Question
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:
- 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:
- 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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