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Assignment Task
 


Instructions:
The assignment consists two questions and you are required to answer both questions.
Show all workings.
The assignment is a team effort, must be processed in word document format (no other format will be accepted, excel format will not be accepted) and moodle submitted on or before 12 noon 30 October 2021.
Each team comprises of 3 students and must only make one submission. Please state the names and students’ ID numbers of all members of the team in the submission.
Please ensure that your assignment is formatted in proper manner to enable printing of the document.
A penalty will be deducted on assignments submitted within the first hour after 12 noon 30 October 2021.
Assignments submitted after 1 pm 30 October 2021 will not be accepted and will be awarded 0 marks.
Please note that your submitted assignment will be processed by the Turn-it-in programme to detect any plagiarism. Any issues of plagiarism will be taken up for Disciplinary Action and the student(s) affected may receive a zero mark for the assignment and/or receive a fail grade for the paper.

Question 1
Jax Limited is GST registered company and has chosen the invoice basis for the two monthly GST taxable period ending 31 March 2021. The company is involved in several business activities including: purchase and sales of goods and services both in New Zealand and overseas; land transactions; property investments; and other business activities. The details of the company are as follows:
Name of Company: Jax Limited
Postal Address: 40, Grey Street, Hamilton
GST Registration: 116-482-586
Bank Details: Bank ABC No. 03-0787-050419755-00
The following is for the current two monthly taxable period ended 31 March 2021:
Appendix A: List of credit transactions
Appendix B: Bank Ledger Account
Appendix C: Additional information
Required:
Prepare the following records which can be used as a basis for preparing GST returns for the two monthly taxable period ended 31 March 2021 (Customers’ and Vendors’ details not required):
Sales Journal
Sales Returns Journal
Purchases Journal
Purchases Returns Journal
Prepare the GST Adjustment Calculations Sheet IR 372. You are required to prepare detail workings to support each item of GST adjustments for the taxable period ended 31 March 2021. Please note that you may lose marks if the relevant items in IR 372 are not supported by workings.
Prepare the Goods and Services Tax Return GST 101A. You are required to prepare detail workings to support each item (or box) in the GST 101A Return for the taxable period ended 31 March 2021. Please note that you may lose marks if the items in the GST 101A Return are not supported by workings.

