Copy Practice Set (1) (Version 1)

8/3/2019 Copy Practice Set (1) (Version 1)

http://slidepdf.com/reader/full/copy-practice-set-1-version-1 1/27

Cash On hand 55330.2

Cash In Bank 20000Petty Cash Fund 2000

A/R- intl market 3856.92

A/R- vazquez grocry 3374.14

merchndise 43917.3

prepaid supplies 313.35

ff 26500

acc dep 650

delivery eqp 90000

accdep 3000

depo rent 10000

depo uti 2000

ap colgate 5730.45

ap evergreen 14536.05

sss 3152

pagibig 1000

philhealth 825

tax 1633.58

vat 2058.15

rent pay 10000

uti pay 1500

capital 213206.7

257291.9 257291.9



7,268.03



5,730.45 5,730.45 7,268.02 14,536.05 5,124.00

528.00 11,759.33

7,268.03 25,962.31

15,064.05 52,257.6937,193.64 5,124.00

A/P- colgate A/P- evergreen Notes Payable



3,152.00 3,152.00 825.00 825.00 1,000.00 1,000.00

3,152.00 825.00 1,000.00

3,152.00 6,304.00 825.00 1,650.00 1,000.00 2,000.003,152.00 825.00 1,000.00

PH payable Pag-ibig PayableSS and EC Payable



1,633.58 1,633.58 10,000.00 10,000.00 1,500.00

816.79

816.79

1,633.58 3,267.161,633.58 - -

Withholding Taxes payable Rent Payable Utilities



1,500.00 500.00 500.00 2,058.15 2,058.15

443.25

443.25

VAT payablePayable Creditable income tax withheld



8.26 153.60 1,259.93 12.28

1,208.54 107.14 56.57

18.13 558.69 53.57

4.75 49.80 549.001,031.25

679.49 2,781.68

154.20

565.59

612.90

142.80

31.14 5,156.86 4,751.32 68.85

5,125.72 4,682.47

Output tax input tax



213206.68 200 1280

36000 10071.15

4655.8

4158593.79

5662.42

1285

4713.26

5107.49

1190

249206.68 200 42973.91

Mabuhay, Capital Mabuhay,Drawing Sales



68.87 10499.4 471.43

23180.63

151.07

34.84

254.78 33680.03 471.43

Purchases Purchases returns and allowancessales discount



102.33 250 10000 10000

102.33 250 0

purchase discount Rent expenseSupplies Expense



1500 1500 892.86 446.43

552.05

2052.05 1500

552.05 892.86 446.43

utilities expense Repair and maint expense Gas and oil



13670.71 3152 825

15683.21

816.79

816.79

30987.5 3152 825

SS and EC premium expense Medicare premiuSalaries Expense



1000

1000

Pag-ibig Premium Expensem expense



income statement



a. SS and EC premium expense 2052

Pag-ibig premium expense 412.5

Medicare premium expense 500

salaries expense 2,012.50

SS and EC premiums payable 3152

Pag-ibig premiums payable 825Philhealth premiums payable 1000

b. rent expense 10000

rent payable 10000

utilities expense 1500

utilities payable 1500

c. depreciation - delivery equipment 1500

accumulated depreciation -delivery equipment 1500

depreciation - furniture and equip

accumulated depreciation -furniture and equip 832.19

832.19

d. bank charges 700

cash in bank 700

e. supplies expense 63.35

prepaid supplies 63.35

f. prepaid supplies 275

repair and maintenance expense 710.1

gas and oil 312.5

input tax 155.7

petty cash fund 1453.3



g. output tax 5125.72

input tax 4,682.47

VAT Payable 443.25

h. interest expense 51.24

interest payable 51.24

i.

inventory end 44890.61

pra 102.33

pd 471.43

cos 32,132.96

purchases 33680.03

inventory beginning 43917.3

j. cash on hand 1,939.98

cash in bank 1,939.98



Sales P 42,973.91

Less: Sales Discount 254.78Net Sales P 42,719.13

Less: Cost of Sales 32,132.96

Gross Profit from Sales 10,586.17

Less: Expenses

1 Salaries Expense 33,000.00

5 Repair and Maintenance Expense 1,602.96

3 Utilities Expense 2,052.05

8 Gas and Oil 758.93

12 Supplies Expense 313.35

4 SS and EC premium expense 2,052.00

11 Pag-ibig premium expense 412.50

10 Medicare premium expense 500.00

2 Rent expense 10,000.00

6 depreciation - delivery equipment 1,500.00

7 depreciation - furniture and equip 832.199 bank charges 700.00

13 interest expense 51.24 53,775.22

Net Loss P 43,189.05

BUENO MARKETING

Income Statement

For the month ended June 30,2006



Mabuhay, Capital, June 1, 2006

Less: Mabuhay, Personal 200.00

Net Loss 43,189.05

Mabuhay, Capital. June 30, 2006

BUENO MARKETING

Capital StatementJune 30,2006



249,206.68

43,389.05

P 205,817.63



AssetsCurrent Assets:

