WEEK 3

Group Baymax Presentation

1) Lim Fang Yi
2) Pranay Manchanda

PSA 2.4 (Page 137)

Fantasy Miniature Golf and Driving Range Pty Ltd
was opened on 1 March by Jim Zarle. These
selected events and transactions occurred during
March.

March 1
Shareholders invested $60000 cash in the
business in exchange for shares in the company.
Date
Mar
1

Account Name
(Narration)
Cash
Share Capital
(Issued shares for cash)

Post
ref.

Debit

100
300

60000

Credit

60000

March 3
Purchased Lees Golf Land for $38000 cash. The
price consists of land $23000, building $9000, and
equipment $6000.
Date
Mar
3

Account Name
(Narration)

Post
ref.

Debit

Land
Building
Equipment
Cash
(Purchased Lees Gold
Land with cash)

130
135
138
100

23000
9000
6000

Credit

38000

March 5
Advertised the opening of the driving range and
miniature golf course, paying advertising
expenses of $1600 cash.
Date
Mar
5

Account Name
(Narration)

Post
ref.

Debit

Advertising Expense
Cash
(Paid cash for advertising)

500
100

1600

Credit

1600

March 6
Paid cash $1480 for a 1-year insurance policy.

Date
Mar
6

Account Name
(Narration)
Prepaid Insurance
Cash
(Paid 1-year insurance
policy)

Post
ref.

Debit

112
100

1480

Credit

1480

March 10
Purchased golf clubs and other equipment for
$1600 from Golf Australia, payable in 30 days.
Date
Mar
10

Account Name
(Narration)
Equipment
Accounts Payable
(Purchased equipment on
account from Golf
Australia)

Post
ref.

Debit

138
200

1600

Credit

1600

March 18
Received golf fees of $800 in cash for games
played in March.
Date
Mar
18

Account Name
(Narration)
Cash
Golf Revenue
(Received fees for games
played)

Post
ref.

Debit

100
400

800

Credit

800

March 19
Sold 100 vouched books for $15.00 each in cash.
Each book contains ten vouchers that enable the
holder to play one round of miniature golf or to hit
one bucket of golf balls.
Date

Mar
19

Account Name
(Narration)

Cash
Golf Revenue
Received
in advance
(Received advance from
book vouchers sold)

Post
ref.
100
213

Debit

Credit

1500
1500

March 25
Paid a $500 cash dividend.

Date
Mar
25

Account Name
(Narration)

Post
ref.

Debit

Dividend
Cash
(Paid a cash dividend)

320
100

500

Credit

500

March 30
Paid salaries of $600.

Date
Mar
30

Account Name
(Narration)

Post
ref.

Debit

Salaries Expense
Cash
(Paid salaries to date)

510
100

600

Credit

600

March 30
Paid Golf Australia in full.

Date
Mar
30

Account Name
(Narration)
Accounts Payable
Cash
(Paid Golf Australia)

Post
ref.

Debit

200
100

1600

Credit

1600

March 31
Received $800 of fees in cash.

Date
Mar
31

Account Name
(Narration)
Golf Revenue
Retained Earnings
(Received fees in cash)

Post
ref.

Debit

400
310

800

Credit

800

Date

Account Name
(Narration)

Post
ref.

Debit

Mar
1

Cash
Share Capital
(Issued shares for cash)

100
300

60000

Mar
3

Land
Building
Equipment
Cash
(Purchased Lees Gold
Land with cash)

130
135
138
100

23000
9000
6000

Advertising Expense
Cash
(Paid cash for advertising)

500
100

1600

Mar
5

Credit

60000

38000

1600

Date

Account Name
(Narration)

Post
ref.

Debit

Mar
6

Prepaid Insurance
Cash
(Paid 1-year insurance
policy)

112
100

1480

Mar
10

Equipment
Accounts Payable
(Purchased equipment on
account from Golf
Australia)

138
200

1600

Mar
18

Cash
Golf Revenue
(Received fees for games
played)

100
400

800

Credit

1480

1600

800

Date
Mar
19

Mar
25
Mar
30

Account Name
(Narration)

Post
ref.

Debit

Cash
Golf Revenue
Received
in advance
(Received advance from
book vouchers sold)
Dividend
Cash
(Paid a cash dividend)

100
213

1500

320
100

500

Salaries Expense
Cash
(Paid salaries to date)

510
100

600

Credit

1500

500

600

Date

Account Name
(Narration)

Post
ref.

Debit

Mar
30

Accounts Payable
Cash
(Paid Golf Australia)

200
100

1600

Mar
31

Golf Revenue
Retained Earnings
(Received fees in cash)

400
310

800

Credit

1600

800

Thank you for your attention!