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ACC201 Financial Accounting Tutor-Marked Assignment, July2023 SUSS, Singapore. After graduation, Peter decided to start a printing service company, PK Pte Ltd (PKL) with his good friend Kelvin
University Singapore University of Social Science (SUSS)
Subject ACC201 Financial Accounting
Posted on: 12th Sep 2023

ACC201 Financial Accounting Tutor-Marked Assignment, July2023 SUSS, Singapore. After graduation, Peter decided to start a printing service company, PK Pte Ltd (PKL) with his good friend Kelvin

Question 1
After graduation, Peter decided to start a printing service company, PK Pte Ltd (PKL) with his good friend Kelvin. The following were the transactions for the month of March 20X8.

(1) 1-Mar A total of $200,000 was invested into the business by Peter and Kelvin.
(2) 1-Mar The company took a 5-year bank loan of $120,000 with interest of 5% to be paid annually on 31 December.
(3) 1-Mar The company paid $144,000 for the rental of the office for two years.
(4) 3-Mar A printing equipment manufacturer was interested in the company. $90,000 worth of printing equipment was supplied to the company in exchange for shares in the company.
(5) 6-Mar The company purchased $8,500 of office supplies on credit term.
(6) 8-Mar The printing equipment was delivered, and the company paid $300 for the transportation. Since the amount was immaterial, the company treated the transportation fee as an expense.
(7) 9-Mar A customer paid a deposit of $2,000 for the printing of his company
brochures.
(8) 12-Mar The job received on 9 March was completed and the company invoiced the customer $7,000 for the remaining payment.
(9) 17-Mar The company completed a printing job amounting to $9,900. The customer paid $3,000 and would pay the rest within one month.
(10) 21-Mar The company quoted for a job amounting to $11,000. The customer accepted the quotation, and the job would be done in April.
(11) 24-Mar The customer in transaction (9) paid $2,000 to the company.
(12) 25-Mar The company received utility bill of $930 for the month of March

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