Abcde Pty Ltd  Case Study - Moving Weighted Average Method - Accounting Assignment Help

Assignment Task :

Company Name: Abcde Pty Ltd 

The company began operations as a retailer on 1 July 2018. It buys and sells one inventory item, derrings, from a leased warehouse in the outer suburbs of Melbourne. 

The company is registered for GST, which it pays quarterly. Assume GST was last paid on 30 June. It uses the Moving Weighted Average method and the perpetual inventory recording method. 

The company uses the straight line depreciation method for office furniture and computers and the reducing balance method for motor vehicles. 

The company employs two people who are rostered over a seven day working week. The employees are paid fortnightly up to and including the day of payment. There are no penalty wages. 

The company has one debtor (Debtor1) and one creditor (Creditor1). Terms for all credit sales and purchases are 30 days. 

Relevant information 

1. The company has the following opening balances as at the 1st of July in the current financial year: 

• Cash at Bank: $20,700.00
• Accounts receivable: $3,743.00
• Allowance for doubtful debt: $369.00
• Inventory: $11,400.00
• Motor vehicle: $23,964.00
• Accumulated depreciation motor vehicle: $2,560.00

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