CourseLover

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Education

  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

Experience

  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 13 Dec 2017 My Price 10.00

Briefly explain the terms used in the accounts

QUESTION ONE

(a)         Briefly explain the following terms as used in the accounts of professional practitioners:

 

Office account                                                                       

Client account                                                                        

Costs charged to clients                                                           

Work-in-progress.                                                                    

 

(b)        Given below is a trial balance extracted from the books of Kamau and Nyambati, a firm of practicing advocates as at 31 October 2002:

 

Kamau and Nyambati Advocates

Trial Balance

 

Sh.

Sh.

Capital account

Disbursements on behalf of clients

Drawings

Salaries

Rent and rates

Printing and stationery

Postage and telephone

Costs charged to clients

Work in progress on 1 November 2001

Clients: for the moneys held on their behalf

Creditors

Debtors

Sundry office expenses

Furniture, fittings and library books

Cash at bank:

     Clients’ account

     Office account

 

12,000

60,000

72,000

60,000

35,000

18,200

 

36,800

 

 

78,000

8,500

45,000

 

24,800

  55,700

204,000

 

 

 

 

 

 

250,000

 

24,800

27,200

 

 

 

 

 

______
 

506,000

506,000

 

            Additional information:

The uncompleted work on 31 October 2002 was valued at Sh.23,500.

It is estimated that debts amounting to Sh.5,500 are uncollectible and should be written off.

Depreciation should be provided at 20% per annum on the book value of the furniture, fittings and library books.

 

Required:

(a)         Profit and loss account for the year ended 31 October 2002.       

(b)        Balance sheet as at 31 October 2002.                                          

Answers

CourseLover
(12)
Status NEW Posted 13 Dec 2017 02:12 PM My Price 10.00

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