SERVICE REVENUE

DATE INVOICE NO. ACCOUNTS DEBITED P/R SERVICE REV (CR)

Dec 2 1050 Sweet Tooth Bakeshop ₱ 5,500.00
1051 Soulmate Marketing ₱ 6,000.00
1052 Ace Supplies ₱ 5,000.00
5 1053 Bestfriends Bakery ₱ 5,000.00
12 1054 Bestfriends Bakery ₱ 5,000.00
19 1055 Bestfriends Bakery ₱ 5,000.00
24 1056 Sweet Tooth Bakeshop ₱ 6,500.00
1057 Soulmate Marketing ₱ 6,500.00
1058 Ace Supplies ₱ 5,500.00
26 1059 Bestfriends Bakery ₱ 5,000.00
Total ₱ 55,000.00
/401/

PETTY CASH BOOK

DATE PCV # ACCOUNTS TITLE AMOUNT
9 102 Repairs and Maintenance ₱ 1,750.00
15 103 Miscellaneous Expense ₱ 800.00
18 104 Office Supplies ₱ 650.00
22 105 Utilities Expense ₱ 585.00
₱ 3,785.00
/

CASH RECEIPT
DATE OR NO. INVOICE NO. ACCOUNTS CREDITED P/R
Dec 3 1101 Service Revenue
1102 Service Revenue
1103 Service Revenue
3 1104 Bestfriends Bakery
4 1105 Soulmate Marketing
4 1106 Sweet Tooth Bakeshop
4 1107 Ace Supplies
8 1108 Service Revenue
9 1109 Service Revenue
10 1110 Bestfriends Bakery
11 1111 Sweet Tooth Bakeshop
11 1112 Ace Supplies
11 1113 Soulmate Marketing
15 1114 Service Revenue
16 1115 Service Revenue
1116 Service Revenue
17 1117 Bestfriends Bakery
17 1118 Service Revenue
 22 1119 Service Revenue
23 1120 Service Revenue
23 1121 Service Revenue
24 1122 Bestfriends Bakery
29 1123 Service Revenue
30 1124 Service Revenue
1125 Service Revenue
1126 Service Revenue
31 1127 Service Revenue

CASH DISBURSEMENT
Date CV No. Check No. Accounts Debited P/R Sundry
dr (cr)
Dec 1 501 433101 Trucks 109 ₱ 270,000.00
202 -₱ 220,000.00
1 502 433102 Accounts Payabale 201 ₱ 2,000.00
2 503 433103 Petty Cash 102 ₱ 2,000.00
5 504 433104 Office Supplies 104 ₱ 3,500.00
Input Tax
5 505 433105 Salaries Expense
5 506 433106 SSS fund payable 203 ₱ 5,280.00
507 433107 PhilHEalth fund payable ₱ 2,560.00
508 433108 Pag-ibig fund payable ₱ 1,310.00
8 509 433109 Utilities Payable (meralco) 205 ₱ 3,200.00
10 510 433110 Withholding Tax Payable 204 ₱ 9,365.75
12 511 433111 Salaries Expense /
15 512 433112 Salaries Expense /
15 513 433113 Utilities Payable(pldt) 205 ₱ 2,114.25
16 514 433114 Fuel & Lubricants /
Input Tax /
16 515 433115 Office Equipment 112 ₱ 45,000.00
Input Tax
201 -₱ 35,000.00
18 516 433116 A. Agoncillo, Drawing 302 ₱ 5,000.00
517 433117 B. Bernardo, Drawing 304 ₱ 5,000.00
518 433118 C. Campos, Drawing 306 ₱ 5,000.00
19 519 433119 Salaries Expense /
26 520 433120 Salaries Expense /
29 521 433121 Fuel & Lubricants /
Input Tax /
30 522 433122 Salaries Expense /
31 523 433123 Repairs and Maintenance 504 ₱ 1,750.00
. Miscellaneous Expense 520 ₱ 800.00
Office Supplies 104 ₱ 650.00
Utilities Expense 507 ₱ 585.00
₱ 110,115.00
/

dr
₱ 238,399.20

₱ -
 E
RVICE REV (CR) OUTPUT TAX (CR) A/R DR
₱ 660.00 ₱ 6,160.00
₱ 720.00 ₱ 6,720.00
₱ 600.00 ₱ 5,600.00
₱ 600.00 ₱ 5,600.00 dr cr
₱ 600.00 ₱ 5,600.00 ₱ 61,600.00 ₱ 61,600.00
₱ 600.00 ₱ 5,600.00
₱ 780.00 ₱ 7,280.00
₱ 780.00 ₱ 7,280.00
₱ 660.00 ₱ 6,160.00
₱ 600.00 ₱ 5,600.00
₱ 6,600.00 ₱ 61,600.00
/204.1/ /103/

K
INPUT TAX (DR) AMOUNT
₱ 210.00 ₱ 1,960.00 dr cr
₱ 96.00 ₱ 896.00 ₱ 4,239.20 ₱ 4,239.20
₱ 78.00 ₱ 728.00
₱ 70.20 ₱ 655.20
₱ 454.20 ₱ 4,239.20
/ /

A/R CR SERVICE REV (CR) OUTPUT TAX (CR) CASH DR

₱ 5,000.00 ₱ 600.00 ₱ 5,600.00
₱ 4,000.00 ₱ 480.00 ₱ 4,480.00
₱ 4,500.00 ₱ 540.00 ₱ 5,040.00
₱ 3,360.00 ₱ 3,360.00
₱ 6,720.00 ₱ 6,720.00
₱ 5,600.00 ₱ 5,600.00
₱ 5,600.00 ₱ 5,600.00
₱ 6,000.00 ₱ 720.00 ₱ 6,720.00
₱ 4,466.86 ₱ 536.02 ₱ 5,002.88
₱ 5,600.00 ₱ 5,600.00
₱ 6,160.00 ₱ 6,160.00
₱ 5,600.00 ₱ 5,600.00
₱ 6,720.00 ₱ 6,720.00
₱ 6,500.00 ₱ 780.00 ₱ 7,280.00
₱ 5,000.00 ₱ 600.00 ₱ 5,600.00
₱ 6,500.00 ₱ 780.00 ₱ 7,280.00
₱ 5,600.00 ₱ 5,600.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
 ₱ 8,500.00 ₱ 1,020.00 ₱ 9,520.00
₱ 5,500.00 ₱ 660.00 ₱ 6,160.00
₱ 6,000.00 ₱ 720.00 ₱ 6,720.00
₱ 5,600.00 ₱ 5,600.00
₱ 8,000.00 ₱ 960.00 ₱ 8,960.00
₱ 5,500.00 ₱ 660.00 ₱ 6,160.00
₱ 4,500.00 ₱ 540.00 ₱ 5,040.00
₱ 5,500.00 ₱ 660.00 ₱ 6,160.00
₱ 7,000.00 ₱ 840.00 ₱ 7,840.00
₱ 56,560.00 ₱ 99,966.86 ₱ 11,996.02 ₱ 168,522.88
/103/ /401/ /204.1/ /101/

CASH DISBURSEMENT JOURNAL

input tax Fuel & Lub Salaries exp SSS, PH, Pag WithTax Pay
dr dr dr cr cr
₱ 32,400.00

₱ 420.00
₱ 9,750.00 ₱ 487.50 ₱ 1,950.00

₱ 9,750.00 ₱ 487.50 ₱ 1,950.00

₱ 20,825.00 ₱ 1,554.15 ₱ 1,682.78

₱ 4,000.00
₱ 480.00

₱ 5,400.00

₱ 9,750.00 ₱ 487.50 ₱ 1,950.00

₱ 9,750.00 ₱ 487.50 ₱ 1,950.00
₱ 4,000.00
₱ 480.00
₱ 20,825.00 ₱ 1,554.15 ₱ 1,682.78
₱ 210.00
₱ 96.00
₱ 78.00
₱ 70.20
₱ 39,634.20 ₱ 8,000.00 ₱ 80,650.00 ₱ 5,058.30 ₱ 11,165.56
/103.1/ /505/ /501/ /203/ /204/

cr
₱ 238,399.20
dr cr
₱ 168,522.88 ₱ 168,522.88
WithTax Pay Cash
cr cr
₱ 82,400.00

₱ 2,000.00
₱ 2,000.00
₱ 3,920.00

₱ 7,312.50
₱ 9,150.00

₱ 3,200.00
₱ 9,365.75
₱ 7,312.50
₱ 17,588.07
₱ 2,114.25
₱ 4,480.00

₱ 15,400.00

₱ 5,000.00
₱ 5,000.00
₱ 5,000.00
₱ 7,312.50
₱ 7,312.50
₱ 4,480.00

₱ 17,588.07
₱ 1,960.00
₱ 896.00
₱ 728.00
₱ 655.20
₱ 222,175.34
/101/
 (Date) 2010 PARTICULARS P/R

ADJUSTING ENTRIES

Dec 31 Dep Exp- Building 508

Acc Dep- Building 108

Dep Exp- Trucks 509

Acc Dep- Trucks 110

Dep Exp-Furniture & Fixtures 511

Acc Dep- Furniture & Fixtures 114

Dep Exp- Off Equip 510

Acc Dep- Off Equip 112

31 Office Supplies Expense 512

Office Supplies 104

31 Insurance Expense 506

Prepaid Insurance 105

31 Fuel and Lubricants 505

Accounts Payable 201

31 Utilities Expense 507

Utilities Payable 205

31 Salaries Expense 501

Salaries Payable 206

31 Interest Expense 513

Interest Payable 207

31 SSS, PhilHealth, and Pag-ibig Funds Contribution 503

SSS, PhilHealth, and Pag-ibig Funds Payable 203

31 Income tax expense 514

Income tax payable 208

CLOSING ENTRIES

Dec 31 Service Revenue 401

Income Summary 307

31 Income Summary 307

Salaries Expense 501
Repairs and Maintenance 504
 Fuel and Lubricants 505
Utilities Expense 507
Miscellaneous Expense 520
SSS, PhilHealth, and Pag-ibig Funds Contribution 503
Interest Expense 513
Insurance Expense 506
Dep Exp- Building 508
Dep Exp- Trucks 509
Dep Exp- Off Equip 510
Dep Exp- Furniture & Fixtures 511
Office Supplies Expense 512
Income Tax Expense 514

31 Income Summary 307

A. Agoncillo, Capital 301
B. Bernardo, Capital 303
C. Campos, Capital 305

31 A. Agoncillo, Capital 301

B. Bernardo, Capital 303
C. Campos, Capital 305
A. Agoncillo, Drawing 302
B. Bernardo, Drawing 304
C. Campos, Drawing 306

