copy practice set (1) (version 1)
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8/3/2019 Copy Practice Set (1) (Version 1)
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Cash On hand 55330.2
Cash In Bank 20000Petty Cash Fund 2000
A/R- intl market 3856.92
A/R- vazquez grocry 3374.14
merchndise 43917.3
prepaid supplies 313.35
ff 26500
acc dep 650
delivery eqp 90000
accdep 3000
depo rent 10000
depo uti 2000
ap colgate 5730.45
ap evergreen 14536.05
sss 3152
pagibig 1000
philhealth 825
tax 1633.58
vat 2058.15
rent pay 10000
uti pay 1500
capital 213206.7
257291.9 257291.9
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7,268.03
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5,730.45 5,730.45 7,268.02 14,536.05 5,124.00
528.00 11,759.33
7,268.03 25,962.31
15,064.05 52,257.6937,193.64 5,124.00
A/P- colgate A/P- evergreen Notes Payable
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3,152.00 3,152.00 825.00 825.00 1,000.00 1,000.00
3,152.00 825.00 1,000.00
3,152.00 6,304.00 825.00 1,650.00 1,000.00 2,000.003,152.00 825.00 1,000.00
PH payable Pag-ibig PayableSS and EC Payable
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1,633.58 1,633.58 10,000.00 10,000.00 1,500.00
816.79
816.79
1,633.58 3,267.161,633.58 - -
Withholding Taxes payable Rent Payable Utilities
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1,500.00 500.00 500.00 2,058.15 2,058.15
443.25
443.25
VAT payablePayable Creditable income tax withheld
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8.26 153.60 1,259.93 12.28
1,208.54 107.14 56.57
18.13 558.69 53.57
4.75 49.80 549.001,031.25
679.49 2,781.68
154.20
565.59
612.90
142.80
31.14 5,156.86 4,751.32 68.85
5,125.72 4,682.47
Output tax input tax
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213206.68 200 1280
36000 10071.15
4655.8
4158593.79
5662.42
1285
4713.26
5107.49
1190
249206.68 200 42973.91
Mabuhay, Capital Mabuhay,Drawing Sales
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68.87 10499.4 471.43
23180.63
151.07
34.84
254.78 33680.03 471.43
Purchases Purchases returns and allowancessales discount
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102.33 250 10000 10000
102.33 250 0
purchase discount Rent expenseSupplies Expense
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1500 1500 892.86 446.43
552.05
2052.05 1500
552.05 892.86 446.43
utilities expense Repair and maint expense Gas and oil
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13670.71 3152 825
15683.21
816.79
816.79
30987.5 3152 825
SS and EC premium expense Medicare premiuSalaries Expense
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1000
1000
Pag-ibig Premium Expensem expense
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income statement
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a. SS and EC premium expense 2052
Pag-ibig premium expense 412.5
Medicare premium expense 500
salaries expense 2,012.50
SS and EC premiums payable 3152
Pag-ibig premiums payable 825Philhealth premiums payable 1000
b. rent expense 10000
rent payable 10000
utilities expense 1500
utilities payable 1500
c. depreciation - delivery equipment 1500
accumulated depreciation -delivery equipment 1500
depreciation - furniture and equip
accumulated depreciation -furniture and equip 832.19
832.19
d. bank charges 700
cash in bank 700
e. supplies expense 63.35
prepaid supplies 63.35
f. prepaid supplies 275
repair and maintenance expense 710.1
gas and oil 312.5
input tax 155.7
petty cash fund 1453.3
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g. output tax 5125.72
input tax 4,682.47
VAT Payable 443.25
h. interest expense 51.24
interest payable 51.24
i.
