conditions: This is an individual assessment task (not a group assessment task).
Complete the 4 questions given below. A total of 50 marks are allocated to the questions below, which will then be converted to a mark out of 20%.
All workings, where appropriate, must be shown to substantiate your answers.
Question 1 [15 marks]
Retail operations and retail inventory
‘Little Red Riding’ began business on 1 June 2019. The business is a partnership, between Mr Wheeler and Mrs Wheeler. The business will sell children’s bicycles at the local markets. The business is not registered for GST. The following transactions occurred during June 2019: