Accounts questions | form three Basic Mathematics

On 1​st June, 2013 Mrs. Lemisha started business with capital of 100,000/= and made the following transactions

June 2 bought furniture40,000/=

7 bought goods 70,000/=

11 sold goods 65,000/=

16 paid Sundry expenses 30,000/=

19 cash sales 80,000/=

24 paid wages 50,000/=

26 withdraw cash 30,000/=

(i) Prepare the cash account

(ii) Prepare the balance sheet as at 30/06/2013

(iii) Explain the importance of the balance sheet you have prepared in part (ii) above.

Answer / Solution

UNSOLVED

The following trial balance was extracted from the businessman books’ of Chericho Ramaji, at 31^st December 2006.

Prepare Trading, Profit and Loss account for the year ended 31​st​ December 2006.

Answer / Solution

UNSOLVED

1. What is an account?
2. State the principle of double entry.
3. What is a trial balance?
4. What is the importance of preparing a trial balance?
5. On 1^st August, 2001 Mr Paulo started business with capital in cash 800,000/=; August (3) :Bought goods for cash 400,000/=;(4):Paid salary for cash 150,000/=; (8): Sold goods for cash 200,000/=;(12): Paid rent for cash 220,000/=; (18): Purchased goods for cash 300,000/=; (28): Sold goods for 350,000/=; (29): Paid insurance for cash 250,000/=

Enter the above transactions in a cash account, balance it and bring down the balance to the next month.

Answer / Solution

UNSOLVED

The following Trial Balance was extracted from the books of XY Company.

Trial Balance as at 31^st December 2008

You are required to:

1. Prepare trading and profit and loss account as at 31^st December 2008
2. Extract balance sheet as at 31^st December 2008

N.B: Stock at close – Tsh.26,000.00.

Answer / Solution

UNSOLVED

Halima started a business on 1^st September , 2018 with a capital of Tshs, 25,000/= in cash.

September 2, bought goods for cash 15,000/=

3, sold goods for cash 3,000/=

5, sold goods for cash 5,000/=

6, paid carriage on goods 500/=

9, sold goods for cash 14,000/=

15, bought goods for cash 1,000/=

19, paid rent 2,000/=

20, purchased goods 6,000/=

27, paid wages 5,000/=

28, sold goods on credit 1,000/=

By using these transactions, prepare the cash account.

Answer / Solution

UNSOLVED