Question
General information Will Ketchum owns and runs Ketchem & Killem - Coffin Makers, a retail and wholesale coffin making showroom. The business is situated on
General information Will Ketchum owns and runs "Ketchem & Killem - Coffin Makers", a retail and wholesale coffin making showroom. The business is situated on a quiet road at 10 Oak Street, Deadwood (ABN 123 456 789 01). Its custom is mainly from funeral directors as well as a couple of coffin making contractors. The shop has a friendly atmosphere and is very well organised. Products consist of pine, mahogany and oak caskets, plus coffin making manuals. The business also sells speciality coffins on commission.
The business charges GST on all inventory sales and coffin making lessons and pays GST on inventory purchases and most business expenses.
Employees Will employs two casual assistants, Ken Killem, who works as a coffin making instructor with Will Killem and Willy Berryem who works in the shop selling stock and taking bookings for lessons. Each employee works between 10 to 30 hours per week, depending on the demand. Payday is every second Wednesday.
Goods and Services Tax Ketchem & Killem - Coffin Makers pays GST of 10% on all business expenses, except Wages.
Non-current asset acquisitions are also taxed at 10%.
Required: Download the FNSACC321 - Task 1 PDFwhich contains all the transactions that you need to process in the Excel spreadsheet.
Download the FNSACC321 Task 1 Excel workbookwhich contains all the required stationery to complete the task.
Enter all transactions into the appropriate journals.
Total journals.
Post journals to general ledger accounts. Balance accounts.
Prepare the Trial Balance
Complete the Petty Cash book.
Please help me with this, I've uploaded separately the pdf and excel file since I can only upload images here, you can find the pdf and the excel file in my account. Thank you so much
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