Case 1: (Use MYOB to for this case, read the case carefully and 5 questions are at the bottom) Thank you.

You after consulting with your family member decided to start a restaurant. This will be your main business. However, you also want to export dairy products to Sri Lanka.

You had a bad experience with partnership. So, you decided to start a proprietary company.

All the formalities of setting up a proprietary company was done. The name of company is

'Oudom' Pty Ltd. The restaurant will be traded as "Tokai".

All of your family members are shareholders of the company. You are holding 40 percent shares and remaining 60% are equally held by other three shareholders (each of them holding 20%).

The business is registered for GST.

Transactions for September2020 are:

September 1: $60,000 deposited to Business Bank Account with Commonwealth Bank Australia.

Paid to Ace Real Estate rent for September $3,300 inclusive GST and three months Bond Money inclusive GST.

Purchased furniture from Furniture Galore Dandenong for $13,200 including GST which was delivered on September 4. The payment was made in full.

September2: Paid to AAMI $1,980 for Public Liability Insurance.

Purchased Refrigerator and Freezer from Good Guys $9,500 including GST. The payment was made in full.

September3: Purchased a computer for $1,800 plus GST from Harvey Norman.

September4: Purchased a Deep Fryer and other cooking Equipment from National Kitchen Equipment $6,600 including GST.

September4:Paid $500 for advertising in a local newspaper and $200 for printing brochure. Both the payment includes GST.

September5:Took a 2-year term loan of 30,000 from Bank of Melbourne @6% per annum.

September 6: Purchased a Ute for $27,500 including GST and paid registration fee to VicRoads $849.00 (GST Free) and $1,080 for insurance including GST with RACV.

Purchase fuel from Coles Express $77.95 including GST.

September 7: Commonwealth Bank of Australia approved the application for a credit card with a maximum limit of $20,000. Also approved EPTOS machine with no merchant fees for the first three months.

September 8: Purchased plates, glass and cutleries for $5,500 including GST with credit card.

The restaurant opened on 15^th September2020 Tuesday. The restaurant is open for six days a week except Monday. The restaurant is open from 5 pm to 11 pm. Generally, the customers are encouraged to pay through debit and credit cards. However, there are a few customers who prefer cash payment. The cash collected will be deposited in Bank account on next business day.