(a)On 1st March 2014 Bidii Traders had cash in hand Ksh.10,000 and cash at bank Ksh.15,000.The following transactions took place during the month.
March 2-Bought goods in cash sh.1500
March 4-Paid salaries in cash sh.7,500
March 5-Received cheques from the following debtors after allowing 2% discount in each case.
Sitiensi sh.980 ,Chumo sh.1,960
March 8-Paid the following accounts by cheque in each case deducting a 5% discount :Kipruto sh.3,000 ,Kemboi sh.1200
March12-Bought machinery by cheque sh.5,000
March 20-Withdrew cash sh.1,000 for personal use
March 25-Cash sales sh.2,000
March 26-Banked cash amounting to sh.1000
Mach 27-Cash sales of sh.3,000
Required
Prepare a three column cash book duly balanced.(10marks)
(b)Expain five problems associated with the measurement of National Income using the output approach.(10marks)
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