FEELINGS TO PLEASURE by JERELIZ

JOURNAL ENTRY
2014
Transaction
Number ACCOUNT TITLE DEBIT CREDIT

50 Cash ₱ 5,000,000
Supplies 850,000
Building 1,000,000
Land 1,000,000
Eqipment 500,000
Caluya, Capital 8,350,000

51 Taxes and Licenses 100,000

Cash 100,000

52 Supplies 2,000,000
Cash 400,000
Accounts Payable 1,600,000

53 Accounts Receivable 1,000,000

Service Revenue 1,000,000

54 Trade and other Receivable 500,000

Service Revenue 500,000

55 Delivery Vehicle 1,500,000

Accounts Payable 1,500,000

56 Land 1,000,000
Loans Payable 1,000,000

57 Salaries Expense 300,000

Cash 100,000
Salaries Payable 200,000

58 Supplies Expense 200,000

Cash 200,000

59 Utilities Expense 150,000

Cash 150,000

60 Advertising Expense 100,000

Cash 100,000

61 Caluya, Withdrawal 500,000

 Cash 500,000

Adjustments:
62 AccountsPayable 100,000
Cash 100,000

63 Cash 2,000,000
Service Revenue 1,500,000
Accounts Payable 500,000

64 Depreciation Expense- Building 200,000

Accumulated Depreciation-Building 200,000
(1000000/5)

65 Depreciation Expense- Equipment 100,000

Accumulated Depreciation- Equipment 100,000
(500000/5)

66 Depreciation Expense- Delivery Vehicle 300,000

Accumulated Depreciation-Delivery Vehicle 300,000
(1500000/5)

67 Doubtful Account Expense 100,000

Allowance for Doubtful Accounts 100,000

68 Income Tax Expense 694,600

Income Tax Payable 173,650
Cash 520,950

69 Cash 1,000,000
Service Revenue 1,000,000

70 Percentage Tax Expense 120,000

Percentage Tax Payable 10,000
Cash 110,000
{(4000000*.03) / 12}
 GENERAL LEDGER

Transaction Number CASH Balance

Debits Credits (DR Bal)
50 5,000,000.00 5,000,000.00
51 100,000.00 4,900,000.00
52 400,000.00 4,500,000.00
57 100,000.00 4,400,000.00
58 200,000.00 4,200,000.00
59 150,000.00 4,050,000.00
60 100,000.00 3,950,000.00
61 500,000.00 3,450,000.00

Transaction Number ACCOUNTS RECEIVABLE Balance

Debits Credits (DR Bal)
53 1,000,000.00 1,000,000.00

Transaction Number TRADE AND OTHER RECEIVABLE Balance

Debits Credits (DR Bal)
54 500,000.00 500,000.00

Transaction Number SUPPLIES Balance

Debits Credits (DR Bal)
50 850,000.00 850,000.00
2,000,000.00 2,850,000.00

Transaction Number LAND Balance

Debits Credits (DR Bal)
50 1,000,000.00 1,000,000.00
56 1,000,000.00 2,000,000.00

Transaction Number DELIVERY VEHICLE Balance

Debits Credits (DR Bal)
55 1,500,000.00 1,500,000.00

Transaction Number BUILDING Balance

Debits Credits (DR Bal)
50 1,000,000.00 1,000,000.00

Transaction Number EQUIPMENT Balance

Debits Credits (DR Bal)
50 500,000.00 500,000.00
Transaction Number ACCOUNTS PAYABLE Balance
Debits Credits (CR Bal)
52 1,600,000.00 1,600,000.00
55 1,500,000.00 3,600,000.00

