THIS QUESTION REQUIRES AN ESSAY STYLE ANSWER Bong Bong sells…
Question Answered step-by-step THIS QUESTION REQUIRES AN ESSAY STYLE ANSWER Bong Bong sells… THIS QUESTION REQUIRES AN ESSAY STYLE ANSWERBong Bong sells computers in a shop in Strathfield which is his own business. He has a range of computers and accessories available for customers to purchase and was happy to be open whenever the Covid restrictions were relaxed. Customers pay at the counter before they are allowed to take their purchases. His sales for the year ending 30th June 2021 were $3,500,000During the year ended 30th June 2021 purchases of computers were $1,500,000 and at 30th June 2021 stock on hand was $600,000. His closing stock for the year ended 30th June 2020 was $300,000. He used cost to value the trading stock.His other expenses in running the business was $350,000Explain the rules applicable to trading stock and calculate the income he should declare in relation to the facts as stated above for the year ending 30th June 2021The answer must include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law and give reasons Law Social Science Tax law TAX LAW ACC301 Share QuestionEmailCopy link Comments (0)
