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SITXFIN002

Assessment 1. 3

Task 1. 3

Task 2. 3

Task 3. 3

Task 4. 4

Task 5. 4

Task 6. 5

Task 7. 6

Task 8. 7

Task 9. 7

Task 10. 8

Task 11. 8

Task 12. 9

Task 13. 9

Assessment 2. 10

Assessment 1

Task 1

Journal entry

Particulars Debit Credit
Bank a/c$ 250
To Ms. Anderson

(deposit received from Ms. Anderson)

$ 250

 

Task 2

 

Invoiceto :

MS Anderson

From:

Amiconi CakeShop

1 MelbourneDr                                                                              1BelleAv.

2000Sydney                                                                                   3000Melbourne

ABN 11222333444                                                                         ABN 10100 100100

 

Date                                               25/06/2017

Amount       Description                                      Price
1          wedding cake   $1250
TOTAL                 $1250
$250$250
$1000$1000
 

NOTE:Theremainderneedstobepaidonthe Pick-up/delivery of the goods

 

Task 3

 

StepsSelf-QuestionsAnswers
1What did the Company receive?Cash.
2IftheCompanyreceivedcash,howwouldthisaffectthecashbalance?Receiving cash increases the cash balance of the company.
3Which Side Of Cash Account Represents The Increase In Cash?Debitside(Leftside).
4Whatistheaccountnametorecordthesalesofproducts?Accounts Receivable
5Which side of accounts receivable account represents the increase in sales?Creditside(Rightside).
6Doesthesumofdebitsideamountsequaltothesumofcreditside amounts?

Inotherwords,doesthisjournalentrybalance?

Yes.

e.g$120=$120

 

 

CASH JOURNAL

 

DateDescriptionDebitCredit
25th JuneCash a/c

To unearned revenue a/c

(to record cash received as a deposit)

$250 

$250

 

 

 

ACCOUNTS RECEIVABLE

 

DateDescriptionDebitCredit
25th JuneAccounts receivable a/c

To unearned revenue a/c

(to record the amount which is billed)

$1000 

$1000

 

 

Task 4

 

Answer 4

Date= 13-3-2019

Notes

10*$ 100= $1000

3*$ 50= 150

Coins

25* $20= 500

5* $10= $ 50

3* $ 5= $ 15

Subtotal cash= $ 1715

Task 5

 

Liliana’s CakeShopLiliana’s CakeShop
1 BelleSt1 BelleSt
Melbourne3000Melbourne3000
3942855500039428555000
MID                                    24458705MID                                    24458705
TSP                              100362999945TSP                              100362999945
TIME                               21JUN2017TIME                               21JUN2017
TRAN                         000050CREDITTRAN                          000050CREDIT
MasterCardMasterCard
MasterCard                                             IMasterCard                                       I
CARD………………………….. 4444CARD………………………….. 4444
RID                               A000000000ARID                               A000000000A
PIX                                               1010PIX                                               1010
TVR                               00000000000TVR                               00000000000
TSI                                               E800TSI                                               E800
TC                             125C79E5E33E69D8TC                       125C79E5E33E69D8
PURCHASE                       130.00PURCHASE                            130.00
TOTAL                                130.00TOTAL                           130.00
 

APPROVED

Customer Copy

 

APPROVED

Merchant Copy

 

Task 6

 

DescriptionAmount$
Deposit500
Deposit750
Balance Paid1200
Balance Paid1500
Cake250
Cake375
Cake450
Total Summary Of Merchant Transactions5025.00

 

 

 

 

 

DATE

 

EFTPOS STATEMENT JOURNAL

DEBITCREDIT
27th February 2022$ 5025.00

 

Task 7

 

CASH JOURNALBANK STATEMENT
Month JuneYear2016Month JuneYear2016
DayCREDITDEBITDESCRIPTIONDayCREDITDEBITDESCRIPTION
11
2$65.00Sales2
3$33.00Sales3
4$33.00Sales4$131.00Cash deposite
55
6$85.00Sales6
7 

