Ship’emIn&Out Pty Ltd Employee Case Study & Goods and Services Tax (GST) - Accounting Assignment Help

Assignment Task

Case Study Background 
 
Ship’emIn&Out Pty Ltd (ABN 12 345 678 901) operates as a company and you are the accountant for them. Ship’emIn&Out Pty Ltd is a wholesale business specializing in electronic equipment made in Australia. The business is in its first month of the new year which started on 1st February 2021.
 
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 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 Ship’emIn&Out Pty Ltd, so the aim is to expand the reputation of the products on offer. The aim is to have an online business specializing in electronic home entertainment products within 2 years. Another goal of Maurice’s is that the business introduces accounting software this year as the current system is manual.
 
Employees  
Ship’emIn&Out Pty Ltd employs two casual assistants. Julia Hilton works as a salesperson, and Peter Ball 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

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 of January 31st  

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.

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