CHART OF ACCOUNTS
Account Title
Statement of Financial Position
Current Assets
Check and Other Cash Items
Cash in Bank
Payroll Fund
Petty Cash Fund
Inventories
Raw Materials Inventory
Prepaid Expenses
Non-current Assets
Property, Plant and Equipment
Machineries, Tools, and Equipment (MTE)
Accumulated Depreciation - MTE
Furniture, Fixtures and Equipment (FFE)
Accumulated Depreciation - FFE
Leasehold Improvement
Current Liabilities
Loans Payable Current
Accrued Expense
SSS/ECC/Philhealth/ Pag-IBIG Premium
Contributions Payable
Definition
This account represents undeposited customer
checks.
This account refers to money deposited in the
bank under the name of Epicurean.
This account represents the currency and coins
set aside for the payment of salaries and wages.
This account refers to a limited amount of
money under the custody of the Cashier meant
for minor expenditures.
This account represents cost of raw materials
on hand.
This account refers to payments in advance,
particularly on rent and insurance.
This account refers to the cost of machineries,
tools and equipment.
This account refers to the total amount of
depreciation accumulated on Machineries,
Tools, and Equipment based on cost.
This account refers to the cost of movable and
immovable properties for office use and store
use such as but not limited to tables, chairs, and
computers.
This account refers to the total amount of
depreciation accumulated on Furniture,
Fixtures, and Equipment based on cost.
This account refers to the indebtedness to
financial institutions payable within one year
from the end of the accounting period.
This account refers to expenses such as
Employee Benefits, Interest Expense and
Utilities Expense accrued at month and
year-end.
This account refers to amounts withheld from
the compensation of employees representing
their premium contributions to SSS, Philhealth
and PagIBIG and the corresponding share of
Epicurean as employer.
Withholding Tax Payable
Non-current Liabilities
Loans Payable
Equity
Partner A, Capital
Partner B, Capital
Partner A, Drawings
Partner B, Drawings
Statement of Comprehensive Income
Sales
Cost of Goods Sold
Selling and Administrative Costs
Salaries & Wages
Employee Benefits
Professional Fees
Advertising and Promotion
Office Supplies
Communication
Meetings and Conferences
Repairs and Maintenance
Depreciation
Insurance
This account refers to taxes withheld from
employees compensation, professional fees,
and rentals.
The account refers to indebtedness to financial
institutions payable beyond one year from the
end of the accounting period.
This refers to the paid-up capital given by the
partners.
This refers to the paid-up capital given by the
partners.
This refers to withdrawals of partners on
operations.
This refers to withdrawals of partners on
operations.
This account refers to the amount received
from customers for products sold.
This account refers to the total cost of products
sold.
This account refers to the amount incurred for
services rendered by employees.
This account refers to the 13t h month pay given
to regular employees.
This account refers to the amount incurred for
outsourced accounting and auditing services.
This account refers to expenses incurred for
advertising and promotion.
This account refers to expenses incurred for
office and various supplies.
This account refers to amount incurred for
telephone and cellular load expenses.
This account refers to amount incurred for the
conduct of the employees meetings.
This account refers to expenses incurred in the
repair and maintenance of equipment.
This account refers to amount provided for
wear and tear of furniture, machineries and
equipment not directly used for production.
This account refers to expenses incurred to
insure the production equipment.
Rentals
Miscellaneous Expense
Finance Cost
Interest Expense on Borrowings
This account refers to amount incurred for the
lease of the Epicurean Shop.
This account refers to all other expenses
incurred by Epicurean not classified under any
of the specified expenses account.
This account refers to interest incurred on both
short-term and long-term indebtedness.