Individual assessment principle of accounting II to accounting and finance

I.Work out the Following questions clearly step by step.

1.Talk company engaged with it activities having four employees who have different profession. Their names important
information regarding their pay roll data for the month of April 2013 are presented as follow.

No Employee name Basic salary Over time hour Over time date Credit association House allowance

1 Melak tiru 5000 8 Week ends 1750 500

2 Olga chisa 650 150 100

3 Gidey kasay 2350 4 Holiday 230

4 Belachew biyadig 3600 12 holiday 400

Additional information

• All allowance are not taxable

• Pension contribution is 6%from employees and 8% from employer

• Employees work 40 hours per week

• All employee are regular

REQUIRED

 Prepare pay roll register sheet

 If salary is paid in may( next month), JOURNALASE

 Salary and other benefit

 Payment of payable

 Payroll tax or company pension contribution

2.Fir fax manufacturing has the following information in relation to commodity D2 for july

Inventory

July 1 --------------------------20 units @50

Sales

July 7 -------------------------10 units

July 8--------------------------5 units

27 ------------------------10 units

Purchase

July 3 ------------------------ 20 units @51

20 ----------------------- 15 units @52

REQUIRED

• Fir fax manufacturing uses perpetual inventory system and LIFO costing method. Determine cost of goods sold and
inventory on hand

• If fir fax manufacturing uses periodic inventory system and FIFO costing method. Determine cost of goods sold and
inventory on hand

3.To illustrate, assume a delivery truck has a cost of Br.17, 000 a residual value of Br 2,000 and an estimated useful life of five
years. The annual computation of depreciation exp?