Manual Recording Case Study – Fast Pedallin Pty Ltd

Manual Recording Case Study

Assessment Task 1: 25%

Manual Recording Case Study – Fast Pedallin Pty Ltd

READ THESE INSTRUCTIONS.

THEY DETAIL HOW TO MAXIMISE YOUR RESULT.

IMPORTANT

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 in Canvas are not eligible for submission. So therefore, you will not record a score for this assessment piece.

  The DUE DATE for this assignment is 25th March 2022 11:59pm  

Required:

  • 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. Full name Kasim Aliyu Birma student id number: s3896926
  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

Fast Pedallin Pty Ltd (ABN 12 345 678 901) operates as a company and you are the accountant for them. Fast Pedallin Pty Ltd is a wholesale business specialising in electronic equipment made in Australia. The business is in its first month of the new year which started on 1st February 2022.

Business Background

The business was established by Maurice Moneybags from his garage and has now expended to a small warehouse and two part time employees. Maurice believes that with careful management that the business could expand to have a regular workforce within a few months and is looking to expand the operation soon.

The products that are sold are exclusively available to Fast Pedallin Pty Ltd, so the aim is to expand the reputation of the products on offer. Another aim is to have an online business specialising in cycling products within 2 years.

Employees 

Fast Pedallin Pty Ltd employs two casual assistants. Tina Bobbysox as a salesperson, and Rick Disneck 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 every second week. The following information is used to calculate their wages: 

NameRoleGross pay- Per hour ($)Tax file number
Tina BobbysoxSalesperson  33123 456 789
Rick DisneckWarehouse assistant   33234 567 890

At the 31st January the business owed the employees 12 hours to Tina and 12 hours to Rick.

Goods and Services Tax (GST)

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

Merchandise Inventory

The following is a list of closing inventory and the suppliers as at January 31st   

Quantity on handItem CodeDescriptionCost PriceSale PriceSupplier
10KMBKona Mountain Bike$400$750Kona Cycles Pty Ltd
11DSBDownhill Speed Bike$255$525Two Wheels Pty Ltd

The required inventory is purchased mostly on credit under the terms of payment required by the suppliers.  The business has a good relationship with each of the suppliers once the company places an order, the suppliers will deliver them free of charge the same day. Due to the good relationship the suppliers have offered discount terms, indicated below.

Suppliers account balances as at 31st January 2022:

NameAddressABNTerms of CreditAccount BalanceDate of Purchase
Kona Cycles Pty Ltd21 Macquarie St Melbourne 300045 667 778 8882/15 net 30$4,80019th January
Two Wheels Pty Ltd35 Lorimer St South Melbourne 3205. 56 778 889 9992/15 net 30$2,55026h January

Customer Information:

 Fast Pedallin Pty Ltd sells most of its inventory strictly on a cash basis, but the business has three credit customers.  The valued customers have been offered discount terms and these terms of payment are listed below. The outstanding account balance and the date of their purchase is also indicated in the account information

NameAddressABNTerms of CreditDate of InvoiceAccount Balance
Clifton Hill Cycles Pty Ltd450 Bourke St Melbourne 300060 504 030 201 1/15 net 3020th January$7,878
Revolution Cycles Pty Ltd300 Smith street Clifton Hill306850 999 555 6661/15 net 3027th January$7,425
Lawerencia Cycles Pty Ltd296 Riversdale road Camberwell 302189 911 222 333Net 30 $0

Chart of accounts

You can find your chart of accounts in the excel template in the CANVAS shell

Trial Balance

Fast Pedallin Pty Ltd
Trial Balance as at 31st January 2022
Account NumberAccount nameDebitCredit
1001Cash at Bank               15,215.00 
1010Accounts Receivable               15,300.00 
1020Inventory                 6,805.00 
1030Prepaid Rent                              –   
1035Prepaid Insurance                 2,400.00 
1040Stationery Supplies                     745.00 
1110 Computers                 7,200.00 
1111Accumulated Depreciation – Office Computers                  1,200.00
1120Warehouse Equipment               18,000.00 
1121Accumulated Depreciation – Warehouse Equipment                  6,600.00
2001Accounts Payable                  7,350.00
2010Wages Payable                      792.00
3001Share Capital                35,000.00
3010Retained Earnings                14,723.00
3050Dividends  
                 65,665.00               65,665.00


Transactions: February 2022

DateDescription
1Paid rent to Landlord Pty Ltd for the next 2(two) months – $3,000
5Received invoice and paid Vehicle expenses from Ford Motors $185
7Received payment from Revolution Cycles Pty Ltd for January account.
8Received payment from Clifton Hill Cycles for January account.
9Paid Kona Cycles Pty Ltd. for January account.
10Paid Two Wheels Pty Ltd. for January account.
11Pay day.  Tina was paid for 70 hours and Rick was paid for 70 hours, which includes wages owing from January. (see the TB from January)
12Purchased more inventory 25 x KMB (Kona Cycles), 25 x DSB (Two Wheels), both on credit.
13Returned 6 KMB to Kona Cycles Pty Ltd due to the inventory being damaged
15Credit sales to Revolution Cycles for the following items: 22 x KMB, 26 x DSB.
16Revolution Cycles returned 5 KMB, due to an order mistake, the goods were returned to inventory.
17Cash sales to Lawerencia Cycles. Inventory sold:  8 x KMB and 10 x DSB
19Paid Optus invoice for Telephone Expenses $150
25Pay day.  Tina was paid for 70 hours and Rick was paid for 70 hours.
28Borrowed money from the ABC bank, $14,000 at an interest rate of 6%

Adjustments at 28th February 2022

  1. Depreciation of computer equipment is $2,400 per annum.
  2. Depreciation of Warehouse equipment is $4,800 per annum. 
  3. Accrued wages: Tina – 18 hour and Rick 18 hours.
  4. Stationery on hand as of 28th February 2022 totalled $ 625.
  5. The portion of prepaid insurance expired as of 28th February 2022 is $300.

Required:

  1. Record February 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.
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