In the spaces provided in the table below, name the document iambi Ltd. would issue under the circumstances described:

20/12/2020

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In the spaces provided in the table below, name the document iambi Ltd. would issue under the circumstances described:

Documents to issue:

Invoice.
Debit Note.
Receipt.
Credit Note.

0 Comments

Give reasons for maintaining books of original entry.

17/12/2020

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Give reasons for maintaining books of original entry.

Reasons for maintaining books of original entry include:

To reduce details to be recorded in the ledger accounts.
Act as back-up data from which other information may be extracted if need arise.
Contain information which act as reference such as units, trade discounts and terms of sale.
The general journal is used to correct errors made when recording transactions.
The three-column cash book is used as a book of original entry as well as a ledger

Give reasons for maintaining books of original entry.

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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.

17/12/2020

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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.

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The following information was extracted from the books of Helen Traders;

16/12/2020

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The following information was extracted from the books of Helen Traders;

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The following transactions relate to Jelimo Stores:

15/12/2020

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The following transactions relate to Jelimo Stores:

(a) 10th October 2010, sold unused stationery for Sb 3.000 on credit to K. Likia.
(b) 23 October 2010, 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)

The following transactions relate to Jelimo Stores:

Expected Response

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Indicate the type of journal in which each of the following transaction would be recorded

14/12/2020

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Indicate the type of journal in which each of the following transaction would be recorded

Type of journals referred to are:

Sales Returns journal/returns immunals
Purchases Journal/Creditors Journal /bought journal
Crash receipt/Journal proper
General journal/Journal proper

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For each of the following transactions in the table below, indicate in the spaces provided, the source document from which the transaction would be recorded. (4 marks)

13/12/2020

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For each of the following transactions in the table below, indicate in the spaces provided, the source document from which the transaction would be recorded.

(a) Sales invoice/outgoing invoice.
(b) Debit note.
(c) Credit note.
(d) Purchases invoice.

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Identify the book of original entry used in recording each of the following transactions of Soya Traders.

11/12/2020

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Identify the book of original entry used in recording each of the following transactions of Soya Traders.

Sales journal/ debtors journal/ day book
Purchase journal/ creditors journal
Sales return journal/ returns inward journal
Purchases returns journal/ returns outward journal

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The following Purchases Returns Journal relates to Farasi Traders:

9/12/2020

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The following Purchases Returns Journal relates to Farasi Traders:

Post the information above to the relevant ledger accounts. (4 marks)

Expected Response

0 Comments

Identify the source documents into which the information given in the table below would be recorded. (4 marks)

27/11/2020

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Identify the source documents into which the information given in the table below would be recorded. (4 marks)

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List four books of original entry that may be used to record transactions affecting stock.(4 marks)

22/11/2020

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Books of original entry that may be used to record transactions affecting stock

Books of original entry that may be used to record transactions affecting stock are:

Purchases journal.
Sales journal.
Sales returns journal/Returns inwards journal.
Purchases returns/Returns outwards journal.

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KCSE BASED BUSINESS STUDIES Q & A

In the spaces provided in the table below, name the document iambi Ltd. would issue under the circumstances described:

In the spaces provided in the table below, name the document iambi Ltd. would issue under the circumstances described:

Give reasons for maintaining books of original entry.

Give reasons for maintaining books of original entry.

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.

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.

The following information was extracted from the books of Helen Traders;

The following information was extracted from the books of Helen Traders;

The following transactions relate to Jelimo Stores:

Expected Response

Indicate the type of journal in which each of the following transaction would be recorded

Indicate the type of journal in which each of the following transaction would be recorded

For each of the following transactions in the table below, indicate in the spaces provided, the source document from which the transaction would be recorded. (4 marks)

For each of the following transactions in the table below, indicate in the spaces provided, the source document from which the transaction would be recorded.

Identify the book of original entry used in recording each of the following transactions of Soya Traders.

Identify the book of original entry used in recording each of the following transactions of Soya Traders.

The following Purchases Returns Journal relates to Farasi Traders:

Expected Response

Identify the source documents into which the information given in the table below would be recorded. (4 marks)

List four books of original entry that may be used to record transactions affecting stock.(4 marks)

Books of original entry that may be used to record transactions affecting stock

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