INDIVIDUAL ASSIGNMENT 01

1. 5STAR STATIONERY LTD was incorporated in January 2018. They have been using excel sheet to
record all business transactions. In January 2021 Directors passed a resolution to start using
accounting software with effect from 01 st April 2021. They had the following opening (starting
balances) inventory as of 1st January 2021

CUSTOM
E
OPENING CUSTOME INCOME
S/ INVENTOR UNIT SELLING EXPENSE ACCOUN
N ITEM DESCRIPTION Y COST PRICE ACCOUNT T
Stationery Stationer
1 Counter Book Q3 Counter Book Q3 300 1,500.00 600.00 purchase cost y Sales
Stationery Stationer
2 Counter Book Q4 Counter Book Q4 250 2,000.00 3,500.00 purchase cost y Sales
Stationery Stationer
3 A3 Manila sheets A3 Manila sheets 100 1,200.00 3,000.00 purchase cost y Sales
White board White board Stationery Stationer
4 markers markers 600 8,000.00 12,000.00 purchase cost y Sales

300,000.0 Stationery Stationer

5 White boards White boards 80 0 500,000.00 purchase cost y Sales
Stationery Stationer
6 Ink Pads Ink Pads 120 1,500.00 3,000.00 purchase cost y Sales
Stationery Stationer
7 Diaries Diaries 270 2,000.00 4,000.00 purchase cost y Sales
Stationery Stationer
8 Correction fluids Correction fluids 0 400.00 1,000.00 purchase cost y Sales
Stationery Stationer
9 Note pds Note pds 0 200.00 500.00 purchase cost y Sales
Stationery Stationer
10 Ream papers Ream papers 0 7,500.00 10,000.00 purchase cost y Sales

2. They had TZS10,000,000 in their bank account and TZS640,000 cash on hand as of that date
3. Business and other information are shown bellow

BUSINESS NAME 5STAR STATIONERY LTD

P. O. Box112233
Dar Es Salaam
ADDRESS
Tanzania
Tell: 0755112233
WEBSITE www.fivestar.co.tz
EMAIL ADDRESS [email protected]
TIN 123-234-623

4. Their chart of accounts is shown bellow

Account Group Type

 Stationery Item Sales Revenue Income
Printing ang photocopy sales Revenue Income
Electricity Administrative expenses Expense
Transportation cost Administrative expenses Expense
Accounting and Audit fees Administrative expenses Expense
Bank Charges Finance cost Expense
Loan iterest Finance cost Expense
Basic salary Payroll expenses Expense
Allowances Payroll expenses Expense
NSSF Payroll expenses Expense
SDL Payroll expenses Expense
NSSF Pyable Payroll liabilities Current liabilities
HESLB Payroll liabilities Current liabilities
SDL Pyable Payroll liabilities Current liabilities
PAYE Payroll liabilities Current liabilities
Stationery purchase cost Cost of sales Expense

5. The following are their customers

S.N Name Billing & Delivery Address Business Identifier

P.O.Box 1112 TIN: 135-700-989

Dar es Salaam,  

Tel, 07345672  

Email, [email protected]  

1 University of Dar es Salaam Website: www.nbbar.com  

P.O.Box 1123 TIN: 135-700-912

Dar es Salaam,  

Tel, 0746321234  

2 Feza Boys High School Email, [email protected]  

P.O.Box 12533 TIN: 135-700-999

Dar es Salaam,  

Tel, 072133434  

Email, [email protected]  

3 Marian Girls High School Website: www.aspensercompany.com  

P.O.Box 2231 TIN: 135-700-991

Dar es Salaam,  

Tel,0756666778  

4 Ministry of Education Email, [email protected]  

6. The following are their suppliers

S.N Name Address

1 Masumin Stationeries Ltd P.O.Box 544
 Dar es Salaam,
Tel, 2234454322
Email, [email protected]
Website: www.masumin.com
TIN: 135-700-800
VRN: 10-32627-A
P.O.Box 5221
Dar es Salaam,
Tel, 2234454322
Email, [email protected]
Website: www.tahfif.com
TIN: 135-700-801
2 Tahfif Office & School Spplies Ltd VRN: 10-32527-B
P.O.Box 52455
Dar es Salaam,
Tel, 2234454377
Email, [email protected]
Website: www.jamhuri.com
TIN: 135-700-809
3 Jamhuri Stationeries VRN: 10-32537-C

