|Bank a/c||$ 250|
|To Ms. Anderson|
(deposit received from Ms. Anderson)
|1 MelbourneDr 1BelleAv.|
ABN 11222333444 ABN 10100 100100
|Amount Description Price|
|1 wedding cake $1250|
NOTE:Theremainderneedstobepaidonthe Pick-up/delivery of the goods
|1||What did the Company receive?||Cash.|
|2||IftheCompanyreceivedcash,howwouldthisaffectthecashbalance?||Receiving cash increases the cash balance of the company.|
|3||Which Side Of Cash Account Represents The Increase In Cash?||Debitside(Leftside).|
|5||Which side of accounts receivable account represents the increase in sales?||Creditside(Rightside).|
|25th June||Cash a/c|
To unearned revenue a/c
(to record cash received as a deposit)
|25th June||Accounts receivable a/c|
To unearned revenue a/c
(to record the amount which is billed)
10*$ 100= $1000
3*$ 50= 150
25* $20= 500
5* $10= $ 50
3* $ 5= $ 15
Subtotal cash= $ 1715
|Liliana’s CakeShop||Liliana’s CakeShop|
|1 BelleSt||1 BelleSt|
|MID 24458705||MID 24458705|
|TSP 100362999945||TSP 100362999945|
|TIME 21JUN2017||TIME 21JUN2017|
|TRAN 000050CREDIT||TRAN 000050CREDIT|
|MasterCard I||MasterCard I|
|CARD………………………….. 4444||CARD………………………….. 4444|
|RID A000000000A||RID A000000000A|
|PIX 1010||PIX 1010|
|TVR 00000000000||TVR 00000000000|
|TSI E800||TSI E800|
|TC 125C79E5E33E69D8||TC 125C79E5E33E69D8|
|PURCHASE 130.00||PURCHASE 130.00|
|TOTAL 130.00||TOTAL 130.00|
|Total Summary Of Merchant Transactions||5025.00|
EFTPOS STATEMENT JOURNAL
|27th February 2022||$ 5025.00|
|CASH JOURNAL||BANK STATEMENT|
|Month June||Year2016||Month June||Year2016|
Expenses For Cakes
Expenses For Cakes
|Expenses forsakes/ sales||9|| |
Expenses For Cakes
Expenses For Cakes
|13||$33.00||$450.00||Gas bill||13||$450.00||Gas bill|
|22||$368.00||Deposit Cheque||22||$368.00||Deposit Cheque|
|Deposit forsake||28|| |
Deposit For Cake
|29||$ 250||Returned deposited||29||$250.00||Returned Deposit|
|TOTAL||$3,152||$ 1,926||TOTAL||$1226.00|| |
All debit transactions of June Month = $1308
Summary of all transactions of cash deposits = $2446
Chart Of Account ID
|200||COST OF GOODS||$ 426200|
|401||Accounting fees||$ 11700|
|408||Printing And Stationery||$ 8700|
|501||Rent For Premises||$ 74300|
|502||Vehicle Operating Costs||$ 21100|
|506||All Other Expenses||$ 14100|
|399||Liliana’s Salary||$ 102600|
8A is greater than 8B
8A = $12,500
8B – $10,000
8A is greater than 8B and the difference amount will be paid to the Australian Taxation Office, and the amount is $2500.
General Ledger Account Balance
|Reserve For Bad Debts||$100,000.00|
|Furniture And Fixtures||$150,000.00|
|Accumulated depreciation- equipment||$2,500.00|
|Sales Tax Payable||$900,000.00|
|Owner’s Drawing Account||$845,000.00|
|Sales Returns And Allowances||$150,000.00|
|Credit Card Fees Expense||$0.00|
Whatistheopeningbalanceofthe Credit Card Account?
Opening balance is $2059.97
How Much Interest Has Been Charged On Transactions?
The location of payment summary is account summary and monthly payment is $8560.17
What Is The available credit limit?
Available credit limit is $27,000
Owners ‘equity: $263,000
The dates in which the taxes will be paid are from 1st July to 30 June of the food and beverage industry, and it will be paid quarterly.
