Describe a Sales Journal.
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Describe a Sales Journal.
Date posted:
August 17, 2021
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Define the term Journalizing.
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Define the term Journalizing.
Date posted:
August 17, 2021
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Explain a Credit note.
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Explain a Credit note.
Date posted:
August 17, 2021
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Explain a Purchase Invoice.
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Explain a Purchase Invoice.
Date posted:
August 17, 2021
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What is a Sales Invoice?
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What is a Sales Invoice?
Date posted:
August 17, 2021
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Answers (1)
The following transactions relate to Kencom Enterprises. You are required to complete the double entry in the relevant accounts for the month of May, 2013.
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The following transactions relate to Kencom Enterprises. You are required to complete the double entry in the relevant accounts for the month of May, 2013.
01/05/2013: Started business by depositing Ksh 200,000 in the bank.
02/05/2013: Purchased goods worth Ksh 17,500 on credit from MM Wholesalers.
03/05/2013: Bought Equipment for Ksh 15,000 paying by cheque.
05/05/2013: Sold goods for cash worth Ksh 27,500.
06/05/2013: Bought goods on credit worth Ksh 11,400 from Pp Shah.
10/05/2013: Paid rent by cash Ksh 1,500.
12/05/2013: Bought stationery for Ksh 2,700, paying in cash.
18/05/2013: Goods returned to MM Wholesalers were amounting to Ksh 2,300.
21/05/2013: Received rent by cheque for Ksh 500.
23/05/2013: Sold goods on credit to Unity for Ksh 7,700.
24/05/2013: Bought a motor vehicle paying by cheque Ksh 30,000.
30/05/2013: Paid the wages by cash amounting to Ksh 11,700.
31/05/2013: The owner made cash drawings for personal use worth Ksh 4,400.
Date posted:
August 17, 2021
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Answers (1)
Explain the Accounting for Sales.
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Explain the Accounting for Sales.
Date posted:
August 17, 2021
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Describe the Debit and Credit Entries.
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Describe the Debit and Credit Entries.
Date posted:
August 17, 2021
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Answers (1)
The following assets and liabilities are owned by Jacob a sole trader as at 01/01/2013.
The following transactions were also captured during the financial period that...
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The following assets and liabilities are owned by Jacob a sole trader as at 01/01/2013.
.Ksh
Accounts payable 56,500
Machinery 150,000
Motor Vehicle 260,600
Stock 105,000
Accounts receivable 155,700
Bank 90,000
Cash 34,000
The following transactions were also captured during the financial period that ended 31/12/2013.
a) A new machine was purchased on credit worth Ksh 21,500.
b) Additional stock for Ksh 64,000 was purchased via bank.
c) Creditors were partly settled by payment of Ksh 20,000 by cheque.
d) The current debtors paid their account by Ksh 72,000 on cash.
e) Jacob deposited Ksh 5,000 into the bank account as capital.
Required:
i. Determine the capital amount for the business at the beginning of the financial period.
ii. Extract a trial balance that captures all the transactions reported.
Date posted:
August 17, 2021
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Answers (1)
The following information relates to Alpha traders as at 31st December 20x3. You are required to prepare a balance sheet as at that date.
(Solved)
The following information relates to Alpha traders as at 31st December 20x3. You are required to prepare a balance sheet as at that date.
Date posted:
August 17, 2021
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Answers (1)