Level 4 Coc
Level 4 Coc
Xyz Company
Payroll register
For month April 2013
s/n Name of Basic Over Gross Income pension Total Net sign
employees salary times earnings tax deduction pay
1 Tirusew 735
2 Nigatu 2379
3 Getasaw
4 yemariam
5 nistuh 155.40
Additional information
1. Tirusew and nigatu have paid the same income tax for the month.
2. Getasaw pension contribution is 150% of tirusew pension contribution
3. The total (employer and employees) pension contribution of Nitsuh is equal to that of
yemariam pension contribution
4. Pension contribution is 7%by employee and 11% by employer
Required
a. Finalize the incomplete payroll register given above
b. If salary is paid in may (next month). Journalize
c. Payroll tax or company pension contribution
Project 2
Unit of competency covered
The account in the ledger of bbc company with the unadjusted balance on December31, 2010.
The end of the fiscal year is as follows.
Fees receivable
Prepaid insurance 3725
supplies 675
Prepaid advertizing 1000
Salaries payable
Unearned rent
Income summary
Fees earned 62250
Salaries expense 41700
Advertising expense 10340
Supplies expense
Insurance expense
Rent income 9100
Data needed for yearend adjustment are as follows
1. Unbilled fees on June 30 br.7750
2. Insurance expired during the year, br.2100
3. Supplis inventory on 30.br.190
4. Of the pre payment of birr1000 advertizing in Ethiopian herald news paper 75%has
been used.
5. Salary accrued is br.1140
6. Rent collected in advance that will not be earned is br.700
Required
Tak1: prepare the necessary adjusting entries
Task2: prepare profit and loss statement and balance sheet.
Project 3:- Bank Reconciliation
Printer corporation employs the voucher system in controlling expenditures and disbursement the
data required to reconcile the bank statement as of April 30 has been abstracted from various
documents and records and is produced as follows.
Cash in bank account
Balance as April 1 …………………………………………………7817.40
Cash receipt journal
Total of cash in bank debit column for month of April…………..7829.58
Duplicate deposit ticket
Date Amount Date Amount Date Amount
April 1 848.63 april10 971.71 April 22 897.34
3 914.04 15 957.85 24 942.71
8 840.50 17 946.74 29 510.06
Check no. Amount check no Amount check no Amount
740 287.50 747 void 754 249.75
741 555.15 748 490.90 755 172.75
742 501.90 749 640.13 756 113.95
743 671.30 750 376.77 757 907.95
744 506.88 751 299.37 758 359.60
745 117.25 752 537.01 759 601.50
746 298.66 753 380.95 760 486.39
Revenue
Fees earned (62250+7750) 70,000
Less:- expense
Salary expense……………42,840
Advertising expense………11,090
Supply expense……………..485
Insurance expense…………..2,100
Total expense (56,515)
Income from operation 13485
+other income 9100
Net income 22,585
Total Debit Total credit
Prepaid insurance………….3725 fees Earned……62250
Supplies……………………675 Rent income.9100
Prepaid advertising ………..1000 total credit…71,350
Salary expense……………..41700
Advertising expense……….10340 Ending capitals........ (13910)
Total debit…………………57,440 is equal to debit and credit =57,440
Difference= 71,350-57440= (13910) ending capital
Beg capital= (13910)
Ending capital =begging capital +net income-Drawing
(13910)+22585-0
=8675 BB Company
Income statement
2010
Balance sheet
Asset liability
Supplies…………………190 equity
Asset liability
Supplies…………………190 equity
Project 4
Solution
Task1.
Product A Kaliti steel factory
Sales Budget
Product B
Production B
=10,550units
Task 3
Project five
1) Material Purchase
Material inventory
Sand………………..500
Steel……………..790
Chemical……………4500
AS/P……………………5790
2) Direct Material Issued to product
Work in process
Job#1……………….227.50
Job#2………………780
Job#3……………….3900
Material inventory…….4907.50
3) Direct labor charged to production
Work in process
Job#1……………….160
Job#2………………210
Job#3……………….175
Wage payable…………….545
4) FOH charged to production
Work in process
Job#1(160x60%)…96
Job#2(210x60%)…126
Job#3(175x60%)…105
FOH…………………..327
5) Finished Goods inventory
Finished goods inventory ……5779.50
Work in process……………………………..5779.50
Calculate cost of goods Manufactured
Direct Material used
Job#1…………..277.50
Job#2…………..780
Job#3…………3900 4907.50
+Direct labor cost
Job#1…………..160 +
Job#2…………..210
Job#3…………175 545
+FOH………………………327
Total manufacturing cost…5779.50
+Begging WIP……………….0
-Ending work in process…… (0)
Cost of Goods Manufactured...5779.50
6) Sell of Finished goods
Cash……..7200
Sales…………………7200
Cost of Goods sold…..5779.50
Finished Goods inventory…………….5779.50
7) Calculate COGS
Begging finished goods inventory………0
+cost of goods Manufactured…………5779.50
Goods Available for sales…………….5779.50
-Ending finished Goods………………. (0)
Cost of goods sold …………………….5779.50
Take 2
Jobs Direct Material +Direct labor + FOH =Total cost
Job#1 227.50 160 96 = 483.50
Job#2 780 210 126 =1116
Job#3 3900 175 105 =4180
Task 3
Gross profit=sales Revenue – cost of goods sold
= 7200-5779.50
=1420.50
Project 6
Task 1 journal Entries
1) Output vat=250,000x15/115=32,608.70
Cash ……..250,000
Sales………………….217, 391.30
Vat payable…………….32, 608.70
2) Entertainment expense……..5000
Cash…………………………….5000
3) Input vat= 49000x15/115=6391.30
Purchase/ R.M inventory………………….42608.70
Vat Receivable……………………………6391.30
Cash…………………………………………………………49,000
4) Utility expense……………..20,000
Cash…………………………………….20,000
5) Output vat=80,000x15/115=10434.78
Account receivable ……………80,000
Sales…………………………………..69565.22
Vat payable…………………………., 10434.78
6) Salary Expense………………28000
Cash………………………………28,000
7) Supplies Expense……………20,000
Cash………………………………….20, 000
8) Uncollectible expense……….8000
Allowance for Doubtful………………..8000
Task 2
Output vat= 32608.70+10,434.78=43043.48
Input vat= 6391.30
Vat payable= output vat-input vat
= 43043.48-6391.30
= 36652.18
Task 3
Dat.Company
Income statement
January 12
Revenue
Sales(217391.30+69565.22) 286,956.52
Less: expense
Entertainment expense………5000
Utility expense………………20,000
Salary expense……………….28,000
Supplies expense…………….20,000
Uncollectable expense…….. 8000
Total expense (81,000)
Accounting profits 205,956.52
Add back(Ent and uncoll exp 13000
Total profit 218956.52
Less: profit tax (65686.96)
Net income 153,269.56
Profit tax liability = 218956.52x30%=65686.96
Project seven
Task 1 :-perpetual FIFO