Value Date for Bank - Long Term Loan - Mortgage - Patents and Goodwill - Accounting Assessment Answer

Assessment Task:

Value Date for Bank Accounting Assessment Answer

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. 

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.    Office supplies were purchased for cash to the amount of $155,xxx
3.    Paid off a part of the Mortgage $293,xxx
4.    Invested a further $632,xxx into another long term investment. The due date is 1.1.2030
5.    Patents were revalued at $1,130,xxx and Goodwill was revalued at $356,xxx
6.    Additional shares were issued for $625,xxx
7.    Purchased a new Motor Vehicle for $88,xxx cash
8.    Purchased Factory Equipment for $752,xxx cash
9.    Paid $322,xxx off the Other short term Payables

10.    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.

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