Assignment

St. Mary's University

Faculty of Accounting and Finance
Accounting Software Application
Group Assignment, Max. Group Size 6, To be Marked out of 25
Date of Submission: December 31, 2024
WENDYWAYN Electronics share Company is a VAT registered merchandising type of business owned &
operated by Wendy and Wayn in AA, Ethiopia. The Business buys and sells different types of electronic
materials both on credit and cash basis. After consulting an accounting firm, the company has decided to
change its accounting system from manual to computerized starting from January 2024. Based on the Idea
that the owner’s wants to handle its financial and related affairs by using Peachtree Complete Accounting
Software Package.

1. Companyinformation

Name Your Name+WENDYWAYN ElectronicsS.C.

BusinessType Corporation
Address: AA, Wereda 04, HouseNo.2323,Ethiopia.
Telephone: Any one of your goup
member's cell phone number

Fax: 251-58-220 20 20
E-
mail:[email protected]
ebsite: www.meme . com
Chart of accounts Build your Own Company
AccountingMethod Accrual
PostingMethod Realtime
AccountingPeriod 12 Month accounting Period

Fiscal year starts on:January1,2024

The first month of data entry: February 01, 2024

Instruction: Create a new company on the software based on the above information:
1. MaintainthefollowingChartofAccounts

Account Balances
AccountID Accountdescription
(Birr)
1100 Cashonhand 10,000.00
1101 Cashatbank 650,000.00
1210 AccountReceivables 890,000.00
1200C Allowancefordoubtfulaccount 10,000.00
1300 MerchandiseInventory 4,500,000.00
1400 Officesupplies 5,000.00
1500 0fficeequipment 1,960,000.00
1500C Acc.Depn.OfficeEquipment 25,000.00
1600 Building 3,200,000.00
1600C Acc.Depn.Building 500,000.00
1700 Land 4,000,000.00
2100 AccountsPayable 770,000.00
2200 Salestaxpayable 30,000.00
3100 PaidInCapital 5,000,000.00
3200 RetainedEarning 8,880,000.00
4100 Sales
4101 Salediscount
5100 CostofGoodsSold
5100C Purchasediscount
5101 FrightIn
6100 Salaryexpense
6101 RentExpense
6102 UtilityExpense
6103 SuppliesExpense
6104 FuelExpense
6105 Incometaxexpense
6106 Insuranceexpense
6107 Miscellaneousexpense

Required:

ii. Maintain the above chart of account by using appropriate account type and enter the beginning balance of
the general ledger.
2. Maintain the following default information
Assume that default as the true information which is not specifically given. For both customer and
vendors the following discount period and rate is applied, 5% discount if settled (payment and
Receipt) is within 15 days. Otherwise the net amount is expected within 45 days from invoice date.
The credit limit for both the customers and vendors case is birr 1,000,000.00. All invoices (for
customers and vendors) aged by their invoice date. The company buys and sells inventory items
which are all stock items and areto bevalued in FIFO method. All saleof merchandise aresubject to
VAT.Inventoryitemsare receivedfromVendortrough Bestshippingmethod. Thecompanyusetwo price
levels; named W- Price and R-price but has to plan to use additional two price levels at which
inventory are offered for sell And maintained sales tax authority.

3. Maintain vendor Information & Beginning Balance

BeginningBalance
VendorID CompanyName Address InvoiceNo. Balance (Br.)
V-001 SonyCompany Japan, Tokyo PI-0051 255,000.00
V-002 ERAcomputerCo. A.A,Ethiopia PI-0052 260,000.00
V-003 Philips Company A.A,Ethiopia PI-0053 140,000.00
V-004 Toshiba Company China PI-0054 115,000.00

4. The balance of inventory subsidiary ledger accounts

Beginning SellingPrice(Br.)
Balance
ID Description PreferredVendor Minimum Stock/ LastUnitCost+Birr
ReorderQuantity
Unit Last cost
(Birr) W-Price R-Price
STV SonyTV SonyCompany 200 /500 200 4,500.00 300.00 500.00
DLC DellLaptopComputer ERAcomputerCo. 100 /300 150 12,000.00 800.00 1,000.00
PTR PhilipsTape Recorder PhilipsCompany 250 /400 275 2,000.00 100.00 200.00
TC Toshibacomputer ToshibaCompany 100 /300 250 5,000.00 300.00 500.00

5. The balance of the customer's ledger

BeginningBalance
CustomerID Customername Address InvoiceNo. Balance (Br.)
C-001 Habeshatrading Gonder SI-010 225,000.00
C-002 Nile trading Bahirdar SI-011 230,000.00
C-003 Tise-AbayCompany TiseAbay SI-012 220,000.00
C-004 DodolaCompany D/Tabor SI-013 215,000.00
Record the following transactions in the appropriate window
Purchase orders

Date DocNo For purchase order of-------- VendorID

Feb01 PO-001 500 units of Dell Laptop @11,000.00 per unit V-002
Feb02 PO-002 400units Toshiba computer @4,500.00perunit V-004
Feb05 PO-003 350units of Sony TV @4,000.00per unit V-001

