Selected transactions for Suswa Traders during its first month in businessare presented below:Sept. 1 received capital for Sh 30,000 cash received from the owners.Sept. 5 Purchased equipment for Sh 20,000, paying Sh 2,000 in cash and thebalance on account.Sept. 25 Paid Sh 6,000 cash on balance owed for equipment.Sept. 30 Gave the owner Sh 1,000 cash for personal useRequired:a) Journalize the transactions. Do not provide narratives. (4 marks)b) Post the transactions to T-accounts.

Shamalla has been in business for a number of years. Her newly appointed accountant has provided her with the following ledger balances as at December 31 2023. ParticularsAmount(Ksh)ParticularsAmount (Ksh)Capital100,000Cash in hand2,500Drawings25,000Cash in bank12,500Purchases450,000Rent10,000Sales650,000Taxes1,500Duty on Purchases10,000Motor van30,000Returns inwards3,500Salaries & wages25,000Stock(opening)55,000Sundry debtors40,000Carriage outwards4,000Sundry creditors30,000Purchases returns450Land102,000Returns outwards4,500Furniture5,000Carriage inwards5,500Insurance3,000 REQUIREDPrepare the Trial balance as at 31st December 2023.

The following balances were extracted from the accounting records of SA Traders at 31 December 2023.  REquipment  405 000Bank (Cr)100 000Long term loan220 000Trade payables control85 000Inventory15 000Trade receivables control79 000 The equity amount of SA Traders at 31 December 2023 is as follows?Select one:a.R64 000b.R294 000c.R94 000d.R194 000

Lee, a sole trader, provided the following information from his books of account on 30 April 2019. $ Bank overdraft 11 240 Capital 50 000 Carriage inwards 670 Drawings 24 060 Inventory at 1 May 2018 12 500 3% Loan 20 000 Loan interest 50 Motor vehicles Cost Provision for depreciation 32 000 8 000 Office equipment Cost Provision for depreciation 4 600 2 400 Other operating costs 61 990 Provision for doubtful debts at 1 May 2018 2 850 Purchases 97 370 Revenue 165 000 Trade receivables 47 890 Trade payables 21 640 The following information is also available. 1 An invoice from a supplier dated 28 April 2019 for goods costing $940 had not been recorded in the books of account. These goods were unsold at the year-end. 2 Inventory was counted at 30 April 2019 and was valued at cost, $21 340. 3 Revenue included goods sold in April 2019 to a credit customer for $3200 on a sale or return basis. These goods were invoiced with a mark-up of 60% and were returned by customer on 5 May 2019. 4 During the year, Lee took goods with a cost of $250 for his own use. 5 The 3% loan was taken out on 1 August 2018 and is repayable in 5 annual instalments starting on 1 August 2019. 6 A debt of $690 was considered to be irrecoverable and was to be written off. 7 The provision for doubtful debts was to be maintained at 5% of the trade receivables. 8 A computer for office use bought on credit on 1 July 2018 costing $1200 had been debited to the purchases account. 9 Depreciation is to be provided as follows: Motor vehicles 25% per annum using the reducing balance method Office equipment 10% per annum using the straight-line method A full year’s depreciation is charged in the year of purchase.

Q-1: Journalise the following transactions:Jan-1 Ramesh started business with cash Rs. 50,000.Jan-4 Purchased goods for cash Rs. 7,000.Jan-5 Sold goods for cash Rs. 5,000.Jan-7 Purchased goods from Mohan on credit worth Rs. 4,500.Jan-12 Sold goods to Sohan on credit worth Rs. 2,000.Jan-16 Paid wages amounted to Rs. 4,000.Jan-17 Paid salaries to Rs. 2,500Jan-22 Received commission Rs. 2,000.Jan-25 Goods returned by Sohan worth Rs. 1,500.Jan-28 Returned goods to Mohan Rs. 1,000.Jan-30 Cash Received from Sohan Rs. 1,200.Jan-31 Purchased furniture from Deepak worth Rs. 5,000.

) Following transactions are given: [4]a) Goods sold to Rabi on cash Rs. 70,000.b) Goods sold to Rabi on credit Rs. 30,000.c) Goods returned by Rabi Rs. 10,000.d) Rabi settled his account paying cash Rs. 18,000. Required:Journal entries Rabi's account