers (1)
- The following information was obtained from Wamwangi traders as at 31st December 2018
Prepare Wamwangi’s trading account for the year ended 31/12/2018(Solved)
The following information was obtained from Wamwangi traders as at 31st December 2018
Required
Prepare Wamwangi’s trading account for the year ended 31/12/2018
Date posted: May 22, 2019. Answers (1)
- For each of the transaction state the account to be debited and the account to
be credited(Solved)
For each of the transaction state the account to be debited and the account to
be credited
Date posted: May 22, 2019. Answers (1)
- Identify the source documents into which the following information would
be recorded(Solved)
Identify the source documents into which the following information would
be recorded
Date posted: May 22, 2019. Answers (1)
- Name four documents required by the registrar of companies in order to
register a Public Limited Company(Solved)
Name four documents required by the registrar of companies in order to
register a Public Limited Company
Date posted: May 22, 2019. Answers (1)
- State four benefits that Kenya will derive from the completion of Standard
gauge railway (SGR)(Solved)
State four benefits that Kenya will derive from the completion of Standard gauge railway (SGR)
Date posted: May 22, 2019. Answers (1)
- State four ways in which human resource can positively influence the
internal environment of a business(Solved)
State four ways in which human resource can positively influence the
internal environment of a business
Date posted: May 22, 2019. Answers (1)
- Below is a diagram of demand and supply curve
Highlight four factors that may have led to the above behavior(Solved)
Below is a diagram of demand and supply curve
Highlight four factors that may have led to the above behavior
Date posted: May 22, 2019. Answers (1)
- Outline four ways in which utility of a good is created in production(Solved)
Outline four ways in which utility of a good is created in production
Date posted: May 22, 2019. Answers (1)
- The following balances relates to the retail business of Omondi for the month of July 2012.(Solved)
The following balances relates to the retail business of Omondi for the month of July 2012.
Sales 50,000
Expenses 10% of sales
Cost of goods sold 40,000
Calculate:
(i) Mark up. (1 mark)
(ii) Margin. (1 mark)
(iii) Total expenses. (1 mark)
(iv) Net profit
Date posted: May 21, 2019. Answers (1)
- Outline four features of direct production.(Solved)
Outline four features of direct production.
Date posted: May 21, 2019. Answers (1)
- Kiganjo Traders had the following balances as at 31st December, 2014(Solved)
Kiganjo Traders had the following balances as at 31st December, 2014
Determine the profit for the year.
Date posted: May 21, 2019. Answers (1)
- State the best type of machine one would use to perform the following tasks.(Solved)
State the best type of machine one would use to perform the following tasks.
Date posted: May 21, 2019. Answers (1)
- The accounts of Hakuna Matata Traders showed the following balances on 1st January 2014(Solved)
The accounts of Hakuna Matata Traders showed the following balances on 1st January 2014
Required:
Record the above transactions in the relevant ledger accounts and balance the accounts on 31stJanuary 2014
Date posted: May 21, 2019. Answers (1)
- The following balances were extracted from books of Masaku Traders for the year ended 31/12/2004(Solved)
The following balances were extracted from books of Masaku Traders for the year ended 31/12/2004
Prepare
(i) Profit and loss a/c for the year ended 31/12/2004
Date posted: May 21, 2019. Answers (1)
- On June 1st 2015, Kelly had KSh. 6000 cash in hand and a bank overdraft of Sh. 2000; during the month the following transactions took.
(a)...(Solved)
On June 1st 2015, Kelly had KSh. 6000 cash in hand and a bank overdraft of Sh. 2000; during the month the following transactions took.
(a) Received cheques from debtors totaling to KSh. 80,000 on June 2nd
(b) June 5th, paid telephone bills Sh. 1200 cash
(c) June 8th, withdrew Sh. 16000 from bank for office use.
Enter the above information in the two – column cash book given below and balance it off
Kelly Traders
Two – Column Cashbook
for the month of June 2015
Date posted: May 21, 2019. Answers (1)