DISSOLUTION ENTRIES

31 C. Campos, Capital 305

A. Agoncillo, Capital 301
B. Bernardo, Capital 303

INCORPORATION

1 Thunderbird Trucking Services, Inc. /

Accounts Payable 201
Notes Payable 202
SSS, PhilHealth & Pag-ibig Funds Payable 203
Withholding Tax Payable 204
Salaries Payable 206
Interest Payable 207
Utilities Payable 205
Output Tax 204.1
Income Tax Payable 208
Mortgage Payable 209
Cash 101
Petty Cash 102
Accounts Receivable 103
Input tax 103.1
 Office Supplies 104
Prepaid Insurance 105
Land 106
Building 107
Trucks 109
Office Equipment 111
Furniture & Fixture 113

to record the receipt of share capital from the new corporation

1 A. Agoncillo, Capital 301

B. Bernardo, Capital 303
Thunderbird Trucking Services, Inc.
to record the distribution of share capital to partners
 DEBIT CREDIT

₱ 1,250.00
₱ 1,250.00

₱ 10,625.00
₱ 10,625.00

₱ 387.50
₱ 387.50
700
₱ 887.50 187.5
₱ 887.50

₱ 5,470.00
₱ 5,470.00

₱ 1,140.00
₱ 1,140.00

₱ 1,500.00 ₱ 180.00
₱ 1,500.00 ₱ 587.40

₱ 4,895.00 685.17
₱ 4,895.00

₱ 5,850.00
₱ 5,850.00

₱ 6,550.00
₱ 6,550.00

₱ 6,500.00
₱ 6,500.00

₱ 5,438.06
₱ 5,438.06

₱ 154,966.86
₱ 154,966.86

₱ 142,278.06
₱ 86,500.00
₱ 1,750.00
 ₱ 9,500.00
₱ 5,480.00
₱ 800.00
₱ 6,500.00
₱ 6,550.00
₱ 1,140.00
₱ 1,250.00
₱ 10,625.00
₱ 887.50
₱ 387.50
₱ 5,470.00
₱ 5,438.06

₱ 12,688.80
₱ 2,385.35
₱ 10,105.10
₱ 198.35

₱ 5,000.00
₱ 5,000.00
₱ 5,000.00
₱ 5,000.00
₱ 5,000.00
₱ 5,000.00

₱ 275,000.00
₱ 137,500.00
₱ 137,500.00

₱ 1,100,000.00
₱ 36,500.00
₱ 220,000.00
₱ 11,558.30
₱ 11,165.56 balance
₱ 5,850.00 dr
₱ 6,550.00 ₱ 2,070,552.94
₱ 4,895.00 cr
₱ 18,596.02 ₱ 2,070,552.94
₱ 5,438.06
₱ 650,000.00
₱ 63,218.74
₱ 4,000.00
₱ 26,880.00
₱ 39,634.20
 ₱ 4,360.00
₱ 5,360.00 dr
₱ 800,000.00 ₱ 2,070,552.94
₱ 255,000.00 cr
₱ 735,937.50 ₱ 2,070,552.94
₱ 103,612.50
₱ 32,550.00 Net asset
Market value of Share capital issued
Goodwill

₱ 522,500.00
₱ 577,500.00
₱ - ₱ 1,100,000.00
₱ 887.50

₱ 1,500.00
₱ 1,500.00

₱ 4,895.00
₱ 4,895.00
 ₱ 1,100,000.00
₱ 1,100,000.00
-₱ 0.00
ACCOUNT: CASH
DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 116,871.20
31 CR1 ₱ 168,522.88 ₱ 285,394.08
31 CDJ1 ₱ 222,175.34 ₱ 63,218.74
31 incorporation GJ1 ₱ 63,218.74 ₱ -

ACCOUNT: PETTY CASH

DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 2,000.00 ₱ 2,000.00
2 CDJ1 ₱ 2,000.00 ₱ 4,000.00

ACCOUNT: ACCOUNTS RECEIVABLE

DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 21,840.00
31 SRJ1 ₱ 61,600.00 ₱ 83,440.00
31 CRJ1 ₱ 56,560.00 ₱ 26,880.00
31 incorporation GJ1 ₱ 26,880.00 ₱ -

ACCOUNT: INPUT TAX

DATE ITEM P/R DR CR BALANCE
Dec-31 CDJ1 ₱ 39,634.20 ₱ 39,634.20
31 incorporation ₱ 39,634.20 ₱ -
]

ACCOUNT: PREPAID INSURANCE

DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 6,500.00
31 adjusting ₱ 1,140.00 ₱ 5,360.00

31 incorporation ₱ 5,360.00 ₱ -
ACCOUNT: ACCOUNTS PAYABLE
DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 2,000.00 ₱ 2,000.00
1 CDJ1 ₱ 2,000.00 ₱ -
16 CDJ1 ₱ 35,000.00 ₱ 35,000.00
31 adjusting GJ1 ₱ 1,500.00 ₱ 36,500.00
Jan-02 incorporation GJ1 ₱ 36,500.00 ₱ -

ACCOUNT: SSS, PHILHEALTH & PAG-IBIG PAYABLE

DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 9,150.00
31 CDJ1 ₱ 5,058.30 ₱ 14,208.30
5 CDJ1 ₱ 9,150.00 ₱ 5,058.30
31 adjusting GJ1 ₱ 6,500.00 ₱ 11,558.30
Jan-02 incorporation GJ1 ₱ 11,558.30 ₱ -

ACCOUNT: UTILITIES PAYABLE

DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 5,314.25
8 CDJ1 ₱ 3,200.00 ₱ 2,114.25
15 CDJ1 ₱ 2,114.25 ₱ -
31 adjusting GJ1 ₱ 4,895.00 ₱ 4,895.00
Jan-02 incorporation GJ1 ₱ 4,895.00 ₱ -

ACCOUNT: INTEREST PAYABLE

DATE ITEM P/R DR CR BALANCE
Dec-31 adjusting GJ1 ₱ 6,550.00 ₱ 6,550.00
Jan-02 incorporation GJ1 ₱ 6,550.00 ₱ -

ACCOUNT: OUTPUT TAX

DATE ITEM P/R DR CR BALANCE
Dec-31 SRJ1 ₱ 6,600.00 ₱ 6,600.00
31 CRJ1 ₱ 11,996.02 ₱ 18,596.02
Jan-02 incorporation GJ1 ₱ 18,596.02 ₱ -
ACCOUNT: ANTON AGONCILLO, CAPITAL
DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 387,614.65
Dec-31 closing GJ1 ₱ 2,545.82 ₱ 390,160.47
31 closing GJ1 ₱ 5,000.00 ₱ 385,160.47
31 dissolution GJ1 ₱ 137,580.24 ₱ 522,740.71
31 incorporation GJ1 ₱ 31,368.66 ₱ 554,109.37
31 incorporation GJ1 ₱ 550,000.00 ₱ 4,109.37
31 incorporation GJ1 ₱ 4,109.37 ₱ -

ACCOUNT: BOBBY BERNARDO, CAPITAL

DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 434,894.90
31 closing GJ1 ₱ 10,265.57 ₱ 445,160.47
31 closing GJ1 ₱ 5,000.00 ₱ 440,160.47
31 dissolution GJ1 ₱ 137,580.24 ₱ 577,740.71
31 incorporation GJ1 ₱ 31,368.66 ₱ 609,109.37
31 incorporation GJ1 ₱ 550,000.00 ₱ 59,109.37
31 incorporation GJ1 ₱ 59,109.37 ₱ -

ACCOUNT: CARLOS CAMPOS, CAPITAL

DATE ITEM P/R DR CR BALANCE
Dec-01 balance x ₱ 279,801.65 ₱ 279,801.65
31 closing GJ1 ₱ 358.82 ₱ 280,160.47
31 closing GJ1 ₱ 5,000.00 ₱ 275,160.47
31 dissolution GJ1 ₱ 275,160.47 ₱ -

ACCOUNT: INCOME SUMMARY

DATE ITEM P/R DR CR BALANCE
Dec-31 closing GJ1 ₱ 154,966.86 ₱ 154,966.86
31 closing GJ1 ₱ 141,796.64 ₱ 13,170.22
31 closing GJ1 ₱ 13,170.22 ₱ -

ACCOUNT: SALARIES EXPENSE

DATE ITEM P/R DR CR BALANCE
Dec-31 CDJ1 ₱ 80,650.00 ₱ 80,650.00
31 adjusting GJ1 ₱ 5,850.00 ₱ 86,500.00
31 closing GJ1 ₱ 86,500.00 ₱ -
ACCOUNT: SSS, PHILHEALTH & PAG-IBIG CONTRIBUTION
DATE ITEM P/R DR CR BALANCE
Dec-31 adjusting GJ1 ₱ 6,500.00 ₱ 6,500.00
31 closing GJ1 ₱ 6,500.00 ₱ -

ACCOUNT: FUEL AND LUBRICANTS

DATE ITEM P/R DR CR BALANCE
Dec-31 CDJ1 ₱ 8,000.00 ₱ 8,000.00
31 adjusting GJ1 ₱ 1,500.00 ₱ 9,500.00
31 closing GJ1 ₱ 9,500.00 ₱ -

ACCOUNT: UTILITIES EXPENSE

DATE ITEM P/R DR CR BALANCE
Dec-22 CDJ1 ₱ 585.00 ₱ 585.00
31 adjusting GJ1 ₱ 4,895.00 ₱ 5,480.00
31 closing GJ1 ₱ 5,480.00 ₱ -

ACCOUNT: DEP. EXP- TRUCKS

DATE ITEM P/R DR CR BALANCE
Dec-31 adjusting GJ1 ₱ 10,625.00 ₱ 10,625.00
31 closing GJ1 ₱ 10,625.00 ₱ -

ACCOUNT: DEP. EXP- FURNITURES & FIXTURES

DATE ITEM P/R DR CR BALANCE
Dec-31 adjusting GJ1 ₱ 387.50 ₱ 387.50
31 closing GJ1 ₱ 387.50 ₱ -

ACCOUNT: INTEREST EXPENSE

DATE ITEM P/R DR CR BALANCE
Dec-31 adjusting GJ1 ₱ 6,550.00 ₱ 6,550.00
31 closing GJ1 ₱ 6,550.00 ₱ -

ACCOUNT: INCOME TAX EXPENSE

DATE ITEM P/R DR CR BALANCE
Dec-31 adjusting GJ1 ₱ 5,438.83 ₱ 5,438.83
31 closing GJ1 ₱ 5,438.83 ₱ -
ACCOUNT: OFFICE SUPPLIES
DATE ITEM P/R DR CR
Dec-01 balance x
5 CDJ1 ₱ 3,500.00
18 CDJ1 ₱ 650.00
31 adjusting GJ1 ₱ 5,470.00
31 incorporation GJ1 ₱ 4,360.00

ACCOUNT: LAND
DATE ITEM P/R DR CR
Dec-01 balance x ₱ 800,000.00
Jan-01 incorporation GJ1 ₱ 800,000.00

ACCOUNT: BUILDING
DATE ITEM P/R DR CR
Dec-01 balance x ₱ 300,000.00
Jan-02 incorporation GJ1 ₱ 300,000.00

