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Answer of Part II

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50 views11 pages

Answer of Part II

Uploaded by

Genene
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Q1.

Using the following information, prepare a bank reconciliation and the necessary journal entries for Te
2019. Bankbook (from PSF finance system)

Date Description DR

1/12/2019 Balance Forwarded


5/12/2019 Check # 169- office furniture
5/12/2019 Check # 170- Internet payment (4 months)
10/12/2019 Funds received from TF account 50,000,000
12/12/2019 Check # 171- Zala cash distribution to 125 beneficiaries
13/12/2019 Check # 172- fuel usage for 6 months
14/12/2019 Check # 173- office rent, Jul to Dec 2019
14/12/2019 Check # 174- cash withdrawal for office safe
15/12/2019 Check # 175- Lawyer's visa applications
16/12/2019 Check # 176- office stationeries for the month
16/12/2019 Check # 177- office cleaning supplies for the month
20/12/2019 Check # 178- rent training hall for protection training
50,000,000

Bank statement of December 2019


Date Description DR
1/12/2019 Balance Forwarded
2/12/2019 debit- ck # 168 250,000
2/12/2019 debit- ck # 167 175,500
6/12/2019 debit- ck # 170 150,000
13/12/2019 credit- remittance
13/12/2019 bank transfer fees 25,000
13/12/2019 debit- ck # 172 600,000
13/12/2019 debit- ck # 171 60,000,000
14/12/2019 debit- ck # 174 10,000,000
16/12/2019 debit- ck # 176 120,000
16/12/2019 debit- ck # 177 100,000
30/12/2019 bank service charge 75,000
30/12/2019 interest income
OUTSTANDING 71,495,500
Ck# 167 175,500
Ck# 168 250,000

ANSWER
Bank reconciliation

Beginning Balance 25,991,250.00


Cashreceipt 48,535,000.00
Cash disbusment (71,495,500.00)
Less Other 0
Ending Balance 3,030,750.00
OUTSTANDING
Ck# 167 -175,500
Ck# 168 -250,000
(425,500.00)
Ending Balance 2,605,250.00

Q2. As a finance office you are tasked with preparing monthly payroll with data from HR. Please use the
table and prepare payroll for the month of October 2022 and indicate the necessary journals on pay day/O
25,2022

TF Payroll For the Month of October 2022

S/N Name
1 Temesgen Yibejal
3 Betselot Bereket
4 Ahmed Kedir
5 Bona Tolasa
6 Kedija Ayalew
7 lily Wedajo
8 Lalo Lencha
9 Negasa Waya

Answer
No Name of Staff Basic salary
1 Temesgen Yibejal 500.00
2 Betselot Bereket 1,200.00
3 Ahmed Kedir 26,000.00
4 Bona Tolasa 9,000.00
5 Kedija Ayalew 2,000.00
6 lily Wedajo 3,000.00
7 Lalo Lencha 15,600.00
8 Negasa Waya 4,500.00
Total 61,800.00

Sammury
Basic Salary 61,800.00
Org, Contribution (11%) 6,798.11
Income Tax
Pension Fund

68,598.11
sary journal entries for Tearfund as of 31st December
system)

CR Balance

48,526,250.00
50,000.00 48,476,250.00
150,000.00 48,326,250.00
98,326,250.00
60,000,000.00 38,326,250.00
600,000.00 37,726,250.00
9,360,000.00 28,366,250.00
10,000,000.00 18,366,250.00
1,200,000.00 17,166,250.00
120,000.00 17,046,250.00
100,000.00 16,946,250.00 10,750,000.00
140,000.00 16,806,250.00
81,720,000.00

CR Balance
48,951,750.00
48,701,750.00
48,526,250.00
48,376,250.00
48,500,000.00 96,876,250.00
96,851,250.00
96,251,250.00
36,251,250.00
26,251,250.00
26,131,250.00 71,245,500
26,031,250.00 100,000
25,956,250.00 71,345,500
35,000.00 25,991,250.00
25,991,250.00

25,991,250.00
48,535,000.00
-71,495,500
-100000
2,930,750.00
50,000.00
from HR. Please use the below
ary journals on pay day/October

Monthly Basic Salary


(ETB)
500.00
1,200.00
26,000.00
9,000.00
2,000.00
3,,000.00
15,600.00
4,500.00
54,300.00

11% Gross Taxable Income


55.00 555.00 500.00
132.00 1,332.00 1,200.00
2,860.00 28,860.00 26,000.00
990.00 9,990.00 9,000.00
220.00 2,220.00 2,000.00
330.00 3,330.00 3,000.00
1,716.00 17,316.00 15,600.00
495.00 4,995.00 4,500.00
6,798.11 68,598.00 61,800.00

14,428.00
11,124.00
43,046.00
68,598.00
1,465,000.00

71,495,500.00

25,991,250.00
48,535,000.00
(71,345,500.00)
3,180,750.00

(10,750,000.00)

(7,569,250.00)

