After graduation, Peter decided to start a printing service company, PK Pte Ltd (PKL) with his good friend Kelvin The followings 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) (5) (7) (8) (9) 1 Mar (b) 1 Mar (c) 3 Mar (d) 6 Mar 8 Mar 9 Mar The company took a 5 year bank loan of $120,000 with interest of 5 to be paid annually on 31 December 17 Mar The company paid $144,000 for the rental of the office for two years 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 The company purchased $8,500 of office supplies on credit term 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 A customer paid a deposit of $2,000 for the printing of his company brochures 12 Mar The job received on 9 March was completed and the company invoiced the customer $7,000 for the remaining payment (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 (13) 31 Mar The company employed a part time worker, and he was paid weekly on every Friday based on work done on an hourly rate of $10 hr For the last week of the month, the worker completed 35 hours of work from Monday to Thursday Friday was 1 April The company completed a printing job amounting to $9,900 The customer paid $3,000 and would pay the rest within one month (14) 31 Mar The company paid salaries for the month amounting to $19,200 (15) 31 Mar The office supplies at the end of the month was $370 Required (a) Analyse the transactions and apply accrual concepts to prepare the journal entries and the adjusting journal entries for PKL for the month of March 20X8 Dates and narratives must be clearly shown The presented journal entries must follow the numbering sequence as given in the question (37 marks) Prepare the T account for the cash journal Posting references and dates are to be clearly indicated (6 marks) Prepare the adjusted trial balance of PKL as at 31 March 20X8 From the adjusted trail balance, present (1) The income statement for the month ending 31 March 20X8 (The statement of financial position as at 31 March 20X8 (9 marks) (9 marks) (7 marks) Question 1 After graduation, Peter decided to start a printing service company, PK Pte Ltd (PKL) with his good friend Kelvin The followings were the transactions for the month of March 20X8 (1) 1 Mar (2) 1 Mar (3) 1 Mar (4) 3 Mar (5) 6 Mar (6) 8 Mar (7) 9 Mar (8) 12Mar (9) 17 Mar (10) 21 Mar (11) 24 Mar (12) 25 Mar A total of $200,000 was invested into the business by Peter and Kelvin The company took a 5 year bank loan of $120,000 with interest of 5 to be paid annually on 31 December The company paid $144,000 for the rental of the office for two years 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 The company purchased $8,500 of office supplies on credit term 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 A customer paid a deposit of $2,000 for the printing of his company brochures The job received on 9 March was completed and the company invoiced the customer $7,000 for the remaining payment The company completed a printing job amounting to $9,900 The customer paid $3,000 and would pay the rest within one month The company quoted for a job amounting to $11,000 The customer accepted the quotation, and the job would be done in April The customer in transaction (9) paid $2,000 to the company The company received utility bill of $930 for the month of March (13) 31 Mar The company employed a part time worker, and he was paid weekly on every Friday based on work done on an hourly rate of $10 hr For the last week of the month, the worker completed 35 hours of work from Monday to Thursday Friday was 1 April (14) 31 Mar The company paid salaries for the month amounting to $19,200 (15) 31 Mar The office supplies at the end of the month was $370 Required (a) Analyse the transactions and apply accrual concepts to prepare the journal entries and the adjusting journal entries for PKI for the month of March 20X8 Dates and narratives must be clearly shown The presented journal entries must follow the numbering sequence as given in the question (37 marks) (b) Prepare the T account for the cash journal Posting references and dates are to be clearly indicated (6 marks) (c) Prepare the adjusted trial balance of PKI as at 31 March 20X8 (9 marks) (d) From the adjusted trail balance, present (i) The income statement for the month ending 31 March 20X8 (9 marks) (ii) (The statement of financial position as at 31 March 20X8 (7 marks)

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After graduation, Peter decided to start a printing service company, PK Pte Ltd (PKL) with his good friend Kelvin. The followings were the transactions for

After graduation, Peter decided to start a printing service company, PK Pte Ltd (PKL) with his good friend Kelvin. The followings 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) (5) (7) (8) (9) 1-Mar (b) 1-Mar (c) 3-Mar (d) 6-Mar 8-Mar 9-Mar The company took a 5-year bank loan of $120,000 with interest of 5% to be paid annually on 31 December. 17-Mar The company paid $144,000 for the rental of the office for two years. 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. The company purchased $8,500 of office supplies on credit term. 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. A customer paid a deposit of $2,000 for the printing of his company brochures. 12-Mar The job received on 9 March was completed and the company invoiced the customer $7,000 for the remaining payment. (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. (13) 31-Mar The company employed a part-time worker, and he was paid weekly on every Friday based on work done on an hourly rate of $10/hr. For the last week of the month, the worker completed 35 hours of work from Monday to Thursday. Friday was 1 April. The company completed a printing job amounting to $9,900. The customer paid $3,000 and would pay the rest within one month. (14) 31-Mar The company paid salaries for the month amounting to $19,200. (15) 31-Mar The office supplies at the end of the month was $370. Required: (a) Analyse the transactions and apply accrual concepts to prepare the journal entries and the adjusting journal entries for PKL for the month of March 20X8. Dates and narratives must be clearly shown. The presented journal entries must follow the numbering sequence as given in the question. (37 marks) Prepare the T-account for the cash journal. Posting references and dates are to be clearly indicated (6 marks) Prepare the adjusted trial balance of PKL as at 31 March 20X8. From the adjusted trail balance, present: (1) The income statement for the month ending 31 March 20X8. (The statement of financial position as at 31 March 20X8. (9 marks) (9 marks) (7 marks)

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Question 1 After graduation, Peter decided to start a printing service company, PK Pte Ltd (PKL) with his good friend Kelvin. The followings were the transactions for the month of March 20X8. (1) 1-Mar (2) 1-Mar (3) 1-Mar (4) 3-Mar (5) 6-Mar (6) 8-Mar (7) 9-Mar (8) 12Mar (9) 17-Mar (10) 21-Mar (11) 24-Mar (12) 25-Mar A total of $200,000 was invested into the business by Peter and Kelvin. The company took a 5 -year bank loan of $120,000 with interest of 5% to be paid annually on 31 December. The company paid $144,000 for the rental of the office for two years. 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. The company purchased $8,500 of office supplies on credit term. 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. A customer paid a deposit of $2,000 for the printing of his company brochures. The job received on 9 March was completed and the company invoiced the customer $7,000 for the remaining payment. The company completed a printing job amounting to $9,900. The customer paid $3,000 and would pay the rest within one month. The company quoted for a job amounting to $11,000. The customer accepted the quotation, and the job would be done in April. The customer in transaction (9) paid $2,000 to the company. The company received utility bill of $930 for the month of March. (13) 31-Mar The company employed a part-time worker, and he was paid weekly on every Friday based on work done on an hourly rate of $10/hr. For the last week of the month, the worker completed 35 hours of work from Monday to Thursday. Friday was 1 April. (14) 31-Mar The company paid salaries for the month amounting to $19,200. (15) 31-Mar The office supplies at the end of the month was $370. Required: (a) Analyse the transactions and apply accrual concepts to prepare the journal entries and the adjusting journal entries for PKI for the month of March 20X8. Dates and narratives must be clearly shown. The presented journal entries must follow the numbering sequence as given in the question. (37 marks) (b) Prepare the T-account for the cash journal. Posting references and dates are to be clearly indicated (6 marks) (c) Prepare the adjusted trial balance of PKI as at 31 March 20X8. (9 marks) (d) From the adjusted trail balance, present: (i) The income statement for the month ending 31 March 20X8. (9 marks) (ii) (The statement of financial position as at 31 March 20X8. (7 marks)