Borrowed money from Namaste Bank. Interest

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ACC100 GROUP assignment Financial Plan Template
XXXXXXXXXXXX
Special-purpose Report
for the year ended 30 June 2018
prepared by:
Table of contents
1.0 Executive Summary 3
2.0 Mission & Goal 3
Mission 3
Goal 3
3.0 Services provided 3
4.0 Keys to Success 3
5.0 Financial Information 4
5.1 Chart of Accounts 4
5.2 Financial Transactions 4
General Transactions during the June quarter 2018 4
Adjustment Transactions as at 30 June 2018 4
5.3 General Journals 5
5.4 T-Accounts 6
5.5 Worksheet 8
5.6 Financial Statements 9
Income statement for the year ended 30 June 2018 9
Statement of Changes in Equity for the year end 30 June 2018 9
Balance Sheet as at 30 June 2018 10
6.0 Group Work Activity Report 11
6.1 Meeting Minutes 11
6.2 Summary Report 14
Meeting Minutes Summary 14
Group opinion 14
7.0 References 15
1.0 Executive Summary
2.0 Mission & Goal
Mission
Goal
3.0 Services
4.0 Keys to Success
5.0 Financial Information
5.1 Chart of Accounts
#
Account Name
#
Account Name
101
Cash at Bank
301
Alex Chae, Capital
102
Accounts Receivable
302
Alex Chae, Drawings
103
Office Supplies
401
Service Revenue
104
Prepaid Subscriptions
501
Utilities Expense
110
Office Furniture
502
Wages Expense
111
Accumulated Depreciation-Furniture
503
Depreciation Expense-Furniture
201
Accounts Payable
504
Supplies Expense
202
Unearned Service Revenue
505
Subscriptions Expense
204
Interest Payable
506
Interest Expense
211
Loan Payable
 
 
5.2 Financial Transactions
Financial Transactions during the year
Date
Transactions
Amount
1/04/2018
Alex Chae invested cash into his business
$100,000
1/04/2018
Borrowed money from Namaste Bank. Interest rate is 4% per annum.
$100,000
1/04/2018
Purchased office furniture in cash. The furniture has a useful life of 5 years with no salvage value. The business uses a straight-line method
15/04/2018
Purchased office supplies on account
1/05/2018
Received 6 months bookkeeping service fee, and recorded the advanced payment on two balance sheet accounts
13/05/2018
Paid the bill received on 15/04/2018
1/06/2018
Paid for 12-month subscription. Alex recorded the payment as a debit to Prepaid subscriptions and a credit to Cash. The subscription started from June 2018
23/06/2018
Provided services on account
30/06/2018
Paid wages to a short-term contract employee
30/06/2018
Received an invoice for utilities used
30/06/2018
Alex made withdrawal from business account
Adjustment Transactions as at 30 June 2018
Date
Transactions
30/06/2018
Depreciation Expense for office furniture
30/06/2018
During the period the business used one third of supplies
30/06/2018
Adjustment of unearned service revenue
30/06/2018
Subscription fee expired
30/06/2018
The interest on loan for the month of June is not paid yet
5.3 General Journal
Date
Accounts
Debit
Credit
1/04/2018
 
Investment by the owner
 
 
1/04/2018
 
Loan borrowed
 
 
1/04/2018
 
Purchased office furniture in cash
 
 
15/04/2018
 
Purchased supplies on account
 
 
1/05/2018
 
Advanced Receipt of 6-month service
 
 
13/05/2018
 
Payment of outstanding bill
 
 
1/06/2018
 
Prepayment for 12 months subscription
 
 
23/06/2018
 
Service Rendered in cash
 
 
30/06/2018
 
Wages expense paid
 
 
30/06/2018
 
Utility expense incurred
 
 
30/06/2018
 
Withdrawal by the owner
 
 
5.4 General Ledger (Either T-account or Three column format)
Cash at Bank
1/04/2018
1/04/2018
1/04/2018
13/05/2018
1/05/2018
1/06/2018
30/06/2018
30/06/2018
 
EB
Accounts Receivable
23/06/2018
 
 </…

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Original essay on: Borrowed money from Namaste Bank. Interest

FIND A SOLUTION  AT  Academic Writers Bay

ACC100 GROUP assignment Financial Plan Template
XXXXXXXXXXXX
Special-purpose Report
for the year ended 30 June 2018
prepared by:
Table of contents
1.0 Executive Summary 3
2.0 Mission & Goal 3
Mission 3
Goal 3
3.0 Services provided 3
4.0 Keys to Success 3
5.0 Financial Information 4
5.1 Chart of Accounts 4
5.2 Financial Transactions 4
General Transactions during the June quarter 2018 4
Adjustment Transactions as at 30 June 2018 4
5.3 General Journals 5
5.4 T-Accounts 6
5.5 Worksheet 8
5.6 Financial Statements 9
Income statement f…

Assignment status: Already Solved By Our Experts

(USA, AUS, UK & CA  PhD. Writers)

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