25,991,250.00
48,535,000.00
(71,495,500.00)
3,030,750.00
(10,750,000.00)
IT Pension Total deduction Net pay
- 90.00 90.00 465.00
60.00 216.00 276.00 1,056.00
7,600.00 4,680.00 12,280.00 16,580.00
1,745.00 1,620.00 3,365.00 6,625.00
157.50 360.00 517.50 1,702.50
307.50 540.00 847.50 2,482.50
3,960.00 2,808.00 6,768.00 10,548.00
598.00 810.00 1,408.00 3,587.00
14,428.00 11,124.00 25,552.00 43,046.00
Q1.Using the following information, prepare a bank reconciliation and the necessary journal entries for Te
2019. Bankbook (from PSF finance system)

Date Description DR

1/12/2019 Balance Forwarded


5/12/2019 Check # 169- office furniture
5/12/2019 Check # 170- Internet payment (4 months)
10/12/2019 Funds received from TF account 50,000,000
12/12/2019 Check # 171- Zala cash distribution to 125 beneficiaries
13/12/2019 Check # 172- fuel usage for 6 months
14/12/2019 Check # 173- office rent, Jul to Dec 2019
14/12/2019 Check # 174- cash withdrawal for office safe
15/12/2019 Check # 175- Lawyer's visa applications
16/12/2019 Check # 176- office stationeries for the month
16/12/2019 Check # 177- office cleaning supplies for the month
20/12/2019 Check # 178- rent training hall for protection training
50,000,000

Bank statement of December 2019


Date Description DR
1/12/2019 Balance Forwarded
2/12/2019 debit- ck # 168 250,000
2/12/2019 debit- ck # 167 175,500
6/12/2019 debit- ck # 170 150,000
13/12/2019 credit- remittance
13/12/2019 bank transfer fees 25,000
13/12/2019 debit- ck # 172 600,000
13/12/2019 debit- ck # 171 60,000,000
14/12/2019 debit- ck # 174 10,000,000
16/12/2019 debit- ck # 176 120,000
16/12/2019 debit- ck # 177 100,000
30/12/2019 bank service charge 75,000
30/12/2019 interest income
OUTSTANDING 71,495,500
Ck# 167 175,500
Ck# 168 250,000

ANSWER
Bank reconciliation

Beginning Balance 25,991,250.00


Cashreceipt 48,535,000.00
Cash disbusment (71,495,500.00)
Less Other 0
Ending Balance 3,030,750.00
OUTSTANDING
Ck# 167 -175,500
Ck# 168 -250,000
(425,500.00)
Ending Balance 2,605,250.00

Q2. As a finance office you are tasked with preparing monthly payroll with data from HR. Please use the
table and prepare payroll for the month of October 2022 and indicate the necessary journals on pay day/O
25,2022

TF Payroll For the Month of October 2022

S/N Name
1 Temesgen Yibejal
3 Betselot Bereket
4 Ahmed Kedir
5 Bona Tolasa
6 Kedija Ayalew
7 lily Wedajo
8 Lalo Lencha
9 Negasa Waya

Answer
No Name of Staff Basic salary
1 Temesgen Yibejal 500.00
2 Betselot Bereket 1,200.00
3 Ahmed Kedir 26,000.00
4 Bona Tolasa 9,000.00
5 Kedija Ayalew 2,000.00
6 lily Wedajo 3,000.00
7 Lalo Lencha 15,600.00
8 Negasa Waya 4,500.00
Total 61,800.00

Sammury
Basic Salary 61,800.00
Org, Contribution (11%) 6,798.11
Income Tax
Pension Fund

68,598.11
sary journal entries for Tearfund as of 31st December
system)

CR Balance

48,526,250.00
50,000.00 48,476,250.00
150,000.00 48,326,250.00
98,326,250.00
60,000,000.00 38,326,250.00
600,000.00 37,726,250.00
9,360,000.00 28,366,250.00
10,000,000.00 18,366,250.00
1,200,000.00 17,166,250.00
120,000.00 17,046,250.00
100,000.00 16,946,250.00
140,000.00 16,806,250.00
81,720,000.00

CR Balance
48,951,750.00
48,701,750.00
48,526,250.00
48,376,250.00
48,500,000.00 96,876,250.00
96,851,250.00
96,251,250.00
36,251,250.00
26,251,250.00
26,131,250.00
26,031,250.00
25,956,250.00
35,000.00 25,991,250.00

50,000.00
from HR. Please use the below
ary journals on pay day/October

Monthly Basic Salary


(ETB)
500.00
1,200.00
26,000.00
9,000.00
2,000.00
3,,000.00
15,600.00
4,500.00
54,300.00

11% Gross
55.00 555.00
132.00 1,332.00
2,860.00 28,860.00
990.00 9,990.00
220.00 2,220.00
330.00 3,330.00
1,716.00 17,316.00
495.00 4,995.00
6,798.11 68,598.00

#REF!
#REF!
#REF!
#REF!
48,526,250.00
50,000,000
(70,970,000.00)
27,556,250.00

(10,750,000.00)

16,806,250.00

25,991,250.00
48,535,000.00
-71,495,500
3,030,750.00

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