I only need task 2 done on the assessment please.

I only need task 2 done on the assessment please.


Assessment Task Portfolio of Evidence FNSTPB401_AT3_PE_TQM_v2.docx FNSTPB401_AT3_PE_TQM_v2.docx Task 2 - Practical Exercise – computerised 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. Wages are reported to the ATO through separate Single Touch Payroll (STP) software. 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 2022 Template.myox which has been provided. Note: This exercise is to be done in MYOB AccoutRight Plus Version 2022 as supplied within the Learning Resources in Unit 7. 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 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 FRE Bookkeeping Fees Expense GST Coffee Van Fuel Expense GST Coffee Van Lease Expense GST Coffee Van registration Expense GST Free Coffee Van insurance Expense GST Telephone Expense GST Coffee Van Stamp Duty Expense GST Free Wages Expense N-T Superannuation Expense N-T Step 3 Process the following transactions: Receipt from Jane – on 01.07.22 Jane deposited $5000.00 from her personal funds into the business bank account. Record this transaction in the accounting system. Other receipts are all in cash and a cash register total is printed on Sunday each week. Cash on hand is reconciled to this then banked. Record the following receipts for July 2022.             Bean There Coffee Van Bean There Coffee Van 3/07/2022   10/07/2022         Sales Coffee GST 1255.50 Sales Coffee GST 1189.50 Sales Softdrinks GST 322.20 Sales Softdrinks GST 381.80 Sales Fruit Free 62.35 Sales Fruit Free 52.50 Sales Snacks GST 831.10 Sales Snacks GST 756.95         Total (incl GST $218.98) $ 2471.15 Total (incl GST $211.66) $ 2380.75                         Bean There Coffee Van Bean There Coffee Van 17/07/2022   24/07/2022         Sales Coffee GST 1240.70 Sales Coffee GST 1520.40 Sales Softdrinks GST 318.45 Sales Softdrinks GST 510.25 Sales Fruit Free 70.50 Sales Fruit Free 81.60 Sales Snacks GST 910.55 Sales Snacks GST 946.50         Total (incl GST $224.52) $ 2540.20 Total (incl GST $270.65) $ 3058.75                   Bean There Coffee Van 31/07/2022       Sales Coffee GST 1006.20 Sales Softdrinks GST 296.30 Sales Fruit Free 45.00 Sales Snacks GST 690.40     Total (incl GST $181.17) $ 2037.90       Payments are usually made by cheque and you need record the following cheques for June: Date Cheque no. Amount Details 01.07.22 1201 500.00 Purchases – Stock from previous owner (Coffee $150.00, Softdrinks $120.00, Milk $50.00 and Snacks $180.00) Previous owner not registered for GST.(Use tax code GNR) 03.07.22 1202 318.00 Purchases – coffee beans 06.07.22 1203 200.70 Purchases – Softdrinks $122.50, Plain milk $78.20 13.07.22 1204 232.00 Purchases – Plain milk 13.07.22 1205 189.65 Purchases – snack foods 15.07.22 1206 89.95 Telephone account 17.07.22 1207 435.00 Purchases – coffee beans 20.07.22 1208 240.00 (net of tax) Concept Advertising (Tax withheld for no ABN on invoice) Use tax code ABN. 20.07.22 1209 150.00 Budget Bookkeeping (Not registered for GST) 30.07.22 1210 340.95 Purchases – snack foods $84.45, Plain milk $256.50 30.07.22 1211 200.00 Drawings – Jane 30.07.22 1212 720.00 Qld Transport Van Registration (including $340.40 for Registration $370.60 for CTP Insurance $9.00 Stamp Duty 30.07.22 1213 348.75 Purchases – Softdrinks Step 4 Record the following outstanding creditors at 31st July 2022: 28.07.22$376.54 Invoice no. 8436 Coffee Van fuel owed to Local Service Station Ltd (Includes GST) 31.07.22$158.40 Invoice no. D00732 Purchases – Snack foods owed to Allen’s Confectioners (Includes GST) Step 5 Reconcile the bank account – The following bank statement has been received from Your Bank Ltd. Reconcile the bank account and print a Bank Reconciliation Report as at 31 July 2022. Your Bank Ltd Account Number 00123456 Bank Statement for July 2022 Opening Balance Withdrawals Deposits Balance 01.07.22 Opening Balance 2000.00 01.07.22 Deposit 5000.00 7000.00 Cr 03.07.22 EFT - Wages 150.00 6850.00 Cr 03.07.22 Cheque 1201 500.00 6350.00 Cr 03.07.22 Deposit 2471.15 8821.15 Cr 08.07.22 Cheque 1202 318.00 8503.15 Cr 10.07.22 EFT - Wages 675.00 7828.15 Cr 10.07.22 Deposit 2380.75 10208.90 Cr 14.07.22 Cheque 1204 232.00 9976.90 Cr 15.07.22 Cheque 1205 189.65 9787.25 Cr 17.07.22 Deposit 2540.20 12327.45 Cr 17.07.22 EFT - Wages 675.00 11652.45 Cr 17.07.22 Cheque 1206 89.95 11562.50 Cr 21.07.22 Bpay – ATO July BAS 1289.00 10273.50 20.07.22 Cheque 1207 435.00 9838.50 Cr 24.07.22 Deposit 3058.75 12897.25 Cr 24.07.22 Cheque 1209 150.00 12747.25 Cr 24.07.22 EFT - Wages 675.00 12072.25 Cr 26.07.22 Direct debit - Your Bank Ltd - coffee van lease 748.00 11324.25 Cr 30.07.22 Cheque 1208 240.00 11084.25 Cr 30.07.22 Cheque 1212 720.00 10364.25 Cr 31.07.22 Bank fee 25.00 10339.25 Cr 31.07.22 Merchant fees 35.20 $10304.05 Cr Step 6 The weekly wages for Bean There Coffee Van are reported through complying Single Touch Payroll (STP) software each pay day. The following report from the STP software summarises the wages and other amounts reported for the month of July:                   BEAN THERE COFFEE VAN                     Payroll Register Report             01 July 2022 to 31 July 2022                             