2 different accounting software are such as Intuit’s Quickbooks Online and Xero. It could be used to manage the finances within the company (Maruschak, et al., 2021).
There are different benefits that will be generated by using the software packages such as –
- It will definitely sync the financial data.
- Detailed insights will be provided.
- Simplifies the payroll of the organization.
- It will also save time.
- It promotes the data accuracy as well (Maruschak, et al., 2021).
Average cheque or average customer spending simply means the value of customers, and it calculate the number of customer spending by estimating the total number of sakes that will be divided by the given period customers.
The purpose of Profit and Loss Statement define the expenses and losses that are generated in the financial year for the specific period of the organization. All the expenses are written on the debit side as well as income will be written on the credit side.
The term cash flow defines the cash inflow as well as cash outflow from different activities including operating activities, investing activities and financing activities.
Asset is the property owned by the company and it has the regarded value, and they are available to meet debts, commitments as well as legacies.
Liability is something that is owned by the company, and it is known as the sum of the company that is mainly paid by the company for clearing their dues and debts to the creditors (Ponomareva, et al., 2018).
Owner’s equity simply means that the amount of equity that is invested by the owner of the company, and that will be taken by the business owner only from the business (Ponomareva, et al., 2018).
Formula of Balance Sheet defines that Assets = Liabilities + Equity and this formula of balance sheet is used widely in every business.
The Bank Reconciliation Statement is mainly used by the small businesses to ensure that the recorded balance of the business will be matched by the recorded balance of the bank statement, and it helps to manage as well as monitor the cash flow (Piaw, et al., 2018).
Three examples of the fixed costs of the business includes rent and lease payments, insurance of the business, salaries paid to employees, and utility bills.
Net reflects the amount of the money which is left after when all the allowable business expenses are paid. Whereas the gross profit is the amount that is left after deducting the good cost which is sold from the revenue. once correct values are known then net profit and gross profit can generate the income statement (Nariswari, &Nugraha, 2020)
Some of the actions which can be taken are-
- Cost can be reduced
- Increasing turnover
- Productivity must be increased
- Efficiency must be increased (Nariswari, Nuraghe, 2020)
Three reasons for waste collection are-
- Protects the environment
- Provide health to the population
- Can prevent air and water pollution
Due to the food wastage, there can be various impacts like-
- Financial loss
- Environmental loss
- Social damage can also occur due to the wastage (Nadeem, et al., 2019).
For the hospitality business, it is important to measure the labor costs because it is the amount for all the labor which is paid to representatives. It also shows the expenses of the worker’s benefits which are paid by the organization (Ahmed, et al., 2019).
In the business, the effect of order and too much purchase will result in a greater or higher cost which includes the warehouse and storage. There can be also losses due to shrinkage, obsolescence, and product deterioration (Alemayehu, &Tveteraas, 2020).
With the help of information, the average cheque can be calculated. It is the average of the transaction amount which is calculated by a total number of sales divided by the guest’s total number and it can be calculated on a daily, weekly, monthly, or yearly basis.
In the hotel, the term rate of occupancy means the ratio which is for the used rooms or rented rooms to the total number of rooms available. This data is important to know because it indicates the health of the business, it also helps to know the revenue which is earned per available room, and with the help of occupancy rates the overall profitability can also be generated (Alemayehu, &Tveteraas, 2020).
Some of the reasons to use these 2 reports and the value which will be added to the business are-
1) These reports will be helpful to know the clients how much is spent and for a certain time how much cash is made.
2) It will help to know how much space is needed for earning back original invents which were made and increasing the gain for the organization.
In terms of sales, some sort of the items which can be included in the sales are-
When the transaction is taken between one or two parties typically between the seller and the buyer. For the money or in terms of other assets goods and services are exchanged. In some cases, other assets are paid to the seller (Ozili, & Outa, 2019).
