BAS Accruals Method
AutoSave . OFF w Task 05 - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Arial Aa v AL AaBbCcDdE AaBbCcDdE AaBbCcD AaBbCcDdE AaBbCcDdE AaBbCcDdEe AaBb Styles Paste B I U A v . IEv Normal No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Title Dictate Pane Task 05 (5 marks) - BAS Accruals Method You are the accountant of Accurate Accounting Pty Ltd. Nice Scent Shoppe is one of your clients of which you prepare BAS on quarterly basis. You have received the following P & L and Balance Sheet information from Nice Scent Shoppe for the current quarter. Required: Prepare BAS for Nice Scent Shoppe for the current quarter. Current GST-inclusive quarter 2 information Quarter Ordinary income/expense Income Export sales 770.00 Taxable supplies Delivery of sales 60.00 Dried arrangements 2 660.00 Flower arrangements Baskets 5 280.00 Large arrangements 14 250.00 Medium arrangements 14 025.00 Posies 2 910.00 Small arrangements 10 406.00 Sprays 1 170.00 Wedding bouquets 4 500.00 55 261.00 Sales of accessories 4 700.25 4 700.25 Total taxable supplies 59 961.25 Interest received 500.00 Total income 61 231.25 Purchases of goods sold Fresh flowers 9 768.00 Sundry items 738.00 Other stock items 2 805.59 13 311.59 Expenses Creditable acquisitions Advertising 1 109.00 Commercial rent paid 7 440.00 Delivery expenses 286.00 Gas and electricity 520.00 Insurance Business 412.50 Motor vehicle running costs 4 069.35 Printing postage stationery 763.00 Professional fees Accounting 2 200.00 Repairs Equipment repairs 1 045.00 Page 1 of 4 641 words X English (Australia) Focus + 100%w Task 05 - Saved to my Mac Q AutoSave . OFF Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Arial Aa v T AaBbCcDdE AaBbCcDdE AaBbCcD AaBbCcDdE AaBbCcDdE AaBbCcDdEe AaBb Normal No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Title Styles Dictate Paste B I U A v . Pane Current GST-inclusive quarter 2 information Quarter Replacement tools 186.70 Software expense 110.00 Subscriptions 110.00 Sundry office expenses 45.00 Telephone Internet 125.00 Telephone-other 375.60 18 797.15 GST- free Staff amenities 231.30 Water rates 231.25 462.55 No GST in the price Bank service charges 82.88 nterest expense 502.85 585.73 Payroll expenses Leave accrued (not yet paid) 1 868.44 PAYG tax withheld (not yet paid) 2 899.00 Superannuateon 1 608.32 Wages 17 104.00 23 479.76 Total expenses 43 325.19 Capital supplies and acquisitions information: 1. The firm sold an old refrigerator for $990 2. Purchased a new refrigerator for $2200 Additional information: 1. The FBT instalment is $3000 for the quarter 2. The firm used 150 litres of petrol in business operations (generators). The fuel tax credit rate for retail activities is 32.623 cents per litre (rate from 1st of July 2012 to 30th June 2013) 3. Commissioner's rate is 4.69% Complete the following BAS summary. ABN XX XXX XXXXXX Choose No.1 option Summary Option 1 Quarterly GST report and pay Amounts you owe the ATO Total sales and income and other supplies including GST on sales or GST capital (GST inclusive) G1 instalment 1A Wine equalisation lax 1C Page 2 of 4 641 words OF English (Australia) Focus + 100%AutoSave . OFF w Task 05 - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Arial Aa v AaBbCcDdE AaBbCcDdE AaBbCcD AaBbCcDdE AaBbCcDdE AaBbCcDdEe AaBb Paste B I U A v . A v IEv Normal No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Title Styles Dictate Pane Does this amount at G1 include GST? Mark with X Luxury car tax 18 Exports G2 PAYG tax withheld Other GST-free supplies G3 PAYG income tax instalment Capital acquisitions (GST inclusive) G10 FBT instalment 6A All other acquisitions (GST inclusive) G11 Fuel tax over claim 7C A + 4 +5A + 6A + 7C 8A Amounts the ATO owes you GST on purchases 1B Wine equalisation tax refundable 1D Luxury car tax refundable 1F These boxes represent the wvarious boxes on the BAS Credit from PAYG income form tax variation 5B Credit from FBT variation 6B Fuel tax credits 7D 1B + 58 + 6B + 7D 8B Payment or refund? Is 8A more than BB? (indicate with an X) Yes, then write the result of BA minus 8B at 9. This is the amount payable to the ATO. No, then write the result of 8B minus 8A at 9. This amount is refundable to you (or offset against any other tax debt you have). Payment due Reconciliation: Reconciling PAYG instalment Income: Balance as per Balance Sheet Balance as per BAS Summary Difference Reconciled? Yes O No Page 3 of 4 641 words English (Australia) Focus + 100%AutoSave . OFF w Task 05 - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Arial Aa v T AaBbCcDdE AaBbCcDdE AaBbCcD AaBbCcDdE AaBbCcDdE AaBbCcDdEe AaBb Paste B I U A v . A v Normal No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Title Styles Dictate Pane Reconciling GST Control Account: GST Collected amount extracted from BAS summary GST collected 11,488 GST Paid amount extracted from BAS summary GST paid 3,120 Net GST Payable Net GST Payable to ATO 8,368 GST control as per Balance Sheet As per Balance sheet 8,368 Difference between Net GST Payable to ATO and the GST Control amount as per Balance sheet Reconciled? Yes Page 4 of 4 641 words English (Australia) Focus + 100%
