CODE5

Pr oject1: BankReconci l
iationst atementandt ransact ion( Lev el II
IV5)
Thebankst at ementf orGedacompanyf orJune30, 2015, i
ndi cat esabal anceofbi rr
9,143. 11.Al l cashr ecei ptsar edeposi tedeachev eningi nani ghtdeposi t
or y, after
banki nghour s.Theaccount ingr ecor dsoft hecompanyi ndicat et hef ol l
owi ngsummar y
dat af oreachr ecei ptandpay ment sf orJune:
Cashbal anceasofJune1, 2015- ---
------
---
--
---
---
---
----
--
---
----
--
----
----
----
---
-----
birr3, 943.50
Tot al cashr ecei ptsf orJune2015- -----
-----
--
---
---
---
--
----
--
---
----
---
----
----
----
----
--birr28, 971. 60
Tot al amountofchecksi ssued/ pay ment /inJune2015- --
-----
---
-----
---
-----
---
-bi rr28, 388.85
Compar i
ngt hebankst at ementandt hecompany ’
sr ecor dst hef ol l
owi ngr econci li
ng
i
t emswer eident i
fi
ed:
A.Thebankhadcol l
ect edf orGedacompanybi r
r1, 030onanot el eftf orcol l
ect i
on.
Thef aceamountoft henot ewasbi rr1,000
B.Deposi tint ransi twasbi rr1,852. 21
C.Checksout standi ngt otal edbi r r5,265. 27
D.Acheckwr i
ttenf orbi rr139hadbeeni ncorrectlychar gedbyt hebankasbi rr157
E.Acheckf orbi rr30waswr ongl yr ecor dedasbi rr240byt hecompany .Thecheck
wasf ort hepay mentofaccount spay able.
F.Bankser vicechar gesf orJuneamount edt obi rr18.20
Instruct ions/ Tasks/
Task1.Pr epar ebankr econci li
ationf orJune2015.
Task2.Jour nal izet heent riesf orJunebemadebyGedaCompany .
Pr oject2: Processpay roll
Instruct ions: Undert hi spr oject ,thecandi dateisexpect edt opr epar epay rol l sheetand
passj our nal ent ri
esf orpay r
oll relatedt ransact i
ons.
AdamaText il
eCompanyi soneoft heknownt extil
emanuf act uringcompanyi nOr omia
regional stateatAdamaTown.TheCompanyr ecent lyrecr uitednewempl oy eesf rom
account i
ngLev elIIIgraduat eswhoar ecompet entinaccount sandbudgetsuppor t
occupat i
on.Thecompanyoper atesbasedonEt hiopiant axr egul ations.Thecompany
pay ssal aryal way satt heendoft hemont handnor mal ly,t
heempl oy eeshav et owor k
160hour sev erymont h.
Thecompanypr ovidest hef ollowi ngaddi ti
onal informat i
onont hepay rol
l oft he
empl oy eesdur ingt hecur r
entmont h.
S. n Nameof Posi tions Basi c Housi ng Repr esent atio Ov ertimework
o Empl oy ee Pay allowanc n
e all
owance/ non
/Taxabl e - t
axabl e/
/
1 Semer et G/ manager 7, 800 1800 1500
Belete
2 Chal t
u Super visor 5, 370.0 1200 800
Tollosa 0
3 Kemal Bedr i HR 4,100.0 700 1000
Manager 0
4 BeleteTeka Pr ofe. 3400. 00
5 Rahel Pr
ofe. 2,
350.
0 20publ
i
chol
i
day
s
Duguma 0
6 Beshadu Pr
ofe. 1,
350.
0 20hours/
from
Chala 0 12:
00morningto
4:
00night

-All
empl oy eesget20%oft heirbasicsal ar
yasnon- t
axabledeser tall
owance.
-Pensi oncont ri
but i
onbyt heempl oyeeandempl oy eris7%and11%r espectivel
y.
Requi redt asks
Task1: prepar ethismont hpay r
olltoAdamaText ileofendoft hemont h.
Task2: Jour nali
zet herequiredent ryont hepaydayt oempl oyees.
Task3: passt her equir
edent rywheny oupayt hewi thholdings.
Project3: Processt ransact i
onsandpr eparefinancialstatement
Inst
r uction: Undert hisprojectthecandi dateisexpect edtor ecordf i
nancialt
ransact
ion,
postt ransact iont oledger,preparet r
ialbalance,performf inancial cal
culati
ons,
j
our nalizeadj ustingent r
iesandpr eparefinancialstatement s.
KoketCompanyi ssolepr oprietor
shipownedbyGenetLemechaandpr ovidi
nglegal
servicest oi tscli
ent s.

