Pete’s Pedals - Case Study - Goods and Services Tax - Accounting and Finance Assignment Help

Assignment Task:

TASK:

General information

This case study requires you to use double entry manual recording and computer accounting software (Xero) for a small business to record transactions for September 2020. It covers many of the common transactions of everyday business, including GST. You must use Xero Education edition for part b of the assignment.
 

Specific information

Pete’s Pedals (ABN 65 111 177 778) is owned and operated by Peter Lawson. He buys bicycles from importers and wholesalers and sells them in Melbourne and repairs bicycles. His shop is at 111 Sydney Road, Glenville, 3056. All sales of bicycles are on credit, unless otherwise stated; customers are required to pay cash for bicycle repairs. Purchases of motor cycles are on credit and all operating expenses are paid in cash.

The business charges GST on all inventory sales and bicycle repairs, and pays GST on inventory purchases and most business expenses.
 

Goods and Services Tax

Pete’s Pedals charges GST of 10% on all sales pays GST on all business expenses, except wages. Non-current asset acquisitions are also taxed at GST of 10%.
 

Employees

Pete’s Pedal has two employees, David Wheelan and Mary Rider who are both paid $25 per hour. Wages owing to David and Mary at 31 August 2020 is $300 each. Note: Pete’s Pedals does not use the Xero payroll module.

This Accounting and Finance Assignment has been solved by our Accounting and Finance Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics.Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.