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  • Principles of Accounting Exercise

    Transféré par

    Dominic Kabuga Mutugi
    76 vues1 page
    Mr. Paul opened a small business in March 2010 and had various financial transactions throughout the month: 1) He began with KSH 20,000 in the bank and purchased machinery for KSH 15,200 on credit. 2) He paid KSH 8,000 for delivery by check and bought office equipment on credit for KSH 15,480. 3) He borrowed KSH 10,000 by check from Alpha Bank and bought more machinery on credit for KSH 12,800.

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    Mr. Paul opened a small business in March 2010 and had various financial transactions throughout the month: 1) He began with KSH 20,000 in the bank and purchased machinery for KSH 15,200 on credit. 2) He paid KSH 8,000 for delivery by check and bought office equipment on credit for KSH 15,480. 3) He borrowed KSH 10,000 by check from Alpha Bank and bought more machinery on credit for KSH 12,800.

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme DOC, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    76 vues1 page

    Principles of Accounting Exercise

    Transféré par

    Dominic Kabuga Mutugi
    Mr. Paul opened a small business in March 2010 and had various financial transactions throughout the month: 1) He began with KSH 20,000 in the bank and purchased machinery for KSH 15,200 on credit. 2) He paid KSH 8,000 for delivery by check and bought office equipment on credit for KSH 15,480. 3) He borrowed KSH 10,000 by check from Alpha Bank and bought more machinery on credit for KSH 12,800.

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme DOC, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 1

    Principles of Accounting Exercise

    (These is graded Exercise and must attempted by all)


    Question One
    Mr Paul opened a small Business in Nairobi in the month of March 2010. The following
    transactions took place
    March 1
    st
    : ommenced business with !sh "0#000 in the bank
    March 1
    st
    : Purchased Machiner$ at !sh %#200 on credit from &bade
    March 2
    nd
    : Paid !sh '#(00 for )eli*er$ +an b$ che,ue
    March -
    rd
    : Bought &ffice .,uipment on credit from !. /td on redit !sh -#%(0
    March "
    th
    : Borrowed !sh 1(000 b$ che,ue from /utha Bank
    March 1(
    th
    Bought Machiner$ on credit from &oko !sh "#'00
    March 12 The Machine bought from Mr &bade was returned to him as fault$
    March 20
    th
    Paid b$ che,ue amount owing to ! /td
    March 21
    st
    0ithdrew from the Bank !sh %00 for personal use
    March 21
    th
    sent 2 he,ue to Mr. &oko of !sh "#'00
    March 2'
    th
    3old goods on credit to Mr. 4amaa !sh (#000
    March -1
    st
    Mr 4amaa paid !sh (#000 b$ che,ue
    Question 2
    &n 1
    st
    4anuar$ 2001# 0asu store had kshs 2(000 at the Bank and kshs 120056 in cash. )uring the
    month the following transactions took places.
    4an 2: 3old goods for kshs 12#(00 in cash
    4an ": 7ecei*ed a che,ue of kshs '#(00 from !amau enterprises
    4an 10: Paid cash shs# 1#(00 to a creditor
    4an 12: )eposited kshs 1(#000 into the Bank from the cash till
    4an 1(: )rawings b$ che,ue for personal use kshs (#00056
    4an 20: Paid wages in cash kshs "#%0056
    4an 2(: Paid rent b$ che,ue kshs 12#00056
    4an 2%: ash sales amounted to kshs 2%#00056
    4an -0: Paid salaries kshs 8#10056 in cash.

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