YARDSTICK INTERNATIONAL COLLEGE

ONLINE PROGRAM

FINANCIAL AND MANAGERIAL ACCOUNTING

ASSIGNMENT ONE

Submitted by - ABEL DANIEL (ID MBAO/5206/15A)

Submitted to- Instructor KIRUBEL ASEGIDEW(ASS PROF)

February, 2023
 FINANCIAL AND MANAGERIAL ACCOUNTING
Assigment 01
Course Instructor :- KIRUBEL ASEGIDEW(ASS PROF)
#1
NURU MEDA GOLF AND DRIVING RANGE PLC
DATE
1 120,000.00

3 76,000.00 purchase of mechare meda golf(

land=20,000.00, Building=44,000.00,
Equipment=12,000.00)
5 3,200.00 Advertising payment
MARCH 6 2,480.00 Insurance payment
10 5,000.00 Payable to young company
18 2,400.00 Received golf fee
25 2,000.00 Dividend
30 1,800.00 Salary and wages expense
30 5,000.00 paid to young company
31 1,500.00 Received fee

NURU MEDA GOLF AND DRIVING RANGE PLC GENERAL JOURNAL

Date Debit Credit
1 Cash 120,000.00
Ordinary Capital 120,000.00
3 land 20,000.00
building 44,000.00
Equipment 12,000.00
Cash 76,000.00
5 Advertising expense 3,200.00
cash 3,200.00
6 Prepaid Insurance 2,480.00
Cash(insurance) 2,480.00
10 Golf Equipment 5,000.00
March
Account Payable 5,000.00
18 Cash 2,400.00
Service Revenue 2,400.00
25 Dividend 2,000.00
cash 2,000.00
30 Salary Expense 1,800.00
Cash 1,800.00
30 Account Payable 5,000.00
Cash 5,000.00
31 Cash 1,500.00
Service Revenue 1,500.00

#2, A

Haile Resort general journal Calculation

Date Debit Credit
31 Insurance expense 2,250.00 = 9,000*3/12
prepaid insurance 2,250.00
31 Supplies Expense 3,900.00 = 5,200-1300
Supplies 3,900.00
31 Depreciation expense Building 2,400.00 = 240,000*4%*3/12
Accumulated Depreciation 2,400.00
31 Depreciation expense Equipment 800.00 = 32,000*10%*3/12
Accumulated Depreciation 800.00
Aug
31 Unearned Rent 7,600.00
Rent Revenue 7,600.00
31 Salary and wages Expense 750.00
Salaries and wages payable 750.00
31 Account Receivable 1,600.00
Rent Revenue 1,600.00
31 Interest Expense 2,000.00 =100,000*8%*3/12
Interest payable 2,000.00
 #B Haile Resort Adjusted Trial Balance Aug 31,2022
Adjusted Trial Balance
31-Aug-22
Debit Credit
cash 39,200.00
Prepaid Insurance 6,750.00
supplies 1,300.00
Land 40,000.00
Building 240,000.00
Accumulated Depreciation 2,400.00
Equipment 32,000.00
Accumulated Depreciation 800.00
Acc. Payable 9,000.00
Unearned Rent Revenue
Mortgage Payable 100,000.00
Share Capital-Ordinary 200,000.00
Insurance Expense 2,250.00
Supply expense 3,900.00
Depreciation expense equipment 800.00
Depreciation expense Building 2,400.00
Interest Expense 2,000.00
interest Payable 2,000.00
Retained Earnings
Dividends 10,000.00
Rent Revenue 181,600.00
Salaries and wages expense 90,350.00
Salaries and wages payable 750.00
Utilities Expense 18,400.00
Mainenance and repair Expense 7,200.00
496,550.00 496,550.00 -

#3. A,

soft tech, consulting engineer General journal

Date Debit Credit Calculation
31 Service Revenue 12,000.00
Unearned Service 12,000.00
31 Account Receivable 9,800.00
Service Revenue 9,800.00
31 Bad Debt Expense 2,860.00
Allowance for Doubltfull account 2,860.00
31 Insurance Expense 960.00
Prepaid Insurance 960.00
Dec 31 Depreciation Expense 5,000.00 =50,000*10%

Accumulated Depreciation Equipment 5,000.00

31 Interest Expense 120.00
Interest payable 120.00 =14,400*10%
31 Prepaid rent 1,500.00
rent expense 1,500.00
31 salary expense 5,020.00
salary payable 5,020.00

