Preparing the business activity statements

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Reference no: EM131822708

Question: James Zhang owns and manages a restaurant at the Macquarie Shopping Center. James accepts only cash payment. Any of his staff can collect payments from his customers, and put the collected cash less change into the cash register. James trusts his staff as they all come from his hometown. At the end of each day, he would count the cash in the cash register, use some of the cash to pay off his staff, and take the balance with him. The total from the cash register is produced each month for the business's bookkeeper to prepare the business activity statements. Recently, one of James' staff befriended a university student who regularly brings many of her friends to the restaurants for meals. Soon after this, James feels that the daily amount collected appears to have decreased even though the business volumes should have increased.

Reference no: EM131822708

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