Assignment Problem:
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: 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
For the amounts, replace "xxx" by your 3 digits of the login
1. The company was successful in obtaining a Long term Loan to the amount of $856,xxx. This amount was deposited into the firm's Bank account
2. Paid off a part of the Mortgage $293,xxx
3. Invested a further $632,xxx into another long term investment. The due date is 1.1.2030
4. Patents were revalued at $1,130,xxx and Goodwill was revalued at $356,xxx
5. Additional shares were issued for $625,xxx
6. Purchased a new Motor Vehicle for $88,xxx cash
7. Purchased Factory Equipment for $752,xxx cash
8. Paid $322,xxx off the Other short term Payables
9. Sold Furniture and Fittings for $155,xxx 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.
REQUIRED:
Once you have entered these transactions then provide on this answer sheet
- Write down the documents in the suggested solution answer sheet below.
- Screenshots for the following reports for DXXX:
Attachment:- Transactions.zip