Commission earnings are the pay paid to an employee for sales of the services or products of their employer. Commission earning can be sales set percentage or on the sales volume, it is the flat dollar amount. Some of the common commission structures are-
Base salary+ commission
To find the commission earning rate of commission is multiplied by the total sales (Ozili, & Outa, 2019).
Accounts receivable – it shows the cash expected and which is going to be received in the future in the company.
Accounts payable – it is made for the purchase of the goods and the amount of the service from the other companies depends on the repayment method in the organization (Landrigan, et al., 2017).
The variance of the budget includes the creator’s details and the information also, the changing policy and the business conditions in the organization and the all-over changes in the economy on the global level make affect the budget.
|The budget will help the organization to make important decisions regarding the organization.||The main purpose of the budget is to show the work performance of the company.|
|The main points and the section is needed to be covered in this.||They have to cover the serious issue in the organization as a priority.|
|Expenses of the organization will come into this list as the basis of the detail.||The expenditures explain the company expense report and the value of the amount in the expenses list.|
|Working in the organization labor is known as the asset of the company (Martin-Sardesai et al., 2020).||The labor will help the company to make their work progress.|
|This is the rate that defines the company’s occupancy and the company values.||The occupancy rate will help the company to set the labor wages.|
|The goods and the materials will be purchased.||Purchasing is very important for the organization to do the production of the company.|
|This describes the company’s sales rate.||More sales provide profit to the company.|
|Th3e stock availability is important in the company for production.||The company needs stock on an emergency basis.|
|Cash and other transactions.||This describes the cash inflow and outflow.|
|The wrong transaction will appear||Mismatched in the transaction.|
|The product sold by the company will be noticed in this||The unit sold describes the company’s sales.|
|Wages of the employees of a company.||This is known as the salaries of the employees.|
|It includes the company transaction details.|
|It is the draft report of the ledger to recheck the ledger records.|
|The daily transaction in the organization will be recorded in this.|
|The transaction describes the company’s daily work reports and the routine in the market.|
|This is known as the proof of the company details and the transaction to maintain according to the record demand of the company.|
|It is known as the payment of the money and fund (Landrigan, et al., 2017).|
|Debtors are those in the company that owes the money.|
|An invoice is known as a commercial document that is shown the transaction between the buyers and sellers.|
|Creditors are a person to which money is owing.|
|it is made for the purchase of the goods and the amount of the service from the other companies depends on the repayment method in the organization (Martin-Sardesai et al., 2020).|
|This shows the company’s cash flow on the daily basis in the organization.|
The charts of accounts describe the various types of accounts in the company and their transaction details.
Bank reconciliation – it helps the organization to get fund.
Vendors reconciliation- This helps the company to do business.
This is important because it helps the organization get funds and loans from the banking sector to the organization.
Fixed cost is known as the cost which is fixed in the company and wit cannot be changed over time.
These are the cost that can be changed and fluctuated according to the market condition and company demand.
Double entry in accounting is also called the entry of the bookkeeping is the accounting system that requires every business transaction and event to be recorded by at least two accounts.
Debits in the double-entry accounting system that is mentioned on the left-hand side and that is increased the liability and the accounting liability or the equity account.
Double-entry refers to the use of an accounting asset which is also known as the summation of liabilities and equity. in this process, the T stands for the transaction details of the organization and the transaction details.
accrual-based method- this method includes and contains all the details reported on the income statement when they are earned and this also, includes the income statement of the company and the revenue which is earned by the organization but the cash which is not received yet (Benson, et al., 2015).
The types of business that is suited to this are:
cash-based accounting method- this method is known as the method of accounting and the transaction of cash is included in the method as the process of the accounting system. There are all the expenses recorded in this transaction or the method.
The key information in the profit and the loss stamen of the balance sheet describes the current proof of the organization and then the GST and the tax amount that is going to be deducted from the profit of the company because these are the expenses of the organization. if the company receives the minus amount after deducting the tax and the GST amount from the net profit then this will indicate the loss of the company rather than profit (Benson, et al., 2015).
According to the details, the current term of the GST and the current rate of the GST in Australia is 10% on all the goods and services and the other items that are sold or consumed in Australia.
