PROJECT FOR PEACHTREE ACCOUNTING

I. Create a new company by using the Peachtree product of distributors,

II. Company Name and Address Information- your group number , Address ID of each
student in the group City Shahsemene
- Business Type: partnership
- Chart of accounts: Build your own chart of accounts
- Account segment : XX-XX define the segement description by
yourself
- Accounting Method: Accrual
- Posting Method; Real Time
- Accounting Period : don’t match with calendar month
- No of Periods: 12
- First period data will be entered: September 2, 2002
III. Trial Balance as of August 31, 2001
Acct. No Account Description Debit Credit
11-10 Petty Cash 10,000
11-15 Cash at Bank Saving 10,000
11-20 Cash at Bank checking 35,000
11-40 Account Receivable 1,800
11-41 Allowance for uncollectible 197
11-45 Inventory 102,560
11-50 Office supplies 6,500
11-60 Prepaid Insurance 2,800
12-20 Equipment 50,000
12-21 Acc. Depreciation Equipment 5,000
12-30 Vehicle 120,000
12-31 Acc. Depre- Vehicle 10,000
12-40 Furniture & Fixture 50,000
12-41 Acc. Depre. - Furnit. & Fix 4,680
21-10 Accounts payable 11,780
21-15 Employee I/Tax payable 500
21-20 Salary payable 5,000
22-10 Mortgage payable 50,000
31-10 EME's Capital 257,615
31-15 EME's Withdrawal
32-20 Retained Earnings 43,888
41-10 Sales
42-15 Sales Allowance
42-20 Miscellaneous Income
51-10 Cost of Good Sold
62-20 Salaries & wages expense
62-25 Shipping Expense
62-30 Repair &Maint. Expense
62-35 Income tax expense
62-40 Supplies Expense
62-45 Rent Expense
62-50 Miscellaneious Expense
62-55 Transport Expense
62-60 interest Expense
62-70 Electricity Expense
62-57 Fuel Lubricant Expense
62-80 Telephone Expense
62-85 Insurance Expense
63-10 Depr'' Expense - equipment
63-25 Depr' Expense Vehicle
63-20 Depr' Expense Furniture ------------------- --------------
Total 388,660 388,660
IV. EME'S Customer Ledger Balance as August 31, 2001
Customer Name Code Address Inv. Date Inv. # Acc. Balance
TK TK 1001 markato 09/01/01 0051 300
BA BA 1001 Piassa 09/01/01 0052 400
TE ET 1001 Bole 09/01/01 0053 500
EB EB 1001 Piassa 09/01/01 0054 600
Total 1,800

V. EME'S Stock Balance as August 31, 2001- Use weighted Average Method
Product Unit of Cost Sales Qty. on
ID Location
Name Measure Price Price Hand
S S1001 Cartoon 456 550 10 WH-1
MH MH1001 Unit 25 30 200 Shelf B-12
HCM HC1001 Cartoon 500 650 100 Shelf C-7
IB Bi 1001 Cartoon 200 300 200 Shelf C-7
PH HP 1001 Unit 20 35 150 Box 15
EME"S Vendor Ledger balance of August 31, 2001
Vendor Name Code Address Inv. Date Inv. # Acc. Balance
TAE E 2001 Bole 12/01/01 0091 3600
CP C 2001 Mexico 12/01/01 0092 2180
BLTD B 2001 Merkato 12/01/01 0093 2000
PS P 2001 Piassa 12/01/01 0094 4000
INLAND REVENUE I2001 Mexico ----- ---- --------
Total 11,780

Enter sales tax

VAT rate =15%
Name of sales tax agency: Shashemene city administration
Define by yourself: Agency ID and Tax ID
Setting up of payroll
Calculated filed
  TAX Employee field
 Pension contribution of employee- rate 7%
 Pension contribution of employer-rate 11%
 Transport allowance – rate 18% employer field

SETTING UP OF JOB

Job description
Job id Newgraden Folder
Description Florida XYZ
Started date Sep 1,2002 Sep 2,2002
Ended date Sep 15,2002 Sep 17,2002
Actual date Sep 16,2002 Sep 19,2002
Supervisor Gorji Gorji
Customer TK TE
Job type Table chair
Po number 0042 0043
Estimated revenue & 2500 3000

Estimated expense 1000 1500

Percentage completed 20% 20%

SETTING PHASE
Phase id 01 02 03
Description Cutting Assembling Polishing
Cost type labor labor labor
use cost code   
PHASE ID 01 02 03
DESCRIPTION CUTTING ASSEMBLING POLISHING
COST TYPE Material material Material
USE COST CODE  
PHASE ID 01 02 03
DESCRIPTION CUTTING ASSEMBLING POLISHING
 COST TYPE FOH FOH FOH
USE COST CODE  

COST CODE
Cost Id 01 02 03
Description Material labor FOH
Cost type Material labor Equipment

COSTING RATE

JOB MATERIAL
NEWGRADEN PHASED Cost Id Qu estimated estimated
ID expense revenue
01 01 10 10,000 11,000
01 02 5 2000 5000
01 03 3 1000 1500
02 01 15 11,000 13,000
02 02 3 1000 1500
02 03 1 1000 1500
03 02 2 500 1000
03 03 3 200 500

RECORDING OF TRANSACTION
Enter the following cash sales and credit sales as January 2007

