MBS 544: Greta’s Furniture Pty Ltd is a Small Retail Business Case Study - Management Assignment Help

Assignment Task:

Task:

Business Background
Greta’s Furniture Pty Ltd is a small retail business that has operated successfully for some years buying and selling furniture. The structure of the business is that of a small proprietary company with the owners being Greta and Roger Fitzgerald.
The owners work in the shop, and employ a part-time clerk/salesperson. Rita Steiner, who is paid fortnightly, based on an hourly rate.
The business is registered with the ATO for the goods and services tax (GST), and its Australian Business Number (ABN) is 78 303 823 798. It reports and pays amounts owing for GST quarterly via the business activity statement (BAS). The business has elected to use the accrual basis of accounting for both accounting and GST purposes.
Accounting policies
BAD AND DOUBTFUL DEBTS
The business uses the direct write-off method when accounting for bad bets as they only occur infrequently.
INVENTORY
The business maintains a periodic inventory system.
PREPAYMENTS
Expenses paid in advance for their use, such as insurance, are initially recorded as assets. Any used portion at the end of period is entered into the journal as an expense.

PROPERTY, PLANT AND EQIUPMENT
The business has adopted the ATO rates of depreciation for all depreciated assets. These rates are based on the ATO’s estimate of useful life. The straight line method is used for the calculation of depreciation on these assets. Amounts calculated are rounded to the nearest dollar.
 

ACCOUNTING RECORDS
The business maintains the books or original entry set out below. These have been customised to suit the operations of Greta’s Furniture.

•  General journal (GJ): to record all transactions that cannot be recorded in the special journals
•  Sales journal (SJ): to record all sales of goods or services on credit, and GST collected
•  Purchases journal (PJ): to record all credit purchases of goods for resale, and GST paid

NOTE: All purchase and sales returns are recorded in the general journal

•  Cash receipts journal (CRJ): to record all receipts of cash, including cash sales of goods or services.
•  Cash payments journal (CPJ): to record all payments made on the business’s cheque account, including cash purchases of goods for resale.
•  Accounts receivable and accounts payable subsidiary ledgers; separate accounts are maintained for each customer and each supplier
•  General ledger: separate accounts are maintained for income, expense, asset, liability and equity accounts.

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