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- Enter the following transactions in the suitable cash book for Mumbi stores
January 1st opening balance cash 50,000
Bank 100,000
2nd bought goods from Kimeto on credit...(Solved)
Enter the following transactions in the suitable cash book for Mumbi stores
January 1st opening balance cash 50,000
Bank 100,000
2nd bought goods from Kimeto on credit sh. 60,000
12th settled Kimeto’s account of sh. 60,000 by cheque after detecting 10% cash discount
20th total sales on credit amounted to sh. 50,000
25th Received a cheque of sh. 28,500 from Muturi settling his account after deducting 5% cash discount
30th transferred cash to the bank leaving a balance of sh. 5,000
Date posted: October 11, 2019. Answers (1)
- The table shows some occupation in production .Indicate the level of production associated with each of the following occupations.(Solved)
The table shows some occupation in production .Indicate the level of production associated with each of the following occupations.
Date posted: October 11, 2019. Answers (1)
- Identify four reasons why consumers prepare a scale of preference before spending money on goods and services. (Solved)
Identify four reasons why consumers prepare a scale of preference before spending money on goods and services.
Date posted: October 11, 2019. Answers (1)
- Give three ways in which monopolistic competition differs from pure monopoly.(Solved)
Give three ways in which monopolistic competition differs from pure monopoly.
Date posted: October 11, 2019. Answers (1)
- Kenya has recently discovered crude oil in Turkana. Outline four advantages of transporting the oil through pipeline.(Solved)
Kenya has recently discovered crude oil in Turkana. Outline four advantages of transporting the oil through pipeline.
Date posted: October 11, 2019. Answers (1)
- For each of the following transaction indicate whether it would increase decrease or have no effects on the balance sheet totals.
a)Investing more cash in business...(Solved)
For each of the following transaction indicate whether it would increase decrease or have no effects on the balance sheet totals.
a)Investing more cash in business
b)Paying creditors in cash
c)Buying a piece of furniture in cash
d)Paying a creditor using money from private sources
Date posted: October 11, 2019. Answers (1)
- The following information relates to Khadija wholesalers. Capital at the end of the year 2016 was sh. 190, 000, profit sh, 20,000, additional investment sh,...(Solved)
The following information relates to Khadija wholesalers. Capital at the end of the year 2016 was sh. 190, 000, profit sh, 20,000, additional investment sh, 75,000 and drawings were sh.5000. Calculate Khadija wholesalers’ initial capital.
Date posted: October 11, 2019. Answers (1)
- On 2nd November 2006 Kinoti received an invoice of Ksh. 12,000.Terms of payment were trade discount 5% and cash discount of 10% if payment is...(Solved)
On 2nd November 2006 Kinoti received an invoice of Ksh. 12,000.Terms of payment were trade discount 5% and cash discount of 10% if payment is made within 30days. Determine the amount paid if payment was made on 28th November 2006.
Date posted: October 11, 2019. Answers (1)
- The following balances were extracted from the books of Masomo Entereprises as at 31st Dec. 2008
Debtors ...(Solved)
The following balances were extracted from the books of Masomo Entereprises as at 31st Dec. 2008
Debtors 35000
Sales 440000
Expenses 130000
Discount received 15000
Purchases 300000
Discounts allowed 20000
Carriage inwards 15000
Creditors 45000
Required a trial balance as at 31st Dec, 2008
Date posted: October 11, 2019. Answers (1)
- Outline four principles of public expenditure.(Solved)
Outline four principles of public expenditure.
Date posted: October 11, 2019. Answers (1)
- Mobile phones have become a common means of communication in Kenya today. State four challenges that a trader may encounter when using mobile phones.(Solved)
Mobile phones have become a common means of communication in Kenya today. State four challenges that a trader may encounter when using mobile phones.
Date posted: October 11, 2019. Answers (1)
- Outline four benefits that Kenyan government may get as a member of common market for Eastern and Southern Africa (COMESA)(Solved)
Outline four benefits that Kenyan government may get as a member of common market for Eastern and Southern Africa (COMESA).
Date posted: October 11, 2019. Answers (1)
- The following balances were extracted from The books of Gaitu Traders for the month ended on 31st march 2005,(Solved)
The following balances were extracted from The books of Gaitu Traders for the month ended on 31st march 2005,
Prepare trial balance for Gaitu Traders as at 31st march 2005.
Date posted: October 11, 2019. Answers (1)
- The following information relates to Kitui merchants.
Stock 1/1/2005 20,000
Stock 31/12/2005 15,000
Purchases 150,000
Mark...(Solved)
The following information relates to Kitui merchants.
Stock 1/1/2005 20,000
Stock 31/12/2005 15,000
Purchases 150,000
Mark up 20%
Prepare the trading account for the period ended 31/12/2005
Date posted: October 11, 2019. Answers (1)
- Outline four circumstances under which manufactures may not sell goods/ services directly to consumers.(Solved)
Outline four circumstances under which manufactures may not sell goods/ services directly to consumers.
Date posted: October 11, 2019. Answers (1)
- For each of the following books of original entry indicate the source document used.
a)Purchase journal
b)Cash payment journal
c)Purchase returns journal
d)Sales returns journal(Solved)
For each of the following books of original entry indicate the source document used.
a)Purchase journal
b)Cash payment journal
c)Purchase returns journal
d)Sales returns journal
Date posted: October 11, 2019. Answers (1)
- Identify four ways in which consumers can be exploited by traders.(Solved)
Identify four ways in which consumers can be exploited by traders.
Date posted: October 11, 2019. Answers (1)
- The following trial balance was extracted from the books of Kwale Traders on 31st December 2010.
Stock on 31st December 2010 was sh. 20,000
Prepare a...(Solved)
The following trial balance was extracted from the books of Kwale Traders on 31st December 2010.
Stock on 31st December 2010 was sh. 20,000
Prepare a trading, profit and loss A/C for the Year ended 31st December, 2010.
Date posted: October 9, 2019. Answers (1)
- Explain five ways of making face-to-face communication effective.(Solved)
Explain five ways of making face-to-face communication effective.
Date posted: October 9, 2019. Answers (1)
- Joy traders started business with sh 400,000 in cash on 1/1/2014.
2014
January 2: Deposited sh. 200,000 cash in the bank
5: She bought stock in...(Solved)
Joy traders started business with sh 400,000 in cash on 1/1/2014.
2014
January 2: Deposited sh. 200,000 cash in the bank
5: She bought stock in cash sh 20,000
6: She took Sh. 10,000 cash to pay school fees for her son
7: She paid salaries, sh 40,000 by cheque
8: She sold goods for sh 40,000 cash
9: She paid salaries Sh 4000 by cheque.
Required
i)Enter the above transactions in Joy Traders ledger accounts.
ii)Balance the ledger accounts and extract a trial balance as at 9th January 2014.
Date posted: October 9, 2019. Answers (1)