Zennith’s Musical Instruments Pty Ltd - Accounting and Finance Assignment Help

Assignment Task:

Business Background

Zennith’s Musical Instruments Pty Ltd has been in business in Peth since July 2013. The Company was started by David Zennith and operates a shop which sells musical instruments on a wholesale basis to other businesses on credit and cash terms. The Company’s share capital consists of 1,134,000 ordinary shares, issued at $1 each, that are owned by various members of the Zennith family. The company enjoys a combination of staff to operate the business. The company has a financial year end of 30 June and prepares adjusting entries at the end of the financial year.  

The business is registered with the ATO for the goods and services tax (GST), and its Australian Business Number (ABN) is 78 303 238 978. 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. 

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