Appendix A
Date Reference Transaction Amount $
2 Feb. Invoice AO1010 Credit Sales (GST Exclusive) 4,950.00
2 Feb. Invoice AO1011 Credit Sales (GST Exclusive) 12,375.00
2 Feb. Credit Note 99 Sales Returns (GST Inclusive) Invoice AO1010 1,897.50
2 Feb. Invoice ABC 6641 Credit Purchases (GST Exclusive) 24,750.00
2 Feb. Invoice AO1012 Credit Sales (GST Exclusive) 14,850.00
3 Feb. Credit Note 6441 Purchases Returns (GST inclusive) Invoice RSQ481 1,518.00
3 Feb. Invoice AOE321 Export Sales (GST Exclusive) 19,800.00
3 Feb. Invoice XYZ 3363 Credit Purchases (GST exclusive) 14,850.00
5 Feb. Invoice AOE322 Export Sales (GST Exclusive) 123,750.00
5 Feb. Invoice CHI4988 Import Supplies (GST exclusive) 94,050.00
5 Feb. Invoice AO1014 Credit Sales (GST Exclusive) 29,700.00
6 Feb. Invoice AO1015 Credit Sales (GST Exclusive) 56,925.00
7 Feb. Invoice AOE323 Export Sales 44,550.00
7 Feb. Credit Note 100 Sales Returns (GST Inclusive) Invoice AO1012 11,385.00
7 Feb. Invoice AO1016 Credit Sales (GST Exclusive) 12,375.00
8 Feb. Invoice MNP5318 Credit Purchases (GST Exclusive) 47,025.00
10 Feb. Invoice AO1017 Credit Sales (GST Exclusive) 17,325.00
11 Feb. Invoice AO1018 Credit Sales (GST Exclusive) 11,880.00
12 Feb. Credit Note 101 Sales Returns (GST Inclusive) Invoice AO1015 23,908.50
12 Feb. Invoice AO1019 Credit Sales (GST Exclusive) 17,820.00
13 Feb. Credit Note 2108 Purchases Returns (GST inclusive) Invoice VVW2108 13,662.00
14 Feb. Invoice AOE324 Export Sales 59,400.00
14 Feb. Invoice AO1020 Credit Sales (GST Exclusive) 14,850.00
15 Feb. Invoice AO1021 Credit Sales (GST Exclusive) 8,910.00
15 Feb. Invoice IND8344 Import Supplies (GST exclusive) 26,730.00
17 Feb. Credit Note 102 Sales Returns (GST Inclusive) Invoice AO1020 3,415.50
17 Feb. Invoice AO1022 Credit Sales (GST Exclusive) 14,850.00
19 Feb. Invoice AOE325 Export Sales 86,130.00
19 Feb. Invoice AO1023 Credit Sales (GST Exclusive) 6,831.00
21 Feb. Invoice KKL2346 Credit Purchases (GST Exclusive) 77,550.00
21 Feb. Credit Note 103 Sales Returns Invoice AOE324 45,375.00
21 Feb. Invoice AO1024 Credit Sales (GST Exclusive) 33,000.00
21 Feb. Credit Note 104 Sales Returns AOE325 37,125.00
22 Feb. Invoice AO1025 Credit Sales (GST Exclusive) 34,650.00
23 Feb. Invoice AO1026 Credit Sales (GST Exclusive) 19,800.00
23 Feb. Credit Note 1242 Purchases Returns (GST inclusive) Invoice CCD1115 23,718.75
25 Feb. Credit Note 105 Sales Returns (GST Inclusive) Invoice AO1025 10,929.60
25 Feb. Invoice AO1027 Credit Sales (GST Exclusive) 36,300.00
25 Feb. Invoice US4180 Import Supplies (GST exclusive) 74,250.00
26 Feb. Invoice AOE326 Export Sales 37,125.00
27 Feb. Invoice AOE327 Export Sales 41,250.00
27 Feb. Credit Note 106 Sales Returns (GST Inclusive) Invoice AO1027 9,487.50
28 Feb. Invoice AO1028 Credit Sales (GST Exclusive) 16,500.00
28 Feb. Invoice KKM9928 Credit Purchase (GST exclusive) 10,725.00
Appendix A (continued)
Date Reference Transaction Amount $
28 Feb. Invoice ZZX3448 Credit Purchases (GST Exclusive) 33,000.00
28 Feb. Invoice AOE328 Export Sales 37,950.00
3 Mac. Invoice JJJ2255 Credit Purchases (GST Exclusive) 19,800.00
7 Mac Credit Note 107 Correction of Sales billing (GST exclusive) Invoice AO1028 3,300.00
11 Mac Credit Note 8122 Purchases Returns (GST inclusive) Invoice JJJ2255 5,692.50
13 Mac Invoice AO1029 Credit Sales (GST Exclusive) 22,687.50
15 Mac Debit Note 481 Correction of Sales Billing Invoice AOE328 7,134.60
19 Mac Invoice POT512 Credit Purchases (GST Exclusive) 11,088.00
20 Mac Invoice AO1030 Credit Sales (GST Exclusive) 24,816.00
21 Mac Credit Note 108 Sales Returns (GST Inclusive) Invoice AO1029 4,250.40
23 Mac Invoice SSA333 Credit Purchases (GST Exclusive) 8,448.00
24 Mac Invoice AO1031 Credit Sales (GST Exclusive) 14,784.00
25 Mac Invoice AO1032 Credit Sales (GST Exclusive) 12,936.00
25 Mac Invoice AO1033 Credit Sales (GST Exclusive) 14,375.00
26 Mac Invoice AOE329 Export Sales 18,136.80
27 Mac Credit Note 888 Purchases Returns (GST inclusive) Invoice GGF100 12,751.20
28 Mac Invoice DDA26 Credit Purchases (GST Exclusive) 13,200.00
31 Mac Credit Note 109 Sales Returns (GST Inclusive) Invoice AO1032 6,072.00
31 Mac Credit Note VV4 Purchases Returns (GST inclusive) Invoice CAL36 3,643.20
31 Mac Invoice AOE330 Export Sales 24,288.00

