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Name: Date:

Gr. & Sec.:

HINDIKANIYAMAHAL Company is a service business engage in consultation regarding love problems.


Mr. Masakit Umasa, the sole proprietor, wishes to complete the accounting records for him to make a decision to
continue the business.

Requirement: Prepare the adjusting entries, complete the 10-column worksheet and prepare the financial statements.
Using the ledger for capital, prepare the Statement of Changes in Equity. Use the ledger for Cash in
preparing the Statement of Cash Flows.

CASH Acct. No
Date Explanation JR Debit Date Explanation JR
Jan 1 Invested cash J-1 200,000.00 Jan 6 Payment of Utilities J-1
Apr 1 Advance payment from
customers J-2 200,000.00 May 26 Payment of repair maintenance J-2
June 30 Payment from customers on
account J-3 50,000.00 June 30 Paid prepaid insurance J-3
Aug 26 Collected from cash customers J-4 120,000.00 Sept 30 Withdraw for personal use J-4
Oct 1 Bought office equipment J-5
Nov 1 Bought office supplies J-6
570,000.00
404,850.00

UMASA, CAPITAL Acct. No


Date Explanation JR Debit Date Explanation JR
Jan 1 Invested Building J-1 1,000,000.00
Invested Cash J-1 200,000.00
1,200,000.00

Adjustments for December 31, 2016

a. At the end of the year the company billed its customers amounting to P114,000.00
b. The salaries of the employees were not paid amounting to P120,000.00
c. Office Supplies at the end of the period was P5,200.00
d. On June 30 the company paid insurance for 5 years. (Refer to Ledger dated June 30.)
e. Advance payment received from customers last April 1 was credited to Unearned Service Income,
the service already rendered as of the end of the year was P50,000.
f. The non current assets are depreciated for 5 years, the salvage value is 0. (Compute the
depreciation per asset) Note: For Building and Office Equipment, refer to ledger as the basis of
when to compute the depreciation. The Kitchen and dining Equipment was bought on June 30, 201
g. The Allowance for doubtful accounts were 1% based on unadjusted service income.
ems.
cision to

l statements.
dger for Cash in

105
Credit
5,600.00

2,550.00

25,000.00
32,000.00
80,000.00
20,000.00
165,150.00

305
Credit

ce Income,
he basis of
n June 30, 2016.
HINDIKANIYAMAHAL COMPANY
Income Statement
For the year ended of December 2016

Income
Service Income P

Expenses
_________________________ P
_________________________
_________________________
_________________________
_________________________
_________________________
_________________________
_________________________
_________________________
_________________________
Net Profit (Loss) for the period P

HINDIKANIYAMAHAL COMPANY
Statement of Changes in Owner's Equity
For the year ended of December 2016

Umasa, Capital 1/1/2016 P


Add: Additional Investments by Umasa P
Net Profit
Total P
Less: Withdrawals P
Net Loss
Umasa, Capital 12/31/2016 P
HINDIKANIYAMAHAL COMPANY
Balance Sheet
As of December 31, 2016

Assets
Current Assets
_________________________ P
Accounts Receivable P
Allowance for doubtful accounts ( )
_________________________
_________________________
_________________________
Total Current Assets P

Non Current Assets


Building P
Accumulated Depreciation- Building P
Office Equipment P
Accumulated Depreciation- Office Equipment
Kitchen and dining equipment P
Accumulated Depreciation- Kitchen and Dining Equipment
Total Non Current Assets
TOTAL ASSETS P

Liabilities
Current Liabilities
_________________________ P
_________________________
_________________________
Total Current Liabilities P

Owner's Equity
Umasa, Capital, 12/31/2016
TOTAL LIABILITIES AND OWNER'S EQUITY P
HINDIKANIYAMAHAL COMPANY
Statement of Cash Flows
As of December 31, 2016

Cash flows from Operating Activities:


Cash received from customers P
____________________________
____________________________
____________________________
____________________________
Net cash provided by (used in) operating activities P

Cash flows from Investing Activities:


____________________________
Net cash provided by (used in) investing activities

Cash flows from Financing Activities:


Cash received as investments by owner
Withdrawals of the owner
Net cash provided by (used in) financing activities
Net Increase (Decrease) in Cash P
Cash balance at the beginning of the period
Cash balance at the end of the period P
Chart of Accounts

HINDIKANIYAMAHAL COMPANY 105 Cash


Unadjusted Trial Balance 110 Accounts Receivable
For the year ended of December 2016 115 Allowance for doubtful accounts
120 Prepaid Insurance
Debit Credit 125 Office Supplies
Cash Php 404,850.00 130 Kitchen Supplies
Accounts Receivable 70,000.00 135 Building
Prepaid Insurance 25,000.00 140 Accumulated Depreciation- Building
Office Equipment 80,000.00 145 Office Equipment
Building 1,000,000.00 150 Accumulated Depreciation- Office Equipment
Kitchen and dining equipment 40,000.00 155 Kitchen and dining equipment
Accounts Payable Php 40,000.00 160 Accumulated Depreciation- Kitchen and Dining Equipment
Unearned Service Income 200,000.00 205 Accounts Payable
Umasa, Capital 1,200,000.00 210 Unearned Service Income
Umasa,Withdrawal 32,000.00 215 Salaries Payable
Service Income 240,000.00 305 Umasa, Capital
Office Supplies Expense 20,000.00 310 Umasa,Withdrawal
Utilities Expense 5,600.00 405 Service Income
Repair and Maintenance Expense 2,550.00 505 Office Supplies Expense
510 Utilities Expense
Php 1,680,000.00 Php 1,680,000.00 515 Repair and Maintenance Expense
520 Advertising Expense
525 Insurance Expense
530 Depreciation Expense- Office Equipment
535 Depreciation Expense- Building
540 Depreciation Expense- Kitchen and Dining Equipment
545 Salaries Expense
550 Doubtful Accounts Expense

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