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    Name - Id - No. - Sign. - : Project One

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    Bereket Mamo
    This document contains two project summaries with accounting information: Project One provides bank statement and transaction details for Walin Gudannaa company in December 2015. There are 11 items listing cash balances, receipts, payments, deposits, checks, bank charges and interest, and a recording error. Project Two lists 10 transactions in December for the sole proprietor consulting business Fast Forwards. It includes initial investment, purchases, service revenues, billings, payments and a withdrawal. The required tasks are to record the journal entries and prepare an income statement and balance sheet.

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    Name - Id - No. - Sign. - : Project One

    Uploaded by

    Bereket Mamo
    71 views2 pages
    This document contains two project summaries with accounting information: Project One provides bank statement and transaction details for Walin Gudannaa company in December 2015. There are 11 items listing cash balances, receipts, payments, deposits, checks, bank charges and interest, and a recording error. Project Two lists 10 transactions in December for the sole proprietor consulting business Fast Forwards. It includes initial investment, purchases, service revenues, billings, payments and a withdrawal. The required tasks are to record the journal entries and prepare an income statement and balance sheet.

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    Test

    Original Title

    Test 2 2012

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    This document contains two project summaries with accounting information: Project One provides bank statement and transaction details for Walin Gudannaa company in December 2015. There are 11 items listing cash balances, receipts, payments, deposits, checks, bank charges and interest, and a recording error. Project Two lists 10 transactions in December for the sole proprietor consulting business Fast Forwards. It includes initial investment, purchases, service revenues, billings, payments and a withdrawal. The required tasks are to record the journal entries and prepare an income statement and balance sheet.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    71 views2 pages

    Name - Id - No. - Sign. - : Project One

    Uploaded by

    Bereket Mamo
    This document contains two project summaries with accounting information: Project One provides bank statement and transaction details for Walin Gudannaa company in December 2015. There are 11 items listing cash balances, receipts, payments, deposits, checks, bank charges and interest, and a recording error. Project Two lists 10 transactions in December for the sole proprietor consulting business Fast Forwards. It includes initial investment, purchases, service revenues, billings, payments and a withdrawal. The required tasks are to record the journal entries and prepare an income statement and balance sheet.

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    © All Rights Reserved
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    Kobor TVET College

    Account and Budget Support (ABS) Level-III Practical Internal Assessment

    Name _____________________________ Id.no._____ sign.____


    Project One

    The following data are taken for Waliin Gudannaa company


    1. Balance per bank statement dated December 31, 20015 …………. Birr 8,900.00
    2. Beginning cash balance dated December 1,20015 ………………..…..Birr 4,000.00
    3. Total cash received during the month of December……………..….. Birr 9,018.00
    4. Total cash paid during the month of December………………….……..…….. Birr
    4,100.00
    5. Cash deposited on December 31 as birr 2,600.00 not shown on the bank statement.
    6. Total checks birr 2,100.00 as cash disbursement not shown on the bank statement.
    7. The bank credited the company account with the birr 2,000.00 proceeds of non- interest
    bearing note which was collected from its customer. For service rendered the bank
    charges birr 20.00
    8. The company has received two checks from two customers which worth birr 150.00 and
    1015 that could not been accepted by bank.
    9. Walin Guddanaa Company has credited for interest earned on the its checking account
    ,birr 40.00
    10. Birr 8,495.00 which is received by bank from Walin Guddana Company has been
    recorded erroneously as Birr 8,095.00.
    11. The accountant of Walin Guddanaa Company has recorded in the cash receipt journal
    Birr 69.00 erroneously for Birr 96.00.
    Project Two

    3) The following 10 selected transactions and events of Mr. Abebe a sole proprietor
    consulting business named as Fast Forwards, in its first month of operations.
    1. On Dec 1, Abebe invests $30,000 cash in a bank account opened under the name
    of FastForwards.
    2. On Dec 2, FastFarwards pays $2,500 cash to buy supplies.
    3. On Dec 3, FastFarwards pays $26,000 cash to acquire equipment.
    4. On Dec 5, FastFarwards purchases $7,100 on credit from a supplier.
    5. On Dec 6, FastForward provides consulting services and immediately collects $4,200
    cash.
    6. On Dec 16, FastForwards pays $1,000 cash for December rent and also pays biweekly
    $700 cash for employee salary.
    7. On Dec 17, FastForwards provides consulting services of $1,600 and rents its test
    facilities for $300. The customer is billed $1,900 for these services.
    8. On Dec 27, FastForwards receives $1,900 cash from the client billed in transaction (7)
    above
    9. On Dec 28, FastForwards pays $900 cash as partial payment for its earlier $7,100
    purchases of Supplies on account (transaction 4), leaving $ 6,200 unpaid.
    10. On Dec 31, Abebe withdraws $600 cash from FastForward for personal use
    Required: a. Pass the journal entry
    b. Prepare the income statement and balance sheet

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