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UNITY UNIVERSITY
DEPARTMENT OF ACCOUNTING & FINANCE
INDIVIDUAL PROJECT FOR THE COURSE “FUNDAMENTALS OF ACCOUNTING I (AcFn 201)”
Individual Assignments

GENERAL INFORMATION AND INSTRUCTIONS

1- One Take-home Project (Individual Assignment) are assigned this semester. These is long,
comprehensive problems which are meant to reinforce and solidify your grasp of basic accounting
concepts, principles, procedures and techniques. The purpose of this project work is generally to assess
student’s comprehension of the complete accounting cycle and all the principles, practices, and steps in
processing financial information. In addition to this, their works will be used as pedagogical tool for their
juniors.
2- This Project requires you to have an excellent understanding of all the contents of the course but the first
three chapters will be needed the most.
3- This Project required be completing and presenting as Computer printout.
4- Follow the instructions firmly to complete this project.
5- Your work should be neat and legible.
6- Submitting Your Project:
This project should be submitted by direct hand delivery to your course Instructor.
7- Due Date: September 05, 2024. Any Inquiry for extension of the due date or any reason for not
presenting your work till the due date will not be accepted.
8- Grading: This project together with its presentation will cover a maximum of 15% of the 100-point scale
of the course. Points will be given based on completeness, accuracy, neatness and other factors during
your presentation.
9- Grade Impact: This is the first of two Take-home projects (One Individual assignment) that together
comprise 15% of your overall course grade. No project (assignment) grades will be dropped. Failure to
submit an assignment or project will result in a point of -0-. Failure to submit the assignment and not
presenting it, will lead you for ‘’NG”
10-Finally, Let Your cover page includes all the following information:
 Name of the institution with logo
 Campus, Faculty and Department
 Title “Individual Project work For The Course “Fundamentals Of Accounting I, AcFn 201”
 Submitted to: (Name of your Instructor)
 Date of submission
 Prepared by: - List of Name, section & ID number.
Issue Date: June 4, 2024
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About
To
Start

Fikir Consulting
Mr. Fikir Tamene and his 25 friends have graduated from Ayer Tena health Sciences and Business College
with Bachelor of Arts Degree in Accounting and Finance As of Aug, 2015. After graduation they have been
working in private and governmental organizations holding different professional positions. At the beginning
of year 2019, They started their own office under the Name “Fikir Consulting” to provide Accounting and
Tax advisory services. It is incorporated as a share Company.
 Fikir Consulting uses the chart of Accounts Attached here with at the back

The following are business transactions completed by Fikir Consulting during the first
year of operations (Jan 1, 2019 – Dec 31, 2019).

1- Jan 1,2019, Mr. Fikir his friends provided ETB 250,000 for Fikir Consulting as an initial
investment for the business in exchange for ordinary shares of the business:
2- Jan 1, 2019 Paid office rent for Two years, ETB 48,000.
3- Jan 1, 2019 Paid for Insurance premium with 18 Months coverage ETB 18,000.
4- Jan 2, 2019 Purchased Office Equipment and Furniture for cash of, ETB 30,000 and ETB 68,000
respectively
5- Jan 3, 2019 Purchased Office supplies amounting ETB 5,600 from Admas mercantile paying cash of
ETB 2,100 and agreed to pay the balance in some future date.
6- Jan 5, 2019 received cash of ETB 10,000 from customers for services rendered
7- Jan 10, 2019 rendered Accounting & Tax advisory services to ABC enterprise for ETB 25,000. ABC
enterprise paid ETB 15,000 in cash and promised to pay the remaining in few days.
8- Jan 15, 2019 purchased Desktop computer for ETB 10.000 on account from xyz Trading
9- Jan 20, 2019 rendered services for cash ETB 12,000
10- Jan 25, 2019 paid its debt to Admas Mercantile
11- Jan 30, 2019 Received cash from ABC enterprise for services rendered as of Jan 10, 2019
12- Feb 2, 2019 paid ETB 2,250 for Telephone, Water & Electricity bills
13- Feb 2, 2019 Paid Employees salaries, for the month of January, ETB 3,500
14- Feb 10, 2019 provide service on account for Tiret Enterprise ETB 8,000
15- Feb 15, 2019 Purchased office supplies for cash ETB 7,550

