The balance of the insurance account in the trial balance prepared on 30 June 20.2 is R96 300. The monthly insurance premium for this financial year is R10 700 per month. On 1 July 20.2, the bookkeeper of KA Traders made a further electronic funds transfer of R64 200 to Clarke Insurers but the bookkeeper forgot to do the general ledger entries for this transaction. The financial year end of KA Traders is 30 June. The correct general ledger entries in the insurance account in the books of KA Traders on 30 June 20.2 are ...Instructions:1.         First do the adjustment general ledger entries and then do your closing transfer general ledger entries.2.         Use a full stop to indicate any decimals (eg: 1000.01)3.         Round off to the second decimal after the full stop (eg: 50.56)KA TRADERSGENERAL LEDGERDr                InsuranceCr 20.2Jun 30 Balance R96 30020.2Jun 30 Answer  AnswerJul 1Answer Answer Answer Answer

Cash control account balance of the business on 2021.12.31 and bank statement balance on the samedate were different due to the following reasons.(a) Rs. 50 000 directly deposited by a debtor directly at bank was not recorded in the books.(b) Own life insurance premium of Gayathri paid from the business fund was not recorded in theaccounting books.(c) Bank overdraft interest Rs. 15 000 in bank statement was not recorded in the accounting booksup to 31.12.2021.Required,1. Profit or loss statement for the year ended 2021.12.312. Statement of financial position as at 2021.12.31

The following are account balances for Molto Traders for October 2019.Capital 45,000Accounts payable 6,000Equipment 29,000Sales revenue 23,000Drawings 6,000Insurance expense 3,500Purchases 11,000Utilities expense 700Inventory September 1, 2018 2,800Salaries and wages expense 9,000Accounts receivable 10,000Rent expense 2,000Required:a) Prepare the trial balance as at October 31, 2019.

The trial balance extracted from the books ofTim on 31/12/2020 is as follows.Dr. Cr.Kshs. Kshs.Capital 217,500Land and building 150,000Equipment at cost 37,500Depreciation provision for equipment 15,000Fitting at cost 37,500Depreciation provision fittings 17,250Stock 21,375Salaries and wages 57,750Purchases 225,000Administrative expenses 30,000Cash in bank 37,500Cash at hand 7,500Debtors 37,500Creditors 21,375CUEA/ACAD/EXAMINATIONS/DIRECTORATE OF EXAMINATIONS & TIMETABLING Page 3ISO 9001:2015 Certified by the Kenya Bureau of Standards.Sales 375,000Carriage out ward 1,500Carriage inward 750Return inward 1,125Return out ward 1,400Discount allowed 2,250Discount received 1,225Bad debts written 1,500Total 648,750 848,750Additional informationi) Closing stock was valued at kshs30,000ii) Wages paid in advance shs2000iii) Administrative expenses outstanding shs 1500iv) Depreciation to be charged 10% on cost of equipment and 5% on cost of fittings.v) 5% provision for doubtful debts .Required;i) Trading profit and loss account for the period ending 31/12/20 (13 Marks)ii) Balance sheet as at 31/12/20

Based on the following information relating to Matt’s Constructions, identify (in words) what adjustment is required at 30 June, the end of the accounting period. The first one has been answered to provide an example. (a) Matt paid $12,000 on 1 May 2024, for a 12-month insurance policy, recording it as Prepaid Insurance. Two months of the insurance policy have been incurred, so $2,000 needs to come out of the Prepaid Insurance (asset) account and into Insurance Expense to show that some of the expense that was prepaid is no longer an asset. (b) Matt employs a casual labourer when the business is particularly busy. The labourer worked in the last week of June 2024 and is owed $1,800. This has not been recorded. (c) Matt has supplies of nails and screws for construction jobs. The supplies account shows a balance of $300 but there is actually only $60 worth of nails and screws left on hand at 30 June. (d) Matt has tools and equipment that originally cost $10,000 two years ago. He is depreciating them using the straight-line method. They have an expected life of five years with no residual value. He has only recorded depreciation for the first year. (e) Matt constructed a shed for a customer in January 2024, and charged $900 on credit. The customer has now been declared bankrupt and Matt will not be able to collect the amount owing to him. Matt uses the allowance method. (f) Matt repaired a customer’s letterbox on his way home from work on 30 June 2024 for $150 on credit. He forgot to record it. (g) A customer who was going on holidays paid Matt $5,000 in advance for some renovation work on their home which Matt recorded as Unearned Income. By 30 June, 80% of the work had been performed.

A client, W West, instructed the attorney practice, South Attorneys, to transfer an amount of R5 200, from the trust bank account to the business bank account for fees that are due to South Attorneys after the attorney practice has rendered all services to the W West on 30 June 2021. The trust creditors control account of W West had a credit balance of R7 000 on 30 June 2021.Which one of the following options represents the correct journal entry when the funds due to South Attorneys are paid on 30 June 2021?Select one:a.Journal entryDrRCrRTrust bank accountBusiness bank accountFunds transferred to the business bank account5 200 5 200b.Journal entryDrRCrRTrust creditor control account (W West)Business bank accountFunds transferred to the business bank account5 200 5 200c.Journal entryDrRCrRBusiness bank accountTrust bank accountFunds transferred to the business bank account5 200 5 200d.Journal entryDrRCrRBusiness bank accountTrust creditor control account (W West)Funds transferred to the business bank account5 200 5 200