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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
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Answers (1)
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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
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Answers (1)
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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
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Answers (1)
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Outline four distinctions between monopolistic competition and oligopoly.
(Solved)
Outline four distinctions between monopolistic competition and oligopoly.
Date posted:
September 26, 2019
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Answers (1)
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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
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Answers (1)
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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
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Answers (1)
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Outline four features of demand deposit account.
(Solved)
Outline four features of demand deposit account.
Date posted:
September 26, 2019
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Answers (1)
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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
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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)