Employee name Salary & wages Deductions PAYG W/H Net Pay Superannuation Guarantee                     Jack 1620 0 75 1545 170.1                     Heidi 810 0 180 630 85.05                     Totals 2430 0 255 2175 255.15                   a) Reconcile the monthly wages with the payments made from the bank account in the table below: Net wages paid from bank account     $   Add PAYG withheld $   Total gross wages in MYOB $ * Wages & salaries from STP report     $ * * These 2 figures must match a) Record journal entries in MYOB to account for the amounts shown in the STP report above for: · the PAYG withholding · the Superannuation Guarantee Step 7 Print the following reports: · Profit & Loss (Accrual) for July 2022 · Balance Sheet as at 31 July 2022 · Trial Balance for July 2022 · GST (Detail Accrual) for July 2022 Step 8 From the information in your reports complete the BAS for Bean There Coffee Van for July 2022, to be approved and signed by the authorised person. A blank sample BAS form (G – Monthly BAS) is attached. Who is required to authorise the lodgement of the BAS? Step 9 Reconcile the completed BAS with financial statements by completing the following table: Sales from GST (Detail – Accrual): Purchase Value from GST (Detail Accrual) · GST Free $ · ABN $ · GST $ · FRE $ Less Tax collected in sales $ · GNR $ Equals Net sales *$ · GST $ Sales from Profit & Loss Statement *$ Add tax withheld no ABN $ Less Tax Paid in purchases $ * These two figures should match Add Gross wages and super expenses + any business expenses coded to N-T $ ** These two figures should match **Net Purchases $ **Purchases from Profit and Loss statement (Cost of Sales plus Total Expenses) $ Liabilities outstanding on Balance Sheet: BAS Labels GST Collected $ 1A $ Less GST Paid $ 1B $ PAYG Withholding payable $ W2 $ ABN Tax Withheld $ W4 $ Total $ 9 $ Step 10 From your file print a GST (Detail cash) report. Explain why the GST collected and GST paid amounts on this report are different to those on the GST (Detail accrual) report printed to prepare the BAS. Step 11 Prepare a brief letter to Jane, the owner, enclosing the BAS for approval and signing. The letter should include: 1. Amount owed 2. Due date and payment options 3. Note if there are currently sufficient funds in the bank account to make the payment (check the current bank statement balance and compare this to amount owing on the BAS). Enquire if Jane anticipates any cash flow difficulties with making the payment by the due date. 4. Advice to contact you regarding a payment arrangement if there could be a payment problem 5. A section at the bottom of the letter, to be signed by Jane, that is her declaration that: · she authorises you to lodge the BAS on her behalf and · the information it contains is true and correct. Task 3 – Oral presentation In Task 2 you prepared a letter to “Jane”, the business manager. In this task you are required to present your letter to “Jane” and explain the information it contains. In order to demonstrate your competence in doing this you are required to use a smart phone or similar device to record a short video (including sound and approximately 3 to 4 minutes) of you performing this task while a friend/associate plays the part of Jane. The video recording must include: · Your full explanation to Jane of the information in the letter · An explanation of why you consider it important to consider the cash flow situation of the business · At least one question from Jane that requires you to provide further explanation to her · Jane needs to sign the authorisation at the bottom of your letter once it has been explained to her. Note: This is a simulated business meeting so you should not be simply reading information prepared beforehand. You need to demonstrate active listening and communication skills. The video file should be submitted as evidence of completion of this task. Task 4 - Amending a BAS Aussie Replica Engines Limited (ABN 12 345 678 910) is registered for GST on an accrual basis. The company has already lodged their BAS for the quarter ended 30 September 2021 and paid the outstanding liability of $36,480. The following month an error was discovered in which the following invoice was found to have the wrong tax code used: 15.09.21 Sale to New Zealand Train Tours1 steam engine$220,000 GST As this was an export sale there was no GST on this sale and the correct code should have been EXP. GST collected on the invoice was actually nil not $20,000 as recorded in the MYOB reports. Aussie Replica Engines Limited wishes to lodge an amended BAS immediately to recover the overpaid GST. Listed below are the original values at the various labels on the September BAS. a) Complete the third column to indicate what the new amended figures should be at each label when the amended BAS is prepared for lodgement. BAS Label September BAS lodged Amended September BAS G1 1760000 G2 0 G10 55000 G11 1358720 1A 160000 8A 160000 1B 123520 8B 123520 9 36480 b) Complete an amended paper BAS for Aussie Replica Engines Limited for the September 2021 quarter. A blank sample BAS form (C – Quarterly BAS) is attached. Assessment Submission: Follow organisational procedures to develop and submit your documents, including: ·