A Cash Book is used to record all the Receipts and Payments inform of cash or cheques for a particular financial period. The cashbook also shows the available cash at bank and cash in hand.
The cashbook forms part of the general ledger and records the source documents; that is receipts and cheques.
Kavungya answered the question on August 17, 2021 at 08:39
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Using a diagram, illustrate the Classification of Accounts.
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Using a diagram, illustrate the Classification of Accounts.
Date posted:
August 17, 2021
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Record the following entries in a journal for the year 2011.
- On May 1st bought a vehicle on credit from Kenya motors for Kshs 96,000.
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Record the following entries in a journal for the year 2011.
- On May 1st bought a vehicle on credit from Kenya motors for Kshs 96,000.
- On May 3rd a debt of Kshs 6,000 owing from John was written off as a bad debt.
- On May 8th credit purchase of furniture for 12,500 was returned to the supplier BB ltd as it was unsuitable and full allowance will be given.
- On May 12th a Ken a debtor who owed us Kshs 4,000 was declared bankrupt and we received Kshs 1050 in full settlement of the debt.
- On May 14th we take goods costing Kshs 3,500 out of the business stock without paying for them.
- On May 28th we discovered that Kshs 1,500 of the insurance paid, belonged to private use.
- On May 30th bought machinery for Kshs 25,000 on credit from Electronics ltd.
Date posted:
August 17, 2021
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Describe a General Journal.
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Describe a General Journal.
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August 17, 2021
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The following transactions relate to Jasho Enterprises. Enter the transactions in the relevant books of original entry and show the postings made in the general...
(Solved)
The following transactions relate to Jasho Enterprises. Enter the transactions in the relevant books of original entry and show the postings made in the general ledger.
2013
1/10/2013 Credit purchases from: Martin Sh. 38,000; Mark Sh. 5,000; Mike Sh. 1,060.
3/10/2013 Credit sales to: Rick Sh. 5,100; Raps Sh. 2,460; Rachael Sh. 3,560.
5/10/2013 Credit purchases from: Matthew Sh. 2,000; Mabel Sh.1,800 ; Marshal Sh. 4,100; Michael Sh.660.
8/10/2013 Credit sales to: Stephen Sh. 3,070; Stella Sh. 2,500; Samuel Sh. 1,850.
12/10/2013 Returns outwards to: Mark Sh. 300; Mike Sh. 160.
14/10/2013 Returns inwards from: Raps Sh. 180; Rachael Sh. 220.
20/10/2013 Credit sales to: Raps Sh. 1,880; Shakes Sh. 3,100; Slim Sh. 4,200.
24/10/2013 Credit purchases from: Peter Sh. 5,500; Patrick Sh. 9,000.
31/10/2013 Returns inwards from: Raps Sh. 270; Rick Sh. 300.
31/10/2013 Returns outwards to: Mabel Sh. 130; Michael Sh. 110.
Date posted:
August 17, 2021
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Describe a Return Outwards Journal.
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Describe a Return Outwards Journal.
Date posted:
August 17, 2021
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Describe a Return Inwards Journal.
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Describe a Return Inwards Journal.
Date posted:
August 17, 2021
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Describe a Purchases Journal.
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Describe a Purchases Journal.
Date posted:
August 17, 2021
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You are to enter up the sales journal from the following details. Post the items to the relevant accounts in the sales ledger and then...
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You are to enter up the sales journal from the following details. Post the items to the relevant accounts in the sales ledger and then show the transfer to the sales account in the general ledger.
Date posted:
August 17, 2021
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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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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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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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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)
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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)