According to the scenario the financial management information will be managed in this section as they choose the 3 meal course option and based on the course should be maintained of medium level (Adhana, 2015).
As the manager, I must explain to the staff to prepare only a 3-course meal and handle the materials rescues in food.
The sales performance will help the organization to take the ideas and based on the report the company make and take the important decision regarding the new product sales in the market (Adhana, 2015).
Adhana, D. (2015). Goods and services tax (GST): A panacea for Indian economy. International Journal of Engineering and Management Research, 5(4). https://www.researchgate.net/profile/Deepak-Adhana/publication/336050010_Goods_and_Service_Tax_GST_A_Game_Changer_for_Indian_Economy/links/60a8b48092851ca9dcd6eb3a/Goods-and-Service-Tax-GST-A-Game-Changer-for-Indian-Economy.pdf
Alemayehu, F. K., &Tveteraas, S. L. (2020). Long-run labour flexibility in hospitality: A dynamic common correlated effects approach. Tourism Economics, 26(4), 704-718.
Benson, K., Clarkson, P. M., Smith, T., &Tutticci, I. (2015). A review of accounting research in the Asia Pacific region. Australian Journal of Management, 40(1), 36-88. A-review-of-accounting-research-in-the-Asia-Pacific-Region.pdf (researchgate.net)
Landrigan, T. J., Kerr, D. A., Dhaliwal, S. S., Savage, V., & Pollard, C. M. (2017). Removing the Australian tax exemption on healthy food adds food stress to families vulnerable to poor nutrition. Australian and New Zealand Journal of Public Health, 41(6), 591-597. Removing the Australian tax exemption on healthy food adds food stress to families vulnerable to poor nutrition – Landrigan – 2017 – Australian and New Zealand Journal of Public Health – Wiley Online Library
Martin-Sardesai, A., Guthrie, J., & Tucker, B. P. (2020). What you see depends on where you look: performance measurement of Australian accounting academics. Accounting, Auditing & Accountability Journal. AAAJ-08-2019-4133_proof 1..26 (researchgate.net)
Maruschak, L. (2021). Accounting Software in Modern Business. Advances in Science, Technology and Engineering Systems, 6(1), 863.
Nadeem, M., Suleman, T., & Ahmed, A. (2019). Women on boards, firm risk and the profitability nexus: Does gender diversity moderate the risk and return relationship?. International Review of Economics & Finance, 64, 427-442.
Nariswari, T. N., &Nugraha, N. M. (2020). Profit growth: impact of net profit margin, gross profit margin and total assests turnover. International Journal of Finance & Banking Studies (2147-4486), 9(4), 87-96.
Ozili, P. K., & Outa, E. (2019). Bank earnings management using commission and fee income: The role of investor protection and economic fluctuation. Journal of Applied Accounting Research.
Piaw, L. L. T., Anuar, W. B., Jaya, N. B., & Yunus, M. S. B. (2018). The Beam Balance Technique: A New Way in Teaching and Learning Bank Reconciliation Statement. INNOVATION FOR SUSTAINABLE GROWTH, 20.
Ponomareva, S. V., &Zheleznova, I. V. (2018, May). Intrafirm planning and mathematical modeling of owner’s equity in industrial enterprises. In Journal of Physics: Conference Series (Vol. 1015, No. 3, p. 032106). IOP Publishing.
Rusdiyanto, R., Agustia, D., Soetedjo, S., Septiarini, D. F., Sulistyorini, S., Elan, U., … & Rahayu, D. I. (2019). Effects of Sales, Receivables Turnover, and Cash Flow on Liquidity.
Saraswati, N., & Mukhlis, I. (2018). The influence of debit card, credit card, and e-money transactions toward currency demand in indonesia. Quantitative Economics Research, 1(2), 87-94.
Setyawati, I., & Amelia, R. (2018). The role of current ratio, operating cash flow and inflation rate in predicting financial distress: Indonesia Stock Exchange. JDM (Jurnal Dinamika Manajemen), 9(2), 140-148.