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NAVIGAID Systems Pty Ltd: A Manual Accounting Practice Set

NAVIGAID Systems Pty Ltd: A Manual Accounting Practice Set

Lew Edwards

ISBN: 978-0-470-82018-6

Oct 2008

400 pages

Select type: Paperback


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Navigaid Systems Pty Ltd is a small retail business specialising in the supply of a limited range of person global positioning systems to a variety of customers. The practice set is designed to give users experience, in a simulated retail business environment, experience in analysing, recording and processing a number of common business transactions incorporating a perpetual inventory system in a manual accounting system.

On completion of this practice students should have an understanding of the processes and procedures associated with the manual accounting system and in particular a greater appreciation of:

• the steps involved in the accounting cycle for a small retail business
• how the accounting cycle culminates in the production of monthly financial statements
• the accounting procedures used in a perpetual inventory system
• how the Goods and Services Tax impacts on accounting
• the role of balance day adjustments and their effects on final statements, and the end-of-period closing process
• preparation of financial statements from accounting records.



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Navigaid Systems Pty Ltd - company background

Accounting system and accounting records

Accounting procedures

General and subsidiary ledgers opening balances

Transactons for June 2008 Instructions

General Journal
Sales journal
Purchases Journal
Cash Receipts Journal
Cash Payments Journal

Accounts Receivable Ledger
Accounts Payable Ledger
Inventory Ledger
General Ledger

Final Statements
Schedules of subsidiary ledger balances
Income Statement
Balance Sheet
Post-closing trial balance

Appendix - Transactions June 2008

  • Students will learn how typical business events are recorded in a manual accounting system
  • Students will gain a basic understanding of the rules for debiting and crediting
  • Represents accounting processes that are made by a typical small business.