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

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

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.

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.

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/=

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/=

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

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.

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.