September 1. Sold on account 2 cartoons of S and 5 units HP to ET by invoice @ 0055

including VAT.
2. Collected Birr 400 from AB for settlement of outstanding invoice # 0052,
Cash Rec. # 551 and Deposit Slip # 001.
3. Sold 2 Cartoons of MCH and 3 units of HM Birr 1598.5 Cash Rec. # 552 and
Deposit Slip # 002 including VAT to AB
 4. Sold 2 cartoons BI on account to KT by invoice # 0056 including VAT
5. Received 600 cash from BE for settlement of Inv. # 0054 by cash Rec. # 553
and Deposit slip # 003
6. Sold 30 units of HP on account to ET by Inv. # 0057 including VAT
7. Sold 3 Cartoons of BI to BE on cash Birr 900, cash Rec.# 554 and Deposit Slip
# 004 including VAT
8. Sold 10 Cartoons of MCH to AB on cash Birr 6,500 cash Rec. # 555 and Dep.
# 005 including VAT
9. Collected Birr 300 from KT for settlement of outstanding invoice # 0051,
Cash Rec. # 556, Dep. # 006.
10. Sold 25 units of HM, 15 Cartoons of MCH and 10 Cartoons of BI for AB on
account. Inv. # 0058 including VAT
11. Sold 2 Cartoons of MCH and 20 unit of HM on cash Birr 2185.00 to a cash
customer, Cash Rec. # 557, Dep#007 including VAT.
12. Granted Credit to KT 1 Cartoon of BI returned by him, Inv. #0056 and
Credit Memo 31.
13. Sold 5 units of HM on account to KT Inv.#0059 including VAT
September Enter the following
14. Received cashcash
fromPurchase
AB fromand credit
credit purchase
sales of sales as January
invoice 2007
#0058
15. Granted allowance for damage of one cartoon of BI to KT by Invoice #0056
and credit memo 32Paid on accounts to PC for purchase of Inv. # 0092 S2,
180 by CK # F0012351, Ref. PV-1
16. Purchase 20 cartoons of BI from BLTD $4,000 by CK#F0012352, Ref- PV-2
job id NEWGRAND FOH
17. Bought supplies on cash from EAT, $ 5000 by CK#F0012353 Ref. PV-3
18. Purchase office furniture from OMEDAD on account $ 45,000 Inv. # 0095,
Ref. IV-2
19. Purchase 50 Cartoons of S from EAT on account, $22,800, INv#0096, Ref. JV-
3.
20. Purchase of computer from OMEGA systems on cash, $10,000
CK#F0012355, Ref, PV-5
 21. Purchase of 20 cartoons of MCH from PC on account $10,000 Inv. #0097, JV-
4, JOB ID NEWGRAND LABOR
22. Purchase of 400 units of HP on account from BLTD, $800, Inv. #0098, Ref JV-
5
23. Paid on account to EAT for purchase of Inv # 0091, $3,600 CK#F00012356,
Ref. PV-6
24. Paid on account to BLTD for purchase of Inv. #0093, $2000, CK#F0012357,
Ref. PV-7
25. Settled monthly principal payment of $5,000 and interest of $375 on
Moorgate loan by CK#F0012358, Ref, PV-8
26. Bought 10 units of HM on cash on $250 by CK#F0012359, Ref. Pv-9.
27. Paid Electricity Expense Birr 200 for the month by CK#F0012360, Ref. Pv-10.
28. Paid August's Monthly Payroll Birr 5,000 covering Salary Expense Birr 5,500
less deduction from employees income tax Birr 500 by CK#F0012361, Ref.
PV-11
29. Paid Telephone Expense Birr 450 for the month by CK#F0012362, Ref.PV-
12

Enter the following Adjusting Entries for the month ended September 31
- Supplies on hand 3600.00
- Unexpired insurance 1200.00
- Deprecation Expense – Equipment 10% of the original value
- Deprecations Expense – Vehicle 15% of the original Value
- Depreciation Expense Furniture & Fixture 10% of the original value

Make bank reconciliation as of January 30, 2007 based on the following bank statement you received from Dashen
Bank for your checking account.
MONTHLY BANK STATEMENT
DASHEN BANK
ACCT NO. 2895
Date Trans No Trans Description Ck Amount Deposit Amt Balance
  Beginning Balance  
1/1/07 BEGBAL 35,000.00 35,000.00
1/1/07 F0012351 PC 2,180.00 32,820.00
1/2/07 001 AB 400.00 33,220.00
1/2/07 F0012352 BLTD 4,000.00 29,220.00
1/3/07 002 Cah customer 1,598.50 30,818.50
1/3/07 F0012353 EAT 5,000.00 25,818.50
1/5/07 003 BE 600.00 26,418.50
1/6/07 F0012355 Purchas from Omega System 10,000.00 16,418.50
1/7/07 004 BE 1,035.00 17,453.50
1/9/07 F0012356 EAT 3,600.00 13,853.50
1/10/07 005 AB 7,475.00 21,328.50
1/10/07 F0012357 BLTD 2,000.00 19,328.50
1/11/07 006 KT 300.00 19,628.50
    Bank Service Charge 24.00   19,604.50

Instructor
 Create a new company
 Maintain all over all information
 Record the transaction
 Do the bank reconciliation
 Produce a month report
 Submit your work in hardcopy and softcopy