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Coc Project Level Three: Project One Koket Company Post Closing Trial Balance SEPTEMBER 20,2018

This document contains information about four projects: 1) A post-closing trial balance and additional transactions for Koket Company 2) Instructions to prepare a bank reconciliation statement 3) Transactions involving foreign currency for Walif Integrated involving imports/exports 4) A payroll listing for four employees including salary, allowances, overtime hours

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2K views4 pages

Coc Project Level Three: Project One Koket Company Post Closing Trial Balance SEPTEMBER 20,2018

This document contains information about four projects: 1) A post-closing trial balance and additional transactions for Koket Company 2) Instructions to prepare a bank reconciliation statement 3) Transactions involving foreign currency for Walif Integrated involving imports/exports 4) A payroll listing for four employees including salary, allowances, overtime hours

Uploaded by

Aye Tube
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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COC PROJECT LEVEL THREE

PROJECT ONE
KOKET COMPANY
POST CLOSING TRIAL BALANCE
SEPTEMBER 20,2018
ACCOUNT TITLE DEBIT CREDIT
CASH 100000
ACCOUNT RECEIVABLE 50000
MERCHANDISE INVENTORY 250000
PREPAID INSURANCE 10000
EQUIPMENT 12000
ACCUMULATED DEPRECIATION 2000
ACCOUNT PAYABLE 150000
BANK LOAN 100000
INTEREST PAYABLE 6000
KOKET CAPITAL 164000
TOTAL BR.422000 BR.422000
THE FOLLOWING TABLE SHOWS THE BEGINNING BALANCE OF ACCOUNTS
RECEIVABLE AND ACCOUNTS PAYABLE SUBSIDIARY LEDGERS.

ACCOUNT RECEIVABLE ACCOUNT PAYABLE

CUSTOMER NAME BALANCE SUPPLIER NAME BALANCE


BALCHA 15000 HORA PLC 60000
SARON 18000 HAGOS PLC 50000
ZAYINU 17000 HASSEN PLC 40000
TOTAL 50000 TOTAL 150000
DURING OCTOBER THE FOLLOWING TRANSACTION WERE COMPLETED

1 .KOKET MADE ADDITIONAL INFORMATION INVESTMENT OF BR 40000 CASH IN


THE BSN

2. PAID BR 60000 ACCOUNT PAYABLE TO HORA PLC


COC PROJECT LEVEL THREE
3. PUCHASED MERCHANDISE FOR BR 40000 ON ACCOUNT FROM HASSEN PLC

4. PURCHASED ADDITIONAL MERCHANDISE FOR BR 45000 ON CASH

5. SOLD MDSE TO SARON ON ACCOUNT BR 55000

6. SOLD MDSE TO CASH CUSTOMERS BR 160000

7. RECEIVED BR 7000 FROM ZEYINU AND BR 18000 FROM SARON AS PARTIAL


COLLECTION OF ACCOUNT RECEIVABLE

8. PAID TO HAGOS PLC ON ACCOUNT BR 20000

9. PAID VARIOUS EXPENSE AS FOLLOW ‘UTILITY BR 1200, RENT BR 9000, AND


WAGE BR 1500

10. WRT KOKET DRAWING BR 25000 CASH FOR PERSONAL USE

ON OCTOBER 31 , 2018 THE FOLLOWING ADDITIONAL INFORMATION WERE


ORGANIZED FOR ADJUSTMENT.

1. DEPRASION ON EQUIPMENT FOR THE MONTH WAS BR 900


2. INSURANCE EXPIRED DURING THE MONTH WAS BR 1000
3. PHSICAL COUNT SHOWS ENDING INVENTORY BALANCE OF BR 200000 OF
OCTOBER 31,2018
4. INTEREST ON BANK LOAN APPLICABLE THE MONTH OF OCTOBER IS NET
YET RECORD THE ANNUAL INTEREST RATE 12/100
REQUIRED BASED ON THE ABOVE INFORMATION PERFORM THE
FOLLOWING TASKS.
TASK 1 . RECORD THE JOURNAL ENTRY FOR THE TRANSCTION OCCURRED
DURING OCTOBER 2018
TASK 2.POST THE JOURNAL ENTRY RECORDED IN TASK 1 ON T ACCOUNT ;
DON’T FORGET THE BEGNINNING BALANCE
TASK 3.DETERMINE THE ENDING BALANCE OF THE SUBSIDIARY LEDGER
ACCOUNT AS OF OCTOBER 31,2018
TASK 4.PREPARE UNADJUSTED TRIAL BALANCE ON OCTOBER 31,2018
COC PROJECT LEVEL THREE
TASK 5.RECORD THE NECESSARY ADJUSTING ENTRY ON OCTOBER 31,2018
BASED ON THE ADDITIONAL INFORMATION GIVEN ABOVE
TASK 6.PREPARE ADJUSTED TRIAL BALANCE ON OCTOBER 31,2018
TASK 7.PREPARE INCOME STATEMENT AND BALANCE SHEET ON
OCTOBER 31,2018 APPLICABLE INCOME TAX RATE IS 30/100