ACCOUNT: TRUCKS
DATE ITEM P/R DR CR

Dec-01 balance x ₱ 750,000.00

1 CDJ1 ₱ 270,000.00
Jan-02 incorporation GJ1 ₱ 1,020,000.00

ACCOUNT: OFFICE EQUIPMENT

DATE ITEM P/R DR CR
Dec-01 balance x
16 CDJ1 ₱ 45,000.00
Jan-02 incorporation GJ1 ₱ 129,000.00

ACCOUNT: FURNITURE & FIXTURE

DATE ITEM P/R DR CR
Dec-01 balance x ₱ 46,500.00
Jan-02 incorporation GJ1 ₱ 46,500.00
ACCOUNT: NOTES PAYABLE
DATE ITEM P/R DR CR
Dec-01 CDJ1
Jan-02 incorporatio GJ1 ₱ 220,000.00

ACCOUNT: WITHHOLDING TAX PAYABLE

DATE ITEM P/R DR CR
Dec-01 balance x
31 CDJ1 ₱ 11,165.56
10 CDJ1 ₱ 9,365.75
Jan-02 incorporation GJ1 ₱ 11,165.56

ACCOUNT: SALARIES PAYABLE

DATE ITEM P/R DR CR
Dec-31 adjusting GJ1 ₱ 5,850.00
Jan-02 incorporation GJ1 ₱ 5,850.00

ACCOUNT: INCOME TAX PAYABLE

DATE ITEM P/R DR CR
Dec-31 adjusting GJ1 ₱ 5,438.83
Jan-02 incorporation GJ1 ₱ 5,438.83

ACCOUNT: MORTGAGE PAYABLE

DATE ITEM P/R DR CR
Dec-01 balance x ₱ 650,000.00
Jan-02 incorporation GJ1 ₱ 650,000.00
ACCOUNT: ANTON AGONCILLO, DRAWING
DATE ITEM P/R DR CR
Dec-18 CDJ1 ₱ 5,000.00
31 closing GJ1 ₱ 5,000.00

ACCOUNT: BOBBY BERNARDO, DRAWING

DATE ITEM P/R DR CR
Dec-18 CDJ1 ₱ 5,000.00
31 closing GJ1 ₱ 5,000.00

ACCOUNT: CARLOS CAMPOS, DRAWING

DATE ITEM P/R DR CR
Dec-18 CDJ1 ₱ 5,000.00
31 GJ1 ₱ 5,000.00

ACCOUNT: SERVICE REVENUE

DATE ITEM P/R DR CR
Dec-31 SRJ1 ₱ 55,000.00
31 CRJ1 ₱ 99,966.86
31 closing GJ1 ₱ 154,966.86

ACCOUNT: REPRESENTATION EXPENSE

DATE ITEM P/R DR CR
ACCOUNT: REPAIR & MAINTENANCE EXPENSE
DATE ITEM P/R DR CR
Dec-09 CDJ1 ₱ 1,750.00
31 closing GJ1 ₱ 1,750.00

ACCOUNT: INSURANCE EXPENSE

DATE ITEM P/R DR CR
Dec-31 adjusting GJ1 ₱ 1,140.00
31 closing GJ1 ₱ 1,140.00

ACCOUNT: DEP. EXP- BUILDING

DATE ITEM P/R DR CR
Dec-31 adjusting GJ1 ₱ 1,250.00
31 closing GJ1 ₱ 1,250.00

ACCOUNT: DEP. EXP- OFF EQUIP

DATE ITEM P/R DR CR
Dec-31 adjusting GJ1 ₱ 887.50
31 closing GJ1 ₱ 887.50

ACCOUNT: OFFICE SUPPLIES EXPENSE

DATE ITEM P/R DR CR
Dec-31 adjusting GJ1 ₱ 5,470.00
31 closing GJ1 ₱ 5,470.00

ACCOUNT: MISCELLANEOUS EXPENSE

DATE ITEM P/R DR CR
Dec-15 CDJ1 ₱ 800.00
₱ 800.00
BALANCE
₱ 5,680.00
₱ 9,180.00
₱ 9,830.00
₱ 4,360.00
₱ -

BALANCE
₱ 800,000.00
₱ -

ACCOUNT: ACC. DEP-BUILDING

BALANCE DATE ITEM P/R DR CR

₱ 300,000.00 Dec-01 balance x ₱ 43,750.00
₱ - 31 adjusting GJ1 ₱ 1,250.00
Jan-02 incorporation GJ1 ₱ 45,000.00

ACCOUNT: ACC. DEP- TRUCKS

BALANCE DATE ITEM P/R DR CR

₱ 750,000.00 Dec-01 balance x ₱ 273,437.50

₱ 1,020,000.00 31 adjusting GJ1 ₱ 10,625.00
₱ - Jan-02 incorporation GJ1 ₱ 284,062.50

BALANCE ACCOUNT: ACC. DEP-OFFICE EQUIPMENT

₱ 84,000.00 DATE ITEM P/R DR CR
₱ 129,000.00 Dec-01 balance x ₱ 24,500.00
₱ - 31 adjusting GJ1 ₱ 887.50
Jan-02 incorporation GJ1 ₱ 25,387.50

BALANCE ACCOUNT: ACC. DEP-FURNITURE & FIXTURE

₱ 46,500.00 DATE ITEM P/R DR CR
₱ - Dec-01 balance x
31 adjusting GJ1 ₱ 387.50
 Jan-02 incorporation GJ1 ₱ 13,950.00

BALANCE
₱ 220,000.00
₱ -

BALANCE
₱ 9,365.75
₱ 20,531.31
₱ 11,165.56
₱ -

BALANCE
₱ 5,850.00
₱ -

BALANCE
₱ 5,438.83
₱ -

BALANCE
₱ 650,000.00
₱ -
BALANCE
₱ 5,000.00
₱ -

BALANCE
₱ 5,000.00
₱ -

BALANCE
₱ 5,000.00
₱ -

BALANCE
₱ 55,000.00
₱ 154,966.86
₱ -

BALANCE
BALANCE
₱ 1,750.00
₱ -

BALANCE
₱ 1,140.00
₱ -

BALANCE
₱ 1,250.00
₱ -

BALANCE
₱ 887.50
₱ -

BALANCE
₱ 5,470.00
₱ -

BALANCE
₱ 800.00
₱ -
BALANCE
₱ 43,750.00
₱ 45,000.00
₱ -

BALANCE

₱ 273,437.50
₱ 284,062.50
₱ -

BALANCE
₱ 24,500.00
₱ 25,387.50
₱ -

BALANCE
₱ 13,562.50
₱ 13,950.00
₱ -
 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER

ACCOUNT: Sweet Tooth Bakeshop

DATE ITEM P/R DR CR BALANCE
Dec 1 Invoice # 1046 x ₱ 6,160.00
2 Invoice # 1050 ₱ 6,160.00 ₱ 12,320.00
4 OR # 1106 ₱ 5,600.00 ₱ 6,720.00
11 OR # 1111 ₱ 6,160.00 ₱ 560.00
24 Invoice # 1056 ₱ 7,280.00 ₱ 7,840.00

ACCOUNT: Soulmate Marketing

DATE ITEM P/R DR CR BALANCE
Dec 1 Invoice # 1047 x ₱ 6,720.00
2 Invoice # 1051 ₱ 6,720.00 ₱ 13,440.00
4 OR # 1105 ₱ 6,720.00 ₱ 6,720.00
11 OR # 1113 ₱ 6,720.00 ₱ -
24 Invoice # 1057 ₱ 7,280.00 ₱ 7,280.00

ACCOUNT: Ace Supplies

DATE ITEM P/R DR CR BALANCE
Dec 1 Invoice # 1048 x ₱ 5,600.00
2 Invoice # 1052 ₱ 5,600.00 ₱ 11,200.00
4 OR # 1107 ₱ 5,600.00 ₱ 5,600.00
 11 OR # 1112 ₱ 5,600.00 ₱ -
24 Incoive # 1058 ₱ 6,160.00 ₱ 6,160.00

ACCOUNT: Bestfriends Bakery

DATE ITEM P/R DR CR BALANCE
Dec 1 Invoice # 1049 x ₱ 3,360.00
3 OR # 1104 ₱ 3,360.00 ₱ -
5 Invoice # 1053 ₱ 5,600.00 ₱ 5,600.00
10 OR # 1110 ₱ 5,600.00 ₱ -
12 Invoice # 1054 ₱ 5,600.00 ₱ 5,600.00
17 OR # 1117 ₱ 5,600.00 ₱ -
19 Invoice # 1055 ₱ 5,600.00 ₱ 5,600.00
24 OR # 1122 ₱ 5,600.00 ₱ -
26 Invoice # 1059 ₱ 5,600.00 ₱ 5,600.00

ACCOUNT: Sweet Tooth Bakeshop

DATE ITEM P/R DR CR BALANCE
ACCOUNT: Sweet Tooth Bakeshop
DATE ITEM P/R DR CR BALANCE
 ACCOUNTS PAYABLE SUBSIDIARY LEDGER

ACCOUNT: PETROIL
DATE ITEM P/R DR CR
Dec 1 balance x
1 ₱ 2,000.00

ACCOUNT: SSS, PHILHEALTH & PAG-IBIG FUND PAYABLE

DATE ITEM P/R DR CR
Dec 1 balance x
5 ₱ 487.50
5 ₱ 9,150.00
12 ₱ 487.50
15 ₱ 1,554.15
26 ₱ 487.50
30 ₱ 1,554.15
31 adjusting ₱ 6,500.00

ACCOUNT: WITHHOLDING TAX PAYABLE

DATE ITEM P/R DR CR
Dec 1 balance x
5 ₱ 1,950.00
10 ₱ 9,365.75
 12 ₱ 1,950.00
15 ₱ 1,682.78
26 ₱ 1,950.00
30 ₱ 1,682.78

ACCOUNT: MERALCO
DATE ITEM P/R DR CR
De 1 balance x
8 ₱ 3,200.00
31 adjusting ₱ 3,520.00

ACCOUNT: PLDT, CO.

