College

6. Record the following transactions in the books of original entry for Mwinnah Pastries for the month of January 2014. (10 marks)

- **Jan 2:** Acquired a new oven from Kipa Kitchens for Ksh. 120,000 on credit.
- **Jan 3:** Borrowed a loan from WEP Bank for Ksh. 250,000 and deposited it in an account with the same bank.
- **Jan 15:** Sold pastries worth Ksh. 64,000 in cash.
- **Jan 17:** Bought food supplies for making pastries for Ksh. 30,000 in cash.

Answer :

the owner of Mwinnah Pastries for the month of January 2014. January 2 through January 3 and January 15 through January 17 purchased a new oven from Kipa Kitchens for Ksh. 120,000 on credit. borrowed Ksh. 250,000 from WEP bank and deposited it in an account with the same bank. 250000 Kenyan shillings worth of pastries were sold.

What is meant by Financial transaction?

A financial transaction is an agreement or communication between a buyer and a seller to exchange goods, services, or assets in exchange for cash. Any transaction affects the financial situation of two or more entities, including corporations and individuals.

A financial transaction always involves one or more financial assets, most frequently cash or another expensive item like gold or silver.

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