Cash on Hand 3,272.78

Cash in bank 36,261.67

Petty Cash Fund 546.70

Accounts Receivable - note 1 18,245.07

Merchandise inventory, June 30, 2006 44,890.61

Prepaid Supplies 275.00

Total Current Assets

Non-Current Assets

Delivery Equipment 90,000.00

Less: Accumulated Depreciation -Delivery Equipment 4,500.00

Furniture and Equipment 67,075.00

Less: Accumulated Depreciation- Furniture and Equipment 1,482.19

Deposit for Rent 10,000.00Deposit for Utilities 2,000.00

Total Non-Current Assets

Total Assets

Liabilities and Owner's Equity

Liabilities

Accounts Payable- Evergreen 37,193.64

Notes Payable 5,124.00

Withholding Taxes payable 1,633.58

SS and EC premiums payable 3,152.00

BUENO MARKETING

Balance Sheet

June 30,2006



Pag-ibig premiums payable 825.00

Philhealth premiums payable 1,000.00

Rent payable 10,000.00

utilities payable 1,500.00

VAT payable 443.25

Less: Input Tax 155.70

interest payable 51.24

Total Liabilities

Owner's EquityMabuhay, Capital. June 30, 2006

Total Liabilities and Owner's Equity

Note 1

A/R- international supermarket 4,290.29

A/R- Vazques Grocery 7,218.78

A/R- Pandong 4,756.43

A/R Fairview Grand Hotel 1,979.57

18,245.07



103,491.83

163,092.81

266,584.64



60,767.01

205,817.63

266,584.64



DEC Closing Entries:

1) Gross Profit from Sales 42,973.96

Income and expense Summary 42,973.96

to close the credit accounts

2) Income and Expense Summary 54,418.12

Salaries Expense 33,000.00

Repair and Maintenance Expense 1,602.96

Utilities Expense 2,052.05

Gas and Oil 758.93

Taxes and Licenses Expense 107.14

Supplies Expense 550.00

SS and EC premium expense 2,382.00Pag-ibig premium expense 500.00

PH premium expense 412.50

Rent expense 10,000.00

depreciation Expense 2,301.30

bank charges 700.00

interest expense 51.24

to close the debit accounts

3) Income and Expense Summary 11,444.16

Mabuhay, Capital 11,444.16

to close profit to capital

4) Mabuhay, Capital 200.00

Mabuhay, Personal 200.00

to close drawing to capital

BUENO MARKETING

CLOSING ENTRIES

Date

2010Particulars F Debit Credit





Cash On Hand

Cash In Bank 37,232.13


Accounts Receivable 18,245.07

Merchandise Inventory 44,890.61


Furniture And Equipment 67,075.00

Accumulated Depreciation - Furniture 1,451.30


Accumulated Depreciation -Equipment 4,500.00

Deposit for Rent 10,000.00

Deposit for Utilities 2,000.00

Accounts Payable 37,193.63Notes Payable 5,124.00

Withholding Tax Payable 1,000.24

Utilities Payable 1,500.00

Interest Payable 51.24

Mabuhay, Capital 249,510.02

Totals 270,027.86 300,330.43

BUENO MARKETING

POST CLOSING TRIAL BALANCE

Debit Credit



Cash On Hand

Cash In Bank 37,232.13


Accounts Receivable 18,245.07

Merchandise Inventory 44,890.61


Furniture And Equipment 67,075.00

Accumulated Depreciation - Furniture


Deposit for Rent

Deposit for Utilities 10,000.00

Total Assets:

2,000.00

Accounts Payable 164,270

Utilities Payable 33,200

Notes Payable 150,000

Total Liabilities: 347,470

Owner's Equity:

Flores, Capital 625,650

Total Owner's Equity: 625,650

Total Liabilities and Owner's Equity: 973,120

Revenue:

Service Fees 120,450

Expenses:

Utilities Expense 33,200

Supplies Expense 21,400

Rent Expense 12,000

Wages Expense 7,500 (74,100)

Net Income 46,350

BUENO MARKETING

Statement of Financial Position

As of June 30, 2010

MJ Dry Cleaning Services

Statement of Financial Performance

As of June 30, 2010

Liabilities:

Assets

Documents

Copy Practice Set (1) (Version 1)