The following is the trial balance of detergent company as on 31.3.2019. The company has 20,000 shares of Rs 100 each as registered capital Particulars Dr Cr Shares (3000 shares of Rs 100 each) 3,00,000 Calls in arrears 16,000 Reserve fund 2,50,000 Buildings 1,80,000 Fixed deposit 1,00,000 Wages 30,000 Machinery 89,000 furniture 80,000 Purchases and sales 210000 525000 Salary 60000 Debtors and creditors 220000 150000 Bills receivable and bills payable 61000 90000 Directors’ fees 20000 Returns 15000 20000 Freight 10000 Manufacturing expenses 5000 Opening stock 65000 Interim dividend 25000 Audit fees 15000 Profit and loss 27000 Tools 38000 Preliminary expenses 60000 Debentures 100000 Interest on debenture 14000 Investment 250000 Goodwill 52000 Insurance and tax 20000 Printing and stationery 15000 Cash and bank balances 12000 1562000 1562000 Adjustments I. Directors proposed a total dividend of 25% II. Write off 25% of preliminary expenses and 10 % of goodwill III. Depreciate buildings by 2 % and furniture by 5% IV. Transfer Rs 60000 to Reserve fund V. Insurance prepaid Rs 1500 VI. Closing stock Rs 80000 Prepare statement of profit and loss and balance sheet as per companies act 2013 using vertical format

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

The summarized trial balance of ABN Associates (Partnership Business) as at 31st March 2018 is given below. ABN Associates Trial Balance as at 31st March 2018 Rs. Dr Cr Partners' Capital Accounts Amal 500000 Bimal 400000 Nimal 400000 Partners' Current Accounts Amal 225000 Bimal 125000 Nimal 85000 Partners' loan Account - Nimal 200000 Property, Plant & Equipment 900000 Drawings Amal 275000 Bimal 175000 Sales 3800000 Inventory 585000 Cost of sales 1900000 Trade Recievables / Trade Payables 280000 150000 Cash at bank 500000 Operational Expenses 850000 5675000 5675000 Adjustments need to be made for the following 01.   Depreciation for the year was Rs. 180,000. 02.   The profit sharing ratio of Amal, Bimal and Nimal is 4 : 3 : 3 respectively. 03.   Interest is payable on Fixed Capital Accounts balances 10% per annum. 04.   No entries have been made for Inventory costing Rs. 120,000 taken by Amal. 05.   Interest on the partners loan is 20% per annum. 06.   Amal took away the other equipment for his own use on 31st March 2018 at a valuation of Rs. 100,000. The book value of the equipment is Rs. 50,000. Requirement Prepare the financial statements for a partnership including appropriation accounts

The following trial balance was extracted from the books of Rose Martins, a sole trader on 31 December 2005. Sh. Sh.Capital 2,880,000Freehold land and buildings at cost 1,120,000Motor vehicles at cost 1,094,000Furniture and fittings at cost 240,000Stock at 1 January 2005 960,000Purchases and sales 9,408,000 11,088,000Debtors and creditors 936,000 695,200Discounts allowed and received 195,200 119,200 Returns inwards and outwards 16,000 28,800Rent received 44,000 Loan (interest payable 5% per annum) 192,000Interest on loan 4,800Proceeds of sale of motor vehicle 150,000Provision for doubtful debts 27,200Bad debts 52,000Wages and salaries 1,127,200Drawings 256,000General expenses 138,400Bank balance 108,800Rates and insurance 48,000Provisions for depreciation: Furniture and fittings 160,000 Motor vehicle 320,000 15,704,400 15,704,400Notes:1. Stock at 31 December 2005 was valued at Sh. 1,360,000.2. Included in general expenses is a sum of Sh. 26,400 being expenses on electricity for domestic use.3. A vehicle purchased on 1 January 2003 at Sh. 450,000 was sold for Sh. 150,000. The only record of the transaction is the credit of Sh. 150,000 to the proceeds of sale of motor vehicle account.4. As at 31 December 2005, wages and salaries outstanding amounted to Sh. 66,400.5. Prepaid rates and insurance as at 31 December 2005 stood at Sh. 12,000.6. Interest paid is only a half of the amount due for the year ended 31 December 2005.7. Provision for doubtful debts is to be adjusted to 5% of the debtors.8. Depreciation is to be provided for as follows:(i) Furniture and fittings at 5% on reducing balance method(ii) Motor vehicles at 20% on straight line method.9. Rent owing from a tenant who occupies a part of the building was Sh. 40,000 on 31 December 20005.Required:a) Profit and loss account for the year ended 31 December 2005.b) Balance sheet as at 31 December 2005.

The statement below is likely from which of the following business (type of business and form of organisation):Balance Sheet As of 30th June 2021Assets  Cash$50,000 Accounts Receivables90,000  Land270,000  Buildings (net)220,700Total assets$630,700Liabilities  Accounts payable280,000Net Assets$350,700Shareholders' Equity Share capital$225,000Retained earnings  125,700Total stockholders' equity$350,700Question 2Answera.a merchandising partnershipb.a merchandising companyc.a merchandising sole-proprietorshipd.a service sole-proprietorshipe.a service company

QUESTION TWOThe following trial balance has been extracted from the ledger of Herbert Howell, a sole trader,as at 31 May 2019, the end of his most recent financial year.Herbert HowellTrial Balance As At 31 May 2019Dr CrSh. Sh.Property at cost 90,000Equipment at cost 57,500Provision for depreciation (as at 1 June2018)Property 12,500Equipment 32,500Stock as at 1 June 2018 27,400Purchases 259,600Sales 405,000Discounts allowed 3,370Discounts received 4,420Wages and salaries 52,360Bad debts 1,720Loan interest 1,560Carriage out 5,310Other operating expenses 38,800Trade debtors 46,200Trade creditors 33,600Provision for bad debts 280Cash on hand 151Bank overdraft 14,500Drawings 28,93013% loan 12,000Capital, as at 1 June 2018 ______ 98,101612,901 612,901The following additional information as at 31 May 2019 is available:(a) Stock as at the close of business was valued at Sh.25,900.(b) Depreciation for the year ended 31 May 2019 has yet to be provided as follows:Property - 1% using the straight-line methodEquipment - 15% using the straight-line methodCUEA/ACD/EXM/SEPT - DEC 2022/GABA/BCOM Page 4ISO 9001:2015 Certified by the Kenya Bureau of Standards.(c) Wages and salaries are accrued by Sh.140.(d) Other operating expenses include certain expenses prepaid by Sh.500. Other expensesincluded under this heading are accrued by Sh.200.(e) The provision for bad debts is to be adjusted so that it is 0.5% of trade debtors as at 31 May2019.(f) Purchases include goods valued at Sh.1,040, which were withdrawn by Mr Howell for hisown personal use.Required:Prepare Mr. Howell’s trading and profit and loss account for the year ended 31 May 2019 and hisbalance sheet as at 31 May 2019.