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ABC Company Data

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56 views3 pages

ABC Company Data

This is question only

Uploaded by

sisayt738
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ABC Company wants to computerize its Accounting system starting from Jan 1,2023 using Peachtree

accounting software. The following customers, Vendors, inventory items, Trial Balance and other related
data were compiled as of Dec 31,2022 from the existing system to be used as a basic setup data for
establishing the new accounting system.

1) The Company accountants build the following charts of accounts

No Description ID
1 Cash on hand 1001
2 Cash at bank 1002
3 Accounts Receivables 1003
4 Inventory 1004
5 Supplies 1005
6 Furniture 1010
7 Accumulated depreciation -Fur 1011
8 Accounts payable 2001
9 VAT Payable 2002
10 Notes payable 2010
11 Common stock 3001
12 Retained earnings 3002
13 Sales 4001
14 Sales discount 4002
15 Cost of sales 5001
16 Purchase discount 5002
17 Salaries & wage 6001
18 Per diem 6002
19 Rent expense 6003
20 Supplies expense 6004
21 Utilities expense 6005
22 Freight out 6006

2) The following data shows the ending balances as of Dec 31,2022

ABC Company
Trial Balance
Dec 31,2022

Account No Account Title Debit Credit


1001 Cash on hand 285,000
1002 Cash at bank 663,635
1003 Accounts Receivables 500,000
1004 Inventory 200,000
1005 Supplies 50,000
1010 Furniture 100,000
1011 Accumulated depreciation -Furniture 20,000
2001 Accounts payable 695,000
2010 Notes payable 20,000
3001 Common stock 1,000,000
3002 Retained earnings 63,635
Total 1,798,635 1,798,635

1
3) ABC determines customers default information as follows

 Type of payment customer make - Due in number of days


 Net due days - 30
 Discount in days- 10
 Discount in percent -2%
 Credit limit - 1,000,000
 Credit status- Notify over limit
 Sales GL account -4001
 Discount GL account - 4002
 Age invoice by- invoice date
 Custom fields - Un tick all fields

4) ABC determines vendor default information as follows

 Type of payment customer make - Due in number of days


 Net due days - 30
 Discount in days- 10
 Discount in percent -2%
 Credit limit - 1,000,000
 GL expense account - 1004
 Discount GL account - 5002
 Age invoice by- Due date
 Custom fields - Un tick all fields
 1099 Settings - Make all accounts "None"

5) Setting up inventory item default

General tab- make the default item class field to- Stock item

Ordering item- leave the field as it is

GL Account/Costing Tab

Item Class GL Sales/Inc GL inventory/Wage GL Cost of sales Costing


Stock 4001 1004 5001 Weighted average

6) Setting up sales tax

 ABC Company has been registered to collect Value Added tax by Ministry of Revenue.
 Percentage -15%

7) Maintaining Vendors
ABC has five vendors & it owe balance with them

2
Vendor Name Contact Type Invoice Date Beginning Accounts
ID No balance pay. a/c
0001 Haron Adamu Importer 2125 12/01/2022 200,000 2001
0002 Yardstick Belay Importer 1273 12/05/2022 200,000 2001
0003 Jupiter Mesere Importer 0025 11/06/2022 50,000 2001
t
0004 Alta Taye Importer 1927 10/10/2022 150,000 2001
0005 Glory Dinku Importer 5213 11/17/2022 95,000 2001

8) Maintaining Customers prospects


ABC Co has five customers and it has beginning balance with them

Vendor Name Contact Type Invoice Date Beginning Accounts


ID No balance Rec. a/c
0001 Alex Comp Dinku Retailer 3333 11/05/2022 50,000 1003
0002 Nahom Lim Dereje Retailer 3334 11/09/2022 50,000 1003
0003 Cannon Trad Fikru Retailer 3335 12/01/2022 200,000 1003
0004 Wave Ent Dawit Retailer 3336 12/10/2022 140,000 1003
0005 Safe Trad Saron Retailer 3337 12/22/2022 60,000 1003
9) Maintain inventories

Use the following data to maintain inventories with their beginning balance

 GL Sales account - 4001


 GL inventory - 1004
 GL Cost of sales - 5001
 Item tax type - 1

Item ID Description Item Cost method Beginning Balance


class Qty Unit cost Total cost
01 Printer Stock Weighted av. 2 10,000 20,000
02 Digital camera Stock Weighted av. 10 5,000 50,000
03 Desktop Computer Stock Weighted av. 4 10,000 40,000
04 Laptop Stock Weighted av. 2 20,000 40,000
05 Photo copier Stock Weighted av. 2 25,000 50,000

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