Wucb103 - Accounting Fundamentals In Assessment Answer

Assignment Task

Part A Silverstone Ltd is a new company that has been established in 2020. Below are the transactions occurred for financial year 2021. Prepare a journal entries for each transaction on behalf of Silverstone Ltd. Ignore GST. 

1. Owner has deposited $300,000 worth of Building and $40,000 cash into the business on 1 July 2020.

2. Bank has agreed to lend $1,200,000 loan that will be repaid in the next 6 years. The approval is signed on 15 July 2020 and the amount is received on the same day.

3. Provided a service to a customer on 1 August 2020 and was being paid $6,500 on the same day.

4. Engaging a tradesman for maintenance purpose in the warehouse. On 5 August 2020, received a bill $5,000 due in September.

5. Purchased some office supplies on account on 30 August 2020. Total spend was $7,500.

6. On 30 September 2020, paid the bill owing for 5th August maintenance.

7. A customer has provided an advance payment for the service to be provided in January. A total of $10,000 has been received on 1 December 2020.

8. On 31 January 2021, provided full service to the customer who has paid in advance.

9. 3 rd March 2021, acquired new unit of vehicle on credit. The loan is estimated to be $45,000 and settlement is expected within 5 months.

10.Withdrew $25,000 from business account due to urgent personal matter on 1 April 2021.

11. Paid off the vehicle loan from 3rd March event on 1 June 2021.

12.Recording end of the year depreciation for Building and Vehicle. On 30 June 2021, the amounts are $30,000 and $9,000 respectively.

Record the journal entries in chronological order and proper placement of Dr/Cr. The Journal template is available on Moodle. Please use it when answering PART A.

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