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K

UA TB
100 Cash 854,252.66
101 Petty Cash 16,000.00
110 Notes Receivable 33,600.00
111 Interest Receivable -
112 Accounts Receivable 188,160.00
113 Allowance for Uncollectible Acconts 2,688.00
120 Merchandise Inventory 871,200.00
130 Supplies 32,272.00
140 Prepaid Insurance 12,750.00
141 Prepaid Rent 150,000.00
150 Furniture and Fixtures 676,000.00
151 Accumulated Depreciation - Furniture and Fixtures 74,250.00
152 Equipments 735,000.00
153 Accumulated Depreciation - Equipments 134,500.00
154 Service Vehicle 410,000.00
155 Accumulated Depreciation - Service Vehicle 33,000.00
160 Rent Deposit 150,000.00
161 Utilities Deposit 18,500.00
200 Notes Payable
201 Interest Payable
202 Accounts Payable
210 Salaries Payable
211 SSS & EC Contributions Payable
212 PhilHealth Contributions Payable
213 Pag-IBIG Contributions Payable
214 Withholding Tax Payable
220 Rent Payable
221 Utilities Payable
230 Value-Added Tax Payable
230-1 Input Tax
230-2 Output Tax
240 Vouchers Payable 676,496.42
300 Therese Ballada, Capital 2,501,008.67
301 Therese Ballada, Withdrawals 205,000.00
302 Income Summary -
400 Sales 1,896,200.00
401 Sales Disounts 5,640.00
405 Sales Returns and Allowances 4,000.00
410 Interest Income 1,600.00
500 Purchases 684,400.00
501 Transportation In 4,000.00
502 Purchases Discounts 10,400.00
503 Purchases Returns and Allowances 10,000.00
600 Advertising Expense 8,000.00
601 Supplies Expense
602 Insurance Expense
603 Rent Expense
604 Utilities Expense 22,300.00
605 Repair and Maintenance Expense 7,400.00
610 Salaries Expense 233,000.00
611 SSS & EC Contributions Expense 10,563.60
612 PhilHealth Contributions Expense 2,587.50
613 Pag-IBIG Contributions Expense 900.00
620 Uncollectible Accounts Expense
630 Depreciation Expense - Furniture and Fixtures
631 Depreciation Expense - Equipments
632 Depreciation Expense - Service Vehicle
640 Miscellaneous Expense 784.00
650 Interest Expense 3,833.33
TOTALS 5,340,143.09 5,340,143.09
KASHATO SHIRTS
WORKSHEET
October 31, 2016

A A TB IS
22,400.00 876,652.66
16,000.00
33,600.00
134.40 134.40
22,400.00 165,760.00
4,771.20 7,459.20
871,200.00 871,200.00
22,772.00 9,500.00
2,750.00 10,000.00
50,000.00 100,000.00
676,000.00
7,605.00 81,855.00
735,000.00
12,250.00 146,750.00
410,000.00
5,500.00 38,500.00
150,000.00
18,500.00
-
-
482,048.00 482,048.00
-
15,650.00 15,650.00
5,175.00 5,175.00
1,800.00 1,800.00
34,721.02 34,721.02
-
-
137,102.40 137,102.40
- -
-
676,496.42 -
2,501,008.67
205,000.00
-
1,896,200.00
5,640.00 5,640.00
4,000.00 4,000.00
134.40 1,734.40
684,400.00 684,400.00
4,000.00 4,000.00
10,400.00
10,000.00
8,000.00 8,000.00
22,772.00 22,772.00 22,772.00
2,750.00 2,750.00 2,750.00
50,000.00 50,000.00 50,000.00
22,300.00 22,300.00
7,400.00 7,400.00
233,000.00 233,000.00
10,563.60 10,563.60
2,587.50 2,587.50
900.00 900.00
4,771.20 4,771.20 4,771.20
7,605.00 7,605.00 7,605.00
12,250.00 12,250.00 12,250.00
5,500.00 5,500.00 5,500.00
784.00 784.00
3,833.33 3,833.33
804,679.02 804,679.02 5,370,403.69 5,370,403.69 1,964,256.63
654,437.77
2,618,694.40
IS BS
876,652.66
16,000.00
33,600.00
134.40
165,760.00
7,459.20
700,360.00 700,360.00
9,500.00
10,000.00
100,000.00
676,000.00
81,855.00
735,000.00
146,750.00
410,000.00
38,500.00
150,000.00
18,500.00

482,048.00

15,650.00
5,175.00
1,800.00
34,721.02

137,102.40

2,501,008.67
205,000.00

1,896,200.00

1,734.40

10,400.00
10,000.00
2,618,694.40 4,106,507.06 3,452,069.29
654,437.77
2,618,694.40 4,106,507.06 4,106,507.06

