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Report on GST Business Assignment

   

Added on  2021-02-19

8 Pages1580 Words102 Views
End-of-year-reporting for atrading GST Business

Table of ContentsMAIN BODY.......................................................................................................................................3Business Report...............................................................................................................................3Accounting process..........................................................................................................................3Interpretation of financial data.........................................................................................................6Recommendations............................................................................................................................7REFERENCES.....................................................................................................................................8

MAIN BODYBusiness ReportAs the per the data analysed, it can be stated that the company is performing in much bettermanner as it is having 64.44% as its gross profit with its minimum inventory turnover of 4 days(Furnham, Gunter and Drakeley, 2016). Also, it is having good debtors days of 10 days whichdefines that the company is having enough cash with itself for meeting any obligations arising in thecoming future time frame or for any contingencies. Accounting process1.Journal entryDateParticular Debit Amount (in $)Credit Amount (in $)01/05/19Cash A/cTo Accounts Receivable A/c 76076001/05/19Insurance A/cTo Cash A/c30003000-Salaries A/c To Outstanding office salaries A/c1080010800-Accrued Commission A/cTo Commission A/c473120473120Purchase A/cTo Supplier A A/cTo Supplier B A/cTo Supplier C A/cTo Supplier D A/cTo Supplier E A/c5000007500090000550001500001300002.Adjusted Trial Balance Scuba Steve's SuppliersTrial BalanceAs on 30 June 2019ParticularsDebit Amount($)Credit Amount($)Account payable500000Account receivable64240Advertising10000Bank-Bank Charges200Buildings675000Bank overdraft36630

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