Transaction Number SALARIES PAYABLE Balance

Debits Credits (CR Bal)
57 200,000.00 200,000.00

Transaction Number LOANS PAYABLE Balance

Debits Credits (CR Bal)
56 1,000,000.00 1,000,000.00

Transaction Number CALUYA, CAPITAL Balance

Debits Credits (CR Bal)
50 8,350,000.00 8,350,000.00

Transaction Number CALUYA, WITHDRAWAL Balance

Debits Credits (DR Bal)
61 500,000.00 500,000.00

Transaction Number SERVICE REVENUE Balance

Debits Credits (CR Bal)
53 1,000,000.00 1,000,000.00
54 500,000.00 1,500,000.00

Transaction Number TAXES AND LICENCES Balance

Debits Credits (DR Bal)
51 100,000.00 100,000.00

Transaction Number SALARIES EXPENSE Balance

Debits Credits (DR Bal)
57 300,000.00 300,000.00

Transaction Number SUPPLIES EXPENSE Balance

Debits Credits (DR Bal)
58 200,000.00 200,000.00

Transaction Number UTILITIES EXPENSE Balance

Debits Credits (DR Bal)
59 150,000.00 150,000.00
Transaction Number ADVERTISING EXPENSE Balance
Debits Credits (DR Bal)
60 100,000.00 100,000.00
 FEELINGS TO PLEASURE by JERELIZ
WORKSHEET
2014
Acc. Code Account Trial balance Adjusting entries Adjusted trial balance Income statement Balance sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
CASH 3,450,000.00 3,000,000.00 730,950.00 5,719,050.00 5,719,050.00
ACCOUNTS RECEIVABLE 1,000,000.00 1,000,000.00 1,000,000.00
ALLOWANCE FOR DOUBTFUL ACCOUNT 100,000.00 100,000.00 100,000.00
TRADE AND OTHER RECEIVABLE 500,000.00 500,000.00 500,000.00
SUPPLIES 2,850,000.00 2,850,000.00 2,850,000.00
LAND 2,000,000.00 2,000,000.00 2,000,000.00
DELIVERY VEHICLE 1,500,000.00 1,500,000.00 1,500,000.00
ACCUMULATED DEPRECIATION-DELIVERY VEHICLE 300,000.00 300,000.00 300,000.00
BUILDING 1,000,000.00 1,000,000.00 1,000,000.00
ACCUMULATED DEPRECIATION-BUILDING 200,000.00 200,000.00 200,000.00
EQUIPMENT 500,000.00 500,000.00 500,000.00
ACCUMULATED DEPRECIATION-EQUIPMENT 100,000.00 100,000.00 100,000.00
ACCOUNTS PAYABLE 3,100,000.00 100,000.00 500,000.00 3,500,000.00 3,500,000.00
SALARIES PAYABLE 200,000.00 200,000.00 200,000.00
INCOME TAX PAYABLE 173,650.00 173,650.00 173,650.00
PERCENTAGE TAX PAYABLE 10,000.00 10,000.00 10,000.00
LOANS PAYABLE 1,000,000.00 1,000,000.00 1,000,000.00
CALUYA, CAPITAL 8,350,000.00 8,350,000.00 8,350,000.00
CALUYA, WITHDRAWAL 500,000.00 500,000.00 500,000.00
SERVICE REVENUE 1,500,000.00 2,500,000.00 4,000,000.00 4,000,000.00
TAXES AND LICENCES 100,000.00 100,000.00 100,000.00
SALARIES EXPENSE 300,000.00 300,000.00 300,000.00
SUPPLIES EXPENSE 200,000.00 200,000.00 200,000.00
UTILITIES EXPENSE 150,000.00 150,000.00 150,000.00
ADVERTISING EXPENSE 100,000.00 100,000.00 100,000.00
DEPRECIATION EXPENSE-BUILDING 200,000.00 200,000.00 200,000.00
DEPRECIATION EXPENSE-EQUIPMENT 100,000.00 100,000.00 100,000.00
DEPRECIATION EXPENSE-DELIVERY VEHICLE 300,000.00 300,000.00 300,000.00
DOUBTFUL ACCOUNT EXPENSE 100,000.00 100,000.00 100,000.00
INCOME TAX EXPENSE 694,600.00 694,600.00 694,600.00
PERCENTAGE TAX EXPENSE 120,000.00 120,000.00 120,000.00
14,150,000.00 14,150,000.00 4,614,600.00 4,614,600.00 17,933,650.00 17,933,650.00 2,364,600.00 4,000,000.00 15,569,050.00 13,933,650.00
NET PROFIT 1,635,400.00 1,635,400.00
14,150,000.00 14,150,000.00 4,614,600.00 4,614,600.00 29,148,250.00 35,867,300.00 4,000,000.00 4,000,000.00 15,569,050.00 15,569,050.00
 FEELINGS TO PLEASURE by JERELIZ
INCOME STATEMENT
2014

REVENUES
Service Revenues 4,000,000.00
Total Revenues

EXPENSES
Taxes and Licenses 100,000.00
Salaries Expense 300,000.00
Supplies Expense 200,000.00
Utilities Expense 150,000.00
Advertising Expense 100,000.00
Depreciation Expesense-Building 200,000.00
Depreciation Expesense-Equipment 100,000.00
Depreciation Expesense-Delivery Vehicle 300,000.00
Doubtful Account Expense 100,000.00
Income Tax Expense 694,600.00
Percentage Expense 120,000.00
Total Expenses

PROFIT

FEELINGS TO PLEASURE by JERELIZ

STATEMENT OF CHANGES IN EQUITY
2014

Caluya, Capital, 2014 Beg.