#B
Soft Tech, Consulting Engineer
worksheet
Aug 31, 2022
unadjusted trial balance adjusting journal entries Adjusted Trial Balance
Accounts Debit Credit Debit Credit Debit Credit
cash 59,000.00 59,000.00
accounts receivable 99,200.00 9,800.00 109,000.00
allowance for doubtful accounts 1,500.00 2860 4,360.00
supplies 3,920.00 3,920.00 -
prepaid insurance 2,200.00 960 1,240.00
prepaid rent 1,500.00 1,500.00
equipment 50,000.00 50,000.00 -
accumulated depreciation-eqmt 12,500.00 5000 17,500.00
Noted payable 14,400.00 - 14,400.00
salary payable 5020 5,020.00
Share, Capital 104,020.00 - 104,020.00
Dividend 34,000.00 34,000.00 -
Service Revenue 200,000.00 12,000.00 9800 197,800.00
unearned revenue 12000 12,000.00
interest payable 120 120.00
interest expense 120 120.00
depreciation expense 5000 5,000.00
Insurance expense 960 960.00
Bad debt expense 2860 2,860.00
rent expense 19,500.00 1500 18,000.00
Salaries and Wages Expense 61,000.00 5,020.00 66,020.00
Utilities Expense 2,160.00 2,160.00 -
Office Expense 1,440.00 1,440.00 -
332,420.00 332,420.00 355,220.00 355,220.00
#C Soft Tech, Consulting Engineer
income statement
for the year ended at Dec 31 2022
Debit Credit
Service Revenue 200,000.00
interest expense 120.00
depreciation expense 5,000.00
Insurance expense 960.00
Bad debt expense 2,860.00
rent expense 18,000.00
Salaries and Wages Expense 66,020.00
Utilities Expense 2,160.00
Office Expense 1,440.00
total expense - 96,560.00
net income 103,440.00

Soft Tech, Consulting Engineer

Share holders equity
for the year ended at Dec 31 2022
Share holder equity at jan 1 -
Add Share, Capital 104,020.00
Sub total 104,020.00
Add Net income 103,440.00
less Dividend 34,000.00
Retained earning 69,440.00
Share holder's equity at Dec 31 173,460.00

Soft Tech, Consulting Engineer

Statement of financial position
Dec 31 2022
Asset Debit Credit
current Asset
Cash 59,000.00
Account Receivable 109,000.00
Supplies 3,920.00
Total Current assets 171,920.00
non current assets
equipment 50,000.00
Accumulated depreciation equpt 17,500.00
total non current asset 32,500.00
Total Assets 204,420.00
Liabilities
curreent liabilities
salary paybale 5,020.00
interest payable 120.00
notes payable 14,400.00
accumulated depreciation-eqmt 17,500.00
non current liabilities
share holder's equity 173,460.00
Total Liabilities and share holder's equity 210,500.00

#D
Soft Tech, Consulting Engineer
closing entry
Dec 31 2022
Debit Credit
service revenue 200,000.00
income summary 200,000.00
income summary 96,560.00
expenses
interest expense 120.00
depreciation expense 5,000.00
Insurance expense 960.00
Bad debt expense 2,860.00
rent expense 18,000.00
Salaries and Wages Expense 66,020.00
Utilities Expense 2,160.00
Office Expense 1,440.00
income summary 103,440.00
share holderss equity 103,440.00
share holderss equity 34,000.00
dividened 34,000.00
#4, 1,
Adrian's Carpet Cleaners Genaral Journal
Date Account Tittle and Explanation Debit credit
01-Mar Cash 35,000
Owner's Capittal 35,000
1 Equipment 6,000
Cash 2,000
Account Payable 4,000
3 Supplies 1,500
Account Payable 1,500
5 Prepaid insurance 1,100
Cash 1,100
14 Account Receivable 4,800
Service Revenue 4,800
18 Accounts Payable 2,000
Cash 2,000
20 Salaries and wages Expence 7,000
Cash 7,000
21 Cash 3,800
Account Receivable 3,800
28 Account Receivable 2,500
Service Revenue 2,500
31 Advertising Expence 2,000
Cash 2,000
31 Divididend 3,000
Cash 3,000

#2 CASH
Date Debit Credit Balance
01/03/2021 35,000.00 35,000
1.00 2000 33,000
5.00 1100 31,900
18.00 2000 29,900
20.00 7000 22,900
21.00 3,800.00 26,700
31.00 2000 24,700
31.00 3000 21,700

ACCOUNTS RECEIVABLE
Date Debit Credit Balance
14/03/2021 4,800.00 4,800
21.00 3800 1,000
28.00 2,500.00 3,500

SUPPLIES
Date Debit Credit Balance
03/03/2021 1,500.00 1,500

PREPAID INSURANCE
Date Debit Credit Balance
05/03/2021 1,200.00 1,200

EQUIPMENT
Date Debit Credit Balance
01/03/2021 6,000.00 6,000

ACCOUNT PAYABLE
Date Debit Credit Balance
01/03/2021 3000 3,000
3.00 1200 4,200
18.00 2,000.00 2,200

ower's Capital
Date Debit Credit Balance
01/03/2021 35000 35,000

Owner's Drawing
Date Debit Credit Balance
01/03/2021 3,000 3,000

Service Revenue
Date Debit Credit Balance
14/03/2021 4800 4,800
28.00 2500 7,300
500 7,800
31 Closing 7,800.00 -

