KCSE Business Studies Topical Questions and Answers

The following balances were extracted from the books of Rehema Traders on 1st January 2015.

5/12/2020

The following balances were extracted from the books of Rehema Traders on 1st January 2015.
Ksh
Capital 600,000
Creditors 180,000
Motor van 200,000
Furniture 200,000
Stock 60,000
Debtors 80,000
Cash 240,000

The following transactions took place during the year ended 31st December 2015:

(i) Sold furniture worth Ksh 60,000 for which Ksh 40,000 cash was received and the balance was due at the end of the year.
(ii) Purchased goods worth Ksh 100,000 for which cash of Ksh 70,000 was paid and the balance was still outstanding at the end of the year.
(iii) Cash Ksh 10,000 was taken from the business by the proprietor to settle the spouse’s hospital bill.

Required: Outline the effect of each transaction on the items of the balance sheet.(8 marks)

The following transactions relate to Jelimo Stores:

1/12/2020

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The following transactions relate to Jelimo Stores:

(a) 10th October 2015 sold unused stationery for Sh 3,000 on credit to K. Likia.
(b) 23rd October 2015, bought a motor vehicle on credit from Onjwaria Motors for Sh 700,000.

Required: Record the above transactions in the general Journal given below: (4 marks)

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The following balances were extracted from the books of Rehema Traders on 1st January 2015.

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