Thebegi nningsbalancesheetonJanuar y01,2015hasshownt hefoll

owingbalance.
Account Amounti nbirr
Cash 50,
000
AccountRecei v
able 14,
000
Offi
ceEqui pmentandFur nit
ure 18,
500
Accountpay abl
e 7,
000
Genet.Capit al 75,
500
Duri
ngt hemont hofJanuar y2015, t
hebusi nesshasmadet hefoll
owingtransacti
ons
Dateof Transacti
onsoccur reddur i
ngthemont h
tr
ansactio
n
January Paidsixmont hsof f
icerentofbirr6,000f orthebusinessstar
tingfrom Januar
y
01 2015
January Deli
veredlegalservicetoMeser etforbi r
r1,500onaccount
03
January Purchasedstationarymat eri
als/supplies/forbir
r1,000onaccount
05
January Genethaswi thdrawnbirr800f orherper sonalconsumpt i
on.
15
January Deli
veredlegalservicetoALSADDI SSPLCf orbir
r15,000oncash.
20
January Paidsalar
yofbi rr3,
500f oritsempl oyees.
28
January Coll
ect
edbirr800fr
om Meseretf
ort
heservi
cerenderedonaccounton
29 Januar
y03.
Addit
ional
inf
ormati
on
1 Offi
cesuppl
iesonhandattheendofthemonthworthbir
r800
2 Offi
cerentf
ortheJanuar
ywasexpir
ed.

RequiredTasks:
Task1.Recor dt heabov etransact i
ons
Task2.Postt heent riest oT- account s,
don’ tf
orgetthebegi nningbal ance
Task3.Pr epar edunadj ustedt ri
al bal
anceJanuar y31, 2015
Task4.Passt henecessar yadj ustingentriesonJanuar y31,2015
Task5.Pr epar eadj ust edtrial balanceonJanuar y31, 2015
Task6.Pr epar eI nter imi ncomeandbal ancesheetst atement sfort hemont hofJanuar
y
2015.
Possibleanswer sf ort hepr ojects
Projectone
Task1: Bankr econci liationst atement
BalanceperBankst at ement ……………………………………………………………. .9,143.11
Add: deposi ti nt ransi t………………………………………………………………………. 1,852.21
Banker r
or ……………………………………………………………………………………….. .
18. 00
SubTot al……………………………………………………………………………………………11, 013.32
Less: Out standi ngchecks………………… …………………………………………………( 5,265.
27)
Adjustedbal ance………………………………………………………………………………. .5, 748.05
Balancepercompany ’sr ecor ds…………………………………. .…………………. .
4,526.25
Add: Not esandi nt er estcol lect edbyt heBank…………………………………. .
1,030.00
Err
ori nr ecor dingcheck……………………………………………………………………. .210. 00
SubTot al……………………………………………………………………………………………. .
5,766.25
Less: Bankser vicechar ge…………………………………………………………………. .…18. 20
Adjustedbal ance………………………………………………………………………………. 5,748.05
Task2: Thej our nal ent ryneededi s:
Cashi nbank………………………. .1,240
Not er ecei vabl e……………………………. 1,000
I
nt erestr ev enue………………………… 30
Accountpay abl e………………………….210
Bankser vicechar ge( mi scel l
aneousexpense) …………………18. 20
Cashi nbank…………………………………………………………. .18.20
ProjectTwo
Task1: pay rollsheet
s. Employ Basi
c Non Taxable Over Gr oss Taxabl
e Emp. Pensi Total Net
no ees sal
ary taxabl
e al
lowan t i
me ear ning i
ncome inc.T on Did. payme
name all
owan ce Earni
n ax nt
ce g
1 Semer e 7,
800.
0 1,560.
0 1,
800.00 12,660.0
9600.
0 1,
925 546.
0 2,
741. 10,
189
tBelete 0 0 0 0 .
00 0 00 .
00
2 Chaltu 5,
370.
0 1,874.
0 1,
200.00 8,
444. 00
6,
570.
0 1,
077 375.
9 1,
453. 6,
990.
tol
osa 0 0 0 .
00 0 40 60
3 Kemal 4,
100.
0 1,820.
0700.
00 6,
620.
00 4,
800.
0 657. 287.
0 944.
50 5,
675.
Bedri 0 0 0 00 0 50
4 Belete 3,
400.
0 680.00 4,
080.
00 3,
400.
0 377. 238.
0 615.
50 3,
464.
Teka 0 0 50 0 50
5 Rahel 2,
350.
0 470.
00 734.
3 3,
554.
38 3,
084.
3 320. 164.
5 484.
66 3,
069.
Dugum 0 8 8 16 0 72
a
6 Beshad 1,
350.
0 270.00 210.
9 1,
830.
94 1,
560.
9 96.
0 94.50 190.59 1,
640.
uChal a 0 4 4 9 35
Total 24,
370. 8,
174.
0 3,
700.
00 945.
3 37,
189.
3 29,
015. 4,
453 1,
705. 6,
159. 31,
029
00 0 2 2 32 .
75 90 65 .
67

