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Rocky started a business of cloud kitchen on 01.09.2021. He is a franchisee of “GoodFood” chain. He has paid upfront 500000 as franchisee fee to “GoodFood” chain from his personal savings. This covers the right to use “GoodFood” brand and technical knowhow to run a food kitchen. As per income tax rule of his country, this payment with no refund right attached has to be fully capitalized, Rocky has also spent 800000 on kitchen equipment. He has paid a deposit of 100000 to the owner of the premises for hiring the space for cloud kitchen.
A loan of 1000000 from a local bank at 7% interest per year was taken payable in 36 EMI. He is now part of the “GoodFood” brand. The “GoodFood” chain also provides him the technical knowhow on procurement of ingredients and cooking of various dishes. For all the services provided “GoodFood” chain claims a monthly royalty of 5% on all the sales.
On the other hand he uses “Xmata” for getting order and making delivery of food . “Xmata” has a very popular online portal and delivery app. It takes online order from its customers in that app and portal and picks up the food from Rocky’s cloud kitchen. “Xmata” also collects price from the customers, and transfers the same to Rocky’s bank account after deducting 15% as service charge.
This takes about 7 days from the day of sale. Rocky does not allow any walk-in customers in his kitchen. That is why this business model is known as cloud kitchen. Thus Rocky provides 7 days’ credit to “Xamata”. He also gets 15 day’s credit from his suppliers of meat, fish, egg, vegetables, vegetable oil and other ingredients & spices. For all practical purpose he considers it as a cash business.
Cook and other employee cost is 40000 per month. Rent is 30000 per month. His gross profit on sale of food is 60%. From this gross profit rent, employee cost, depreciation of equipment and interest has to be deducted to arrive at net profit. Income Tax is to be paid @ 25% on net profit calculated as per income tax rules. Equipment depreciation is 20% per year at fixed rates.
For income tax purpose the equipment is depreciated at 30% on accelerated depreciation basis. Income tax payable to the government has to be calculated and accumulated monthly and deposited quarterly. His average daily sale is estimated to be 10000 in the first month. per day. He runs his cloud kitchen every day. Weekly leaves are granted to the employees on rotational basis.
The sales are projected to grow @ 5% per month for first 12 months and stabilize at that level thereafter. 5% GST has to be collected from sale of food and deposited to the government. GST collected in a month has to be deposited the next month. No input GST credit is allowed to cloud kitchen as per GST rules. GST has to be collected monthly, and a month’s GST collection has to be deposited to the government next month. (If in your country there is no GST you can ignore this point.).
About: Microsoft Excel – A Dozen of Solved Mini Projects or Models
| File Name: | Microsoft Excel – A Dozen of Solved Mini Projects or Models |
| Content Source: | N/A |
| Genre / Category: | Free Course |
| File Size : | 3.3 GB |
| Publisher: | N/A |
| Updated and Published: | OCTOBER 17, 2021 |
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