Journalise the transactions.

1 2 3 4 5 15 Principles of Accounting Take Home Exam 02/2019 Page 1 of 4 The exam question starts here. Valentine Tour Co, Ltd. has just started their business since January this year. During their first quarter of the year, there are several business transactions as follow: Date Description January Jane invested her money into her business of 200,000 baht. Purchased new computer equipment set, 100,000 baht, from Access Co, Ltd. Signed a note payable on terms of 6-month period with 8% interest pa. With a great opportunity, Jane acquired an old tour company, Voyage Tour, for 300,000 baht by issuing a 4-month note payable with 10% interest pa. The details of this acquisition are listed in Appendix 1. Purchased tour supplies for 20,000 baht cash. Performed an educational trip for Phuket School and received 80,000-baht cash. Performed a diving trip for employees of Shuhei Ltd for 95,000 baht. Sent the invoice and the payment period is 30 days. 20 Performed a sightseeing trip for senior tourist group for 40,000 baht on account. Offered 3% discount for the payment within one week. Prepared all employees' salary. Total salary is 60,000 baht which subjected to withholding income tax of 8% and social security tax of 3,000 baht. Received the payment from the senior group. Paid all employees' salary. 30 Recorded all souvenir cash sold of 30,000 baht. The cost sale is 10,000 baht. Recorded the rent expense for this month. February Sold all furniture acquired last month for 60,000 baht. Received a 3-month note receivable with 8% interest per year. Purchased a new set of furniture for 80,000 baht. Paid 25% at the store and the rest would be 30-day credit Collected the debt from Shuhei Ltd. for 80,000 baht. Purchased a net set of souvenirs for sale, 30,000 baht. Issued a 3-month note payable with 2% interest. Sold the souvenirs on account to Delphi for 50,000 baht. The cost of sale is 12,000 baht. 25 26 28 30 3 5 9 10 12 18 19 20 21 25 26 27 28 3 5 Principles of Accounting Take Home Exam 02/2019 Page 2 of 4 15 Started a 3-month consultant job for Coral Diving. The total fee is 30,000 baht. Coral Diving immediately paid 10,000 baht and the rest would be paid at the end of the service. Performed a city tour for PhangNga School for 50,000 baht. Received half on cash and the rest is due on 10 March 2020 A friend of Jane, Noon, wants to invest in this business for 100,000 baht. Jane accepted the request. Paid the rest of debt for the furniture purchased on 5th February. The store provided the earlier-payment discount for 5% of the payable amount. Restocked the tour supplies of 10,000 baht on account. Prepared all employees' salary. Total salary is 64,000 baht which subjected to withholding income tax of 8% and social security tax of 3,200 baht. Jane withdrew 30,000 for her personal use. Recorded all souvenir cash sold of 20,000 baht. The cost sale is 8,000 baht. Recorded the rent expense for this month. March Paid the accrued salary to all employees. Paid the tour supplies cost to the supplier and received 3% discount Purchased more diving equipment for 50,000 baht on cash. Received full payment from Phang Nga School and offered 5% discount. Paid all security tax to the related government party. 12 Performed a city tour for Phuket School for 40,000 baht. Received half on cash and the rest is due on 10 April 2020 Started a 2-month consultant job to Exotic Voyage. Exotic Voyage immediately paid 20,000 baht. Paid all withheld income tax to the revenue office of local government. Another friend, Bow, would like to invest into this business for 100,000 baht. They agreen to be a very partnership Jane, Noon, Bow wanted to expand their business so they acquired a nearby building for 300,000 baht. Prepared all employees' salary. Total salary is 66,000 baht which subjected to withholding income tax of 8% and social security tax of 3,200 baht. Jane sold the old register machine to her friend for 3,000-baht cash as she would buy a new one next month. Paid partial employees' salary for 45,000 baht. Recorded the rent expense for this month. 6 9 10 15 18 20 21 25 26 30 31 Adjustment data on 31 March 2020 1. Allowance for uncollectible amount is set by using aging of the account method as follow: a. Debt period 1 - 30 days 1% b. Debt period 31 - 60 days 2% C. Debt period 61 - 90 days 5% 2. Physically counted the tour supplies and found out that 20,000 baht has been used. 3. Recorded all depreciation expenses. The asset details are in Appendix 2. 4. Recognised unearned revenue which has been done. 5. Recognised accrued revenue which should have earned. 6. Recognised all interest accounts from all notes. Appendix 1: The acquisition of the old tour company, Voyage Tour. No. Description Market Value Remark (baht) 1. Furniture 100,000 Includes tables, chairs, sofas, drawers, shelves. 2. Decoration 200,000 Includes fixture, painting, curtain, blinds 3. Diving equipment 80,000 Snorkel, goggle, oxygen tank, mask, etc. 4. Register machine 20,000 Cash register and POS system 5. Prepaid rent 60,000 The prepaid expires on 30 June 2020 6. Inventory - souvenirs 40,000 Souvenirs are ready to be sold Total 500,000 Appendix 2: The characteristics and depreciation methods of all assets No. Description Residual value Depreciation methods (baht) Useful life (baht) 4 years 4 years 6,000 5,000 6,000 0 1. Furniture - old 2. Furniture - new 3. Decoration 4. Diving equipment - old 5. Diving equipment - new 6. Register machine 7. Computer equipment 8. Building Straight-line Straight-line Straight-line Double-declining balance Straight-line Double-declining balance Double-declining balance Straight-line 4 years 4 years 5 years 4 years 5 years 8 years 5,000 0 10,000 40,000