Reference no: EM133060991

Question - Joel Lynch commenced business as an architect on 1stThe following transactions occurred during March:

March under the name of Lynch Designs.

1 March- Joel deposited $160,000 into a business bank account.

2 March- Purchased a small office building for S660,000 (including GST), paying a deposit of 10% incash and obtaining a loan from Waco Bank for the balance.

5 March- Paid $3,300 (including GST) for 3 months hire of computer equipment.

10 March- Bought office supplies on credit costing $660 (including GST).

12 March- Withdrew $750 for a holiday to Queensland.

14 March- Performed design services for customers on credit totaling $6,600 (including GST)

18 March -Received cash from credit customers, $2,400.

28 March- Contributed a personally owned vehicle to the business valued at $18,000.

31 March- Paid $10,000 off an amount owing to Waco Bank.

At the end of the month $300 of office supplies had been used up.

Note: GST needs to be accounted for accordingly and balance day adjustments are required.

Required -

a) Analyze and record each transaction in the transaction analysis table provided below. List the account names, indicate the movement (increase/decrease or positive/negative ordebit/credit) and the amount in the table provided.

b) Determine the cash position and GST paid at the end of March.

c) Prepare an Income Statement for Lynch Designs for the first month of trading

d) Prepare a fully classified Statement of Financial Position as at 31 March 2016.