7. Some of non inventory are

Item Sales account Purchase account

Printing ang photocopy Printing and photocopy sales n/a
Electricity n/a Electricity
Transportation cost n/a Transportation cost
Bank charges n/a Bank Charges
Accounting and Audit fees n/a Accounting and Audit fees
Spare parts n/a Spare parts

8. Their salary slip is having the following items

Type Item name Account Profit and loss Balance sheet

Earnings Basic Salary Basic Salary - -
Earnings Allowances Allowances - -
Deduction NSSF NSSF payable - -
Deduction PAYE PAYE - -
Contributions NSSF - NSSF Nssf payable
Contributions SDL - SDL SDL payable

9. The following cash transactions took occurred

Purchase
    s Sales Supplier CUSTOMER
Date ITEM QTY QTY    
01-Apr Counter Book Q3 500   Masumin Stationeries  
 Counter Book Q4 500   Masumin Stationeries  
Tahfif Office & School Spplies
A3 Manila sheets 500   Ltd  
White board markers 400   Jamhuri Stationeries  
White boards 400   Jamhuri Stationeries  
Tahfif Office & School Spplies
Ink Pads 300   Ltd  
Tahfif Office & School Spplies
Diaries 300   Ltd  
Tahfif Office & School Spplies
Correction fluids 200   Ltd  
Note pds 350   Masumin Stationeries  
Ream papers 350   Jamhuri Stationeries  
University of Dar es
Counter Book Q3   250   Salaam
Counter Book Q4   200   Feza Boys High School
A3 Manila sheets   280   Marian Girls High School
White board markers   300   Ministry of Education
White boards        
02-Apr
Ink Pads        
Diaries        
Correction fluids        
Note pds        
Ream papers        
Counter Book Q3 300   Jamhuri Stationeries  

10. The following credit transactions occurred

Purchase
    s Sales Supplier CUSTOMER
Date ITEM QTY QTY    
Counter Book Q3 2500   Masumin Stationeries  
Counter Book Q4 2500   Masumin Stationeries  
Tahfif Office & School Spplies
A3 Manila sheets 2500   Ltd  
White board markers 2000   Jamhuri Stationeries  
White boards 2000   Jamhuri Stationeries  
Tahfif Office & School Spplies
03-Apr
Ink Pads 1500   Ltd  
Tahfif Office & School Spplies
Diaries 1500   Ltd  
Tahfif Office & School Spplies
Correction fluids 1000   Ltd  
Note pds 1750   Masumin Stationeries  
Ream papers 1750   Jamhuri Stationeries  
04-Apr University of Dar es
Counter Book Q3   1000   Salaam
Counter Book Q4   800   Feza Boys High School
A3 Manila sheets   1120   Marian Girls High School
White board markers   1200   Ministry of Education
White boards        
Ink Pads        
Diaries        
Correction fluids        
Note pds        
Ream papers        
 Counter Book Q3 1000   Jamhuri Stationeries  

