Question
PRACTISE EXERCISE From the following transactions, open the relevant ledger accounts. 1/1/2010 Sold goods on credit for Kshs. 15,000/=. 2/1/2010 Bought goods on credit for
PRACTISE EXERCISE
- From the following transactions, open the relevant ledger accounts.
- 1/1/2010 Sold goods on credit for Kshs. 15,000/=.
- 2/1/2010 Bought goods on credit for Kshs. 5,000/=.
- 3/1/2010 Paid creditors Kshs. 3,000/= by cheque.
- 4/1/2010 Received a cheque of Kshs. 2,000/= from a debtor.
- Kamotho had the following assets and liabilities on 1st January, 2012
Shs.
Capital 13,730
Stock 5,000
Stationery 1,560
Cash 1,000
Overdraft 2,500
Premises 14,000
Creditors 1,370
Five year plan 4,160
During the month, the following transactions took place:
January 2: Received from debtors Shs. 150 by cheque
5: Sold goods worth Shs. 3000 for Shs. 9000 and deposited the money in his bank account
6: Paid Shs. 500 cash towards a 5 year loan
Prepare a balance sheet as at 31st January, 2012
- The following information was provided by Kisumu traders for the year ended 31 December2013.use it to prepare balance sheet.
Shs.
Stock 1,500
Creditors 3,000
Debtors 2,000
Machinery 20,000
Bank over draft 500
Cash 4,000
- The following transactions relate to JUMA Traders from the month of March 2013.
2013
March 1: 2: 15: 30: | Started a business with sh 200,000 bank Withdrew sh 50,000 from the bank for office use. Paid sh 12,000 by cheque for office equipment repairs Withdrew sh 10,000 to pay for his sons hospital bill |
Post the above transaction into the relevant ledger accounts.
- The following balances were extracted from the books of Buruburu Traders as at 31st December, 2013.
SHS
Land and buildings 250,000
Capital 470,000
Plant and Machinery 100,000
Motor Vehicle 150,000
10 year bank loan 100,000
3 years ICDE loan 50,000
Stock (31/12/13) 50,000
Debtors 30,000
Creditors 30,000
Accrued expenses 10,000
Cash at bank 50,000
Cash in hand 10,000
Drawings 20,000
Prepare:
A balance sheet as at 31st December 2013.
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