accounts and budget service l-iii

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accounts and budget service l-iii @ethioexit version 1 project one- process payroll the following data are taken from ethiopian road corporation for the month of yekatit 2005 name of employee salary allowance overtime remark rahel aseffa 2,500 900 10hr 4-weekdays (2) 4- public holidays(2.50) 2-evening (1.25) emebet aseffa 5,000 1,000 6hr weekends(2) dillu teshome 10,000 1,200 8hr public holiday(2.5) abebe derje 12,500 1,400 - - additional information 1. all employees are permanent and worked 40 hours per week 2. all employees allowance are tax exempted up to br 400 3. all employees pay one month salary to be paid monthly within a year to abay dam required 1. prepared payroll sheet 2. prepared necessary journal entries and payments of liabilities (deductions) to the concerned body. project two. process financial transactions and prepare financial the accounts in the ledger of ethiopian telecommunication corporation with the unadjusted balance on june 30, at …

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ce salaries 2,600.00 required 1. prepared adjusting entries 2. prepared income statement and balance sheet project three: bank reconciliation 1. on may 31, 2002 selam company showed a balance in its cash account of br 37,820.00 on june 2, selam received its bank statement for the month ended may 31, which showed an ending balance of br 65,040.00 2. a matching of debits to the cash account on the books with deposits on the bank statement showed that the br 9,040.00 receipts of may 31 are included in cash but not included as deposit on the bank statement. 3. an examination of checks issued and checks cleared showed three checks outstanding no 9544 br 6,440.00 no 9545 br 3,360.00 no 9546 br 14,460.00 total br 24,260.00 4. include with the bank statement a credit memo for br 24,500.00 (principal of br 24000.00 +br 500.00 interest) for collection of note owed …

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nership. assume that any partners who had debit balances in their capital accounts after loss distributions immediately paid cash to the partnership. project five taxes ato bekele assefa is a shareholder in merkato bank share company. he owned 300,000.00 shares of br 3,000.00 par value common stock in the bank. merkato bank declared and paid of br 0.20 per shares. a. how much dividend is given to ato bekele? b. how much is tax is to be paid to the tax authority? c. how much ato bekele will receive after tax? d. who is liable to pay the tax to the tax authority? solution project one process payroll employee s no name of employee basic salary transport allowance over time total income income tax pension contribution abay dam total deduction net payment 00001 rahel 2,500.00 900.00 320.31 3,720.31 361.56 175.00 208.33 744.89 2,975.42 00002 embet 5,000.00 1,000.00 375.00 6,375.00 928.75 …

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ancial transaction and prepare financial reports a) income summary -------------------- 290,500.00 merchandise inventory ------------------- 290,500.00 merchandise inventory ------------- 301,000.00 income summary --------------------------- 301,000.00 b) insurance expense ---------------- 12,800.00 insurance ------------------------------- 12,800.00 c) store supplies expense -------------- 12,200.00 store supplies ----------------------------- 12,200.00 d) dep. expense of store equipment ------------ 38,400.00 acc. dep. store equipment -------------------------- 38,400.00 e) sales salaries expense ------------------- 5,600.00 office salary expense ------------------- 2,600.00 salaries payable -------------------------------------- 8,200.00 ethiopian telecommunication corporation income statement for the year ended june 30 sales --------------------------------------------------------------------------------- 1,890,000.00 other income --------------------------------------------------------------------------- 7,600.00 total sales --------------------------------------------------------------------------- 1,897,600.00 beginning inventory ---------------------------------- 290,500.00 purchase ------------------------------------------------ 1,220,100.00 merchandise available for sales ------------------ 1,510,600.00 less ending inventory --------------------------------- (301,000.00) cost of goods sold ---------------------------------------------------------------- 1,209,600.00 gross profit --------------------------------------------------------------------------- 688,000.00 sales salaries expense ---------------------------------- 160,400.00 advertising expense ---------------------------------------- 49,600.00 dep. expense of store equipment ------------------------ 38,400.00 store supplies expense -------------------------------------- 12,200.00 mis. selling expense ------------------------------------------ 8,800.00 office salary expense ------------------------

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----------------- 82,290.00 rent expense ----------------------------------------------------- 80,000.00 utilities expense ------------------------------------------------- 32,200.00 taxes expense ---------------------------------------------------- 17,000.00 insurance expense ----------------------------------------------- 12,800.00 mis general expense ---------------------------------------------- 7,200.00 total ------------------------------------------------------------------------------------------------------ 500,890.00 net income ---------------------------------------------------------------------------------------------- 187,110.00 ethiopian telecommunication corporation balance sheet june 30 cash ------------------------------------------------------------------------------------- 87,500.00 account receivable ----------------------------------------------------------------- 192,300.00 merchandise inventory ------------------------------------------------------------ 301,000.00 prepaid insurance --------------------------------------------------------------------- 12,580.00 store supplies ---------------------------------------------------------------------------- 4,300.00 store equipment ------------------------------------------------- 179,000.00 acc. dep. of store equipment ----------------------------------(89,000.00)-------- 90,000.00 accounts payable ------------------------------------------------------------------------------------------------- 89,480.00 salaries payable ----------------------------------------------------------------------------------------------------- 8,200.00 capital stock -------------------------------------------------------------------------------------------------------- 360,000.00 retain earnings ----------------------------------------------------------------------------------------------------- 230,000.00 total -------------------------------------------------------------------------------------------- 687,680.00687,680.

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accounts and budget service l-iii @ethioexit version 1 project one- process payroll the following data are taken from ethiopian road corporation for the month of yekatit 2005 name of employee salary allowance overtime remark rahel aseffa 2,500 900 10hr 4-weekdays (2) 4- public holidays(2.50) 2-evening (1.25) emebet aseffa 5,000 1,000 6hr weekends(2) dillu teshome 10,000 1,200 8hr public holiday(2.5) abebe derje 12,500 1,400 - - additional information 1. all employees are permanent and worked 40 hours per week 2. all employees allowance are tax exempted up to br 400 3. all employees pay one month salary to be paid monthly within a year to abay dam required 1. prepared payroll sheet 2. prepared necessary journal entries and payments of liabilities …

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