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Company Name- ABC Retail Company

Address: Addis Ababa Fax: +251-112360399
House No. 1111 City: Addis Ababa
P.O. Box: 1888 Country: Ethiopia
Telephone: +251-112-360390
Business Type: Sole proprietorship
Chart of account: Build your own chart of account
Accounting method: Accrual
Posting method: Real Time
Period: 12 monthly accounting periods
Fiscal year: 2020
Maintain the following chart of accounts for ABC Retail Company and enter the beginning
balances
Acct No. Account description Account type Debit Credit
1110 Checking cash account Cash 95,000
1150 Accounts receivable A/R 5,650
1150-1 Allowance for uncollectible A/R 800
1170 Inventory Inventory 36,000
1180 Supplies Other Current Assets 6,600
1185 Prepaid insurance Other Current Assets 11,800
1190 Prepaid rent Other Current Assets 12,000
1210 Equipment Fixed Assets 48,000
1210-1 Acc.Dep.-equipment Acc.Dep.- 8,000
1211 Vehicle Fixed Assets 107,050
1211-1 Acc.Dep Vehle Acc.Dep.- 10,000
2110 Accounts payable Accounts payable 19,600
2115 salary payable Other current liabilities 1,500
2215 Employee income tax Other current liabilities 1,200
3110 Capital Equity-doesn't close 256,000
3115 Withdrawals Equity-gets closed
3210 Retained earning Equity-Retained Earnings 25,000
4155 Sales Income
5110 Cost of goods sold Cost of sales
6225 Salaries expense Expenses
6240 Income tax expense Expenses
6251 Dep. Expense equipment Expenses
6252 Dep. Expense vehicle Expenses
6260 Bank service charge Expenses
6261 Rent expense Expenses
6270 Insurance expense Expenses
6271 Transportation expense Expenses
6272 Supplies expense Expenses
6280 Miscellaneous expense Expenses
Total 322,100 322,100

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Customer ledger balance as of January 1, 2020

Maintain customers and enter beginning balance

ID Customer Country Sales acct Limit

HL001 Bekele Lemesa ETH 4155 60,000.00
KM001 Kebede Mammo ETH 4155 50,000.00
RB001 Roman Begna ETH 4155 50,000.00
MA001 Melat Abebe ETH 4155 50,000.00
Customer beginning balances

Id Invoice Date Amount A/R account

HL001 1095 12/15/2019 700 1150
KM001 1090 11/25/2019 1,000 1150
RB001 1097 12/23/2019 500 1150
MA001 1091 11/10/2019 3,450 1150

Maintain vendors and enter beginning balance

Vendor Vendor Name Purchase Acct. Invoice Date Amount A/P

ID
N2001 Nani International 1170 85 12/15/2019 2200 2110
G2001 General Trading 1170 90 11/25/2019 5200 2110
G2002 GM cosmetics 1170 95 12/23/2019 12,200 2110
Maintain inventory and enter beginning balance

No Item Item ID Sales Inventory CGS Unit Sales Qty Total

description acct acct acct cost price
1. Product A PR101 4155 1170 5110 500 700 30 15,000
2. Product B PR102 4155 1170 5110 350 500 35 12,250
3. Product C PR103 4155 1170 5110 160 250 25 4,000
4. Product D PR104 4155 1170 5110 95 150 50 4,750

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Transaction

Jan 2. Sold on account 2 units of product A and one unit of product B to Roman Begna by
invoice #2000

Jan 3 collected Br.700 from Bekele Lemesa from settlement of outstanding invoice #1095 cash
receipt #500 and bank deposit slip #200

Jan 5, collected Br.3450 from Melat Abebe for settlement of outstanding invoice #1091 cash
receipt #501 and bank deposit ticket ID #201.

Jan 8 Sold on account 3 units of Product D to Melat Abebe to by invoice #2001

Jan 9 Sold on account 1 unit of product B to Kebede Mammo by invoice #2002

Jan 12. Purchase 6 units of product Aon account from GM cosmetics Br.3000 by invoice #3000

Jan 15 Bought supplies on account from Nani international Br.800 by invoice #3001

Jan 18. Paid on account to GM Cosmo tics for purchase of invoice #3000 Br. 3000 by check
#113

Jan 20, paid on account to Nani international Br.800 for purchase invoice #3001 by check#114

Jan 31 sold 1 units of Product C on cash for Br. 300 receipt #502 and bank deposit slip#202

General journal transaction for the month ending of January 31,2020

Supplies expense 400 Ref=JV11

Rent expense 500 Ref=JV12
Insurance expense 100 Ref=JV13
Depreciation expense 250 Ref=JV14
Inventory adjustment for the month ending of Jan 31, 2020

2 units of product C are spoiled. Ref=AES-11

Account reconciliation
Date Ref Check s Deposit Balance
B/f - - - 95,000
Jan 3 200 - 700 95,700
Jan 5 201 - 3,450 99,150
Jan 20 113 3,000 - 96,150
Jan 26 114 800 - 95,350
Jan 31 Service charge 50 - 95,300
Ending balance 95, 300

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