N Name of Basic Over Gross Pension Total Net pay Signature

o employee salary time earning deduction

1 Kedirahmed 2,557.50
2 Ephremsetotaw 1,250
3 Lidiyahabtamu 1,115.5
4 cherotawtesfaye 619.44
5 Eliud g/medhin
Total
Additional information
 Kedir and ephrem has the same income tax for the month
 Kedir pension contribution is 25% of his income tax
 The total (employers and employees)pension contribution of eliud is equal to that of cherotaws pension contribution
 Lidiyas basic salary is 165% of her income tax
Required
Task 1.1 prepare salary and other benefits
Task1.2 prepare payment of payable
Task 1.3 payroll tax or company pension contribution
Project two
Selected accounts from the ledger of acer construction company at the end of the fiscal year of 2016 are as follows.
The account balance is shown before and after adjustment.

Account Un adjusting trial balance adjusting trial balance

Fees receivable ………………...____________....................7,000
Supplies……………………………2,980……………………900
Prepaid insurance …………………4,720…………………2,120
Wage payable…………………....______.............................2,425
Advertising payable …………….._______.........................3,300
Unearned rent…………………....5,200….…………………400
Fees earned……………………….129,600…………….136,600
Wage expense ……………………63,280………………..65,705
Insurance expense………………_____.............................2,600
Advertising expense…………….16,200…………….…19,500
Supplies expense……………….._______.......................2,080
Rent income ………………..________.............................4,800

Required
 Task2.1 prepare income statement for the fiscal year
Task 2.2 journalize closing entries of the nominal accounts on Dec 31,2016
Project three
The cash in the bank account for abay manufacturing company as june 1,2016 of the current year indicate
a balance of birr 18,443.90. during june the total cash deposited was birr 30,650.75,and check written
totaled birr 31,770.25. the bank statement indicated a balance of birr 26,465.50 on june31.the comparison
of the bank statement the collected check and the accompanying memorandums with the record revealed
the following reconciliation item
A. Cheques outstanding totaled birr 8,003.84
B. A deposit of birr 2,148.21 representing receipts on june 31 had been made too late to appear on the bank
statement
C. The bank had collected for abay manufacturing company birr 3,650 on a note laft for collection. The face
of the note was birr 3,500
D. A check for birr 470 returned with the statement had been incorrectly charged by the bank as birr 740
E. A check for birr 84.20 returned with the statement had been recorded by abay manufacturing company as
birr 8.42. the check was for the payments of an obligation to abay manufacturing company on accounts
F. Bank service charge for june amounted to birr 18.75
Required
Task 3.1 prepare a bank reconciliation as of june 31,2016
Task3.2 journalize the necessary entries.
Project four
Table chair
Desired ending inventory 2,000 1,000
Estimated beginning inventory 1,000 1,500
Sells price per unit 120br. 80br.
Product JanuaryFebruarymarchtotal

Table(in unit) 4,000 2.000 1,000 7,000

Chair (in unit) 3,000 1,500 4,000 8,500

Material unit cost Table Chair

 Timber 5 5 meter 3 meter
Metal 15 3meter 2 mater

Timber metal
Desired inventory for each month 8,000 meter 4,000 meter
Estimate beginning raw material 6,000 meter 3,000 meter
Required
Task 4.1, prepare sales budget
Task 4.2 production budget
Task 43 prepare raw material purchase budget for the year.
Project five
During the month of October 2017 the following transaction will be occurs to produce three products.
1, material purchase on account
Lime stone-------- br.800
Sand--------------- br.990
Chemicals---- br.5, 400
2, direct material issued and factory labor cost
Material direct labor
Job 1 327.50 170
Job 2 870 240
Job 3 3,920 195

3, factory overhead is 70% of direct labor cost.

4, finished goods sold for br.8,700
Required
Task 5.1 record journal entries.
Task 5.2 calculate each job cost.
Task 5.3 calculate gross profit.
 Project six
Adulala manufacturing company is a VAT registered company which has the following transaction for
the month of January 2017
March 15, received cash from sales furniture br.300, 000
16, paid entertainment expense br.6, 000
19, purchase materials br.50, 000 on cash
25, paid salary expense br.60, 000
26, sales furniture on account br.90, 000
27, paid utility expense br.30, 000
30, supplies expense br.25, 000
31, doubtful account expense br.10, 000
Required
Task 1- record journal entries
Task 2- calculate vat receivable or payable
Task 3- prepare income statement for tax purpose and calculate profit tax liability ( profit tax 30%)
Project seven
Nile plc has a record of the following inventory information
January1 inventory 200 units @ birr 9
January 10 purchase 300 units @ birr 10
January 21 purchase 400 units @ birr 11
January 30 purchase 100 units @ birr 12
Additional information
At the end of the month the fiscal account shows that 300 units are on hand. The company use periodic as
well as FIFO inventory method
Required
Task 7.1 what will be the cost of goods sold and inventory on hand
Task 7.2 assuming sales price of birr 15 for the merchandising inventory, calculate the gross profit of nile
company for the month of june
Task 7.3 the company has incurred birr 2,500 general expense including 900 entertainment expense
during the fiscal year, calculate the business profit tax using 30% tax rate