DATE ITEM P/R DR CR
Dec 1 balance x
15 ₱ 2,114.25
31 adjusting ₱ 1,125.00
ACCOUNT: ITS COMPTER SALES
DATE ITEM P/R DR CR
Dec 16 ₱ 35,000.00

ACCOUNT: MAYNILAD
DATE ITEM P/R DR CR
Dec 31 adjusting ₱ 250.00
ACCOUNT: SALARIES PAYABLE
DATE ITEM P/R DR CR
Dec 31 adjusting ₱ 5,850.00
 BALANCE
₱ 2,000.00
₱ -

BALANCE
₱ 9,150.00
₱ 9,637.50
₱ 487.50
₱ 975.00
₱ 2,529.15
₱ 3,016.65
₱ 4,570.80
₱ 11,070.80

BALANCE
₱ 9,365.75
₱ 11,315.75
₱ 1,950.00
₱ 3,900.00
₱ 5,582.78
₱ 7,532.78
₱ 9,215.56

BALANCE
₱ 3,200.00
₱ -
₱ 3,520.00

BALANCE
₱ 2,114.25
₱ -
₱ 1,125.00
 BALANCE
₱ 35,000.00

BALANCE
₱ 250.00
 BALANCE
₱ 5,850.00
 TRIAL BALANCE
ACCOUNT TITLES DR CR
Cash ₱ 63,218.74
Petty Cash ₱ 4,000.00
Accounts Receivable ₱ 26,880.00
Input Tax ₱ 39,634.20
Office Supplies ₱ 9,830.00
Prepaid Insurance ₱ 6,500.00
Land ₱ 800,000.00
Building ₱ 300,000.00
Acc Dep-building ₱ 43,750.00
Trucks ₱ 1,020,000.00
Acc Dep-trucks ₱ 273,437.50
Office Equipment ₱ 129,000.00
Acc Dep- Office Equip ₱ 24,500.00
Furniture & Fixtures ₱ 46,500.00
Acc Dep- Furniture & Fixtures ₱ 13,562.50
Accounts Payable ₱ 35,000.00
Notes Payable ₱ 220,000.00
SSS, PhilHealth, and Pag-ibig Funds Payable ₱ 5,058.30
Withholding Tax Payable ₱ 11,165.56
Output Tax ₱ 18,596.02
Mortgage Payable ₱ 650,000.00
A. Agoncillo, Capital ₱ 387,614.65
A. Agoncillo, Drawing ₱ 5,000.00
B.Bernardo, Capital ₱ 434,894.90
B.Bernardo, Drawing ₱ 5,000.00
C. Campos, Capital ₱ 279,801.65
C. Campos, Drawing ₱ 5,000.00
Service Revenue ₱ 154,966.86
Salaries Expense ₱ 80,650.00
Repairs and Maintenance ₱ 1,750.00
Fuel and Lubricants ₱ 8,000.00
Utilities Expense ₱ 585.00
Miscellaneous Expense ₱ 800.00
TOTAL ₱ 2,552,347.94 ₱ 2,552,347.94

Salaries Payable
SSS, PhilHealth, and Pag-ibig Funds Contribution
Interest Expense
Interest Payable
Insurance Expense
Dep Exp- Building
Dep Exp- Trucks
Dep Exp- Off Equip
Dep Exp- Furniture & Fixtures
Office Supplies Expense
Utilities Payable
Income Tax Expense
Income Tax Payable
TOTAL
NET INCOME (LOSS)
TOTAL

₱ -
 ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT
DR CR DR CR DR
₱ 63,218.74
₱ 4,000.00
₱ 26,880.00
₱ 39,634.20
₱ 5,470.00 ₱ 4,360.00
₱ 1,140.00 ₱ 5,360.00
₱ 800,000.00
₱ 300,000.00
₱ 1,250.00 ₱ 45,000.00
₱ 1,020,000.00
₱ 10,625.00 ₱ 284,062.50
₱ 129,000.00
₱ 887.50 ₱ 25,387.50
₱ 46,500.00
₱ 387.50 ₱ 13,950.00
₱ 1,500.00 ₱ 36,500.00
₱ 220,000.00
₱ 6,500.00 ₱ 11,558.30
₱ 11,165.56
₱ 18,596.02
₱ 650,000.00
₱ 387,614.65
₱ 5,000.00
₱ 434,894.90
₱ 5,000.00
₱ 279,801.65
₱ 5,000.00
₱ 154,966.86
₱ 5,850.00 ₱ 86,500.00 ₱ 86,500.00
₱ 1,750.00 ₱ 1,750.00
₱ 1,500.00 ₱ 9,500.00 ₱ 9,500.00
₱ 4,895.00 ₱ 5,480.00 ₱ 5,480.00
₱ 800.00 ₱ 800.00

₱ 5,850.00 ₱ 5,850.00
₱ 6,500.00 ₱ 6,500.00 ₱ 6,500.00
₱ 6,550.00 ₱ 6,550.00 ₱ 6,550.00
₱ 6,550.00 ₱ 6,550.00
₱ 1,140.00 ₱ 1,140.00 ₱ 1,140.00
₱ 1,250.00 ₱ 1,250.00 ₱ 1,250.00
₱ 10,625.00 ₱ 10,625.00 ₱ 10,625.00
₱ 887.50 ₱ 887.50 ₱ 887.50
₱ 387.50 ₱ 387.50 ₱ 387.50
₱ 5,470.00 ₱ 5,470.00 ₱ 5,470.00
₱ 4,895.00 ₱ 4,895.00
₱ 5,438.06 ₱ 5,438.06 ₱ 5,438.06
₱ 5,438.06 ₱ 5,438.06
₱ 50,493.06 ₱ 50,493.06 ₱ 2,596,231.00 ₱ 2,596,231.00 ₱ 142,278.06
₱ 12,688.80
₱ 154,966.86

EBIT ₱ 18,126.86 ₱ 136,840.00

INCOME STATEMENT BALANCE SHEET
CR DR CR
₱ 63,218.74
₱ 4,000.00
₱ 26,880.00
₱ 39,634.20
₱ 4,360.00
₱ 5,360.00
₱ 800,000.00
₱ 300,000.00
₱ 45,000.00
₱ 1,020,000.00
₱ 284,062.50
₱ 129,000.00
₱ 25,387.50
₱ 46,500.00
₱ 13,950.00
₱ 36,500.00
₱ 220,000.00
₱ 11,558.30
₱ 11,165.56
₱ 18,596.02
₱ 650,000.00
₱ 387,614.65
₱ 5,000.00
₱ 434,894.90
₱ 5,000.00
₱ 279,801.65
₱ 5,000.00
₱ 154,966.86

₱ 5,850.00

₱ 6,550.00
 ₱ 4,895.00

₱ 5,438.06
₱ 154,966.86 ₱ 2,453,952.94 ₱ 2,441,264.14
₱ 12,688.80
₱ 154,966.86 ₱ 2,453,952.94 ₱ 2,453,952.94

₱ 154,966.86

0
 Statement of Financial Posistion
December 31, 2010

ASSETS
Cash ₱ 63,218.74
Petty Cash ₱ 4,000.00
Accounts Receivable ₱ 26,880.00
Input tax ₱ 39,634.20
Office Supplies ₱ 4,360.00
Prepaid Insurance ₱ 5,360.00
Total Current Assets
Land ₱ 800,000.00
Building ₱ 300,000.00
Acc. Dep- Building ₱ 45,000.00 ₱ 255,000.00
Trucks ₱ 1,020,000.00
Acc. Dep- Trucks ₱ 284,062.50 ₱ 735,937.50
Office Equipment ₱ 129,000.00
Acc. Dep- Office equip ₱ 25,387.50 ₱ 103,612.50
Furniture & Fixture ₱ 46,500.00
Acc. Dep- Furniture & Fixture ₱ 13,950.00 ₱ 32,550.00
Total Non-current Assets
TOTAL ASSETS

LIABILITIES
Accounts Payable ₱ 36,500.00
Notes Payable ₱ 220,000.00
SSS, PhilHealth & Pag-ibig Funds Payable ₱ 11,558.30
Withholding Tax Payable ₱ 11,165.56
Salaries Payable ₱ 5,850.00
Interest Payable ₱ 6,550.00
Utilities Payable ₱ 4,895.00
Output Tax ₱ 18,596.02
Income Tax Payable ₱ 5,438.06
Total Current Liabilities
Mortgage Payable
TOTAL LIABILITIES
CAPITAL
Anton Agoncillo, Capital ₱ 522,500.00
Bobby Bernardo, Capital ₱ 577,500.00
TOTAL CAPITAL
TOTAL LIABILITIES AND CAPITAL

₱ -
 Statement of Cah Flows

CASH FROM OPERATING ACTIVITIES

Cash Received from cash customers ₱ 111,962.88
Cash collection from credit customers ₱ 57,120.00
Cash paid for expenses and payables -₱ 41,029.20
Cash paid for salaries -₱ 64,426.14
Cash paid for supplies -₱ 3,920.00
Net cash provided by operatin activities ₱ 59,707.54
CASH FROM INVESTING ACTIVITIES
Cash paid for equipment -₱ 97,800.00
CASH FLOWS FROM FINANCING ACTIVITIES
Cash withdrawal by the owner -₱ 15,000.00
Decrease in Cash -₱ 53,092.46
Cash Balance December 1, 2010 ₱ 116,871.20
Cash Balance December 31, 2010 ₱ 63,778.74

₱ 560.00
 Income Statement

Service Revenue
Less: Operating Expenses
Salaries Expense
Repairs and Maintenance
Fuel and Lubricants
Utilities Expense
Miscellaneous Expense
SSS, PhilHealth, and Pag-ibig Funds Contribution
₱ 143,452.94 Insurance Expense
Dep Exp- Building
Dep Exp- Trucks
Dep Exp- Off Equip
Dep Exp- Furniture & Fixtures
Office Supplies Expense
Total Operating Expense
Operating Income
Other Expenses

₱ 1,927,100.00
₱ 2,070,552.94 Income before income tax
Provision for income tax

NET INCOME

Statement of Owner's Equity

A. Agoncillo
Capital, December 1, 2010 ₱ 387,614.65
Add: NET INCOME
₱ 320,552.94 Interest ₱ 16,598.25
₱ 650,000.00 Salaries ₱ 15,000.00
₱ 970,552.94 Remainder- equally -₱ 29,212.90
Subtotal ₱ 2,385.35

Total Net Income & Beg Capital ₱ 390,000.00

₱ 1,100,000.00
₱ 2,070,552.94
Less Withdrawals ₱ 5,000.00
Net ₱ 385,000.00

Retirement of C. Campos ₱ 137,500.00

 Capital, December 31, 2010 ₱ 522,500.00

OA IA
received collection expenses salaries supplies
₱ 15,120.00 ₱ 3,360.00 ₱ 2,000.00 ₱ 7,312.50 ₱ 3,920.00 ₱ 82,400.00
₱ 6,720.00 ₱ 6,720.00 ₱ 2,000.00 ₱ 7,312.50 ₱ 15,400.00
₱ 5,002.88 ₱ 5,600.00 ₱ 9,150.00 ₱ 17,588.07
₱ 7,280.00 ₱ 6,160.00 ₱ 3,200.00 ₱ 7,312.50
₱ 12,880.00 ₱ 5,600.00 ₱ 9,365.75 ₱ 7,312.50
₱ 8,400.00 ₱ 6,160.00 ₱ 2,114.25 ₱ 17,588.07
₱ 9,520.00 ₱ 5,600.00 ₱ 4,480.00
₱ 6,160.00 ₱ 6,720.00 ₱ 4,480.00
₱ 6,720.00 ₱ 5,600.00 ₱ 4,239.20
₱ 8,960.00 ₱ 5,600.00
₱ 17,360.00
₱ 7,840.00
₱ 111,962.88 ₱ 57,120.00 -₱ 41,029.20 -₱ 64,426.14 -₱ 3,920.00 -₱ 97,800.00
 ₱ 154,966.86

₱ 86,500.00
₱ 1,750.00
₱ 9,500.00
₱ 5,480.00
₱ 800.00
₱ 6,500.00
₱ 1,140.00
₱ 1,250.00
₱ 10,625.00
₱ 887.50
₱ 387.50
₱ 5,470.00 ₱ 130,290.00
₱ 24,676.86

