FNSACC601 - Task 4 – Business Income and Trading Stock

Task 4 – Business Income and Trading Stock

Peta Perfect conducts a small business but chooses not to take advantage of the small business concessions. Her bank statement showed the following transactions for the year ended 30 June 2018:-

General Ledger balances are as follows:-

 Note: Peta purchased $300,000 worth of trading stock during the year.

Required:

Calculate the Taxable Income of Peta Perfect under the accruals basis for the year ended 30 June 2018.