Issue Date: June 4, 2024

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16- Feb 15, 2019 paid ETB 500 for transporting the supplies & for loading and unloading
17- Mar 2, 2019 Paid Employees salaries, for the month of Feb, ETB 3,500
18- Mar 10, 2019 paid ETB 2,000 for Reporter for Advertisements made on News paper
19- Apr 2, 2019 Paid Employees salaries, for the month of Mar, ETB 3,500
20- Apr 3,2019 paid ETB 3,100 for Telephone, Electricity & Water bills for the month of Mar,2019
21- Apr 15, 2019 Received cash for 50% of the balance from Tiret enterprise
22- May 2, 2019 Paid Employees salaries, for the month of Apr, ETB 3,500
23- May 3.2019 Paid ETB 3,100 for Telephone, Electricity & Water bills for the month of Apr,2019
24- Jun 2, 2019 Paid Employees salaries, for the month of May, ETB 3,500
25- Jun 4,2019 Paid ETB 3,150 for Telephone, Electricity & Water bills for the month of May,2019
26- July 1, 2019 Received cash of ETB 60,000 from Ethio Tutor for services to be provided in the next 12
months
27- July 2, 2019 Paid Employees salaries, for the month of Jun, ETB 3,500
28- Jul 3,2019 Paid ETB 3,100 for Telephone, Electricity & Water bills for the month of Jun,2019
29- July 10, 2019 Paid a cash dividend of ETB 5,000.
30- Aug 2, 2019 Paid Employees salaries, for the month of Jul, ETB 3,500
31- Aug 3,2019 Paid ETB 3,000 for Telephone, Electricity & Water bills for the month of Jul,2019
32- Sep 2, 2019 Paid Employees salaries, for the month of Aug, ETB 3,500
33- Sep 3,2019 Paid ETB 3,100 for Telephone, Electricity & Water bills for the month of Aug,2019
34- Oct 3, 2019 Paid Employees salaries, for the month of Sep, ETB 3,500
35- Oct 3,2019 Paid ETB 3,100 for Telephone, Electricity & Water bills for the month of Sep,2019
36- Oct 20, 2019 Received cash of ETB 21,987 for services provided to different customers
37- Nov 2, 2019 Paid Employees salaries, for the month of Oct, ETB 3,500
38- Nov3,2019 Paid ETB 3,050 for Telephone, Electricity and Water bills for the month of October
39- Dec 2, 2019 Paid Employees salaries, for the month of Nov, ETB 3,500
40- Dec5,2019 Paid ETB 3,100 for Telephone, Electricity & Water bills for the month of Nov,2019
41- Dec 31, 2019 Earned interest amounting ETB 3,723 on the cash deposited at the bank & the bank
credited Fikir Consulting’s Account for the amount earned
42- Dec 31, 2019 provided services amounting ETB 17,645 for XYZ Co but the cash was not collected
yet.

Issue Date: June 4, 2024

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Additional Information
1- Fikir Consulting pays salary for its employees in the first 5 days of the following month.
2- No change occurred during the month of December which affects the company’s payroll
3- As of Dec 31,2019, as per the physical inventory taken, the value of supplies on hand was ETB 2,150
4- The Depreciation expense for the year was determined to be ETB 1,125 and ETB 4,215 for Equipment
& Furniture Respectively.
5- The value of Telephone, Electricity and water consumed during the month of Dec, 2019 was ETB
3,220
6- Fikir consulting used to record All prepayments initially as an Asset
Required: -
1. Record All Business transactions during the year (Jan 1 - Dec 31, 2019) in four columns General
Journal. At the time of recording your entries in the journal, you are expected to provide
explanations.
2. Open Two column Ledger Accounts & Post all entries from the Journal/s and determine the account
balances
3. Prepare a Trial Balance
4. Prepare 10 columns work sheet and present all account balances in the unadjusted trial balance
columns and show the sameness of the Debit and credit total balances (List all accounts of the
business in the work sheet even if their balance is Nil)
5. Make the necessary adjusting entries for all accounts that needs adjustments (separate each related
adjusting entries by letters or numbers)
6. Extend account balances to the “Adjusted Trial Balance,” Column
7. Complete the worksheet by extending account balances from the adjusted trial balance column of the
worksheet to Income statement and Balance Sheet columns.
8. Prepare the following Financial Statements:
 Income Statement
 Statement of Retained Earnings
 Statement of Share Holder’s Equity
 Balance sheet
 Statement of Cash Flow

Issue Date: June 4, 2024

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DUE DATES

September 05, 2024

Will always be there upon

request

Please Give
Attention. To

Issue Date: June 4, 2024

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FIKIR CONSULTING
CHART OF ACCOUNTS
FOR ACCOUNTING PERIOD 2019

Issue Date: June 4, 2024

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ACCOUNT
ACCOUNT TITLES
NUMBER
ASSET ACCOUNTS
101 Cash
102 Accounts receivable
103 Notes Receivables
104 Prepaid rent
105 Prepaid insurance
106 Supplies
110 Office equipment
111 Accumulated depreciation – office equip
114 Furniture
115 Accumulated depreciation – Furniture
LIABILITY ACCOUNTS
201 Accounts payable
202 Notes Payable
203 Salary payable
204 Unearned fees
205 Bank Loan
CAPITAL ACCOUNTS
301 Share Capital-Ordinary
302 Dividend
303 Income Summary
REVENUE ACCOUNTS
401 Fees revenue
402 Interest Revenue
403 Other revenue
EXPENSE ACCOUNTS
501 Salary expense
502 Rent expense
503 Depreciation expense
504 Insurance expense
505 Supplies Expense
506 Utilities expense
507 Advertising expense
508 Miscellaneous expense

Issue Date: June 4, 2024

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Issue Date: June 4, 2024