Karl’s Cafe Case Study - The Goods and Service Tax - Accounting and Finance Assignment Help

Assignment Task:

You are employed as an accounts clerk for a popular local coffee shop Karl’s Café and have been asked to prepare some calculations, to be given to the Accountant by the end of the day.

The café is operated as a sole trader and Karl also sells coffee machines to other retailers. As his turnover is greater than $75,000 per year he is registered for GST on a cash basis. There is one employee, Leonardo, who works as a barista and is employed on a full time basis. He is an Australian resident and claims the tax free threshold from this job.

An extract from the café’s organisational policies and procedures is attached at Appendix A. Refer to this and the information supplied above to assist in carrying out the assessment tasks.

Task 1 – GST
a) Karl’s Coffee shop has had the following transactions during the Goods and Service Tax (GST) period of October to December 2018.
In an Excel worksheet calculate the GST paid and the GST collected in each of the following transactions. Use formulas to calculate your answers. In your answers show your calculations
I. Bought goods for $3,905 GST inclusive
II. Sold goods for $22,726 GST inclusive
III. Sold goods for $1,420 plus GST
IV. Bought goods for $6,390 plus GST

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