₱ 6,550.00

₱ 18,126.86
₱ 5,438.06

₱ 12,688.80

ner's Equity

B.Bernardo C. Campos TOTAL

₱ 434,894.90 ₱ 279,801.65 ₱ 1,102,311.20

₱ 24,318.00 ₱ 14,411.25 ₱ 55,327.50

₱ 15,000.00 ₱ 15,000.00 ₱ 45,000.00
-₱ 29,212.90 -₱ 29,212.90 -₱ 87,638.70
₱ 10,105.10 ₱ 198.35 ₱ 12,688.80

₱ 445,000.00 ₱ 280,000.00 ₱ 1,115,000.00

₱ 5,000.00 ₱ 5,000.00 ₱ 15,000.00

₱ 440,000.00 ₱ 275,000.00 ₱ 1,100,000.00

₱ 137,500.00 ₱ -
₱ 577,500.00 ₱ 275,000.00 ₱ 1,100,000.00

FA

₱ 15,000.00

-₱ 15,000.00
 POST-CLOSING TRIAL BALANCE
December 31, 2010

DR CR
Cash ₱ 63,218.74
Petty Cash ₱ 4,000.00
Accounts Receivable ₱ 26,880.00
Input tax ₱ 39,634.20
Office Supplies ₱ 4,360.00
Prepaid Insurance ₱ 5,360.00
Land ₱ 800,000.00
Building ₱ 300,000.00
Acc. Dep- Building ₱ 45,000.00
Trucks ₱ 1,020,000.00
Acc. Dep- Trucks ₱ 284,062.50
Office Equipment ₱ 129,000.00
Acc. Dep- Office equip ₱ 25,387.50
Furniture & Fixture ₱ 46,500.00
Acc. Dep- Furniture & Fixture ₱ 13,950.00
Accounts Payable ₱ 36,500.00
Notes Payable ₱ 220,000.00
SSS, PhilHealth & Pag-ibig Funds Payable ₱ 11,558.30
Withholding Tax Payable ₱ 11,165.56
Salaries Payable ₱ 5,850.00
Interest Payable ₱ 6,550.00
Utilities Payable ₱ 4,895.00
Output Tax ₱ 18,596.02
Income Tax Payable ₱ 5,438.06
Mortgage Payable ₱ 650,000.00
Anton Agoncillo, Capital ₱ 522,500.00
Bobby Bernardo, Capital ₱ 577,500.00
TOTAL ₱ 2,438,952.94 ₱ 2,438,952.94
₱ 735,937.50

₱ 103,612.50

₱ 32,550.00
 SERVICE REVENUE
DATE INVOICE NO. ACCOUNTS DEBITED P/R

Jan 8 1001 New Wholesale

8 1002 Arman's Clothing
8 1003 Sholeland
9 1004 Bestfriends Bakery
16 1005 Bestfriends Bakery
23 1006 Bestfriends Bakery
26 1007 Ultra Mega Sales
26 1008 Aguila Marketing
26 1009 Automatic Marketing Center
30 1010 Bestfriends Bakery

PETTY CASH BOOK

DATE PCV # ACCOUNTS TITLE P/R

Jan 6 101 Repair and Maintenance
7 102 Miscellaneous Expense
13 103 Miscellaneous Expense
16 104 Utilities Payable
22 105 Office Supplies
ICE REVENUE
SERVICE REV (CR) OUTPUT TAX (CR) A/R DR

₱ 6,000.00 ₱ 720.00 ₱ 6,720.00

₱ 5,000.00 ₱ 600.00 ₱ 5,600.00 dr cr
₱ 5,500.00 ₱ 660.00 ₱ 6,160.00 ₱ 71,680.00 ₱ 71,680.00
₱ 6,500.00 ₱ 780.00 ₱ 7,280.00
₱ 6,500.00 ₱ 780.00 ₱ 7,280.00 ₱ -
₱ 6,500.00 ₱ 780.00 ₱ 7,280.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 7,000.00 ₱ 840.00 ₱ 7,840.00
₱ 7,000.00 ₱ 840.00 ₱ 7,840.00
₱ 6,500.00 ₱ 780.00 ₱ 7,280.00
₱ 64,000.00 ₱ 7,680.00 ₱ 71,680.00
/401/ /204.1/ /103/

Y CASH BOOK

AMOUNT INPUT TAX (DR) AMOUNT

₱ 1,250.00 ₱ 150.00 ₱ 1,400.00
₱ 600.00 ₱ 72.00 ₱ 672.00 dr cr
₱ 1,000.00 ₱ 120.00 ₱ 1,120.00 ₱ 4,351.20 ₱ 4,351.20
₱ 250.00 ₱ 30.00 ₱ 280.00
₱ 785.00 ₱ 94.20 ₱ 879.20 ₱ -
₱ 3,885.00 ₱ 466.20 ₱ 4,351.20
/ / /
 CASH RECEIPT
DATE OR NO. INVOICE NO. ACCOUNTS CREDITED P/R SUNDRY (CR)
Jan 2 1001 - Subscription Receivable 104 ₱ 75,000.00
2 1002 - Subscription Receivable 104 ₱ 108,000.00
2 1003 - Subscription Receivable 104 ₱ 146,250.00
5 1004 1059 Bestfriends Bakery
5 1005 1057 Soulmate Marketing
5 1006 1058 Ace Supplies
5 1007 1056 Sweet Tooth Bakeshop
6 1008 cod Automatic Marketing Center
6 1009 cod UK RTW
6 1010 cod Mercy Flower Shop
6 1011 cod Flavs Villas
7 1012 cod Frederick Feng
12 1013 cod Ultra Mega Sales
12 1014 cod Aguila Marketing
13 1015 cod Renato Ang
14 1016 1004 Bestfriends Bakery
14 1017 - Subscription Receivable 104 ₱ 341,250.00
15 1018 cod Ibiang Sarmiento
16 1019 cod Corona Supplies
16 1020 - Subscription Receivable 104 ₱ 144,000.00
19 1021 1002 Arman's Clothing Textile
19 1022 1001 New Wholesale Store
19 1023 1003 Shoeland Store
20 1024 cod Automatic Marketing Center
20 1025 cod UK RTW
20 1026 cod Mercy Flower Shop
20 1027 cod Katha Javier
21 1028 - Receivable from Highest Bidder 105 ₱ 183,500.00
21 1029 1005 Bestfriends Bakery
22 1030 cod Frederick Feng
22 1031 cod Nicanor Battad
27 1032 cod Gerry Calayan
27 1033 cod Diosdado Perez
28 1034 1006 Bestfriends Bakery
28 1035 cod Bok Sagun
29 1036 - Subscription Receivable 104 ₱ 108,000.00
30 1037 cod Elmar Bordo
₱ 1,106,000.00
/
EIPT
A/R CR SERVICE REV (CR) OUTPUT TAX (CR) CASH DR
₱ 75,000.00
₱ 108,000.00
₱ 146,250.00
₱ 5,600.00 ₱ - ₱ 5,600.00
₱ 7,280.00 ₱ - ₱ 7,280.00
₱ 6,160.00 ₱ - ₱ 6,160.00
₱ 7,280.00 ₱ - ₱ 7,280.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 7,000.00 ₱ 840.00 ₱ 7,840.00
₱ 6,000.00 ₱ 720.00 ₱ 6,720.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 7,000.00 ₱ 840.00 ₱ 7,840.00
₱ 8,000.00 ₱ 960.00 ₱ 8,960.00
₱ 7,280.00 ₱ - ₱ 7,280.00
₱ 341,250.00
₱ 5,000.00 ₱ 600.00 ₱ 5,600.00
₱ 6,000.00 ₱ 720.00 ₱ 6,720.00
₱ 144,000.00
₱ 5,600.00 ₱ - ₱ 5,600.00
₱ 6,720.00 ₱ - ₱ 6,720.00
₱ 6,160.00 ₱ - ₱ 6,160.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 7,000.00 ₱ 840.00 ₱ 7,840.00
₱ 6,000.00 ₱ 720.00 ₱ 6,720.00 dr
₱ 7,000.00 ₱ 840.00 ₱ 7,840.00 ₱ 1,332,240.00
₱ 183,500.00
₱ 7,280.00 ₱ - ₱ 7,280.00 ₱ -
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 8,500.00 ₱ 1,020.00 ₱ 9,520.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 7,280.00 ₱ - ₱ 7,280.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 108,000.00
₱ 7,500.00 ₱ 900.00 ₱ 8,400.00
₱ 66,640.00 ₱ 142,500.00 ₱ 17,100.00 ₱ 1,332,240.00
/103/ /401/ /204.1/ /101/
 Date Cv No. Check No. Accounts Debited P/R
Jan 2 1001 716051 Pre-operating Expense 501
2 1002 716052 Salaries Payable 206
2 1003 716053 Interest Payable 207
5 1004 716054 Accounts Payable-PETROIL 201
7 1005 716055 SSS, PhilHealth & Pag-ibig Funds Payable 203
7 1006 706156 Office Supplies 106
7 1007 716057 Utilities Payable 205
8 1008 716058 Employees Salaries
10 1009 716059 Withholding Tax Payable 204
11 1010 716060 Petroil
13 1011 716061 Employees Salaries
13 1012 716062 Employees Salaries
1013 716063 Petroil
20 1014 716064 Receivable from Highest Bidder 105
1015 716065 Utilities Payable 205
20 1016 716066 Employees Salaries
21 1017 716067 Petroil
23 1018 716068 Advertising Expense 514
24 1019 716069 Repair & Maintenance 505
29 1020 716070 Employees Salaries
29 1021 716071 Employees Salaries
30 1022 716072 Repair & Maintenance 505
Miscellaneous Expense 520
Utilities Payable 508
Office Supplies 106
cr 31 1023 716073 Mortgage Payable 221
₱ 1,332,240.00
 CASH DISBURSEMENT
Sundry DR(CR) Input tax DR Fuel & Lubricant DR Salaries Expense DR
₱ 12,000.00
₱ 5,850.00 ₱ 3,900.00
₱ 4,350.00
₱ 1,500.00
₱ 11,558.30
₱ 5,480.00 ₱ 657.60
₱ 3,520.00
₱ 9,750.00
₱ 11,165.56
₱ 720.00 ₱ 6,000.00
₱ 20,825.00
₱ 9,750.00
₱ 720.00 ₱ 6,000.00
₱ 8,500.00
₱ 1,125.00
₱ 9,750.00
₱ 720.00 ₱ 6,000.00
₱ 10,000.00 ₱ 1,200.00
₱ 7,500.00 ₱ 900.00
₱ 9,750.00
₱ 20,825.00
₱ 1,250.00 ₱ 150.00
₱ 1,600.00 ₱ 192.00
₱ 250.00 ₱ 30.00
₱ 785.00 ₱ 94.20
₱ 325,000.00
₱ 411,433.86 ₱ 5,383.80 ₱ 18,000.00 ₱ 84,550.00
/ /103.1/ /506/ /502/
SSS, PhilHealth, Pag-ibig (CR) Withholding Tax Payable (CR) Cash (CR)
₱ 12,000.00
₱ 487.50 ₱ 1,950.00 ₱ 7,312.50
₱ 4,350.00
₱ 1,500.00
₱ 11,558.30
₱ 6,137.60
₱ 3,520.00 dr
₱ 487.50 ₱ 1,950.00 ₱ 7,312.50 ₱ 519,367.66
₱ 11,165.56
₱ 6,720.00 ₱ -
₱ 1,554.15 ₱ 1,682.78 ₱ 17,588.07
₱ 487.50 ₱ 1,950.00 ₱ 7,312.50
₱ 6,720.00
₱ 8,500.00
₱ 1,125.00
₱ 487.50 ₱ 1,950.00 ₱ 7,312.50
₱ 6,720.00
₱ 11,200.00
₱ 8,400.00
₱ 487.50 ₱ 1,950.00 ₱ 7,312.50
₱ 1,554.15 ₱ 1,682.78 ₱ 17,588.07
₱ 1,400.00
₱ 1,792.00
₱ 280.00
₱ 879.20
₱ 325,000.00
₱ 5,545.80 ₱ 13,115.56 ₱ 500,706.30
/203/ /204/ /101/
cr
₱ 519,367.66
 DATE PARTICULARS P/R DEBIT CREDIT
Jan 2 Authorized to issue 50,000 shares of ordinary shares with a par value of P50 per share.

