The following transactions took place in the month of February 2023 in Omolo’s business, a Sole Proprietorship01/02/23Omolo invested shs. 50,000 in the business03/02/23Bought stock worth shs. 15,000 and paid by cash05/02/23Returned some broken stock items worth shs. 500 and was refunded cash06/02/23Bought more stock worth shs. 4000 from Isaac on credit07/02/23Deposited shs. 5000 cash into the business bank account11/02/23Made cash sales to Kamau worth Sh. 600015/02/23Bought furniture worth shs. 3000 and paid by cash20/02/23Made credit sales to Kamau worth shs. 600022/02/23Kamau returned good worth shs. 500 because they had expired25/02/23Paid Isaac shs. 2000 using cash28/02/23Received a cheque of Sh. 3000 from Kamau28/02/23Omolo withdrew Sh. 1000 cash from the business for personal useREQUIRED:Journal entries to record the above transactions in Omollo’s business for the month of February 2023.

Too started business with capital of kh120,000, cash in bank 50,000, cash on hand Kshs30,000,stock 40,000 .The following transaction took place in the month of May 2020.Date Kshs.1. Bought goods from JUMA 15,0002. Bought goods from Soni 35,0003. sold goods bob 60, 0005.Sold goods to Sam 25,0006.Goods returned to Juma 3,0007. Sam returned goods 3,35010. Paid Juma by cheque as full settlement 13,00017. Received cheque from Sam as full settlement of hisaccount 24,00019. Bought goods cash 20,000CUEA/ACAD/EXAMINATIONS/DIRECTORATE OF EXAMINATIONS & TIMETABLING Page 2ISO 9001:2015 Certified by the Kenya Bureau of Standards.20. Sold goods cash 30,00023. Withdrew cash for his use 2,00026. Took goods for his use 3,00028. Banked cash 2,00029. Paid telephone cash 2,00030. Paid electricity cash 1,00030. Paid carriage inward 1,30030. Paid carriage outward 1,500Additional informationClosing stock kshs 20,000Required;i) Enter the above in ledgers and books of prime entry .ii) Extract the trial balancesiii) Prepare trading profit and loss account and the balance sheet

Use this information to answer this question (Question #1 and all the other 19 questions).Solar Eclipse, a sole trader, has asked you to assist him in preparing his financial statements. He operates a small wholesale business in Kingston and has presented you with the following Trial balance as at December 31, 2022:Particulars/DetailsDRCR$$Stock at January 1, 202221,6720Bank overdraft018,270Capital030,240Cash3780Discounts6,0484,032Returns3,4022,394Carriage outwards9,0720Carriage inwards3,9900Insurance7,3080Provision for bad debts02,772Equipment7,1400Motor Truck13,0200Provision for depreciation on Motor Truck04,200Provision for depreciation on Equipment02,100Accounts Receivable and Payables50,02225,452Drawings12,0960Telephone Charges37,5480Rent2,0160Purchases and Sales92,022176,274265,734265,734 Notes:      i.         A search of the warehouse on December 31, 2022 revealed some merchandise in a closed container valuing $30,800. This was deemed to be material in nature. There was another box of item valuing $500 but was deemed to be immaterial.     ii.         On December 31, 2023 we received an email that telephone charges valuing $1,260 throughout the year had not been paid by us and therefore requires payment.   iii.         We got a letter via mail that the rent payments throughout the year have not been paid by us. The amount in the letter for the rent amount to $700.   iv.         For the year 2022, we were required to pay Insurance for 12 months but we paid for 13 months. The payment for the 13th month for the insurance was $1,120 which is for January 2023.       v.         Increase the provision for bad debts to $2,800   vi.         Provision for depreciation Motor Truck 10% of cost, and Equipment 15% on the reducing balance method.  Required:(a)   Prepare an Income Statement for the year ended December 31, 2022

1-(A) Journalise the following business transactions in general journal form. 1 Jun Borrowed $40,000 from ANZ Bank. 5 Jun Purchased inventory for $85,000, paying $10,000 in cash and the remainder is due in 30 days. 8 Jun Credit sales made for $30,000. The inventory had cost of $17,000. 10 Jun Received $7,500 in advance from a customer for merchandise that will be delivered in September. 17 Jun Received an inquiry about a product worth $4,000 from an old customer. 21 Jun Paid $10,000 of salary expenses Notes: (i) The firm has adopted the perpetual inventory recording method; (ii) If you believe no journal is required, explain the reason(s); (iii) Ignore the effects of GST; (iv) Account numbers and narrations are not required.

SAQ 1. A fire occurred on April 15, 2015, and destroyed the business premises of X & Co. Thebooks of accounts and Stock amounting to ` 1,80,000 were saved and the following information wasrendered available from the books:Particulars Sales Gross Profit(`````) (`````)Year ending December 31, 2010 86,00,000 21,50,000Year ending December 31, 2011 71,00.000 21,30,000Year ending December 31, 2012 60,00,000 20,00,000Year ending December 31, 2013 55,00,000 18,70,000Year ending December 31, 2014 48,00,000 16,00,000The stock on December 31, 2014, was valued at ` 9,70,000. The Purchases, sales and productionwages from January 1, 2015 to April 14, 2015 were ascertained at ` 7,50,000, ` 15,90,000 and` 3,00,000 respectively.You are to prepare a statement in support of your claim against the Insurance Company togetherwith any comments you may feel necessary to make

The following transactions are given May      1: Business started with cash of 150002: Goods purchased for cash 50003: Purchased goods from Mr. Agrawal 10005: Paid to Mr. Agrawal 10009: Paid for postage 12011: Deposited into bank 700014: Sold goods on credit to Ram 150015: Received cash from Ram 100019: Paid telephone charges of 6024: Purchased Furniture 3000029: Cash sales 90030: Received from Ram 50031: Paid salaries for the month of 15031: Purchase government securities 50031: Paid for advertising by cheque 150Required:  Journal Entries