Question
What records must a business keep for tax and audit purposes Black Ltd is registered for GST purposes. If Black Ltd purchased materials worth $10
- What records must a business keep for tax and audit purposes
- Black Ltd is registered for GST purposes. If Black Ltd purchased materials worth $10 560 of which the owner used 75% of the materials for business purposes, and the remaining 25% for private purposes. What, if any, input tax credit would Black Ltd be allowed
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Calculate the GST paid to the Tax Office. |
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Manufacturer |
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Wholesaler |
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Retailer |
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End Consumer |
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| Price $220 |
| Price $1 760 |
| Price $2 200 |
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| GST Paid $ |
| GST Paid $ |
| GST Paid $ |
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| GST to ATO |
| GST to ATO |
| GST to ATO |
| Total GST Paid |
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= $ |
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= $ |
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= $ |
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= $ |
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As a manager employed by Black Ltd one of your functions is to have control over petty cash. From the following information for a small business you are required to:
- Complete the petty cash vouchers below
b) The Petty Cash book
May1 The petty cashier received a cheque for $300 as the initial petty cash imprest.
During the following week you as the petty cashier paid the following amounts:
May 2 Ross Carr for tea, coffee and biscuits $17.60
Lee Way for bus fares $11
May 3 Mike Street for postage stamps $33
John Lane for pens, pencils, etc. $22
May 6 Ross Carr for the previous weeks milk account $13.20
Fred Wheeler for taxi fare $66
May 7 Mary Driver for reception flowers $55
Mike Street for a large envelopes $19.80
May 8 Mike Street for airmail postage on parcel $15.40
Ross Carr for office cleaning materials $19.80
May 9 The petty cashier requested and received a reimbursement cheque for the amount paid out.
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