The following balances were extracted from the books of Rehema Traders on 1st January. 2007.17/12/2020 The following balances were extracted from the books of Rehema Traders on 1st January. 2007.
The following transactions took place during the year ended 31 st December, 2007:
(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: Draw Rehema Trader’s balance sheet as at 31st December, 2007 showing the items in their relevant classes. (10 marks)
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Discuss causes of unfavourable balance of payment for most developing countries,
Causes of unfavourable balance of payment for most developing countries include:
Give reasons for maintaining books of original entry.
Reasons for maintaining books of original entry include:
Explain six factors that may hinder the development of a country.
Factors that may hinder the development of a country include:
Explain the following types of inflation:
(i) Demand-Pull inflation
Explain five guidelines that should be followed by the government in its expenditure. (10 marks)17/12/2020 Guidelines that should be followed by the government in its expenditure
Guidelines that should be followed by the government in its expenditure include:
The following information relates to Bahati enterprises:
Calculate:
Expected ResponseThe information given below was extracted from the books of Amina Traders on 31st December 2006.17/12/2020 The information given below was extracted from the books of Amina Traders on 31st December 2006.
Ksh
The following balances were extracted from the books of Nafula Traders as at 31 December 2005.17/12/2020 The following balances were extracted from the books of Nafula Traders as at 31 December 2005.
On 2nd November 2006, Oromo received an invoice for Ksh 12,000. Terms of payment were trade discount 5% and cash discount 10%. if payment is made within 30 days.Determine the amount paid if payment was made on 28th November 2006.State four reasons why economic development is desirable to a country.
.Reasons why economic development is desirable to a country include:
Outline four reasons why countries may trade with each other.
Reasons why countries may trade with each other include:
List four sources of public finance.State four services offered by a commercial bank to its consumers.Discuss five benefits that a customer may get by using Automated Teller Machines (ATMs) for financial transactions.
Benefits that accrue to a customer who uses Automat teller machine ATMs include:
Explain five factors that an entrepreneur would consider when evaluating a business idea.16/12/2020 Explain five factors that an entrepreneur would consider when evaluating a business idea.
Factors that an entrepreneur would consider when evaluating a business idea
include:
The information in the table below relates to product ZX whose unit price in the market is Shs 20.00.
(i) Determine total costs, total average costs, and marginal costs at each level of output. (8 marks)
(ii) Determine the units to be produced in order to maximize profits.(2 marks) Outline four ways in which government expenditure may stabilize the economy of a country.16/12/2020 Outline four ways in which government expenditure may stabilize the economy of a country.
Ways in which government expenditure stabilizes the economy of a country include:
State the meaning of the following terms of sale as used in international trade:LOCO,C.I.F,F.A.S and F.O.Q
Terms of sale as used in international trade.
Give two reasons why a three column cashbook is used both as a journal and a ledger.
The balances given below relate to Enotika Traders for the year ended 31st December 2008.15/12/2020 The figure below shows a shift in the supply curve of a given commodity.
Shs
PQ Ltd had the following balances as at 31st December 2012.
Prepare PQ’s Trading Account for the year ended 31st December, 2012. (5 marks)
Expected ResponseLunga, a sole trader, does not keep a complete set of accounting records. Information extracted from the records are as follows
Additional information:
(i) Interest charged on debtors overdue accounts amounted to Kshs 2,000 (ii) Bad debts written off amounted to Kshs 4,200 Prepare trading, profit and loss account for the year ended 31 December 2007 (10 mks) Characteristics of Under-Developed Countries/Nations
Characteristics of underdevelopment that are common among countries in Africa, Latin America and Asia include:
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