Accounts questions | form three Basic Mathematics

Give short description of the following terms

1. Gross profit
2. Net profit
3. Trading account
4. Profit and Loss account

In July 1^st 2010 Mr. Mabuba started business with capital in cash 10, 000,000/=.

in July

3 purchased goods for cahs 2,500,000/=

4 sold goods for cash 5,000,000/=

7 purchased goods for cash 1,800,000/=

11 bought goods for cash 2,350,000/=

16 Paid cahs for rent 1,110,000/=

27 paid cash for wages 550,000/=

29 sold goods for cash 3,100,000/=

NB: Stock in hand at 31 July 2010  was 400,000/=

Prepare  Trading, Profit and  Loss Account.

Mwanne commenced business on 1^st April , 2015 with capital in cash 200,000/= April 2 bought goods for cash 100,000/=.

3 bought goods for cash 300,000/=

4 purchased shelves for cash 230,000/=

5 sold goods for cash 400,000/=

9 paid wages for cash 50,000/=

12 purchased goods for cash 70,000/=

13 sold goods for cash 600,000/=

16 paid rent for cash 100,000/=

20 bought goods for cash 60,000/=

25 sold goods for cash 300,000/=

27 paid salary for cash 70,000/=

Prepare the following

1. Cash account
2. Trial balance

1. What is a trial balance and what is its main purpose
2. On January 1^st 2015 Semolina Women Group started a business with a capital in cash of 2,000,000/=

january 2 purchased goods for cash 1,400,000/=

3 sold goods for cash 1,000,000/=

6 Purchased goods for cash 600,000/=

15 paid rent for cash 220,000/=

26 Paid wages for cash 220,000/=

15 Sold goods for cash 620,000/=

Prepare:

1. The cash account and balance it.
2. The Trial Balance

Given:

Opening stock 01-01-201234,430/=

Closing stock 31-12-201226,720/=

Net purchases during 2012212,290/=

Expenses for the year45,880/=

Gross Profit is 50% of cost of goods sold

Find: (i) Cost of goods sold(ii) The gross profit

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.

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.

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.

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.

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.