a)-Deposits of any amount can be made at any time.
b)-Minimum cash balance must not be maintained in the account
c)-Withdrawal of any amount can be done without giving prior notice.
d)-Cheque books are issued to account holders to use as a means of payment
e)-Monthly statements are issued to the account holders.
f)- Overdraft facilities are allowed to the account holders.
g)-The account holder do not earn any interest on the account balance
Kavungya answered the question on September 26, 2019 at 11:26
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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
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Answers (1)
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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
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Answers (1)
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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
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Answers (1)
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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
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Answers (1)
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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
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Answers (1)
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Outline four limitations of the circular flow of income.
(Solved)
Outline four limitations of the circular flow of income.
Date posted:
September 26, 2019
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Answers (1)
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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
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Answers (1)
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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
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Answers (1)
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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
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Answers (1)
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Highlight four reasons why all motor vehicles are required to have insurance cover.
(Solved)
Highlight four reasons why all motor vehicles are required to have insurance cover.
Date posted:
September 26, 2019
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Answers (1)
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Redraft the following balance sheet correcting any mistakes.
(Solved)
Redraft the following balance sheet correcting any mistakes.
Date posted:
September 26, 2019
.
Answers (1)
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On 1st June 2009, MULI ENTERPRISES had cash in hand sh. 87,000 and cash at bank
sh. 250,000.During the month, the following transactions took place.
June...
(Solved)
On 1st June 2009, MULI ENTERPRISES had cash in hand sh. 87,000 and cash at bank
sh. 250,000.During the month, the following transactions took place.
June 2, Sales (cash) sh. 50,000
June 3, Paid salaries sh.101, 500 by cheque.
June 6, Received a cheque for sh. 76,800 from Mwelu after allowing her a cash discount of 4%.
June 12, Bought office furniture by cheque sh. 85,000
June 16, Settled Musau’s account of sh. 40,000 in cash, having deducted shs 800 cash discount.
June 18, Received a cheque for shs 150,000 in respect of cash sales.
June 21, Paid wages shs 24,000 in cash.
June 22, Withdrew shs 30,000 from bank for office use.
June 25, Withdrew shs 5000 cash for private use.
June 28, Received shs 16500 cash from Kasiva in settlement of her account less shs 660 cash discount.
June 30, Deposited all the money into bank except shs 25,000
Prepare a three column cash book and balance it off.
Date posted:
September 26, 2019
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Answers (1)
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Savings and credit cooperatives have been registering an increasing number of members. Explain five reasons for such a development.
(Solved)
Savings and credit cooperatives have been registering an increasing number of members. Explain five reasons for such a development.
Date posted:
September 26, 2019
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Answers (1)
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During a trader’s workshop, a speaker presented a speech on ethical issues in business. Highlight some ethical issues that he may have raised, affecting business.
(Solved)
During a trader’s workshop, a speaker presented a speech on ethical issues in business. Highlight some ethical issues that he may have raised, affecting business.
Date posted:
September 26, 2019
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Answers (1)
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Explain five ways in which the central bank regulates the operations of commercial banks in Kenya.
(Solved)
Explain five ways in which the central bank regulates the operations of commercial banks in Kenya.
Date posted:
September 26, 2019
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Answers (1)
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Outline four ways in which a warehouse is of importance to a manufacturer.
(Solved)
Outline four ways in which a warehouse is of importance to a manufacturer.
Date posted:
September 26, 2019
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Answers (1)
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Give four reasons why electric trains are uncommon in Africa yet it is the common trend in other continents.
(Solved)
Give four reasons why electric trains are uncommon in Africa yet it is the common trend in other continents.
Date posted:
September 26, 2019
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Answers (1)
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The trial balance below relates to Mutua wholesalers and was wrongly prepared. Prepare a correct one.
(Solved)
The trial balance below relates to Mutua wholesalers and was wrongly prepared. Prepare a correct one.
Date posted:
September 26, 2019
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Answers (1)
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Highlight four reasons why a firm may be located close to other firms.
(Solved)
Highlight four reasons why a firm may be located close to other firms.
Date posted:
September 26, 2019
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Answers (1)
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Outline four functions of retailers which benefit the consumers.
(Solved)
Outline four functions of retailers which benefit the consumers.
Date posted:
September 26, 2019
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Answers (1)