Question
Enter the following transactions using a single document for all transactions in company code DXXX. The Value Date for Bank account is TODAY's date. (NOTE: if you enter these transactions in company code CXXX, you will get no marks for this assessment.)
Note: All transactions must be done using ONE document. Do not enter each transaction by repeating a GL account. For example, do not do transaction 1, as Dr. Bank and Cr Long term Loan and then transaction 2 as Dr Office supplies and Cr Bank. You should only use Bank account once with the net figure at the end. If you not sure ask your lecturer.
All transactions occur TODAY in Company Code DXXX
1. The company was successful in obtaining a Long term Loan to the amount of $856,700. This amount was deposited into the firm's Bank account
2. Office supplies were purchased for cash to the amount of $155,000
3. Paid off a part of the Mortgage $293,000
4. Invested a further $632,000 into another long term investment. The due date is 1.1.2030
5. Patents were revalued at $1,130,000 and Goodwill was revalued at $356,000
6. Additional shares were issued for $625,000
7. Purchased a new Motor Vehicle for $88,000 cash
8. Purchased Factory Equipment for $752,000 cash
9. Paid $322,000 off the Other short term Payables
10. Sold Furniture and Fittings for $155,000 cash.
NOTE: Most transactions are cash transactions and as such will affect the Bank account only. One transaction involves no cash and that is the Patents and Goodwill which must be offset against the 510000 Reserves account.