PROJECT 2: PREPARE BANK RECONCILIATION AND


RECORD ADJUSTUMENT
1. THE BANK STATEMENT BALANCE AS OF SEPTEMBER 30, 2018 WAS BIRR 15,028.45
2. THE DEPOSITORS BOOK SHOWS BALANCE OF BIRR 8,603.45 AS OS SEPTEMBER 30, 2018
3. BIRR 2400 DEPOSITS MADE ON SEPTEMBER 30,2018 NOT SEEN IN BANK STATEMENT
4. THE BANK COLLECTED A NOTE RECECIVABLE WITH PRINCIPAL VALUE OF BIRR 10,000 AND INTERESECT
APPLICATTEABLE FOR THE MONTH AT ANNUAL RATE OF 12%
5. CHECK NO. AW 1012 FOR BIRR 2,500 AND CHECK NO. AW 1018 FOR BIRR 3500 ISSUED AND RECORDED BY THE
PLC DURING THE MONTH ARE NOT YET PAID BY THE BANK
6. THE ACCOUNT CLERK OF SODO PLC WRONGLY RECORDED A CHECK ISSUED TO ASUPPLIER ON ACCOUNT FOR
BIRR 720 AS BIRR 270.
7. THE BANK WRONGLY DEBITED THE ACCOUNT OF THE PIC BY BIRR 3000 FOR A CHECK ISSUED BY ANOTHER
COMPANY
8. CHECKS RECECIVED FROM CUSTOMERS ON ACCOUNT WITH AMOUNT OF BIRR 1750 AND BIRR 1900 WERE
RECORED AND SEND TO THE BANK FOR DEPOSIT ON SEPTEMBER 28 BUT RETURNED BY THE BANK ALONG
WITH THE STATEMENT MARKED NSF ON OCTOBER 3 , 2018
9. THE BANK SERVICE CHARGE FOR SEPTEMBER WAS BIRR 175.

PROJECT THREE
WALIF INTEGRATED SH.CO IS A COMPANY INVOLVED IN FOREIGN BUSSINESS ACTVITIES.THE COMPANY IMPORTS
PHARMACEUTICAL PRODUCTS FROM EUROPEAN COUNTRIES AND EXPORTS ANIMALS & ANIMAL PRODUTS TO THE
ASIAN COUNTRIES MAINLY SAUDI ARABIA THE SHARE COMPANY.
THE OPENING BANK BALANCE FOR THE MONTH OF AUGUST 2018 OF WALIF INTEGRATED SH CO WAS BIRR
12,000,000 WITH OROMIA INTERATIONAL BANK( OIB). BATU BRANCH ANY COLLECTION FROM FOREGIN
CUSTOMERS FROM EXPORTED ANIMALS & ANIMAL PRODUCTS AND PAYMENTS TO FOREGIN SUPPLER FOR
IMPORTED PHARAMACEUTICAL PRODUCTS SHOULD BE MADE BY THE BANK IN FOREGIN CURRENCY.

DURING THE MONTH OF AUGUST 2018 WALIF INTERGRATED SH CO IMPORT PHARMACEUTICAL


PRODUTS VALUED 129,000(EURO) AND SOLD HESE PRODUCTS FOR BIRR 5,450,000. THE COMPANY
ALSO EXPORTS VARIOUS ANIMALS ANIMAL PRODUCT TO DIFFERENT ASIAN COUNTRIES FOR SR
3,750,000 (SAUDI RIYA) THE TOTAL COST OF ANIMALS & ANIMAL PRODUCTS EXPORTED WAS BIRR
19,875,000. DURING THE MONTH WALIF INTERGRATED SH.CO INCURRED TOTAL OPERATING EXPENSES
OF BIRR 2,845,000.

CURRENCY SELLING RATS BUYING RATS


EURO 32.1030 31.9800
COC PROJECT LEVEL THREE
SAUDI RIYAL 6.4500 6.1200

REQUIRED
TASK 1. CALCULATE MOUNT OF TOTAL REVENUE EARNED DURING THE MONTH IN TERMS ETB.
TASK 2. CALCULATE THE AMOUNT OF COST OF GOODS SOLD.
TASK 3. CALCLATE THE AMOUNT OF GROSS PROFIT AND NET IN COME FOR THE MONTH IN TERMS OF
ETB PROFIT TAX RATE IS 30%.
TASK 4. WALIF INTERGRATED SH.CO BORROWED BIR 250,000 FROM OIB AT ANNUAL INTERST RATE 14
% PAYMENT OF PRINCIPAL AND INTERESTS SRE TO BE MADE AT ONE TIME TOGETHER AFTER TWO YRS,
WHAT WIL BE TOTAL AMOUNT OF REPAYEMENT INCLUDING INTERST ?

PROJECT 4 : PROCESS PAYROLL

NO NAME OF EMPLOYESS BASIC SALARY MONTHLY OT HRS WORKED DURATION OF HRS WORKED
ALLOWANCE
1 LELISA 12800 2100
2 ALEMU 8700 1600 8 WEKEND
3 HAGOS 4000 12 PUBLIC HOLIDAY
4 ALEMBO 2200 18 1O ;00PM TO 6;00 AM
ADDITIONAL INFORMATION
1. EMPLOYED WORKED HRS WEEKLY 39
2. ALLOWANCE UP TO BIRR 1500 EXEMPTED
3. ALL EMPLOYE ARE PERMANENET
4. PENSION CONTRIBUTION BY EMPLOYEE AND EMPLOYER 7%AND 11%RESPECTIVELY

5. ALL EMPLOYEE ARE CONTRIBUTED 10% OF THEIR LESS SALARY BE CREDIT UNION ACCEPTED ALEMBO WHO
5% OF LESS BASIC SALARY

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