-
Kashato Shirt Company
Income Statement
For the Month Ended Oct. 31, 2016

Net Sales
Gross Sales 1,896,200.00
less: Sales Discounts 5,640.00
Sales Returns and Allowances 4,000.00 9,640.00
Net Sales 1,886,560.00
Cost of Goods Sold
Merchandise Iinventory 10/1/10 871,200.00
Purchases 684,400.00
less: Purchases Discounts 10,400.00
Purchases Returns and Allowan 10,000.00 20,400.00
net purchases 664,000.00
Transportation IN 4,000.00
net cost of purchases 668,000.00
Available for Sale 1,539,200.00
Less:Merchandise Iinventory 10/31/10 700,360.00
Cost of Sales 838,840.00
Gross Profit 1,047,720.00
Operating Expenses
Selling Expenses
Advertising Expense 8,000.00
Supplies Expense 22,772.00
Insurance Expense 2,750.00
Total:Selling Expenses 33,522.00
administrative expenses
Rent Expense 50,000.00
Utilities Expense 22,300.00
Repairs and maintenance Expense 7,400.00
Salaries Expense 233,000.00
SSS and EC Contribution Expense 10,563.60
Philhealth Contribution Expense 2,587.50
PaG-IBIG Contribution Expense 900.00
Uncollectible Accounts Expense 4,771.20
Dep. Exp. - Furniture and Fixture 7,605.00
Dep. Exp. - Equipment 12,250.00
Dep. Exp - Service vehicle 5,500.00
Miscellaneous Expense 784.00
Total:Admistrative Expenses 357,661.30
Total:Operating Expense 391,183.30
operating profit 656,536.70
Interest Expense 3,833.33
Add: Interest Income 1,734.40
Profit 654,437.77
Kashato Shirt Company
Statement of Changes in Equity
For the Month Ended Oct. 31, 2016

Therese Ballada , Owners Equity 10/1/13 2,501,008.67


Add:Profit 654437.77
Total 3,155,446.44
Less:Withdrawal 205,000.00
Therese Ballada , Owners Equity 10/31/13 2,950,446.44
KASHATO SHIRTS
Statement of Financial Position
As of October 31, 2016

Assets

Current Assets
Cash
Petty Cash
Notes Receivable
Interest Receivable
Accounts Receivable P
Allowance for Uncollectible Accounts
Merchandise Inventory
Supplies
Prepaid Insurance
Prepaid Rent
Total Current Assets

Non-Current Assets
Furniture and Fixtures
Accumulated Depreciation - Furniture and Fixtures
Equipments
Accumulated Depreciation - Equipments
Service Vehicle
Accumulated Depreciation - Service Vehicle
Rent Deposit
Utilities Deposit
Total Non-Current Assets
Total Assets

Liabilities and Owner's Equity

Current Liabilities
Accounts Payable
SSS & EC Contributions Payable
PhilHealth Contributions Payable
Pag-IBIG Contributions Payable
Withholding Tax Payable
Value-Added Tax Payable
Total Current Liabilities
Owner's Equity
Therese Ballada, Capital, 10/31/16
Total Owner's Equity
Totla Liabilities and Owner's Equity
TO SHIRTS
Financial Position
ober 31, 2016

Assets

P 876,652.66
16,000.00
33,600.00
134.40
165,760.00
(7,459.20) 158,300.80
700,360.00
9,500.00
10,000.00
100,000.00
P 1,904,547.86

676,000.00
(81,855.00) 594,145.00
735,000.00
(146,750.00) 588,250.00
410,000.00
(38,500.00) 371,500.00
150,000.00
18,500.00
1,722,395.00
3,626,942.86

d Owner's Equity

482,048.00
15,650.00
5,175.00
1,800.00
34,721.02
137,102.40
676,496.42
2,950,446.44
2,950,446.44
P 3,626,942.86
GENERAL JOURNAL

DATE ACCOUNT TITLES AND EXPLANATION PR DEBIT


2010 CLOSING ENTRIES
10/31/2010 Mercchandise iventory, End 700,360.00
Sales 1,896,200.00
Purchases Discounts 10,400.00
Purchases Returns and Allowances 10,000.00
Interest Income 1,734.40
Income Summary
to close temporary accounts with credit balances and established ending inventory
10/31/2010 Income Summary 1,964,256.63
Mercchandise iventory, Beg
Sales Discounts
Sales Returns and Allowances
Purchases
Transportation IN
Advertising Expense
Supplies Expense
Insurance Expense
Rent Expense
Utilities Expense
Repairs and maintenance Expense
Salaries Expense
SSS and EC Contribution Expense
Philhealth Contribution Expense
PaG-IBIG Contribution Expense
Uncollectible Accounts Expense
Dep. Exp. - Furniture and Fixture
Dep. Exp. - Equipment
Dep. Exp - Service vehicle
Miscellaneous Expense
Interest Expense
to close temporary accounts with debit balances and remove beginning inventory
10/31/2010 Income Summary 654,437.77
Therese Ballada, Capital
To close the income summary account
10/31/2010 Therese Ballada, Capital 205,000.00
Therese Ballada, Withdrawals
page 25

