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Depreciation and Profit/Loss Account

   

Added on  2019-09-30

13 Pages1264 Words183 Views
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Running Head:PREPARE FINANCIAL REPORTSPREPARE FINANCIAL REPORTS
Depreciation and Profit/Loss Account_1

2PREPARE FINANCIAL REPORTSTable of ContentsIntroduction.....................................................................................................................................................................3Listing of key provisions of the ATO regulations..........................................................................................................36 elements of GST regulations applicable for any Australian business..........................................................................3Task 2..............................................................................................................................................................................4Activity 1........................................................................................................................................................................4Activity 2........................................................................................................................................................................8Task 3..............................................................................................................................................................................9Activity 1........................................................................................................................................................................9Preparation of Journal entries.......................................................................................................................................10Conclusion....................................................................................................................................................................13References.....................................................................................................................................................................14
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3PREPARE FINANCIAL REPORTSIntroductionPreparation of the financial reports is essential for the company for assessing the financial stability of the business. It is expected to give meaningful insights into the net cash flow for the company and about the performance of the business indicators. This financial report is based on the identification of the flow of credit and incurred debt by the company. The preparation of the general ledger is for the motor vehicle of the company Accounting Without Tears Ltd. with an overview of the expenses incurred.Listing of key provisions of the ATO regulations●Tax returns need to lodge by the tax agents each year●Full returns can be claimed on having franking credits●The Tax File number (TFN) is applicable for the foreign visitors on having valid passports and relevant travel documents (Ato.gov.au, 2019).●The registered tax agents are allowed to charge fees on lodging of tax returns. ●For the tax agents, it is necessary to be associated with the board of Tax Practitioners (TPB). 6 elements of GST regulations applicable for any Australian businessFilling for GST is necessary under the following conditions;●The turnover of the business is greater than $ 75000.●Providing limousine travel or taxi provided in the exchange for the fare to passengers regardless of the turnover●Claiming of tax credits for fuel
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4PREPARE FINANCIAL REPORTS●A merchant of digital products or imported services ●A distributor of electronic hardware●Operating for more than 12 monthsThese are the six key regulations that must be followed by an Australian business (Business.gov.au, 2019).Task 2Activity 1Asset Register CardDescriptionEstimated residual42500WDV 2019Asset IDDepreciation methodStraight line36975LocationDepreciation rate12.5%SupplierEstimated useful life4YearsDepreciationDateDetailsOriginal Additional total annualaccumWritten-
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