Appendix B
Date Details Debit ($) Credit ($) Balance ($)
1/2 Balance b/d   59,400.00
28/2 Cash Sales 113,850.00 173,250.00
28/2 Trade Debtors NZ 246,675.00 419,925.00
28/2 Trade Debtors Exports 354,718.65 774,643.65
28/2 Government Wage Subsidies (Note 6) 166,031.25 940,674.90
28/2 Rent on Residential Property 49,486.80 990,161.70
28/2 Lay By Sales (Note 27) 13,282.50 1,003,444.20
28/2 Internet sales overseas buyers 123,261.60 1,126,705.80
28/2 Bank interest on term deposits 10,436.25 1,137,142.05
28/2 Professional services overseas 72,105.00 1,209,247.05
28/2 Internet Sales to New Zealand Customers 18,975.00 1,228,222.05
28/2 Professional services (Note 9) 11,536.80 1,239,758.85
28/2 Bank Charges 28,766.10 1,210,992.75
28/2 Maintenance 37,191.00 1,173,801.75
28/2 Office Rent (Note 5) 31,878.00 1,141,923.75
28/2 Electricity 6,072.00 1,135,851.75
28/2 Cash Purchases 88,233.75 1,047,618.00
28/2 Trade Creditors NZ 78,822.15 968,795.85
28/2 Trade Creditors Imports 74,002.50 894,793.35
28/2 Telephone and Broadband 2,960.10 891,833.25
28/2 Salaries 21,252.00 870,581.25
28/2 PAYE IRD 7,020.75 863,560.50
28/2 Bank Interest 9,867.00 853,693.50
28/2 Stationary 3,795.00 849,898.50
28/2 Loan Repayment 42,900.00 806,998.50
28/2 Motor vehicle expenses 2,428.80 804,569.70
28/2 Entertainment expenses (Note 11) 45,729.75 758,839.95
28/2 Bank interest 19,354.50 739,485.45
28/2 Motor Vehicle (Note 12) 64,515.00 674,970.45
28/2 Insurance on vehicles 22,390.50 652,579.95
1/3 Balance b/d 652,579.95
31/3 SAFE Insurance (Note 17) 7,590.00 660,169.95
31/3 International development grants (Note 7) 190,281.30 850,451.25
31/3 Cash Sales 125,424.75 975,876.00
31/3 Trade Debtors NZ 96,772.50 1,072,648.50
31/3 Trade Debtors Exports 236,883.90 1,309,532.40
31/3 Rent on Residential Property 49,486.80 1,359,019.20
31/3 Internet sales overseas buyers 84,666.45 1,443,685.65
31/3 Bank interest on term deposits 11,498.85 1,455,184.50
31/3 Professional services overseas 96,127.35 1,551,311.85
31/3 Internet Sales to New Zealand Customers 141,895.05 1,693,206.90
Appendix B continued
Date Details Debit ($) Credit ($) Balance ($)
31/3 Penalty interest on late payment of income taxes 48,158.55
1,645,048.35
31/3 Trade payment (Note 32) 20,113.50 1,665,161.85
31/3 Computer Equipment (Note 10) 30,549.75 1,634,612.10
31/3 Legal Fees (Note 18) 12,144.00 1,622,468.10
31/3 Infringement fees issued by Hamilton City Council 21,252.00 1,601,216.10
31/3 Dishonored cheque (Note 24) 25,881.90 1,575,334.20
31/3 Donation (Note 8) 35,748.90 1,539,585.30
31/3 Entertainment Expenses
(Note 11) 31,802.10 1,507,783.20
31/3 Branch Operations (Note 19) 81,364.80
1,589,148.00
Appendix C
All imported supplies are used for taxable activities.
The company has obtained approval form the Commissioner of IRD to use the payment basis for two monthly taxable periods commencing 1 April 2021.
The following sales invoices have not been settled as at 31 March 2021:
Invoice AO846 $18,150 (GST Exclusive)
Invoice AO953 $9,240 (GST Exclusive)
Invoice AO997 $14,718 (GST Exclusive)
Invoice AO1031 $14,784 (GST Exclusive)
Invoice AO1033 $14,375 (GST Exclusive)
Invoice AOE328 $45,084.60
The following purchases invoices have not been settled:
Invoice CAN 2218 $9,718.50 (GST Exclusive)
Invoice DDA 26 $13,200 (GST Exclusive)
Invoice US4180 $74,250 (GST Exclusive)
Invoice SSA333 $8,448 (GST Exclusive)
Invoice POT512 $11,088 (GST Exclusive)
Rent paid $31,878 for the period 1 March 2021 to 28 February 2022
Government wage subsidies amounting to $166,031.25 is not in relation to the Covid-19 wage subsidy
$85,387.50 of the development grant relates to administration and activities to improve the company’s business in New Zealand.

    


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