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‘Assessment Vonuo: Well Equipped Assessment Centre or real work place Project 1: Pi ransactions and pro} fe int Instruction: Under this task the candidate is expected to process financial transactions, maintain subsidiary ledger accounts, post transactions to ledger, prepare trial balance, perform financial calculations, jouralize adjusting entries and prepare financial statements Task1: Journallze transactions: record the following trangactions for AB Company On January 1, 2010, Ato Abebe, the owner of AB company, invested birr 300,000 cash On January 2, 2010, AB Company purchased slipplies on account for birr 15,000, On January 5, 2010, AB Company provide service on account for birr100,000. On January 7, 2010, AB Company paid birr5,000 to creditors on January 2 purchase On January 10, 2010, collect cash birr 20,000 trom customers on account On January 26, 2010 AB Company paid birr5,000 rent and birr2,000 utilities On January 30, 2010 paid birr 8,000 salaries to employees On January 31, 2610 supplies used during thefionth was determined tobe birr 10,000 Tak2: Posting transactions to ledger: Using T-Accounts properly post the transactions you had recorded , In taek!, aveuming that the beginning balances were as follows ‘Account Title = sFerea0ce Account Payable : prepare Trial balance 19 the following data prepare unadjuated Wa) that all accounts have normal balanges “Amount (in birr) 30,000 ‘Suppl Bank Loan Propaid Rent Notos Payablo Fana, Orawings Wage Expense Office Equipments Rent Expense Accumulated DoprociationTask4: Pertorm financial calculation, journalize correcting and adjusting entries: using the data from the Trai Balance thet you Cc Oo E u Nad prepared above in Task 3 record the following correcting and adjusting entries Service provided on account for birr 1.000 was wrongly debited to cash and credited to fees earned Payment on account of birr 2.000 was mistakenly debited to cash and credited to account Payable At the end of the period Supplies on hand was birr 800 Depreciation for the Penod was determined to be birr1 500 using the data in Task 3 and Task 4 prepare A) Adjusted Tria) Balance, 8) Income Statement and C) Owner's Equity Statement and O) Balance SheetAl ome Project 2: Prepare bank reconciliation and record adjustments on depositor’s accounts. truction: Under this task you are required to prepare bank feconewaton statement x perform adjustments on the depositor's ledger ae semen ane expectes to Gank statement shows a balance of bir $5,000 and as per the depositors record the balance was bir60,200 January31, 2006, the following items are identified for the month of January2006 ‘A’ Outstanding Checks were birt 5000 8. Bank service charges for January was birr 500 C- Deposits in transit were bir 8000 A check recived from customer on account for birt 2500 wa: ited as birr Achecs 1S wrongly debited as bier 5200 by the — Te pank incorrectly debited the account of the depository by bir 1,200 for a check issued by another company ae bank collected birt 2.200 from notes receivable off which birr200 was interest ‘ord bank transactions: record adjusting entries on ae ea adjusting entries on the depositor’s ledger Instructions: Under thie task, the candidate Is ex re én Ingurucdons: Under the ‘pected to prepare payroll sheet and pat ‘Task1: Prepare payroll ahect Journal entries for pay Alema Farma PLC Payroll S For the month of dune 2014 [Basle | Atlowan | Overt | Grows [income | Penslgn | Conivibution | Contributl | Total | Net Pay | Salary | co me | taming | tax | om) | wo onto Deduetio | Renaissance | Saving | n am assoclatio 1,200 | aoe # During the month Wire Alemn worked ovar me during public holiday for to hours (hint: Public holy day rato in 2.0) ‘# Contribution to [tenaissance dam to all employees are 10% of their basic salary ‘Lem! contributed bir 600 for his saving wesoctation +All employes expected lo work for 8 Rour¥ per day and 160 hours per month Allowances arc taxable Tax Re — 0-150 151-650 651-1400 1401-2380 2351-3550. 31551-6000 7m | Avove5000 35% | Task 2: Record the following payroll related transactions fof Alema Farms PLC 1 Payment of salary and withholding of deductions 2. Pension Contributed by employerlcompany 3 Payment of deductions to the appropriate agency ckago for Accounts and Budget Support Level Ill (Qualification Based) | Range Candidate’

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