Purchaseonaccount
Date DocNo For purchase of------------- VendorID
Feb03 PI-0055 PO-001 V-002
Feb04 PI-0056 300units PhilipsTapeRecorder@1,400.00 perunits V-003
Feb 07 PI-0057 300unitsof Toshibacomputer@4,400.00 perunits V-004
Feb08 PI-0058 PO-002 V-004
Feb11 PI-0059 100unitsof SonyTV @4,200.00 perunits V-001
Feb15 PI-0060 150unitsofDellLaptopComputer@11,200.00per units V-002
Feb20 PI-0061 PO-003 V-001
Checkpayment
Date DocNo Paidfor------------------ Amount
Feb01 CPV-001 Payment of insurance expense(miscellaneous expense) 25,000.00
Feb03 CPV-002 Paid for vendor V-002, PI-0052 Full
Feb07 CPV-003 Acquisition of new office equipment GM Furniture 55,000.00
Feb09 CPV-004 Paidf or vendor V-001,PI-0051 255,000.00
Feb14 CPV-005 Paid for vendorV003,half payment PI-056
Feb18 CPV-006 Other expense, BettyTekle 42,000.00
Feb22 CPV-007 Paid for Vendor V-004,full payment PI-057
Feb24 CPV-008 Paid for vendor V-002,half payment PI-060
Feb26 CPV-009 Purchase 100 units of Dell Laptop Computer @10,500.00 fromERA Full
Feb29 CPV-010 Paid for,V-001 ,full payment PI-061

SalesQuotes

Date QuotesNo. Forthesale----------------- CustomerID

Feb01 SQ-001 200unitsDelllaptopComputer@R-price C-002
Feb07 SQ-002 300unitsofToshibacomputer@W-price C-004
Feb12 SQ-003 150unitsofSonyTV@R-Price C-001

Sale orders
Date SO .No Forthesale----------------- CustomerID
Feb4 SO-001 150unitsofPhilipsTapRecorder@R -Price, includingVAT C-004
Feb10 SO-002 100unitsofToshibacomputer@W-Price,includingVAT C-003
Feb12 SO-003 250unitsofDell Laptop@R -Price,includingVAT C-001
Credit sale invoice
Date DocNo Forthesale----------------- CustomerID
Feb05 SI-014 SQ-001 C-002
Feb07 SI-015 100unitsPhilipsTapRecorder@W-Price,includingVAT C-002
Frb14 SI-016 150unitsofSonyTV@W –Price,includingVAT C-001
Feb18 SI-017 SQ-002 C-004
Feb21 SI-018 SQ-003 C-001
Feb25 SI-019 200unitsofDellLaptop@R -Price,includingVAT C-002
Cash sales invoice(CSI) and cash receipts (CR)
Date DocNo Forthesale----------------- CustomerID
Feb01 CSI-001 100unitsofDellLaptop Computer @R-Price,includingVAT C-003
Feb05 CSI-002 300unitsPhilipsTapeRecorder@W-Price,includingVAT C-005
fornew customernamedGonagoBusinessGroup
Feb07 CR-001 SI-014, fullcollection C-002
Feb10 CR-002 SI-015,halfcollection C-002
Feb15 CSI-003 200unitsof SonyTV @R-Price, includingVAT C-001
Feb20 CR-003 SI-017,Fullcollection C-004
Frb25 CR-004 SI-019,halfcollection C-002
Feb26 CSI-004 400unitsof Toshibacomputer @W–Price, includingVAT C-002
Feb7 CSI-005 200unitsof Philipstaperecorder@W– Price,includingVAT C-001
Feb 28 CR-005 SI-018 fullcollection C-001

Bank Reconciliation
Bank statement as of Feb 29, 2024
Checks cleared
CPV-001 Br. 25,000.00
CPV-002 260,000.00
CPV-003 55,000.00
CPV-004 255,000.00
CPV-005 210,000.00
CPV-007 1,254,000.00
CPV-009 1,050,000.00
Depositreceived
CSI-001 Br. 1,495,000.00
CSI-002 724,500.00
CR-001 2,840,500.00
CSI-003 1,150,000.00
CR-003 1,737,075.00
CR-004 1,300,000.00
CSI-004 2,438,000.00
Debitmemos
Bank service charge Br.150.00, and
Commission on transfer Br.25,000.00
Bank statement ending balance on Fen 29,2024 indicates Br. 9,250,925.00
5
Requirement:
1. Create a new company
2. Maintain chart of account & beginning Balance
3. Maintain all customer related information
4. Maintain all vendor related information
5. Maintain all stock item related information
6. Maintain sales tax information
7. Record day to day business transaction
a. Sales and related
b. Purchase and related
c. Others
8. Perform bank reconciliation
9. Take a company “Backup”
a. Create new folder by one of your group member's name
b. Insert a company backup into your folder
c. Create a new word doc and write your
i. Your full name
ii. Your full Id No
iii. Your section
d. Insert the word doc into your folder
10. Create a group folder by your full Section (e.g.EAD2013AD -GroupI)
11. Insert all the individual folders into the group folder
12. Submit the assignment