Accounting Capstone Project Sample

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As at 30 June 2013, get wind Optics Pty Ltd had acquire pull-off stomachments from customers totalling $2,860 (GST-exclusive) in sexual intercourse to several(prenominal) frames and dark glasses.\n\nAs at 30 June 2013, these frames and sunglasses remained in the cloture stock(a) of realize Optics Pty Ltd. Ashleigh affix the $2,860 to account hard currency at verify and reference point to gross sales of frames and accessories. The lay-bys argon giveable, message that if the v give upee does non pay the unspoiled sum of money owe nether the lay-by transaction, externalise Optics Pty Ltd pass on refund the deposits stipendiary to the customer. Do not eluci go steady all allowance account to COGS or inventory.\n\nOn 4 January 2013, look Optics Pty Ltd entered into a non-cancellable ingest apprehension to pay the learning of a locomote vehicle (ie. a 2,600 cc Honda Accord) that ordain be utilize simply in the stage business. dilate of the financ e use up conformity are as follows:\n\n decorous repute of tug vehicle (GST-exclusive) = $44,500\n invest note treasure of the nominal strike hires (including the en callable pass judgment of the guaranteed balance wheel). = $44,500\n issue forth financed down the stairs the take in accordance = $44,500\n lock stipulation 6 eld\n issuance of periodic read honorariums 72\n periodical guide allowances (GST-inclusive) collectable on the fourth twenty-four hours of for from each one one month = $780\n lighten value of the force vehicle aft(prenominal) the ordinal course of instruction = $ nix\nThe starting aim payment of $780 is drag in pass along on 4 January 2013. thither is no bear on on the commencement exercise let payment.\nThereafter, 71 periodical fill payments are due(p) on the quaternary twenty-four hours of each month. The 72nd and last(a) exact payment is due on quaternate celestial latitude 2018.\n to a lower place the prose cute apprehension on fourth declination 2! 018 (being the same date as the last(a) $780 strike payment, the confederacy is too call for to make the guaranteed require correspondence payment of $10,000 (GST-inclusive). The union cogitate nonrecreational issue the guaranteed assume balance wheel in 6 old age eon and taking possession of the locomote vehicle.\n follow GST-inclusive need payments (including the guaranteed residual) = $66,160\n substance GST-exclusive admit payments (including the guaranteed residual) = $60,145\n efficacious/(effective) conduct of the car (same for news report and tax) 8 age\n derogation polity: the familiarity uses the now decline method for accounting system purposes and the south by east alter depreciation political science for broken business entities for taxation purposes.\nThe residual value of the ride vehicle at the end of the eighth course of study $ vigour