$199.00

 

$362.00

Expenses for

Cakes/ sales

7 

$362.00

 

Expenses For Cakes

8 

$365.00

 

$111.00

Expenses For

cakes/ sales

8 

$111.00

 

Expenses For Cakes

9 

$30.00

 

$300.00

Expenses forsakes/ sales9 

$300.00

 

Expenses For Cakes

10 

$95.00

 

$80.00

Expenses for

cakes/ sales

10 

$80.00

 

Expenses For Cakes

11$420.00Sales11$1,194.00Cash Deposit
1212
13$33.00$450.00Gas bill13$450.00Gas bill
14$222.0014
15$45.0015
16$35.0016
17$66.0017$401.00Cash Deposit
18$ 5Bankfees18$5.00Bankfees
1919
20$22.0020
21$66.0021$88.00Cheque Deposit
22$368.00Deposit Cheque22$368.00Deposit Cheque
23Unrepresented

cheque

23 

$368.00

Unpresented

cheque

24$123.0024
25$211.0025$334.00Cash Deposit
26$48.0026$48.00Cash deposit
27$126.0027
28 

$250.00

Deposit forsake28 

$250.00

 

Deposit For Cake

29$ 250Returned deposited29$250.00Returned Deposit
30$212.0030$338.00Cash Deposit
TOTAL$3,152        $ 1,926TOTAL$1226.00 

 

 

Task 8

 

All debit transactions of June Month = $1308

 

Summary of all transactions of cash deposits = $2446

 

Task 9

 

 

Chart Of Account ID

 

100

 

 

 

 

TOTAL REVENUE

 

 

 

 

$                                                                           1000000

200COST OF GOODS$                                                                             426200
GROSSPROFIT$573,800
EXPENSES:
401Accounting fees$                                                                               11700
404Electricity$                                                                                  2700
405Insurance$                                                                               15200
407Postage$                                                                                  1500
408Printing And Stationery$                                                                                  8700
501Rent For Premises$                                                                               74300
502Vehicle Operating Costs$                                                                               21100
506All Other Expenses$                                                                               14100
300LABOUR$                                                                             225000
399Liliana’s Salary$                                                                             102600
LessTOTAL EXPENSES$476,900
EqualsNET PROFIT$96,900

 

Task 10

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.

 

Task 11

Trial Balance

 

30/06/2017

 

General Ledger Account Balance

 

AccountName                                                                       Debit        

 

 

 

              Credit             

Petty cash
Reserve For Bad Debts$100,000.00
Inventory$2,500.00
Furniture And Fixtures$150,000.00
Accumulateddepreciation-furnitureandfixtures$150,000.00
Equipment$2,500.00
Accumulated depreciation- equipment$2,500.00
Goodwill$101,000.00
Sales Tax Payable$900,000.00
Owner’s equity$100,000.00
Owner’s Drawing Account$845,000.00
Sales$450,000.00
Revenues$350,000.00
Sales Returns And Allowances$150,000.00
Purchases$450,000.00
Bank charges$0.00
Credit Card Fees Expense$0.00
Insurance$19,000.00
Miscellaneous$70,000.00
Payroll taxes$6,500.00
Telephone$10,000.00
Travel$15,000.00
Utilities$35,000.00
Vehicle expenses$58,000.00
Wages$135,500
Totals$1917,000$20,52,500
Difference$135,500

 

Task 12

Whatistheopeningbalanceofthe Credit Card Account?

 

Opening balance is $2059.97

Whatisthetotalamountofthe monthlytransactions?

 

$700.00

 

How Much Interest Has Been Charged On Transactions?

 

$27.28

 

Locatethepaymentsummaryandlisttheminimummonthlypayment.

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

 

Task 13

BALANCE SHEET
ASSETS$LIABILITIES$
Cash$25,000Creditors$12,000
Building$250,000Owner’s equity$263,000
 

TOTAL

$275,000 

TOTAL

$275,000

 

 

Owners ‘equity: $263,000

 

Assessment 2

Question 1

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.

