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Bean There Coffee Van Case Study - Management Assignment Help
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Assignment Task:
Task:
Introduction
Bean There Coffee Van is a mobile food vendor that provides coffee and snack foods to various commercial premises each day at morning tea, lunch and afternoon tea time. The business is registered for GST and PAYG withholding on an accrual basis and reports monthly.
The business has 2 employees: Jack a part time barista who claims the tax free threshold; and Heidi a casual barista who does not claim the tax free threshold for this job. The owner Jane is the authorised signatory for all documentation and must approve any payments made by the business.
A cash register records sales and prints a summary each day of the sales broken down into GST and GST free categories.
Step 1
The following is a practical exercise requires you to access the MYOB file for Bean There Coffee Van which has been provided.
Note: This exercise is to be done in MYOB AccoutRight Plus Version 2018.3 as supplied within the Learning Resources. Do not use a different version of MYOB.
Download a copy of this file to your MYOB library and open the file. The username is “Administrator” and there is no password.
Step 2
Check your chart of accounts and edit where necessary to ensure that you have the following accounts with the correct GST codes:
|
Account name |
Account type |
GST code |
|
Your Bank Account |
Asset (Bank account) |
N-T |
|
Trade Creditors |
Liability |
N-T |
|
GST Collected |
Liability |
N-T |
|
GST Paid |
Liability |
N-T |
|
ABN Withholding Payable |
Liability |
N-T |
|
Superannuation Payable |
Liability |
N-T |
|
PAYG Withholding Payable |
Liability |
N-T |
|
Owners Capital |
Equity |
N-T |
|
Owners Drawings |
Equity |
N-T |
|
Sales Coffee |
Income |
GST Free |
|
Sales Other drinks |
Income |
GST |
|
Sales Fruit |
Income |
GST Free |
|
Sales Snacks |
Income |
GST |
|
Purchases coffee & Milk |
Cost of goods sold |
GST Free |
|
Purchases Other drinks |
Cost of goods sold |
GST |
|
Purchases Fruit |
Cost of goods sold |
GST Free |
|
Purchases Snacks |
Cost of goods sold |
GST |
|
Advertising |
Expense |
GST |
|
Bank Charges |
Expense |
N-T |
|
Bookkeeping Fees |
Expense |
GST |
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