Assignment Task:

Task:

PART 1 INCOME AND DEDUCTIONS [52 MARKS]
John Bradley is a sole trader in fresh fish products, trading under the name of Fresh Fish from premises at 22 Kamo Road, Whangarei, 0110. John is registered for GST, and his IRD registration number is 456-123-789.
John provides you with the following information relating to his tax related figures for the income year ending 31 March 2019. He also advises that all the figures exclude GST except indicated differently.
Extracts from Fresh Fish's trial balance for the year ending 31 March 2019
Details Notes $
Sales 1 $354,000.00
Accident compensation levies (ACC) $850.00
Accounting fees $3,050.00
Advertising $3,900.00
Bank fees $350.00
Drawings (John Bradley) $29,400.00
Entertainment 2 $2,160.00
FBT 3 $1,195
Fine 4 $140
Insurance 5 $5,100.00
Legal expenses 6 $9,950
Meals 7 $1,460.00
Motor vehicle expenses 8 $1,950.00
Printing Stationery & Postage $1,180.00
Purchases 9 $187,030.00
Rates $2,940.00
Repairs and Maintenance 10 $1,960.00
Telephone 11 $3,250.00
Travel 12 $4,410.00
Wages 13 $42,800.00
Fixed Assets 14 ????
NOTES:
1. SALES
All Sales are for cash only.
2. ENTERTAINMENT
All spent on entertaining clients at local restaurants.

 

606 Sem 2, 2019 Assignment Brief
3. FBT
FBT & GST to pay from BOX8 on the IR420 Return was based on:
The totals from BOX 8 on the IR420 returns for the current year. Based on the following Fringe Benefits which had been provided to Staff. FBT was paid @ 49.25% in each quarter.

 Taxable value of motor vehicle $1,610.00
 Taxable value of interest free loans $390.00

4. FINE
An employee was caught speeding on his way to an important business client.
5. INSURANCE
20% related to John’s private insurance.
6. LEGAL EXPENSES
$2,350 related to defending the good name of the business and the rest was in respect of the collection of outstanding balances on debtors’ accounts.
7. MEALS
Spent on meals while John was away on a business trip to see suppliers on the
South Island.
8. MOTOR VEHICLE EXPENSES
The logbook shows 70% business usage.
9. PURCHASES
This figure represents payments to suppliers. Opening Inventory on 1 April
2018 was $4,740 and Closing Inventory on 31 March 2019 was $6,190.
10. REPAIRS AND MAINTENANCE
On office furniture and the computer.
11. TELEPHONE
This includes $960 on a $80 per month contract, relating to John’s mobile phone which he used 35% for both private purposes and the rest for business purposes, as shown by the phone records. The rest of the cost is for the business telephone landline.
12. TRAVEL
Includes $1,100 for a trip to Fiji on a holiday with his family. The rest was travelling for business purposes to clients and suppliers of the business.
13. WAGES
Includes holiday pay provision of $2,800. The employees all took their leave during August 2019 when the business was closed in the off season.

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  • Posted on : June 29th, 2019

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