2 Cash 101 ₱ 63,218.74

Petty Cash 102 ₱ 4,000.00

Accounts Receivable 103 ₱ 26,880.00

Input tax 103.1 ₱ 39,634.20

Office Supplies 106 ₱ 4,360.00

Prepaid Insurance 107 ₱ 5,360.00

Land 108 ₱ 800,000.00

Building 109 ₱ 255,000.00

Trucks 111 ₱ 735,937.50
Office Equipment 113 ₱ 103,612.50
Furniture & Fixture 115 ₱ 32,550.00
Accounts Payable 201 ₱ 36,500.00
Notes Payable 202 ₱ 220,000.00
SSS, PhilHealth & Pag-ibig Funds Payable 203 ₱ 11,558.30
Withholding Tax Payable 204 ₱ 11,165.56
Salaries Payable 206 ₱ 5,850.00
Interest Payable 207 ₱ 6,550.00
Utilities Payable 205 ₱ 4,895.00
Output Tax 204.1 ₱ 18,596.02
Income Tax Payable 208 ₱ 5,438.06
Mortgage Payable 221 ₱ 650,000.00
Ordinary Shares, P50 (22,000x50) 301 ₱ 1,100,000.00

2 Subscription Receivable 104 ₱ 1,097,500.00

Ordinary Shares Subscribed 302 ₱ 875,000.00
Paid-in Capital in excess of par 303 ₱ 222,500.00

2 Pre-operating Expense 501 ₱ 15,000.00

Ordinary Shares, P50 301 ₱ 12,500.00
Paid-in Capital in excess of par 303 ₱ 2,500.00

14 Ordinary Shares Subscribed 302 ₱ 325,000.00

Ordinary Shares, P50 301 ₱ 325,000.00

19 Receivable from Highest Bidder 105 ₱ 175,000.00

Subscription Receivable 104 ₱ 175,000.00

21 Ordinary Shares Subscribed 302 ₱ 250,000.00

Ordinary Shares, P50 301 ₱ 250,000.00
 29 Ordinary Shares Subscribed 302 ₱ 300,000.00
Ordinary Shares, P50 301 ₱ 300,000.00

ADJUSTING ENTRIES
Jan 31 Dep Exp- Building 509 ₱ 1,250.00
Acc Dep- Building 110 ₱ 1,250.00

Dep Exp- Trucks 510 ₱ 10,625.00

Acc Dep- Trucks 112 ₱ 10,625.00

Dep Exp- Off Equip 511 ₱ 1,075.00

Acc Dep- Off Equip 114 ₱ 1,075.00

Dep Exp-Furniture & Fixtures 512 ₱ 387.50

Acc Dep- Furniture & Fixtures 116 ₱ 387.50

31 Office Supplies Expense 513 ₱ 6,155.00

Office Supplies 106 ₱ 6,155.00

31 Insurance Expense 507 ₱ 1,140.00

Prepaid Insurance 107 ₱ 1,140.00

31 Fuel and Lubricants 506 ₱ 3,500.00

Accounts Payable 201 ₱ 3,500.00

31 Utilites Expense 508 ₱ 5,600.00

Utilities Payable 205 ₱ 5,600.00

Interest Expense 515 ₱ 6,450.00

31 Interest Payable 207 ₱ 6,450.00

SSS, PhilHealth & Pag-ibig Contribution 504 ₱ 6,500.00

31 SSS, PhilHealth & Pag-ibig Funds Payable 203 ₱ 6,500.00

Income Tax Expense ₱ 4,175.25

31 Income Tax Payable ₱ 4,175.25

CLOSING ENTRIES
Jan 31 Service Revenue 401 ₱ 206,500.00
Income Summary 307 ₱ 206,500.00

31 Income Summary 307 ₱ 196,757.75

Pre-operating expenses 501 ₱ 27,000.00
Salaries expenses 502 ₱ 84,550.00
 SSS. PhilHealth & Pg-ibig Fund Contribution 504 ₱ 6,500.00
Repairs & Maintenance expenses 505 ₱ 8,750.00
Fuel and Lubricant expenses 506 ₱ 21,500.00
Insurance expense 507 ₱ 1,140.00
Utilities expense 508 ₱ 5,600.00
Dep Exp-Bldg. 509 ₱ 1,250.00
Dep Exp-Trucks 510 ₱ 10,625.00
Dep Exp-Office Equip 511 ₱ 1,075.00
Dep Exp-Furn & Fixture 512 ₱ 387.50
Office Supplies expense 513 ₱ 6,155.00
Advertising expense 514 ₱ 10,000.00
Miscellaneous expense 520 ₱ 1,600.00
Interest Expense 515 ₱ 6,450.00
Income Tax Expense 516 ₱ 4,175.25

31 Income Summary 307 ₱ 9,742.25

Retained Earnings 304 ₱ 9,742.25
asset
₱ 2,070,552.94 ₱ 2,070,552.94

credit
₱ 2,070,552.94

₱ 0.00

₱ 250,000.00 ₱ 360,000.00 ₱ 487,500.00

₱ 250,000.00 ₱ 300,000.00 ₱ 325,000.00
₱ - ₱ 60,000.00 ₱ 162,500.00
 ₱ 3,125.00
₱ 375.00

₱ 975.00
₱ 600.00
₱ 375.00

Meralco ₱ 2,767.86 ₱ 3,100.00

Input ₱ 332.14
PLDT ₱ 1,897.32 ₱ 2,125.00
Input ₱ 227.68
Maynilad ₱ 334.82 ₱ 375.00
Input ₱ 40.18
ACCOUNT: CASH
DATE ITEM P/R DR CR
Jan-01 Balance GJ1 ₱ 63,218.74
31 CR1 ₱ 1,332,240.00
31 CDJ1 ₱ 500,706.30

ACCOUNT: ACCOUNTS RECEIVABLE

DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 26,880.00
31 SRJ1 ₱ 71,680.00
31 CRJ1 ₱ 66,640.00

ACCOUNT: INPUT TAX

DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 39,634.20
31 CDJ1 ₱ 5,383.80

ACCOUNT: RECEIVABLE FROM HIGHEST BIDDER

DATE ITEM P/R DR CR
Jan-19 GJ1 ₱ 175,000.00
31 CDJ1 ₱ 8,500.00
31 CRJ ₱ 183,500.00

ACCOUNT: PREPAID INSURANCE

DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 5,360.00
31 adjusting GJ1 ₱ 1,140.00
ACCOUNT: LAND
DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 800,000.00

ACCOUNT: BUILDING
DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 255,000.00

ACCOUNT: TRUCKS
DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 735,937.50

ACCOUNT: OFFICE EQUIPMENT

DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 103,612.50

ACCOUNT: FURNITURE & FIXTURE

DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 32,550.00
ACCOUNT: ACCOUNTS PAYABLE
DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 36,500.00
5 CDJ1 ₱ 1,500.00
31 adjusting GJ1 ₱ 3,500.00

ACCOUNT: SSS, PHILHEALTH & PAG-IBIG PAYABLE

DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 11,558.30
31 CDJ1 ₱ 5,545.80
7 CDJ1 ₱ 11,558.30
31 adjusting GJ1 ₱ 6,500.00

ACCOUNT: OUTPUT TAX

DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 18,596.02
31 SRJ1 ₱ 7,680.00
31 CRJ1 ₱ 17,100.00

ACCOUNT: UTILITIES PAYABLE

DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 4,895.00
7 CDJ1 ₱ 3,520.00
20 CDJ1 ₱ 1,125.00
30 CDJ1 ₱ 250.00
31 adjusting GJ1 ₱ 5,600.00

ACCOUNT: INTEREST PAYABLE

DATE ITEM P/R DR CR
Jan-02 Balance GJ1 ₱ 6,550.00
2 CDJ1 ₱ 4,350.00
31 adjusting GJ1 ₱ 6,450.00
ACCOUNT: INCOME TAX PAYABLE
DATE ITEM P/R DR CR
Jan-02 GJ1 ₱ 5,438.06

ACCOUNT:ORDINARY SHARES, P50 PAR

DATE ITEM P/R DR CR
Jan-02 GJ1 ₱ 1,100,000.00
2 GJ1 ₱ 12,500.00
14 GJ1 ₱ 325,000.00
21 GJ1 ₱ 250,000.00
29 GJ1 ₱ 300,000.00

ACCOUNT:PAID-IN CAPITAL IN EXCESS OF PAR

DATE ITEM P/R DR CR
Jan-02 GJ1 ₱ 222,500.00
2 GJ1 ₱ 2,500.00

ACCOUNT:INCOME SUMMARY
DATE ITEM P/R DR CR
Jan-31 closing GJ1 ₱ 206,500.00
closing GJ1 ₱ 196,757.75
closing GJ1 ₱ 9,742.25

ACCOUNT:PRE-OPERATING EXPENSE
DATE ITEM P/R DR CR
Jan-02 GJ1 ₱ 15,000.00
 2 CDJ ₱ 12,000.00
31 closing GJ1 ₱ 27,000.00

ACCOUNT:REPRESENTATION
DATE ITEM P/R DR CR

ACCOUNT:REPAIR & MAINTENANCE EXPENSE

DATE ITEM P/R DR CR
Jan-24 CDJ1 ₱ 7,500.00
30 CDJ1 ₱ 1,250.00
31 closing GJ1 ₱ 8,750.00

ACCOUNT:INSURANCE EXPENSE
DATE ITEM P/R DR CR
Jan-31 adjusting GJ1 ₱ 1,140.00
31 closing GJ1 ₱ 1,140.00

