Demonstrate the ability to record revenue and expenses

Reference no: EM132142997

Performance objective

You will demonstrate the ability to record revenue and expenses and complete a BAS (Business Activity)statement, taking advantage of GST credits in accordance with statutory requirements.

Assessment description

Using the scenario information supplied, you will identify source documents, record revenue and expense transactions, fill in and prepare to submit a BAS statement in accordance with statutory requirements.

Procedure
1. Read the scenario provided.
2. Identify the relevant information from the two invoices provided, and record the financial data in appropriate journals, accounting for GST liabilities.
3. Identify information from the MYOB reports relevant to preparinga BAS statement.
4. Complete the BAS worksheet provided.
5. Download the appropriate BAS sample form from the ATO - showing quarterly options for payment.
6. Complete the BAS statement form (only fill in fields where data is required and available), including:
a. PAYG tax withheld (W1, W2andW5)
b. GST requirements (using Option 1) G1, G2, G10 andG11
c. Summary
d. Payment or refund?
7. Submit all documents to your assessor as per specifications below. Ensure you keep a copy of all work submitted for your records.

Specifications
You must submit:
- Sales Journal entries
- Purchases Journal entries
- BAS calculation worksheet
- BAS statement (required fields only).
Your assessor will be looking for:
- completed Sales Journal and Purchases Journal with GST accounted for
- completed BAS statement with GST credits accounted for.

Attachment:- Assessment-Task.rar

Reference no: EM132142997

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