# Assessment T-1.8.1 Finance 1 Assessment Task 1, v1.0 Last updated on 15/05/2017 Page 1 Details of Assessment Term and Year Time allowed 2 weeks Assessment No Assessment 1 Assessment Weighting 50%...

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## Answer To: Assessment T-1.8.1 Finance 1 Assessment Task 1, v1.0 Last updated on 15/05/2017 Page 1 Details of...

Pulkit answered on Mar 04 2020
An asset is anything that can provide future economic benefit to the business and which is owned by the business whereas a liability is an obligation on the business which has to be settled by the business in cash or otherwise.
Bank statement is a statement issued by the bank with which a business maintains its account. Bank statement contains all the details of deposits and with-drawls which have been done
from the bank account by the business. The banking transactions as recorded in the books of accounts of the company are compared to that as stated in bank statement and the discrepancies if any can be find out.
GST stands for Goods and Services Tax. This is a tax levied by the government on supply of goods and services. This tax is collected by the seller of goods or services from the customer and deposited to the government. This incidence of this is borne by the end customer ultimately.
Calculation of GST:
When Price is exclusive of GST:
Suppose Selling Price (Exclusive) is \$100
GST rate is 5%
GST is then calculated by multiplying the GST rate to the GST Exclusive selling price.
Here, GST = \$100 * 5% = \$5
When Price is inclusive of GST:
Suppose Selling Price (Inclusive) is \$105
GST rate is 5%
GST is then calculated by grossing up the GST Inclusive selling price.
Thus, GST = (\$105 / (100+5)) * 5 = \$5
The difference between cash and accrual basis of accounting is majorly of the timing when the revenues and expenditures in both these are recognized. Cash accounting is based on the inflows and outflows of cash. As and when the actual inflow or outflow of cash takes place, the expenditures or the revenues are recognized. Whereas in accrual method revenues are recognized when they are earned and expenditures are booked when they are incu
ed i
espective of the actual flow.
a. General Ledger: The set of numbered accounts that a business maintain to keep record of its transactions is called General Ledger.
. Chart of Accounts: The chart showing list of all the accounts which are there is general ledger is Chart of accounts.
c. Journals: These are the books of original entry that keep record of transactions in a chronological order.
d. Double entry accounting: This is a system of accounting where each transaction affects two accounts. One of them is credited and the other is debited.
Part 1
CASH RECEIPTS OF THE RESORT

Day
Description
Bank
Bank Date
Reconclied

1
Days takings - food
\$764.00
2
Yes

Days takings - beverage
\$1,375.00
2
Yes

3
Days takings - beverage
\$5,000.00
6
Yes

7
Days takings - food
\$6,400.00
8
Yes

10
Takings - Accommodation
\$10,125.00
18
Yes

17
Takings - Accommodation
\$3,775.00
10
Yes

Days takings - beverage
\$1,045.00
15
Yes

21
Days takings - food
\$4,675.00
27
Yes

25
Days takings - food
\$4,880.00
30
Yes

31
Days takings - beverage
\$6,500.00

No

31
Balance
d
\$5,544.00

TTOTAL
\$50,083.00

CASH PAYMENTS OF THE RESORT

Date
Chq
Payee
Details
Bank
Bank Date
Reconclied

No

1/7/XX
1101
No Spots
Laundry
\$1,000.00
6
Yes

1102
One Stop
Purchases
\$4,150.00
11
Yes

Food
- Food

3/7/XX
1103
Cash
Wages
\$2,625.00
3
Yes

Wages

7/7/XX
1104
Integra
Electricity
\$315.00
19
Yes

Energy

10/7/XX
1105
Cash
Weekly
\$2,625.00
30
Yes

Wages
Wages

14/7/XX
1106
Cowan
Purchase
\$1,750.00
30
Yes

Comps
of new

compute

17/7/XX
1107
Cash
Weekly
\$2,625.00
10
Yes

Wages
Wages

22/7/XX
1108
Finley
Purchases
\$4,750.00...
SOLUTION.PDF

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