ACCOUNT:DEP EXP- BUILDING

DATE ITEM P/R DR CR
Jan-31 adjusting GJ1 ₱ 1,250.00
31 closing GJ1 ₱ 1,250.00

ACCOUNT:DEP EXP-OFFICE EQUIPMENT

DATE ITEM P/R DR CR
Jan-31 adjusting GJ1 ₱ 1,075.00
31 closing GJ1 ₱ 1,075.00

ACCOUNT:OFFICE SUPPLIES EXPENSE

DATE ITEM P/R DR CR
Jan-31 adjusting GJ1 ₱ 6,155.00
31 closing GJ1 ₱ 6,155.00

ACCOUNT:INTEREST EXPENSE
DATE ITEM P/R DR CR
Jan-31 adjusting GJ1 ₱ 6,450.00
31 closing GJ1 ₱ 6,450.00

ACCOUNT:MISCELLANEOUS EXPENSE
DATE ITEM P/R DR CR
Jan-30 CDJ1 ₱ 1,600.00
31 closing GJ1 ₱ 1,600.00
 ACCOUNT: PETTY CASH
BALANCE DATE ITEM P/R DR
₱ 63,218.74 Jan-01 Balance GJ1 ₱ 4,000.00
₱ 1,395,458.74
₱ 894,752.44

ACCOUNT: SUBSCRIPTION RECEIVABLE

BALANCE DATE ITEM P/R DR
₱ 26,880.00 2 GJ1 ₱ 1,097,500.00
₱ 98,560.00 2 CRJ1
₱ 31,920.00 19 GJ1
14 CRJ1
16 CRJ1
29 CRJ1

BALANCE
₱ 39,634.20 ₱ 75,000.00
₱ 45,018.00 ₱ 108,000.00
₱ 146,250.00

BALANCE ACCOUNT: OFFICE SUPPLIES

₱ 175,000.00 DATE ITEM P/R DR
₱ 183,500.00 Jan-02 Balance ₱ 4,360.00
₱ - 7 CDJ1 ₱ 5,480.00
30 CDJ1 ₱ 785.00
31 adjusting GJ1

BALANCE
₱ 5,360.00
₱ 4,220.00
BALANCE
₱ 800,000.00

BALANCE ACCOUNT: ACC DEP-BUILDING

₱ 255,000.00 DATE ITEM P/R DR
Jan-31 adjusting GJ1 ₱ 1,250.00

BALANCE ACCOUNT: ACC DEP-TRUCKS

₱ 735,937.50 DATE ITEM P/R DR
Jan-31 adjusting GJ1 ₱ 10,625.00

BALANCE ACCOUNT: ACC DEP-OFFICE EQUIPMENT

₱ 103,612.50 DATE ITEM P/R DR
Jan-31 adjusting GJ1 ₱ 1,075.00

BALANCE ACCOUNT: ACC DEP-FURNITURE & FIXTURE

₱ 32,550.00 DATE ITEM P/R DR
Jan-31 adjusting GJ1 ₱ 387.50
BALANCE ACCOUNT: NOTES PAYABLE
₱ 36,500.00 DATE ITEM P/R DR
₱ 35,000.00 Jan-02 Balance GJ1
₱ 38,500.00

BALANCE ACCOUNT: WITHHOLDING TAX PAYABLE

₱ 11,558.30 DATE ITEM P/R DR
₱ 17,104.10 Jan-02 Balance GJ1
₱ 5,545.80 31
10 ₱ 11,165.56

BALANCE
₱ 18,596.02
₱ 26,276.02
₱ 43,376.02

BALANCE ACCOUNT: SALARIES PAYABLE

₱ 4,895.00 DATE ITEM P/R DR
₱ 1,375.00 Jan-02 Balance GJ1
₱ 250.00 2 CDJ1 ₱ 5,850.00
₱ -
₱ 5,600.00

BALANCE ACCOUNT: DIVIDENDS PAYABLE

₱ 6,550.00 DATE ITEM P/R DR
₱ 2,200.00
₱ 8,650.00
BALANCE ACCOUNT: MORTGAGE PAYABLE
₱ 5,438.06 DATE ITEM P/R DR
Jan-02 Balance GJ1
31 CDJ1 ₱ 325,000.00

BALANCE ACCOUNT:ORDINARY SHARES SUBSCRIBED

₱ 1,100,000.00 DATE ITEM P/R DR
₱ 1,112,500.00 Jan-02 GJ1
₱ 1,437,500.00 14 GJ1 ₱ 325,000.00
₱ 1,687,500.00 21 GJ1 ₱ 250,000.00
₱ 1,987,500.00 29 GJ1 ₱ 300,000.00

BALANCE ACCOUNT:RETAINED EARNINGS

₱ 222,500.00 DATE ITEM P/R DR
₱ 225,000.00 Jan-31 closing GJ1

BALANCE ACCOUNT:SERVICE REVENUE

₱ 206,500.00 DATE ITEM P/R DR
₱ 9,742.25 Jan-31 GJ1
₱ - 31 CRJ1
31 closing ₱ 206,500.00

BALANCE ACCOUNT:SALARIES EXPENSE

₱ 15,000.00 DATE ITEM P/R DR
₱ 27,000.00 Jan-31 CDJ1 ₱ 84,550.00
₱ - 31 closing GJ1

BALANCE ACCOUNT:SSS, PHILHEALTH & PAG-IBIG CONTRIBUTION

DATE ITEM P/R DR
Jan-31 adjusting GJ1 ₱ 6,500.00
31 closing GJ1

BALANCE ACCOUNT:FUEL & LUBRICANTS

₱ 7,500.00 DATE ITEM P/R DR
₱ 8,750.00 Jan-31 CDJ1 ₱ 18,000.00
₱ - 31 adjusting GJ1 ₱ 3,500.00
31 closing GJ1

BALANCE ACCOUNT:UTILITIES EXPENSE

₱ 1,140.00 DATE ITEM P/R DR
₱ - Jan-31 adjusting GJ1 ₱ 5,600.00
31 closing GJ1

BALANCE ACCOUNT:DEP EXP-TRUCKS

₱ 1,250.00 DATE ITEM P/R DR
₱ - Jan-31 adjusting GJ1 ₱ 106,250.00
31 closing GJ1
BALANCE ACCOUNT:DEP EXP-FURNITURE & FIXTURE
₱ 1,075.00 DATE ITEM P/R DR
₱ - Jan-31 adjusting GJ1 ₱ 387.50
31 closing GJ1

BALANCE ACCOUNT:ADVERTISING EXPENSE

₱ 6,155.00 DATE ITEM P/R DR
₱ - Jan-23 ₱ 10,000.00
31 closing

BALANCE ACCOUNT:INCOME TAX EXPENSE

₱ 6,450.00 DATE ITEM P/R DR
₱ - Jan-31 adjusting GJ1 ₱ 4,175.25
31 closing GJ1

BALANCE
₱ 1,600.00
₱ -
CR BALANCE
₱ 4,000.00

CR BALANCE
₱ 1,097,500.00
₱ 329,250.00 ₱ 768,250.00
₱ 175,000.00 ₱ 593,250.00
₱ 341,250.00 ₱ 252,000.00
₱ 144,000.00 ₱ 108,000.00
₱ 108,000.00 ₱ -

CR BALANCE
₱ 4,360.00
₱ 9,840.00
₱ 10,625.00
₱ 6,155.00 ₱ 4,470.00
CR BALANCE

CR BALANCE

CR BALANCE

CR BALANCE
CR BALANCE
₱ 220,000.00 ₱ 220,000.00

CR BALANCE
₱ 11,165.56 ₱ 11,165.56
₱ 13,115.56 ₱ 24,281.12
₱ 13,115.56

CR BALANCE
₱ 5,850.00 ₱ 5,850.00
₱ -

CR BALANCE
CR BALANCE
₱ 650,000.00 ₱ 650,000.00
₱ 325,000.00

CR BALANCE
₱ 875,000.00 ₱ 875,000.00
₱ 550,000.00
₱ 300,000.00
₱ -

CR BALANCE
₱ 9,742.25 ₱ 9,742.25

CR BALANCE
₱ 64,000.00 ₱ 64,000.00
₱ 142,500.00 ₱ 206,500.00
₱ -

CR BALANCE
 ₱ 84,550.00
₱ 84,550.00 ₱ -

CR BALANCE
₱ 6,500.00
₱ 6,500.00 ₱ -

CR BALANCE
₱ 18,000.00
₱ 21,500.00
₱ 21,500.00 ₱ -

CR BALANCE
₱ 5,600.00
₱ 5,600.00 ₱ -

CR BALANCE
₱ 106,250.00
₱ 106,250.00 ₱ -
CR BALANCE
₱ 387.50
₱ 387.50 ₱ -

CR BALANCE
₱ 10,000.00
₱ 10,000.00 ₱ -

CR BALANCE
₱ 4,175.25
₱ 4,175.25 ₱ -
 TRIAL BALANCE
ACCOUNT TITLES DR CR
Cash ₱ 894,752.44
Petty Cash ₱ 4,000.00
Accounts Receivable ₱ 31,920.00
Input Tax ₱ 45,018.00
Office Supplies ₱ 10,625.00
Prepaid Insurance ₱ 5,360.00
Land ₱ 800,000.00
Building ₱ 255,000.00
Acc Dep-building
Trucks ₱ 735,937.50
Acc Dep-trucks
Office Equipment ₱ 103,612.50
Acc Dep- Office Equip
Furniture & Fixtures ₱ 32,550.00
Acc Dep- Furniture & Fixtures
Accounts Payable ₱ 35,000.00
Notes Payable ₱ 220,000.00
SSS, PhilHealth, and Pag-ibig Funds Payable ₱ 5,545.80
Withholding Tax Payable ₱ 13,115.56
Output Tax ₱ 43,376.02
Income tax Payable ₱ 5,438.06
Interest Payable ₱ 2,200.00
Mortgage Payable ₱ 325,000.00
Ordinary Shares, P50 ₱ 1,987,500.00
Paid-in Capital in excess of par ₱ 225,000.00
Service Revenue ₱ 206,500.00
Pre-operating Expense ₱ 27,000.00
Salaries Expense ₱ 84,550.00
Advertising Expense ₱ 10,000.00
Repairs and Maintenance ₱ 8,750.00
Fuel and Lubricants ₱ 18,000.00
Miscellaneous Expense ₱ 1,600.00
TOTAL ₱ 3,068,675.44 ₱ 3,068,675.44

