Pedal Power: An Accounting Practice Set (with GST)

Introduction

Business

Accounting Procedures

Your Assignment

Chart of Accounts

Post-closing Trial Balance, 31 December

Schedules of Subsidiary Ledger Balances, 31 December

Source Documents

Sales Journal

Purchases Journal

Cash Receipts Journal

Cash Payments Journal

Petty Cash Book

General Journal

Accounts Receivable Subsidiary Ledger

Accounts Payable Subsidiary Ledger

Inventory Cards

Cost of Goods Sold Summary Cards

General Ledger

Schedules of Subsidiary Ledger Balances, 31 January

Bank Reconciliation Statement

Worksheet

Income Statement

Balance Sheet

Post closing Trial Balance, 31 January

Pedal Power is a manual accounting practice set based on a perpetual inventory system. Students are asked to complete the accounts while the proprietor's partner is away for a month. All the necessary information is provided, including actual source documents such as cheque butts and invoices.

In extracting the information from these documents, students have the opportunity to experience a real business scenario and enhance their understanding of practical accounting in the GST environment - from the double-entry system to preparing a post-closing trial balance.