Add: Profit 1,635,400.00
Total
Less: Withdrawals
Caluya, Capital, 2014 End
 FEELINGS TO PLEASURE by JERELIZ
BALANCE SHEET
2014

ASSETS
CURRENT ASSETS
Cash 5,719,050.00
Accounts Receivable 1,000,000.00
Allowance for Doubtful Accounts 100,000.00 900,000.00
Trade and Other Receivable 500,000.00
Supplies 2,850,000.00
Total Current Assets

NON-CURRENT ASSETS
Land 2,000,000.00
Delivery Vehicle 1,500,000.00
Less: Accumulated Depreciation
300,000.00
Delivery Vehicle 1,200,000.00
Building 1,000,000.00
Less: Accumulated Depreciation
200,000.00
Building 800,000.00
Equipment 500,000.00
Less: Accumulated Depreciation
100,000.00
Equipment 400,000.00
Total Non-Current Assets
Total Assets

LIABILITIES
CURRENT LIABILITIES
Accounts Payable 3,500,000.00
Salaries Payable 200,000.00
Income Tax Payable 173,650.00
Percentage Tax Payable 10,000.00
Total Current Liabilities

NON-CURRENT LIABILITIES
Loans Payable 1,000,000.00
Total Non-Current Liabilities
Total Liabilities

OWNER'S EQUITY
Caluya, Capital, 2014 End
Total Liabilities and Owner's Equity
 FEELINGS TO PLEASURE by JERELIZ
CASH FLOW
2014

Cash Flows from Operating Activities

Less: Payment for supplies (400,000.00)
Payment for expenses (550,000.00)
Payment for taxes and licenses (100,000.00)
Net cash used in Operating Activities

Cash Flows from Investing Actvities

Cash Flows from Financing Activities

Drawing (500,000.00)
Net cash provided by Financing Activities
Net decrease in cash
Cash balance at the beginning of the period
Cash balance at the end of the period
LIZ

4,000,000.00

2,364,600.00

1,635,400.00

LIZ
TY

8,350,000.00
1,635,400.00
9,985,400.00
500,000.00
9,485,400.00
LIZ

9,969,050.00

4,400,000.00
14,369,050.00

3,883,650.00

1,000,000.00
4,883,650.00

9,485,400.00
14,369,050.00
LIZ

(1,050,000.00)

(500,000.00)
(1,550,000.00)
5,000,000.00
3,450,000.00
 FEELINGS TO PLEASURE by JERELIZ
INCOME STATEMENT
2014

REVENUES
Service Revenues 4,000,000.00
Total Revenues 4,000,000.00

EXPENSES
Taxes and Licenses 100,000.00
Salaries Expense 300,000.00
Supplies Expense 200,000.00
Utilities Expense 150,000.00
Advertising Expense 100,000.00
Depreciation Expesense-Building 200,000.00
Depreciation Expesense-Equipment 100,000.00
Depreciation Expesense-Delivery Vehicle 300,000.00
Doubtful Account Expense 100,000.00
Income Tax Expense 694,600.00
Percentage Expense 120,000.00
Total Expenses 2,364,600.00

PROFIT 1,635,400.00
 FEELINGS TO PLEASURE by JERELIZ
STATEMENT OF CHANGES IN EQUITY
2014

Caluya, Capital, 2014 Beg. 8,350,000.00

Add: Profit 1,635,400.00 1,635,400.00
Total 9,985,400.00
Less: Withdrawals 500,000.00
Caluya, Capital, 2014 End 9,485,400.00
 FEELINGS TO PLEASURE by JERELIZ
BALANCE SHEET
2014

ASSETS
CURRENT ASSETS
Cash 5,719,050.00 -
Accounts Receivable 1,000,000.00
Allowance for Doubtful Accounts 100,000.00 900,000.00
Trade and Other Receivable 500,000.00
Supplies 2,850,000.00
Total Current Assets 9,969,050.00

NON-CURRENT ASSETS
Land 2,000,000.00
Delivery Vehicle 1,500,000.00
Less: Accumulated Depreciation
300,000.00
Delivery Vehicle 1,200,000.00
Building 1,000,000.00
Less: Accumulated Depreciation
200,000.00
Building 800,000.00
Equipment 500,000.00
Less: Accumulated Depreciation
100,000.00
Equipment 400,000.00
Total Non-Current Assets 4,400,000.00
Total Assets 14,369,050.00

LIABILITIES
CURRENT LIABILITIES
Accounts Payable 3,500,000.00
Salaries Payable 200,000.00
Income Tax Payable 173,650.00
Percentage Tax Payable 10,000.00
Total Current Liabilities 3,883,650.00

NON-CURRENT LIABILITIES
Loans Payable 1,000,000.00
Total Non-Current Liabilities 1,000,000.00
Total Liabilities 4,883,650.00

OWNER'S EQUITY
Caluya, Capital, 2014 End 9,485,400.00
Total Liabilities and Owner's Equity 14,369,050.00
 FEELINGS TO PLEASURE by JERELIZ
CASH FLOW
2014

Cash Flows from Operating Activities

Less: Payment for supplies (400,000.00)
Payment for expenses (550,000.00)
Payment for taxes and licenses (100,000.00)
Net cash used in Operating Activities (1,050,000.00)

Cash Flows from Investing Actvities -

Cash Flows from Financing Activities

Drawing (500,000.00)
Net cash provided by Financing Activities (500,000.00)
Net decrease in cash (1,550,000.00)
Cash balance at the beginning of the period 5,000,000.00
Cash balance at the end of the period 3,450,000.00