Noteemployerpensi oncontri
buti
on=2,687.
70
Task2:Payrol
l entri
esonpayday
Sal
aryandbenef itexpense………………………………. .37,
189.
32
Payr
oll
/employerexpense……………………………….2, 680.
70
Employ mentincomet axpay
able………………………………4, 453.75
Pensi
oncont r
ibut
ionpayabl
e…………………………………. .
4,386.60
Cash/Account …………………………………………………………31, 029.67

Task3:Payroll
ent ri
eswhenl i
abil
it
iesarepai d
Employmenti ncomet axpay abl
e…………. .
4,453.
75
Pensi
oncont ributi
onpai d……………………. .4,
386.60
Cash/account …………………………………………………. 8,
840.
35
Proj
ectthr
ee
Task1:RecordingTr ansact i
ons.
Prepai
dr ent……………. .6,000.00
Cash………………………………6, 000.
00
AccountRecei vabl
e……………………. 1,500.
00
Legal Service-(i
ncome) ………………. .1,500.
00
Suppli
es………………………. 1,000.00
 AccountPay
abl
e…………………….
1,000.
00

Accountpayabl
e Legal
ser
vice Genet
’scapit
al
7,
000.00 75,
500.
0
0
1,
000.00
8,
000.00
Genet’
sdr awing………………………800. 00
Cash…………………………………………. 800.00
Cash………………………………………15, 000.00
Legalservice(i
ncome)………………………. 15,000.
00
Sal
aryExpense………………………3, 500.00
Cash…………………………………………………3, 500.
00
Cash…………………………………. 800.
00
Accountr ecei
vabl
e…………………. 800.00

Task2:
Postt
heent
ri
esonT-
account
Cash AccountRecei
vabl
e Off
iceequipment
andfur
niture
6,
000.
00 14,
000.
0 800.
00 18,
500.0
50,
000.
0 0 0
0
800.
00 1,
500.
00
15,
000.
0
0
800.
00 3,
500.
00
55,
500.
0 14,
700.
0
0 0

Suppl
i
es Genet
’sDr
awi
ng Sal
aryexpense
1,
000.
00 800.
00 3,
500.00

I
ncome Suppl
i
esexpense Rentexpense
1,
500.
00
15,
000.
0
0
 16,
500.
0
0

Prepai
drent
6,
000.00
Task3:Pr
epar edunadj
ust
edt
rialbal
anceJanuar y30, 2015
Genetcons
Unadjustedtr
ialbalance
AsatJanuary30, 2015
Cash 55,500.
00
Prepai
drent 6,000.
00
Accountreceivable 14,700.
00
Suppli
es 1,000.
00
Offi
ceequipment 18,500.
00
Accountpayabl e 8,
000.00
Legalser
vice-i
ncome 16,
500.00
Salar
yexpense 3,500.
00
Genet’
sdrawing 800.00
Genet’
scapital 75,
500.00
Total 100,000.00 100,
000.00

Task4:Passt henecessar yadjustingent r

iesf orthemont hofJanuary30,
2015
Suppli
esexpense……………. 200.00
Suppli
es………………………. .
200.00
Rentexpense………………1, 000. 00
Prepaidrent……………………. .1,000.00
Task5: Prepareadjustedtrai
lbalanceasatFebr uary28,
2015
Genetcons
Adjustedt r
ailbalance
AsatFebr uary30, 2015
Cash 55,500.00
Prepai
dr ent 5,
000.00
Accountr ecei
vable 14,700.00
Suppli
es 800.00
Offi
ceEqui pment 18,500.00
Accountpay able 8,
000.00
Legalservice-
Income 16,
500.00
Salar
yexpense 3,
500.00
Genet’
sdr awing 800.00
Genet’
scapit
al 75,
500.
00
Suppl
iesexpense 200.
00
Rentexpense 1,
000.00
Total 100,
000.00 100,
000.
00

Task6: Pr
epareI
nter
imi
ncomeandbalancesheetstat
ementsfort
hemont
hofJanuary
2015.
Genetcons
Incomestatement
Fort
hemonthofJanuary30,2015
Legalserv
ice 16,500.
00
Expense
Rentexpense 1,000.
00
Suppl
iesexpense 200. 00
Sal
aryexpense 3,500.00
(4,700.00)
I
ncomebef
oret
ax 11,
800.
00

Genetcons
Bal
ancesheet
AsatJanuar
y30,2015
Asset
Cash 55,
500.
00
AccountRecei
vabl
e 14,
700.
00
Suppl
ies 800.
00
Pr
epai
drent 5,
000.
00
Off
iceequipment 18,
500.
00
Total
Asset 94,
500.
00
Li
abil
it
ies
Accountpayable 8,
000.
00
Genet’
scapital 86,
500.
00
Total
li
abil
iti
esandcapi
tal 94,
500.
00