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The following statement of financial position reflected the financial position of Ulinzi Feeds as at 1 st October 2021. Ulinzi Feeds Statement of Financial Position

The following statement of financial position reflected the financial position of Ulinzi Feeds as at 1st October 2021.

Ulinzi Feeds

Statement of Financial Position

As at 1st October 2021

Non Current Assets

Buildings 191,712

Current Assets

Trade Debtors 41,216

Prepaid Rent Expense 11,605

244,533

Financed By:

Capital 167,695

Current Liabilities

Bank Overdraft 38,200

Accrues Insurance Expense 14,320

Trade Creditors 24,318

244,533

The following transactions took place in the month of October 2021

04/10/2021: Made credit sales worth Kes 94,160

09/10/2021: Mr Phenes the proprietor withdrew Kes 16,500 from the business bank account for personal use

11/10/2021: Paid Insuarance Expense Kes 8,900 cash

14/10/2021: Made credit purchases worth Kes 64,800

26/10/2021:Paid Kes 58,104 cash to trade creditors

27/10/2021: Received an invoice of Kes 17,000 from the Landlord (Mr.General) in respect of the rent expense for the month of October 2021.

30/10/2021: Received Kes 27,400 cash from a debtor

Required:

  1. Post the above transactions in the ledger accounts and balance off (5 Marks)

Extract a trial balance as t 30th October 2021

The following statement of financial position reflected the financial position of Ulinzi Feeds as at 1st October 2021.

Ulinzi Feeds

Statement of Financial Position

As at 1st October 2021

Non Current Assets

Buildings 191,712

Current Assets

Trade Debtors 41,216

Prepaid Rent Expense 11,605

244,533

Financed By:

Capital 167,695

Current Liabilities

Bank Overdraft 38,200

Accrues Insurance Expense 14,320

Trade Creditors 24,318

244,533

The following transactions took place in the month of October 2021

04/10/2021: Made credit sales worth Kes 94,160

09/10/2021: Mr Phenes the proprietor withdrew Kes 16,500 from the business bank account for personal use

11/10/2021: Paid Insuarance Expense Kes 8,900 cash

14/10/2021: Made credit purchases worth Kes 64,800

26/10/2021:Paid Kes 58,104 cash to trade creditors

27/10/2021: Received an invoice of Kes 17,000 from the Landlord (Mr.General) in respect of the rent expense for the month of October 2021.

30/10/2021: Received Kes 27,400 cash from a debtor

Required:

  1. Post the above transactions in the ledger accounts and balance off (5 Marks)

Extract a trial balance as t 30th October 2021

question 2

The following financial transactions took place at Bosire shoes dealers during the month of January 2022

02/01/2022

Opening Cash account Kes 32,400 (DR) and bank account Kes 19,800( CR)

03/01/2022

Borrowed Kes 72,200 cash from Winnie

04/01/2022

Bought goods at Kes 19,900 on credit from Aisha

05/01/2022

Deposited Kes 31,650 cash in the bank

07/01/2022

Returned goods worth Kes 4,350 to Aisha

08/01/2022

Paid telephone expense at Kes 8,300 using a cheque

09/01/2022

Received a cheque of Kes 36,900 as rent income

10/01/2022

Made credit sales of Kes 24,300 to Sekundo

17/01/2022

Paid by Cash the full amount due to Aisha

27/01/2022

Received in cash form the amount due from Sekundo less 2% discount

28/01/2022

Made credit purchases worth Kes 40,500 from Abdi

29/01/2022

Paid by cheque the amount due to Abdi less 3% discount

31/01/2022

Deposited all the cash available in the business into the bank account except Kes 10,000

Required: Record the above transactions in a three column cash book as at 31/01/2022 ( 10 Marks)

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