Manual Recording Case Study – Ship’em In&Out Pty Ltd

Part A: Manual Recording

 To record transactions manually, you must use the Excel files provided via email. Handwritten work or Excel files other than the Excel files provided on the unit Canvas are not eligible for submission. So therefore, you will not record a score for this assessment piece.

Required:

 1. Record December month’s transactions in the general journal.

2. Record end of month adjustments in the general journal.

3. Prepare the cash at bank general ledger account (only) using the running balance format.

 Important Information

 1. To record transactions manually, you must use the Excel files provided in the Canvas shell. Handwritten work or Excel files other than the Excel files provided in the Canvas shell are not eligible for submission.

2. The assignment must be accompanied with an assignment cover sheet listing your full name and student identification number.

3. It is the student’s responsibility to keep a backup copy of the assignment until all the assignment process is completed and marks are on Canvas.

4. Any assignments handed in late will be penalised as explained in the course guide.

Case Study Background

 Ship’em In&Out Pty Ltd (ABN 12 345 678 901) operates as a company and you are the accountant for them. Ship’em In&Out is a wholesale business specialising in electronic equipment made in Australia. The business is in its first month of the new financial year which started on 1st December 2022.

 Business Background

 The business was established by Maurice Moneybags from his garage and has now expanded to a small warehouse and two part time employees. Maurice believes that with careful management that the business could expand rapidly within a few months. The products that are sold, are exclusively available to Ship’em In&Out Pty Ltd, so the aim is to expand the reputation of the products on offer. One of Maurice’s goals is that the business introduces accounting software this year as the current system is manual.

Employees

Ship’em In&Out Pty Ltd employs two fulltime assistants. Tiffany Hiheel works as a salesperson, and Tony Steeltoe works in the warehouse filling orders. Each employee works between 30 to 40 hours per week, depending on the demand and the timing of the shipments of inventory.

Payday is fortnightly. The following information is used to calculate their wages

At the 30th November the business owed the employees 24 hours to Tiffany and 24 hours to Tony. There is no money owed to the accountant.

The following is a list of closing inventory and the suppliers as of November 30th.

Customer Information

Ship’em In&Out Pty Ltd, sells most of its inventory strictly on a cash basis. The business has three major customers, two who receive discounts. The valued customers have been offered discount terms and these terms of payment are listed below. Two customers have outstanding balances as of the 30th of November. The purchase date is indicated in the account information.

Goods and Services Tax (GST)

There is no GST applied in this assignment. All transactions should be recorded without GST.