Solve both questions otherwise leave it (b) The following were the balances extracted from the books of Kimataa as on March 31, 2014:DRCash in handCash at bankPurchasesReturn inwards.WagesFuel and PowerCarriage on salesCarriage on purchasesOpening stockBuildingFreehold landMachinerySalariesMotor vehicleGeneral expensesInsuranceDrawingsSundry debtors.Amount5402,63040,6756808,4804,730320020405,76032,00010,00020,00015,0007,5003,0006005,24514,500176,580CRSalesReturn outwards(j) Balance sheet as at March 31, 2014CapitalSundry creditorsRentThe following are additional information for adjustments(a) Stock in hand on March 31, 2014, was Kshs 6,800.Required: Prepare the following final accounts.(i) Trading and profit and loss account for the period ended 31.03.2014Amount98,78050062,0006,3009,0000(b) Machinery is to be depreciated at the rate of 10% and Motor vehicle @ 20%.(c) Salaries for the month of March, 2014 amounting to Kshs 1,500 were outstanding.(d) Insurance includes a premium of Kshs 170 on a policy expiring on September 30, 2014.(e) Further bad debts are Kshs. 725. Create a provision @ 5% on debtors.(f) Rent receivable Kshs. 1,000.176,580

Name: Solve both questions otherwise leave it (b) The following were the bal
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Description: Solve both questions otherwise leave it (b) The following were the balances extracted from the books of Kimataa as on March 31, 2014:DRCash in handCash at bankPurchasesReturn inwards.WagesFuel and PowerCarriage on salesCarriage on purchasesOpening st

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(b) The following were the balances extracted from the books of Kimataa as on March 31, 2014: DR Cash in hand Cash at bank Purchases Amount 540 2,630 40,675 CR Sales Return outwards Capital Amount 98,780 500 62,000

(b) The following were the balances extracted from the books of Kimataa as on March 31, 2014: DR Cash in hand Cash at bank Purchases Amount 540 2,630 40,675 CR Sales Return outwards Capital Amount 98,780 500 62,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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