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Fa Ii Individual Assignment For Management Students
Fa Ii Individual Assignment For Management Students
Fa Ii Individual Assignment For Management Students
X invests $7,000 in cash, equipment with a fair value of $33,000 and a note payable
for $10,000 into XY Company. Mr. Y invests $10,000 cash to form a partnership in the business.
Determine their participation (share) in the year’s net income of $60,000 according to each of the
following assumptions and record the closing entries under each case.
PROBLEM 2: ABC Partnership is being liquidated on April 30, 2020. A, B and C’s income ratios are
30%, 30% and 40%, respectively. On April 30, after discontinuing business operations of the
partnership, the following condensed balance sheet was prepared.
ABC Partnership
Balance Sheet
April 30, 2020
Assets: Liabilities & Equities:
B, Capital 10,000
C, Capital 25,000
Total assets Birr 80,000 Total liability and Equities Birr 80,000
Required:
Prepare Statement of Partnership Liquidation and journalize all the necessary entries under each of the
following independent assumption. All the noncash assets were sold for birr 100,000 on April 30, 2020.
S.No Employee Name Basic Salary Allowance Overtime hours Duration of OT Ordinary
worked worked rate=BS/160hrs
01 Alemu Tolossa Birr 3200 350 20
02 Myron Zewde 5800 300 10 Public holyday 36.25
03 Halima Ali 10400 5 Weekly rest day 65
04 Abdi Ayele 1600 10
Additional information
1) All workers are expected to work 160 hours per month all workers have done as they are
expected.
2) Alemu Tolossa agreed to have a monthly deduction of br.250 for credit association.
3) All workers are permanent except Abdi Ayele.
Required:
1. Compute the total deductions and net pay for each employee.
2. Compute (calculate) the total:
a) Withholding Taxes
b) Payroll Taxes
c) Record the payment of salary as of Meskerem 30, 2010.
3. Pass the entry to pay the withholding taxes to the appropriate government unit.