Professional Documents
Culture Documents
AK
AK
as a
senior bank clerk with different responsibilities.
Based on that perform the following tasks
Task: 1.1 demonstrates how you open and maintain current account?
To open current accounts
-Amount of initial deposit
-Articles of memorandum
-Renewed Licenses
-Authorized signatures persons
-Organizational procedure
Task: 1.2 who purchases bond in the Ethiopian financial market?
Banks and non-banking institution
-Indivisuals/investors
-Financial institution
-Companies/share holders
-Corporations
Task: 1.3 Identify roles of national bank of Ethiopia?
The role of national bank of Ethiopia(NBE)
-Regulations bank and other financial institutions
-maintaining financial stability and regulating the Ethiopian payment
system
-Managing government debt
-Setting and implementing monetary policy
-Regulating the payment systems
1
July
1.377
6,200
300
15,00
August
6,480
1,200
15,000
7038
345
17,250
r
1,660.5
7038
1,200
17,250
Decembe
Total
r
7,038
345
17,250
2
Misc.expe
Repaire expe
Utility expe
Personal saving
Description
0
760
1,530
306
810
1,670
324
July
August
765
1,530
306
880
1,759.5
351.5
923
1,845
369
Basic salary
15,00
15,000
15,000
17,250
r
17,250
Overtime work
Total revenue
0
300
15,30
1,200
16,200
300
15,300
345
17,595
1,200
18,450
Cloth
House operation
Misc.expense
Repaire expense
Utility expense
Total expense
0
1,377
6,200
760
1,530
306
10,17
6,480
810
1,670
324
9,284
1,377
6,120
765
1,530
305
10,098
7,038
880
1,759.5
351.9
10,029
1,660.5
7,380
923
1,845
369
12,178
880
1,757.5
351.9
Decembe
Total
r
17,250
96,750
345
17,595
3,690
100,440
7,038
880
1,757.50
351.9
10,027
4,415
40,256
5,018
10,092
2,009
61,789.3
3
Personal saving
5,127 6,916
5,202
7,565.6 6,272.5
7,567.6
38,650.7
Task: 3.2 Identify the business opportunities and related risk for investing saving
of Yared.
Business opportunities :
-Skill of operation
-Life style issues
-Likely return on investment
Risk: The cost of living will be affected by the inflation rate
Project 5- The national bank borrowing interest rate from 12 and to 13% and
saving interest from 5%to 6% if Alem co. borrowed Br. 100,000 records the
interest expense to be after one year?
Task 5:1 Identify the advantage of personal saving, investment and related risk on
the investment.
Interest=Principal x rate x time=I=PRT=100,000 x 13% x 1=13,000br
Interest expense 13,000
Interest payable 13,000
I=PRT=100,000 x 6% x 1=6,000br
Interest expense 6,000
Interest payable 6,000
Advantages of personal savings:
-Financial freedom
-Skills of operators
-It is used for emergency purpose
Risk on investment
- Business risk
- Political risk
- Lose of time, money, family risk
- Inflating risk
- Market competition
- Interest rate risk
- Buying Security risk
Task 5:2 Assuming that you are a bank clerk of united bank, What is your role in
opening and maintain bank accounts.
- Initial amount of deposit
- Name, address, contact detail and ID card
4
Project 2 Hail net working is the ICT infrastructures acquire for birr 150,000br
vat exclusive and the company has five permanent, they are:Employee Name
Tsion Alemayehu
Lidya Abatneh
Genzeb T/Mariam
Jelalu Girma
Firtuna Siraj
Basic Salary
4,300
2,900
3,200
2,500
1,500
Taxation allowance
600
500
300
300
200
And the company is collected and earned revenue during the year 201 was Br.540,
500 vat inclusive.
Task 2:1 Calculate all direct and indirect tax liability
1. Direct tax Employment income tax
A. Tsion Alemayehu Gross Earning = Basic Salary + Taxation allowance
=4,300 + 600 = 4,900
Sample income tax=4,900 x 30/100-412.5=967.50br
B. Lidya Abatneh Gross Earning = Basic Salary + Taxation allowance
=2,900 + 500 = 3,400
Sample income tax=3,400 x 25/100-235=615br
C .Genzeb T/Mariam Gross Earning = Basic Salary + Taxation allowance
=3,200 + 300 = 3,500
Sample income tax=3,500 x 25/100-235=640br
D.Jelalu Girma Gross Earning = Basic Salary + Taxation allowance
= 2,500 + 300=2,800br
Sample income tax=2,800 x 25/100-235=465br
E.Firtuna Siraj Gross Earning = Basic Salary + Taxation allowance
= 1,500+200=1700br
5
Dawit is running his business naming Dawit general trading. He is engaged in sales
of spare parts of Bajaj Vehicle with two employees. According to Ethiopian Tax
Law he is not legible to register co VAT. Therefore, he is legible to pay Turn Over
Tax. During the month, the business has sold spare parts of Bajaj for Birr
35,000.00 X 2%=700
Name of employees
Betelhem Abebe
Yodit Ayele
Basic Salary
Br.1000.00
Br.500.00
Taxable allowance
50.00
40.00
Task 2.1
Paying your offices utility bill affects your small businesss financial condition because it would
then have less cash on hand. Such an economic event or condition that directly changes your
businesss financial condition is a financial (business) transaction.
All business transactions can be stated in terms of changes in the three elements of this
accounting basic equation which is to the base of all accounting:
Likewise, a separate record is kept of the increases and decreases for supplies, equipment, notes
payable and other balance sheet items.
Similar records would be kept for income statement items, such as revenue, wage expenses, rent
expenses, etc.
A group of accounts which contains all of the balance sheet and income statement accounts is
called a general accounting ledger. A list of the accounts in the ledger is called a chart of
accounts.
The accounts are usually listed in the order in which they appear in the financial statements. The
balance sheet accounts are usually listed first, in the order of assets, liabilities, and owner's
equity. The income statement accounts are then listed in the order of revenues and expenses.
Assets are resources you own and add value to your business. Examples of assets include
cash, account receivables(money owed by customers (individuals or corporations) to another
entity in exchange for goods or services that have been delivered or used, but not yet paid for),
supplies, prepaid expenses (such as insurance) buildings, equipment, and land.
Current Assets are resources that you can expect to turn into cash or be used up within a
years time.
Noncurrent Assets are resources that are NOT expected to turn into cash or be used up within a
years time such as property, equipment, and long term investments. Noncurrent assets also
included fixed assets.
Fixed Assets are assets that your business owns that are used to operate your business such as
land, buildings, equipment, and office furniture. Assets not intended to sell to your customers.
Liabilities are debts owed by your business. Liabilities are often identified on your
balance sheet by titles that include the word payable. Examples of liabilities include: accounts
payable (money owed to vendors for products and services purchased on credit), notes payable
and wages payable.
Current Liabilities are debts due within a year of your balance statements date.
Long Term Liabilities are debts that are not payable within a year of your balance statements
date such as a long term bank loan.
Expenses are assets used up or services consumed in the process of operating your
business. Examples of typical expenses include wage expense, rent expense, utilities expense,
supplies expense, and miscellaneous expense.