ASSESSMENT TASK MODULE 3 – VARIOUS TASKS

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ASSESSMENT TASK MODULE 3 – VARIOUS TASKS (Due Dateuploaded to dropbox)

NAME : ___________________

VU STUDENT ID : _________________ (If you do not provide this your assessment will not be marked.)

Your SAP login number or 3 digits used : CA-_____

Instructions:

• All files must be uploaded to VU Collaborate Assessment Dropbox.
• DO NOT EMAIL this assessment or any assessment to your lecturer.
• You must use this document in word format to compete your answers without deleting the questions contained in this document.
• If you do not submit via the Assessment Dropbox on VU Collaborate, you will receive NO MARKS for this assessment and NO discussion will be entertained in this regard.
• If you experience any problems, you will always contact the Unit Coordinator on email address Jayce.Naidoo@vu.edu.au
• You should have only 2 document numbers, one for, all balances and another for all transactions.
• If you enter these transactions in company code CXXX, you will get no marks for this assessment
• When you submit the screenshots, make sure you show a good clear image. You can use “snipping tool” if you have windows operating system. Do NOT do a screen dump as the image is not clear.
• Only the first page of the 3 screen shots is required for each report required. There is no need to send a screen shot of all the pages of the 3 reports.

Question(MUST BE ANSWERED IN COMPANY CODE DXXX)

Enter the following transactions using a single document for all transactions in company code DXXX. The Value Date for Bank account is TODAY’s date.

Note: All transactions must be done using ONE document. Do not enter each transaction by repeating a GL account. For example, do not do transaction 1, as Dr. Bank and Cr Long term Loan and then transaction 2 as Dr Office supplies and Cr Bank. You should only use Bank account once with the net figure at the end. If you not sure ask your lecturer.

All transactions occur TODAY in Company Code DXXX

For the amounts, replace “xxx” by your 3 digits of the login

1. The company was successful in obtaining a Long term Loan to the amount of $856,xxx. This amount was deposited into the firm’s Bank account
2. Paid off a part of the Mortgage $293,xxx
3. Invested a further $632,xxx into another long term investment. The due date is 1.1.2030
4. Patents were revalued at $1,130,xxx and Goodwill was revalued at $356,xxx
5. Additional shares were issued for $625,xxx
6. Purchased a new Motor Vehicle for $88,xxx cash
7. Purchased Factory Equipment for $752,xxx cash
8. Paid $322,xxx off the Other short term Payables
9. Sold Furniture and Fittings for $155,xxx cash.

NOTE: Most transactions are cash transactions and as such will affect the Bank account only. One transaction involves no cash and that is the Patents and Goodwill which must be offset against the 510000 Reserves account.

REQUIRED

Once you have entered these transactions then provide on this answer sheet

• Write down the documents in the suggested solution answer sheet below.
• screenshots for the following reports for DXXX:

NOTE: No late submissions and no resubmissions are permitted for this task.

Explanation of the transactions

You should enter the transactions using FB50 as follows:

300000 Credit 856,xxx

310000 Debit 293,xxx

Etc

Transaction 5 will require 2 entries as follows:

Patents

Balance – 987,xxx increased to 1130,xxx

therefore

Debit Patents with difference 143,xxx and

credit Reserves with 143,xxx

Goodwill

Balance is 315,xxx increased to 356,xxx

Therefore

Debit Goodwill with the difference 41,xxx

Credit Reserves with 41,xxx

Then enter all transactions and then you will look at the difference of the debits and credits and post the difference to the Bank account.

PLEASE NOTE: For the differences the xxx may not be your 3 digits of your login. You will need to do the calculations with a calculator.

SUGGESTED SOLUTION

• Document Number is : Balances ______________________

Transactions ______________________

• Paste the 2 screenshots for the above reports below (Note: if you cannot show the entire page, that’s ok, just the first page will do):

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