Discuss about the Accounting Strategies Of BookStop Cafe.
BookStop cafe is located in the centre of London. It offers various cuisines to the customers in affordable price as well as the restaurent id also offering various books to the customers to read. BookStop not only provides the amazing food and beverages such as coffee, cakes, pastries, mozzarella stick, chilli cork flakes and garlic bread etc but it also offers the different beverages to the customers. It offers the restaurant sitting to the customers so that they could sit in the restaurant and read the books and enjoy the food of the restaurant. The restaurant also provides breakfast and lunch catering services to the nearby offices and the companies in London.
The company has become one of the leading gournment restaurants in London because of its interior and the taste of the food. The restaurant is offering high quality food to the customers who are served along with the unique platting and the concept. The restaurant is serving to the big companies, localities and the tourist of the London.
Our menu:
The menu of BookStop offers a great variety of breakfast and lunch items. Company offers coffee, cakes, pastries, mozzarella stick, chilli cork flakes and garlic bread and a great number of beverages. Various types of egg and sea food are served as well as different categories of beverages is served to the customers of the restaurant.
Coffee:
Coffee is the main product of the BookStop. BookStop offers various types of coffees to its customers. Some of the coffees which are offered by BookStop is Espresso, macho, Arabian, Hawaiian, Americano, Kate Macchiato, cappuccino etc. the coffee is provided by the company in different sizes from large to small. Every coffee is brewed by the company in a perfect and according to the type of coffee. The most basic coffee is Cappuccino. Coffee is the most sellable product of the restaurant as people prefers to have coffee while reading books. The coffee of the company would have a cost range of $ 2 to $ 10 so that anybody could afford the product of the BookStop.
Cakes:
Various kind of cakes are served by the cafe such as cheese cake, single cake, ala mode cake, red velvet, Chocó mocha cake etc. these product’s price varies from $ 5 to $ 20. It could be served to 5-10 people easily. Cafe is also offering the various combos and party pack in which the cakes are combined with the snacks. The customers of the cafe could take away the products as well as the cafe is supplying the cakes in corporate.
Mozzarella stick:
Mozzarella stick is one of the most selling snacks of the cafe. The price of mozzarella varies from $ 2 to $ 5. It could be served to 1 people only. Cafe is also offering the customize options to the customers. The customers of the cafe could take away the products as well as the home delivery option is also provided by the customers.
Chilli corn flakes:
Chilli corn flakes are one of the most selling snacks of the cafe. The price of chilli corn flakes vary from $ 1 to $ 3 according to the variety of corn flakes and the fruits. It could be served to 1 people only. Cafe is also offering the customize options to the customers.
Pastries:
Various kind of pastries are served by the cafe such as cheese cake, single cake, ala mode cake, red velvet, Chocó mocha cake etc. these product’s price varies from $ 2 to $ 5. It could be served to 1 people only. Cafe is also offering the various combos and party pack in which the pastries are combined with the snacks. The customers of the cafe could take away the products as well as the cafe is supplying the pastries in corporate.
Garlic bread:
Other than the main products, garlic bread is also served by the cafe to its customers. The cafe offers garlic break and special garlic bread to its customers. This product’s price varies from $ 3 to $ 5. It could be served to 2 people only. Cafe is also offering the various combos and party pack in which the garlic breads are combined with the different beverages and deserts. The customers of the cafe could take away the products. Packaging facility is also provided by the cafe.
Our mission:
The main mission of the company is to deliver the better services and quality food to the customers in London so that the new branches could be opened as well as business could expand at international level.
Our customers:
There are basically 3 types of the customers of the cafe which are big corporations, small offices and walk in customers.
Large corporations:
Large corporations order the food in bulk for meetings, parties and the events. One such example is Deloitte. In the first month of operations of BookStop, cafe has offered some great deals to the corporations for a year and companies are using that. The company is delivering the products to their doorstep in exchange with $ 3. Around 30% part of the revenue comes from deliveries.
Walk in customers:
Around 70% part of the revenue comes from walk in customers. They are the daily customer’s f the cafe that walks in and orders the coffee and snacks. The footfall of the cafe enhances in evening time. Most of the walk-in customers of the cafe are youth. The location of the cafe attracts the people.
Small offices:
Small offices order the food in bulk for meetings, parties and the events. In the first month of operations of BookStop, cafe has offered some great deals to the offices for a year and companies are using that. The company is delivering the products to their doorstep in exchange with $ 3. Around 30% part of the revenue comes from deliveries.
Strategies:
The company has made various different strategies for different orders and customers of the company such as 20% discount could be availed by the customers on ordering the food above $ 100. The corporations are able to avail the offer of 50% off on every 8th order in a month. The combo deals are also offered to the customers so that the revenue could be enhanced as well as more customers could feel attracted towards the company.
Strengths:
the main strengths of the cafe is its quality food and the different type of cafe as it offers various books about the history, romance, drama, action etc to the customers. The location of the cafe is also attractive. The interior and the sitting area of the cafe also attract the customers and the competition is quite lower in that area. This explains that the strength position of the company is better.