SSS, PhilHealth, and Pag-ibig Funds Contribution

Interest Expense
Utilities Expense
Utilities Payable
Insurance Expense
Dep Exp- Building
Dep Exp- Trucks
Dep Exp- Off Equip
Dep Exp- Furniture & Fixtures
Office Supplies Expense
Income Tax Expense
TOTAL
NET INCOME (LOSS)
TOTAL
-₱ 0.00
 ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT
DR CR DR CR DR
₱ 894,752.44
₱ 4,000.00
₱ 31,920.00
₱ 45,018.00
₱ 6,155.00 ₱ 4,470.00
₱ 1,140.00 ₱ 4,220.00
₱ 800,000.00
₱ 255,000.00
₱ 1,250.00 ₱ 1,250.00
₱ 735,937.50
₱ 10,625.00 ₱ 10,625.00
₱ 103,612.50
₱ 1,075.00 ₱ 1,075.00
₱ 32,550.00
₱ 387.50 ₱ 387.50
₱ 3,500.00 ₱ 38,500.00
₱ 220,000.00
₱ 6,500.00 ₱ 12,045.80
₱ 13,115.56
₱ 43,376.02
₱ 4,175.25 ₱ 9,613.31
₱ 6,450.00 ₱ 8,650.00
₱ 325,000.00
₱ 1,987,500.00
₱ 225,000.00
₱ 206,500.00
₱ 27,000.00 ₱ 27,000.00
₱ 84,550.00 ₱ 84,550.00
₱ 10,000.00 ₱ 10,000.00
₱ 8,750.00 ₱ 8,750.00
₱ 3,500.00 ₱ 21,500.00 ₱ 21,500.00
₱ 1,600.00 ₱ 1,600.00

₱ 6,500.00 ₱ 6,500.00 ₱ 6,500.00

₱ 6,450.00 ₱ 6,450.00 ₱ 6,450.00
₱ 5,600.00 ₱ 5,600.00 ₱ 5,600.00
₱ 5,600.00 ₱ 5,600.00
₱ 1,140.00 ₱ 1,140.00 ₱ 1,140.00
₱ 1,250.00 ₱ 1,250.00 ₱ 1,250.00
₱ 10,625.00 ₱ 10,625.00 ₱ 10,625.00
₱ 1,075.00 ₱ 1,075.00 ₱ 1,075.00
₱ 387.50 ₱ 387.50 ₱ 387.50
₱ 6,155.00 ₱ 6,155.00 ₱ 6,155.00
₱ 4,175.25 ₱ 4,175.25 ₱ 4,175.25
₱ 46,857.75 ₱ 46,857.75 ₱ 3,108,238.19 ₱ 3,108,238.19 ₱ 196,757.75
₱ 9,742.25
₱ 206,500.00

EBIT ₱ 13,917.50 ₱ 192,582.50

INCOME STATEMENT BALANCE SHEET
CR DR CR
₱ 894,752.44
₱ 4,000.00
₱ 31,920.00
₱ 45,018.00
₱ 4,470.00
₱ 4,220.00
₱ 800,000.00
₱ 255,000.00
₱ 1,250.00
₱ 735,937.50
₱ 10,625.00
₱ 103,612.50
₱ 1,075.00
₱ 32,550.00
₱ 387.50
₱ 38,500.00
₱ 220,000.00
₱ 12,045.80
₱ 13,115.56
₱ 43,376.02
₱ 9,613.31
₱ 8,650.00
₱ 325,000.00
₱ 1,987,500.00
₱ 225,000.00
₱ 206,500.00

₱ 5,600.00
₱ 206,500.00 ₱ 2,911,480.44 ₱ 2,901,738.19
₱ 9,742.25
₱ 206,500.00 ₱ 2,911,480.44 ₱ 2,911,480.44

₱ 206,500.00
 BALANCE SHEET

ASSETS
Cash ₱ 894,752.44
Petty Cash ₱ 4,000.00
Accounts Receivable ₱ 31,920.00
Input Tax ₱ 45,018.00
Office Supplies ₱ 4,470.00
Prepaid Insurance ₱ 4,220.00
Total Current Assets ₱ 984,380.44
Land ₱ 800,000.00
Building ₱ 255,000.00
Acc dep-building -₱ 1,250.00 ₱ 253,750.00
Trucks ₱ 735,937.50
Acc dep-trucks -₱ 10,625.00 ₱ 725,312.50
Office Equipment ₱ 103,612.50
Acc dep-off equip -₱ 1,075.00 ₱ 102,537.50
Furniture & Fixture ₱ 32,550.00
Acc dep-furn&fixture -₱ 387.50 ₱ 32,162.50
Total Plant Assets ₱ 1,913,762.50
TOTAL ASSETS

LIABILITIES
Accounts Payable ₱ 38,500.00
Notes Payable ₱ 220,000.00
SSS, PhilHealth & Pag-ibig Funds Pay ₱ 12,045.80
Withholding Tax Payable ₱ 13,115.56
Output Tax ₱ 43,376.02
Interest Payable ₱ 8,650.00
Utilities Payable ₱ 5,600.00
Income Tax Payable ₱ 9,613.31
Total Current Liabilities ₱ 350,900.69
Mortgage Payable ₱ 325,000.00
TOTAL LIABILITIES

STOCKHOLDERS' EQUITY
Ordinary Shares, 50,000 authorized shares, P 50 par ₱ 1,987,500.00
Paid-in Capital in Excess of Par ₱ 225,000.00
Retained Earnings ₱ 9,742.25
TOTAL STOCKHOLDERS' EQUITY

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

STATEMENT OF CASH FLOWS

Cash flow from Operating Activities
 Cash received from cash customers ₱ 159,600.00
Cash Received from credit customers ₱ 66,640.00
Cash Paid for pre-operating expenses -₱ 12,000.00
Cash paid to employees -₱ 71,738.64
Cash paid for oil and lubrication -₱ 21,660.00
Cash paid as SSS, PhilHealth Contribution -₱ 11,558.30
Cash paid as withholding tax -₱ 11,165.56
Cash paid as advertising -₱ 11,200.00
Cash paid for interest -₱ 4,350.00
Cash paid for office supplies -₱ 7,016.80
Cash paid for utilities -₱ 4,925.00
Cash paid for repair & maintenance -₱ 9,800.00
Cash paid as advertising for HB -₱ 8,500.00
Cash paid for miscellaneous -₱ 1,792.00
Net Cash flow from operation

Cash flow from Investing Activities

Cash paid for Mortgage

Cash flow from Financing Activites

Cash received from stockholder

Increase(Decrease) in cash

Add: Cash January 1, 2011

Cash Balance, January 31, 2011

 INCOME STATEMENT

Service Revenue
Less: Operating Expenses
Pre-operating
Salaries
SSS. PhilHealth & Pg-ibig Fund Contribution
Repairs & Maintenance
Fuel and Lubricant
Insurance
Utilities
Dep Exp-Bldg.
Dep Exp-Trucks
Dep Exp-Office Equip
Dep Exp-Furn & Fixture
Office Supplies
Advertising
Miscellaneous
Total Operating Expense
Operating Income
₱ 2,898,142.94
Other Expenses
Interest Expense

Income before income tax

Provision for income tax

NET INCOME

Earning per share (9742.25/39,750 shares)

₱ 675,900.69

₱ 2,222,242.25
₱ 2,898,142.94

+ + - -
cash c. credit c. pre-op employees
 ₱ 8,400.00 ₱ 5,600.00 ₱ 12,000.00 ₱ 7,312.50
₱ 7,840.00 ₱ 7,280.00 ₱ 7,312.50
₱ 6,720.00 ₱ 6,160.00 ₱ 17,588.07
₱ 8,400.00 ₱ 7,280.00 ₱ 7,312.50
₱ 8,400.00 ₱ 7,280.00 ₱ 7,312.50
₱ 8,400.00 ₱ 5,600.00 ₱ 7,312.50
₱ 7,840.00 ₱ 6,720.00 ₱ 17,588.07
₱ 8,960.00 ₱ 6,160.00
₱ 5,600.00 ₱ 7,280.00
₱ 6,720.00 ₱ 7,280.00
₱ 8,400.00
₱ 7,840.00
₱ 6,720.00
₱ 7,840.00
₱ 50,533.70 ₱ 8,400.00
₱ 9,520.00
₱ 8,400.00
-₱ 325,000.00 ₱ 8,400.00
₱ 8,400.00
₱ 8,400.00
₱ 1,169,218.74 ₱ 159,600.00 ₱ 66,640.00 ₱ 12,000.00 ₱ 71,738.64

₱ 894,752.44
*
₱ - stockholder
₱ 63,218.74
₱ 894,752.44 ₱ 75,000.00
₱ 108,000.00
₱ 146,250.00
₱ 341,250.00
₱ 144,000.00
₱ 183,500.00
₱ 108,000.00
₱ 1,169,218.74
ATEMENT

₱ 206,500.00

₱ 27,000.00
₱ 84,550.00
₱ 6,500.00
₱ 8,750.00
₱ 21,500.00
₱ 1,140.00
₱ 5,600.00
₱ 1,250.00
₱ 10,625.00
₱ 1,075.00
₱ 387.50
₱ 6,155.00
₱ 10,000.00
₱ 1,600.00
₱ 186,132.50
₱ 20,367.50

₱ 6,450.00

₱ 13,917.50
₱ 4,175.25

₱ 9,742.25

₱ 0.25

- - - - - - -
fuel & lub sss withholding adver interest office utilities
₱ 1,500.00 ₱ 11,558.30 ₱ 11,165.56 ₱ 11,200.00 ₱ 4,350.00 ₱ 6,137.60 ₱ 3,520.00
₱ 6,720.00 ₱ 879.20 ₱ 1,125.00
₱ 6,720.00 ₱ 280.00
₱ 6,720.00

₱ 21,660.00 ₱ 11,558.30 ₱ 11,165.56 ₱ 11,200.00 ₱ 4,350.00 ₱ 7,016.80 ₱ 4,925.00

 - - -
repair HB miscellaneous
₱ 8,400.00 ₱ 8,500.00 ₱ 1,792.00
₱ 1,400.00

₱ 9,800.00 ₱ 8,500.00 ₱ 1,792.00

 POST-CLOSING TRIAL BALANCE

DR CR
Cash ₱ 894,752.44
Petty Cash ₱ 4,000.00
Accounts Receivable ₱ 31,920.00
Input Tax ₱ 45,018.00
Office Supplies ₱ 4,470.00
Prepaid Insurance ₱ 4,220.00
Land ₱ 800,000.00
Building ₱ 255,000.00
Acc Dep-building ₱ 1,250.00
Trucks ₱ 735,937.50
Acc Dep-trucks ₱ 10,625.00
Office Equipment ₱ 103,612.50
Acc Dep- Office Equip ₱ 1,075.00
Furniture & Fixtures ₱ 32,550.00
Acc Dep- Furniture & Fixtures ₱ 387.50
Accounts Payable ₱ 38,500.00
Notes Payable ₱ 220,000.00
SSS, PhilHealth, and Pag-ibig Funds Payable ₱ 12,045.80
Withholding Tax Payable ₱ 13,115.56
Output Tax ₱ 43,376.02
Income tax Payable ₱ 9,613.31
Interest Payable ₱ 8,650.00
Utilities Payable 5600
Mortgage Payable ₱ 325,000.00
Ordinary Shares, P50 ₱ 1,987,500.00
Paid-in Capital in excess of par ₱ 225,000.00
Retained Earnings ₱ 9,742.25
TOTAL ₱ 2,911,480.44 ₱ 2,911,480.44