CREDIT

2,618,694.40 654,437.77

PhP 871,200.00
5,640.00
4,000.00
684,400.00
4,000.00
8,000.00
22,772.00
2,750.00
50,000.00
22,300.00
7,400.00
233,000.00
10,563.60
2,587.50
900.00
4,771.20
7,605.00
12,250.00
5,500.00
784.00
3,833.33

654,437.77

205,000.00
KASHATO SHIRTS
Statement of Cash Flows
For the Month Ended October 31, 2016

Cash flows from Operating activities:


profit 654,437.77
Depreciation Expense 25,355.00
Uncollectible Accounts Expense 4,771.20
Accounts Written-of -6,720.00
Decrease in Notes Receivable 206,400.00
Decrease in Interest Receivable 2,265.60
Decrease in Accounts Receivable 147,840.00
Decrease in Merchandise Inventory 170,840.00
Decrease in Supplies 5,582.00
Decrease in Prepaid Insurance 2,750.00
Decrease in Prepaid Rent 50,000.00
Increase in Furniture and Fixtures -26,000.00
Decrease in Notes Payable -500,000.00
Decrease in Interest Payable -16,166.67
Increase in Vouchers Payable 123,161.40
net cash provided by operating activities
cash flows from financing activities
Increase in Therese Ballada, Withdrawals -205,000.00
net cash provided by financing activities
Net Cash in cash and cash equivalents
cash and cash equivalents, beginning
cash and cash equivalents, end P
844,516.30

-205,000.00
639,516.30
237,052.36
876,568.66
KASHATO SHIRTS
Post Closing Trial Balance
October 31, 2015

No. Account Title


100 Cash P
101 Petty Cash
110 Notes Receivable
111 Interest Receivable
112 Accounts Receivable
113 Allowance for Uncollectible Accounts
120 Merchandise Inventory
130 Supplies
140 Prepaid Insurance
141 Prepaid Rent
150 Furniture and Fixtures
151 Accumulated Depreciation - Furniture and Fixtures
152 Equipments
153 Accumulated Depreciation - Equipments
154 Service Vehicle
155 Accumulated Depreciation - Service Vehicle
160 Rent Deposit
161 Utilities Deposit
240 Vouchers Payable
300 Therese Ballada, Capital
P
TS
alance
5

Debit Credit
876,652.66 P
16,000.00
33,600.00
134.40
165,760.00
7,459.20
700,360.00
9,500.00
10,000.00
100,000.00
676,000.00
81,855.00
735,000.00
146,750.00
410,000.00
38,500.00
150,000.00
18,500.00
676,496.42
2,950,446.44
3,901,507.06 P 3,901,507.06
KASHATO SHIRTS
Accounts Receivable Subsidiary Ledger
Balances as at October 31, 2015

Modesto Bargain House P 89,600.00


Feliciano Outfitters 76,160.00
Total P 165,760.00
Due Date Voucher Payee Amount Account
No. Classification
11/4/2015 208 Manalo Shirt Factory P 22,848.00 Accounts Payable
11/10/2015 228 SSS 15,650.00 SSS and EC Contributions Payable
11/10/2015 231 BIR - W/holding Tax 34,721.02 Withholding Taxes Payable
11/11/2015 229 Philhealth 5,175.00 Philhealth Contributions Payable
11/15/2015 230 Pag-IBIG 1,800.00 Pag-IBIG Contributions Payable
11/16/2015 214 Medina Office Systems 29,120.00 Accounts Payable
11/19/2015 216 Camiseria Palaganas 112,000.00 Accounts Payable
12/23/2015 220 Burgos Shirts 112,000.00 Accounts Payable
11/25/2015 233 BIR - VAT 137,102.40 VAT Payable
12/25/2015 221 Blanche Mftg. Co. 206,080.00 Accounts Payable
P 676,496.42
Unpaid Vouchers By Account Classification

Accounts Payable P 482,048.00


SSS and EC Contributions Payable 15,650.00
Philhealth Contributions Payable 5,175.00
Pag-IBIG Contributions Payable 1,800.00
Withholding Taxes Payable 34,721.02
VAT Payable 137,102.40
P 676,496.42
Unadjusted balance per bank P 865,588.66
deposits in transit 45,000.00
total 910,588.66
outstanding checks -33,936.00
Adjusted Balance P 876,652.66

Unadjusted balnce per book P 854,252.66


accounts collected 22,400.00
Adjusted Balance P 876,652.66