Developments:
The BookStop has experienced various changes in last few months. Though, the cafe is planning to change the technology of order and dispatch as well as the technology of cash handling so that the operations could be managed in a better way. The cafe is planning to integrate with the Google maps to locate the delivery place and deliver the food in right time. Cafe is also planning to tie-up with Uber eats to deliver the food in nearby places. It would help the company to enhance the revenue.
Introduction to our partners:
Oliver is the owner of the cafe, BookStop. After completed his MBA degree, he wanted to do something different in his life and thus he has planned to open a cafe which offers the best place for the people to sit and enjoy the books. Oliver is originally from Australia and he has come to London to study his MBA. In his summer breaks, he used to work in cafes and from that time, he was planning to open one. Without his ideas and inspirations, BookStop could never be existed.
William is the manager of the cafe. He and Oliver have completed their MBA degree together. William has also completed his minor marketing degree and thus he is handling all the marketing strategies and plans of the cafe to enhance the sales of the cafe and achieve the main mission of the company. Without the Skills and knowledge of William about the marketing and the management, it would not be possible for the BookStop t run smoothly.
Amelia is the main chef of the BookStop. She is a food expert and has been completed her masters in hospitality. She is from china and she has moved in London for the job opportunities. The cooking skills of Amelia are quite fascinating and due to her cooking skills, customers like the food of BookStop a lot.
Jack is the interior designer of the BookStop. He has managed and designed every space of BookStop. He studied interior designing 3 years ago and he is a good friend of Olivier. Jack is an important person for the BookStop as without his skills and hard work, it was not possible for the cafe to be look so appealing to the customers.
The contribution for the partners is as follows:
|
Partner |
Contribution |
|
Olivier |
$ 20,000.00 |
|
William |
$ 15,000.00 |
|
Amelia |
$ 18,000.00 |
|
Jack |
$ 8,000.00 |
|
Partner |
Account Number |
Description |
Debit |
Credit |
|
Olivier |
1-1000 |
Cash |
$ 20,000.00 |
|
|
Contributed Capital |
$ 20,000.00 |
|||
|
William |
3-1105 |
Cash |
$ 15,000.00 |
|
|
Contributed Capital |
$ 15,000.00 |
|||
|
Amelia |
2-1118 |
Cash |
$ 18,000.00 |
|
|
Contributed Capital |
$ 18,000.00 |
|||
|
Jack |
3-1108 |
Cash |
$ 8,000.00 |
|
|
Contributed Capital |
$ 8,000.00 |
|||
|
Total debits and credits |
$ 61,000.00 |
$ 61,000.00 |
The agreement of partnership has been entered into effectiveness on August 2016 by Olivier, William, Amelia and Jack. The partnership agreement of there is as follows:
Name:
The name of the firm would be BookStop.
Place of business:
Principle place of the business would be 40, Broadway, London.
Term:
The partnership would run until the dissolution by mutual agreement.
Purpose:
The main purpose of partnership is to use the various skills and resources as one to create a unique business.
Capital contribution:
The capital contribution of each partner is different which has stated above. Additional capital contributions:
If any additional would be required in the business than the additional capital would be raised from bank loan.
Withdrawal of capital:
No partner could withdrawal the amount before prior consent.
Interest on capital contribution:
No interest would be given to the partners on their capital.
Loans to partnership:
No partner could take the loan from the business.
Division of profit and loss:
The profit would be divided into equal portions.
Fiscal year of partnership:
Partnership shall start from July 1st to June 30th.
Accounting method:
Accrual basis would be used for the accounting purpose.
The profit and loss would be determined on the basis of the final financial statement of the company and it would be determined as soon as possible after the end of fiscal year.
Partnership books:
Proper partnership books would be managed by the company.
Outside activities of partners:
Any partner could be engaged in the outside activities but consent of each partner is required.
Commencement of business:
The agreement of partnership has been entered into effectiveness on August 2016 by Olivier, William, Amelia and Jack. And the business had been commenced on October, 2016.
Trial balance:
BookStop
(Trial Balance)
As at 30th June 2017
|
Account name |
Debit |
Credit |
|
Cash at bank |
$ 15,000 |
|
|
Petty cash |
$ 3,500 |
|
|
Accounts receivable |
$ 1,500 |
|
|
Inventory |
$ 3,000 |
|
|
Prepaid insurance |
$ 1,500 |
|
|
Books |
$ 7,000 |
|
|
Furniture less depreciation |
$ 15,000 |
|
|
Equipment |
$ 9,500 |
|
|
Delivery vehicle less depreciation |
$ 8,000 |
|
|
Cash register system less depreciation |
$ 2,000 |
|
|
Accounts payable |
$ 15,000 |
|
|
GST collected |
$ 10,000 |
|
|
GST payable |
$ 2,000 |
|
|
PAYG withholding payable |
$ 7,000 |
|
|
Oliver capital |
$ 10,000 |
|
|
William Capital |
$ 5,000 |
|
|
Amelia Capital |
$ 12,000 |
|
|
Jack Capital |
$ 9,000 |
|
|
$ 68,000 |
$ 68,000 |
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