Question 2

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).

Question 3

There are different benefits that will be generated by using the software packages such as –

  1. It will definitely sync the financial data.
  2. Detailed insights will be provided.
  3. Simplifies the payroll of the organization.
  4. It will also save time.
  5. It promotes the data accuracy as well (Maruschak, et al., 2021).

Question 4

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.

Question 5

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.

Question 6

The term cash flow defines the cash inflow as well as cash outflow from different activities including operating activities, investing activities and financing activities.

Question 7

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.

Question 8

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).

Question 9

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).

Question 10

Formula of Balance Sheet defines that Assets = Liabilities + Equity and this formula of balance sheet is used widely in every business.

Question 11

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).

Question 12

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.

Question 13

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)

Question 14

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)

 

Question 15

 

Weekly: payrolls

 

Daily: transaction

 

Monthly: rent

 

Question 16

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).

 

Question 17

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).

Question 18

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).

Question 19

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.

Question 20

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).

Question 21

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.

Question 22

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).

Question 23

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).

Question 24

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).

Question 25

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.

Question 26

FinancialreportDefinitionPurpose
 

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.
 

Covers

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.
 

Expenditure

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.
 

 

Labour

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.
 

 

 

Occupancyrate

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.
 

 

 

Purchases

The goods and the materials will be purchased.Purchasing is very important for the organization to do the production of the company.
 

 

 

Sales

This describes the company’s sales rate.More sales provide profit to the company.
 

 

 

Stock

Th3e stock availability is important in the company for production.The company needs stock on an emergency basis.

 

 

 

 

Transaction

Cash and other transactions.This describes the cash inflow and outflow.
 

 

 

Transaction exempted

The wrong transaction will appearMismatched in the transaction.
 

 

 

Unit sold

The product sold by the company will be noticed in thisThe unit sold describes the company’s sales.
 

 

 

 

Wages

Wages of the employees of a company.This is known as the salaries of the employees.

 

Question 27

 

Ledger

It includes the company transaction details.
 

 

Subsidiary ledger

It is the draft report of the ledger to recheck the ledger records.
 

 

Journal

The daily transaction in the organization will be recorded in this.

 

Question 28

 

 

Transactions

The transaction describes the company’s daily work reports and the routine in the market.
 

 

Receipts

This is known as the proof of the company details and the transaction to maintain according to the record demand of the company.
 

 

Disbursement

It is known as the payment of the money and fund (Landrigan, et al., 2017).

 

Question 29

 

 

Debtors

Debtors are those in the company that owes the money.
 

 

Invoices

An invoice is known as a commercial document that is shown the transaction between the buyers and sellers.
 

 

Creditors

Creditors are a person to which money is owing.
 

 

Account 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 (Martin-Sardesai et al., 2020).

 

 

 

Cashflow

This shows the company’s cash flow on the daily basis in the organization.

 

Question 30

The charts of accounts describe the various types of accounts in the company and their transaction details.

Question 31

Bank reconciliation – it helps the organization to get fund.  

 

Vendors reconciliation- This helps the company to do business.

Question 32

This is important because it helps the organization get funds and loans from the banking sector to the organization.

Question 33

Fixed cost is known as the cost which is fixed in the company and wit cannot be changed over time.

Depreciation

Interest rate.

Question 34

These are the cost that can be changed and fluctuated according to the market condition and company demand.

Shipping expenses

Packaging rate

Question 35

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.

Question 36

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.

Question 37

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.

Question 38

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:

Finance

Investing

 

 

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.

International business

Journal business

Question 39

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).

Question 40

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.

Question 41

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.

Question 42

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).

 

 

References

Adhana, D. (2015). Goods and services tax (GST): A panacea for Indian economy. International Journal of Engineering and Management Research5(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 Economics26(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 Management40(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 Health41(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 Systems6(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 & Finance64, 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 Research1(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.

 

 

 

 

 

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