a) Define the phrase ‘other payables’ as used in accounting.

(2)
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Maina a sole trader’s rent account for the year ended 31 March 2021 showed the following:

Date Information $

1st April 2020 Owings for rent for the year ended 31st March 2020 6,000

31st March 2021 Bank payments for rent made during the year 36,000

31st March 2021 Owing for rent due 8,000

Required:
b) Prepare the rent account as it would appear in Maina’s ledger for the year ended 31st
March 2021. Balance the account and bring down the balance brought down on 1 st April
2021. (5)
Rent account

Date Details Amount ($) Date Details Amount ($)

c) Prepare an extract of statement of profit and loss for the year ended 31 st March 2021. (2)
Maina traders
Extract of statement of profit and loss for
the year ended 31st March 2021

$ $

d) Prepare an extract of statement of financial position as at 31st March 2021. (2)

Maina traders
 Extract of statement of financial position
for the year ended 31st March 2021

$ $

a) Define the phrase ‘other receivables’ as used in accounting. (2)

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Kings is a shopkeeper dealing with electronics. His financial year ends on 31 st December. Kings
books contained the following information:

Date Information $

1st January 2020 Insurance prepaid for 6 months to 30th June 2020 240

1st April 2020 Paid insurance premium for 9 months to 31st March 2021 360

Required:

b) Prepare the insurance account as it would appear in King’s ledger for the year ended
31st December 2020. Balance the account and bring down the balance brought down on

1st January 2021. (5)

Insurance account

Date Details Amount ($) Date Details Amount ($)

c) Prepare an extract of statement of profit and loss for the year ended 31st December
2020.
(2)
 Kings traders
Extract of statement of profit and loss
For the year ended 31st December 2020

$ $

d) Prepare an extract of statement of financial position as at 31 st December 2020. (2)

Kings traders
Extract of statement of financial position
As at 31st December 2020

$ $