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Freefox Publishing - GST Registered Business - Financial Accounting Applications - Accounting Assessment Answer
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Unit Code: 700029
Accounting Assessment Answer
TASK:Benjamin Franklin is the sole proprietor of Freefox Publishing – a GST-registered business. Its operations are primarily focused on supplying retailers with select titles, publishing independent and local authors, organising and running workshops for prospective authors, and organising book launches. It also provides editorial and marketing services. While editing, layouts and design of the titles are completed in-house, the final drafts of manuscripts are sent to Meta Printing Services for printing. Further, under the firm’s contract with Meta Printing Services, printing costs per unit are fixed and reviewed every March and September.
Benjamin prides himself on providing the highest quality customer service. Since its formation, the firm has been relatively profitable. Benjamin now has a full complement of staff looking after the various aspects of operations. Currently, the firm uses a manual accounting system managed by the accountant, Walter Ralegh. Part 1:-
- Sales & Purchases Journal
- Cash Receipts Journal
- Cash Payments Journal
- Accounts Receivable Subsidiary Ledgers
- Accounts Payable Subsidiary Ledgers
- Inventory Cards
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- General Journal
- General Ledger T Accounts
- Worksheet
- Trial Balance
- Income Statement
- Balance Sheet & Statement of Changes in Equity
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