Accounts questions | form three Basic Mathematics

Determine the gross profit and the net profit from the information given below.

Sales  38,000/=

Opening stock 8,000/=

Purchases  25,000/=

Electricity 4,000/=

Discount allowed 2,000/=

Closing stock 5,000/=

Answer / Solution

UNSOLVED

Study the given trial balance and answer questions that follow:

Trial Balance as of 31 December 2007

Prepare the following for the year ending 31 December 2007:

1. Trading account;
2. Profit and loss account;
3. Balance sheet

Answer / Solution

UNSOLVED

From 1^st January to 29^th January 2006 Mr. Bin decided to keep records of his business as follows:

Jan 1 Mr. Bin started a business with capital in cash 500,000.00

5 purchased goods  254,000.00

6 sold goods 290,000.00

9 Purchased goods 204,000.00

10 Expenses 24,000.00

29 Sold goods 320,000.00

You are required to :

1. Prepare the trial balance
2. Oppen capital and cash account

N.B: All payments and receipts were made in cash.

Answer / Solution

UNSOLVED

At the beginning of August 2008. Nguvumpya Secondary School started up a school project shop with a capital of Tshs, 1,800,000/=. The school project manager made the following transactions.

On August 6^th she bought some stationeries for the shop worth Tshs 180,000/=

9^th she sold goods to the students worth Tshs 270,00/=

11^th she bought soft drinks for the shop from IPP Company worth Tshs 630,000/=

13^th she sold foodstuffs to teachers worth Tshs 450,000/=

15^th she sold foodstuffs to villagers worth Tshs 360,000/=

17^th she bought loaves of bread for the shop worth Tshs 450,000/=

19^th paid transport charges Tshs. 50,000/= and the shop management paid wages to the shop manager Tshs. 90,000/= on August 28^th .

1. Enter these transactions in a cash book.
2. Bring down the balance at the end of August 28^th 2008.

Answer / Solution

UNSOLVED