Description
BOOKKEEPING AND ACCOUNTING
OLTFSTION ONE
- Briefly describe the following documents commonly used in business transactions.
- Purchase credit note
- Credit note
- Debit note
{6 marks}
(ii)Â Â Â Â Â Â Miss Wambua, a motor car dealer, had the following transactions in the month of August:
August 1 | Bought a car from K. Omari and paid for it by cheque | Ksh.204,OOO |
3 | Sold a car on credit to Mr. Kiprono | Ksh.252,OOO |
10 | Bought office typewriter from Okalo | Ksh.9,OOO |
20 | Sold a car to a Marenya on credit | Ksh.240,500 |
21 | Bought a car from Wangwe on credit | Ksh.212,500 |
21 | Sold a car to Lena Laboso and received spot cash | Ksh.297,500 |
31 | Bought additional machine from Mukuna on credit | Ksh.11,200 |
Required:
Assist Miss Wambua with relevant entries in the subsidiary books and post them to cash book balance.
{6 marks}
- (i) Explain FOUR main causes of differences between the bank balance and the cash book balance.
{4marks} (ii) What are the main benefits of maintaining control accounts.
{3marks}
- Some book-keeping errors are said to affect the agreement of a trial balance while others do not. Explain THREE main examples of each.
{6 marks}
BOOKKEEPING AND ACCOUNTING 11-1-2
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