Gasoline Expense
Date Debit Credit Balance
01/03/2021 2,000 2,000

Salaries and wages Expense

Date Debit Credit Balance
20/03/2021 7,000

#3
 Mr Adrian Carpet Cleaner
Trial Balance
31-Mar-21
Debit Credit
cash 21,600.00
Prepaid Insurance 1,200.00
supplies 1,500.00
owners capital 35,000.00
Equipment 6,000.00
Account Recievable 3,500.00
Acc. Payable 3,500.00
Dividends 3,000.00
Service Revenue 7,300.00
Advertising expense 2,000.00
Salaries and wages expense 7,000.00
45,800.00 45,800.00

#4
Adrian's Carpet cleaner General journal
Date Debit Credit Calculation
31 Account Receivable 1,000.00
Service Revenue 1,000.00
31 Depreciation Expense 200.00

Acumulated Depreciation equipment 200.00

March 31 Insurance Expense 100.00
Prepaid Insurance 100.00
31 Supplies Expense 400.00
Supplies 400.00
31 Sales Expense 700.00
Salary Payable 700.00

Mr Adrian Carpet Cleaner

Adjusted Trial Balance
31-Mar-21
Debit Credit
cash 21,600.00
Prepaid Insurance 1,100.00
supplies 1,100.00
owners capital 35,000.00
Equipment 6,000.00
Accumulated Depreciation eqpt 200.00
Account Recievable 4,500.00
Acc. Payable 3,500.00
Insurance Expense 100.00
Supply expense 400.00
Depreciation expense equipment 200.00
Dividends 3,000.00
Service Revenue 8,300.00
Advertising expense 2,000.00
Salaries and wages expense 7,700.00
Salaries and wages payable 700.00
47,700.00 47,700.00

#5 Mr Adrian Carpet Cleaner

worksheet
31-Mar-21
Accounts Unadjusted trial balance adjusting entries adjusted trial balance
Debit Credit Debit Credit
cash 21,600.00 21,600.00
Prepaid Insurance 1,200.00 100 1,100.00
supplies 1,500.00 400 1,100.00
owners capital 35,000.00 35,000.00
Equipment 6,000.00 6,000.00
Accumulated Depreciation eqpt 200 200.00
Account Recievable 3,500.00 1,000.00 4,500.00
Acc. Payable 3,500.00 3,500.00
Insurance Expense 100.00 100.00
Supply expense 400.00 400.00
Depreciation expense equipment 200.00 200.00
Dividends 3,000.00 3,000.00
Service Revenue 7,300.00 1000 8,300.00
Advertising expense 2,000.00 2,000.00
Salaries and wages expense 7,000.00 700.00 7,700.00
Salaries and wages payable 700 700.00
45,800.00 45,800.00 47,700.00 47,700.00
#6 Mr Adrian Carpet Cleaner
income statement
for the year ended at March 31 2022
Debit Credit
Service Revenue 8,300.00
interest expense
depreciation expense 200.00
Insurance expense 100.00
Supply Expense 400.00
Advertisiing expense 2,000.00
Salaries and Wages Expense 7,700.00
total expense - 10,400.00
net income - 2,100.00

Mr Adrian Carpet Cleaner

Share holders equity
for the year ended at March 31 2022
Share holder equity at jan 1
Add Share, Capital 21,600.00
Sub total 21,600.00
Add Net income - 2,100.00
less Dividend 3,000.00
Retained earning - 5,100.00
Share holder's equity at Dec 31 16,500.00

Mr Adrian Carpet Cleaner

statement of financial position
March 31 2022
Asset Debit Credit
current Asset
Cash 21,600.00
Account Receivable 4,500.00
Supplies 1,100.00
Total Current assets 27,200.00
non current assets
equipment 6,000.00
Accumulated depreciation equpt 200.00
total non current asset 5,800.00
Total Assets 33,000.00
Liabilities
curreent liabilities
salary paybale 700.00
Account payable 3,500.00
non current liabilities
share holder's equity 16,500.00
Total Liabilities and share holder's equity 20,700.00

#7 Soft Tech, Consulting Engineer

closing entry
31-Mar-21
Debit Credit
income summary 8,300.00
Service revenue 8,300.00
income summary 10,400.00
expenses
depreciation expense 200.00
Insurance expense 100.00
Supply Expense 400.00
Advertisiing expense 2,000.00
Salaries and Wages Expense 7,700.00
income summary 2,100.00
share holderss equity 2,100.00
share holderss equity 3,000.00
dividened 3,000.00