Accounts questions | form three Basic Mathematics

Use the following trial balance to prepare trading , profit and loss account of Mr.Rwaichi as at 31^st December 2015.

TRIAL BALANCE AS AT 31^st DECEMBER, 2015

Answer / Solution

UNSOLVED

The following information relates  to Mr. Kazimoto, a trader as at 30^th July 2004:

Sales   shs. 340,000.00

Cost of sales  75% of sales

opening stock shs 90,000.00

Net profit 20% of sales

Closing stock 20% of cost of goods sold

Calculate

1. Purchases
2. Cost of sales
3. Closing stock
4. Net profit
5. Expenses

Answer / Solution

UNSOLVED

Mr. Kijembe started business on 16^th March, 2011 with capital in cash 2,066,000/=

March 17 bought goods for cash 1,000,000/=

19 bough shelves for cash 1,100,000/=

20 sold goods for cash 900,000/=

21 purchases for cash 800,000/=

22 sold for cash 1,400,000/=

26 paid rent 300,000/=

Record the above transactions in a cash account ledger and extract a trial balance. State two uses of the trial balance you have prepared.

Answer / Solution

UNSOLVED

Mr. Chapakazi commenced business on 1^st June, 2011 with capital in cash 5,500,000/=

June 2 Bought goods by Cash 2,000,000/=

3 Bought furniture for Cash 600,000/=
7 Sold goods for Cash 2,000,000/=
11 Cash purchases 700,000/=
13 Paid Rent for Cash 2,000,000/=
16 Cash Sales 950,000/=
20 Paid Transport for Cash 80,000/=
22 Sold goods for cash 250,000/=
26 Paid salaries for Cash 160,000=

Record the above transactions in the cash account, balance them and extract the Trial Balance.

Answer / Solution

UNSOLVED

The following balances were extracted from the ledgers of Mr. and Mrs. Mkomo business on 31^st  January. Prepare a trial balance.

Capital 30,000/=

Insurance 3,000/=

Furniture 25,000/=

Cash 18,000/=

Motor vehicle 45,000/=

Discount received 7,000/=

Sales 68,000/=

Discount allowed 4,000/=

Purchases 54,000/=

Drawing 12,000/=

Creditors 76,000/=

Electricity 5,000/=

Debtors 15,000/=

Answer / Solution

UNSOLVED