11. The following receipts and payments occurred

MODE OF
PAYMEN
DATE SUPPLIER SUSTOMER PAYMENT RECEIPT T
04-
Apr Masumin Stationeries   350,000.00 - CRDB
05- Tahfif Office & School Spplies
Apr Ltd   400,000.00 - CRDB
06-
Apr Jamhuri Stationeries   450,000.00 - CRDB
07-
Apr Masumin Stationeries   500,000.00 - CRDB
08- Tahfif Office & School Spplies
Apr Ltd   550,000.00 - CRDB
09-
Apr Jamhuri Stationeries   250,000.00 - CRDB
10-
Apr Jamhuri Stationeries   95,000.00 - CRDB
11-
Apr Masumin Stationeries   570,000.00 - CRDB
12- Tahfif Office & School Spplies
Apr Ltd   350,000.00 - CRDB
13-
Apr Jamhuri Stationeries   500,000.00 - CRDB
14- University of Dar es Cash on
Apr Masumin Stationeries Salaam - 150,000.00 hand
15- Tahfif Office & School Spplies Cash on
Apr Ltd Feza Boys High School - 200,000.00 hand
16- Tahfif Office & School Spplies Cash on
Apr Ltd Marian Girls High School 200,000.00 300,000.00 hand
17- Cash on
Apr Jamhuri Stationeries Ministry of Education 200,000.00 150,000.00 hand
18- University of Dar es Cash on
Apr Masumin Stationeries Salaam 200,000.00 500,000.00 hand
19- Tahfif Office & School Spplies Cash on
Apr Ltd Feza Boys High School 200,000.00 180,000.00 hand
20-
Apr Jamhuri Stationeries Marian Girls High School 200,000.00 250,000.00 CRDB
21-
Apr Masumin Stationeries Ministry of Education - 200,000.00 CRDB
22- Tahfif Office & School Spplies University of Dar es
Apr Ltd Salaam - 240,000.00 CRDB
23-
Apr Jamhuri Stationeries Feza Boys High School - 150,000.00 CRDB
24-
Apr Masumin Stationeries Marian Girls High School - 200,000.00 CRDB
25- Tahfif Office & School Spplies
Apr Ltd Ministry of Education - 100,000.00 CRDB
12. The following transactions occurred

Date Particulars Nature Amount Mode of payment Payer/Payee

01-Apr Electricity Expense 30000 Cash TANESCO
02-Apr Printing ang photocopy income 45000 Cash Cash customers
03-Apr Printing ang photocopy income 120000 Cash Cash customers
27-Apr Accounting and Audit fees Expense 200000 Cash EightSkys Consulting Ltd
15-Apr Transportation cost Expense 70000 Dandoo Transporters
Cash Ltd
30-Apr Bank charges Expense 2000 CRDB CRDB Bank

13. Payroll costs

EMPLOYER
EARNINGS
DEDUCTIONS CONTRIBUTIONS
Name of Basic Allowance Gross NSSF PAYE TOTAL NET NSSF SDL
employe Salary s psy DEDUCTION PAY
S
Ali Juma 300,00 50,000 350,00 30,00 25,00 55,000 295,00 30,000 13,500
0 0 0 0 0
Saidi 200,00 50,000 250,00 20,00 15,00 35,000 215,00 20,000 9,000
Hafidhi 0 0 0 0 0
Zahoor 250,00 50,000 300,00 25,00 17,00 42,000 258,00 25,000 10,000
Muksin 0 0 0 0 0

14. The following fixed assets were bought

s/n Fixed assets Purchase

Purchase price mode Paying account Supplier
Photocopy
Machine 12,500,000.00 Cash Cash on hand Laptop City
Desktop Computer
2,000,000.00 Cash Cash on hand Laptop City
Office Chair
01- 500,000.00 Cash Cash on hand Keko Furniture Ltd
Apr Office Table
800,000.00 Cash Cash on hand Keko Furniture Ltd
Shelves
3,500,000.00 Cash Cash on hand Keko Furniture Ltd
Display table
5,000,000.00 Cash Cash on hand Keko Furniture Ltd

You are required to post the following transactions in the accounting software and produce the
following reports
 a) Profit and loss statement for the month ending 30 th April 2021
b) Balance sheet as at 30th April 2021
c) Cash flow statement for the month ending 30 th April 2021
d) Cash account summary for the month ending 30 th April 2021
e) Customers and suppliers statement (transactions) from 01 st April 2021 to 30th April 2021
f) Inventory quantity summary from 01st April 2021 to 30th April 2021
g) Inventory Profit margin from 01st April 2021 to 30th April 2021

NB: This assignment has to be submitted by 29 th April 2021 not later than 1:00PM

All the best