inventory end 44890.61
pra 102.33
pd 471.43
cos 32,132.96
purchases 33680.03
inventory beginning 43917.3
j. cash on hand 1,939.98
cash in bank 1,939.98
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Sales P 42,973.91
Less: Sales Discount 254.78Net Sales P 42,719.13
Less: Cost of Sales 32,132.96
Gross Profit from Sales 10,586.17
Less: Expenses
1 Salaries Expense 33,000.00
5 Repair and Maintenance Expense 1,602.96
3 Utilities Expense 2,052.05
8 Gas and Oil 758.93
12 Supplies Expense 313.35
4 SS and EC premium expense 2,052.00
11 Pag-ibig premium expense 412.50
10 Medicare premium expense 500.00
2 Rent expense 10,000.00
6 depreciation - delivery equipment 1,500.00
7 depreciation - furniture and equip 832.199 bank charges 700.00
13 interest expense 51.24 53,775.22
Net Loss P 43,189.05
BUENO MARKETING
Income Statement
For the month ended June 30,2006
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Mabuhay, Capital, June 1, 2006
Less: Mabuhay, Personal 200.00
Net Loss 43,189.05
Mabuhay, Capital. June 30, 2006
BUENO MARKETING
Capital StatementJune 30,2006
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249,206.68
43,389.05
P 205,817.63
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AssetsCurrent Assets:
Cash on Hand 3,272.78
Cash in bank 36,261.67
Petty Cash Fund 546.70
Accounts Receivable - note 1 18,245.07
Merchandise inventory, June 30, 2006 44,890.61
Prepaid Supplies 275.00
Total Current Assets
Non-Current Assets
Delivery Equipment 90,000.00
Less: Accumulated Depreciation -Delivery Equipment 4,500.00
Furniture and Equipment 67,075.00
Less: Accumulated Depreciation- Furniture and Equipment 1,482.19
Deposit for Rent 10,000.00Deposit for Utilities 2,000.00
Total Non-Current Assets
Total Assets
Liabilities and Owner's Equity
Liabilities
Accounts Payable- Evergreen 37,193.64
Notes Payable 5,124.00
Withholding Taxes payable 1,633.58
SS and EC premiums payable 3,152.00
BUENO MARKETING
Balance Sheet
June 30,2006
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Pag-ibig premiums payable 825.00
Philhealth premiums payable 1,000.00
Rent payable 10,000.00
utilities payable 1,500.00
VAT payable 443.25
Less: Input Tax 155.70
interest payable 51.24
Total Liabilities
Owner's EquityMabuhay, Capital. June 30, 2006
Total Liabilities and Owner's Equity
Note 1
A/R- international supermarket 4,290.29
A/R- Vazques Grocery 7,218.78
A/R- Pandong 4,756.43
A/R Fairview Grand Hotel 1,979.57
18,245.07
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103,491.83
163,092.81
266,584.64
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60,767.01
205,817.63
266,584.64
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DEC Closing Entries:
1) Gross Profit from Sales 42,973.96
Income and expense Summary 42,973.96
to close the credit accounts
2) Income and Expense Summary 54,418.12
Salaries Expense 33,000.00
Repair and Maintenance Expense 1,602.96
Utilities Expense 2,052.05
Gas and Oil 758.93
Taxes and Licenses Expense 107.14
Supplies Expense 550.00
SS and EC premium expense 2,382.00Pag-ibig premium expense 500.00
PH premium expense 412.50
Rent expense 10,000.00
depreciation Expense 2,301.30
bank charges 700.00
interest expense 51.24
to close the debit accounts
3) Income and Expense Summary 11,444.16
Mabuhay, Capital 11,444.16
to close profit to capital
4) Mabuhay, Capital 200.00
Mabuhay, Personal 200.00
to close drawing to capital
BUENO MARKETING
CLOSING ENTRIES
Date
2010Particulars F Debit Credit
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Cash On Hand
Cash In Bank 37,232.13
Petty Cash Fund 546.70
Accounts Receivable 18,245.07
Merchandise Inventory 44,890.61
Prepaid Supplies 38.35
Furniture And Equipment 67,075.00
Accumulated Depreciation - Furniture 1,451.30
Delivery Equipment 90,000.00
Accumulated Depreciation -Equipment 4,500.00
Deposit for Rent 10,000.00
Deposit for Utilities 2,000.00
Accounts Payable 37,193.63Notes Payable 5,124.00
Withholding Tax Payable 1,000.24
Utilities Payable 1,500.00
Interest Payable 51.24
Mabuhay, Capital 249,510.02
Totals 270,027.86 300,330.43
BUENO MARKETING
POST CLOSING TRIAL BALANCE
Debit Credit
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Cash On Hand
Cash In Bank 37,232.13
Petty Cash Fund 546.70
Accounts Receivable 18,245.07
Merchandise Inventory 44,890.61
Prepaid Supplies 38.35
Furniture And Equipment 67,075.00
Accumulated Depreciation - Furniture
Delivery Equipment 90,000.00
Deposit for Rent
Deposit for Utilities 10,000.00
Total Assets:
2,000.00
Accounts Payable 164,270
Utilities Payable 33,200
Notes Payable 150,000
Total Liabilities: 347,470
Owner's Equity:
Flores, Capital 625,650
Total Owner's Equity: 625,650
Total Liabilities and Owner's Equity: 973,120
Revenue:
Service Fees 120,450
Expenses:
Utilities Expense 33,200
Supplies Expense 21,400
Rent Expense 12,000
Wages Expense 7,500 (74,100)
Net Income 46,350
BUENO MARKETING
Statement of Financial Position
As of June 30, 2010
MJ Dry Cleaning Services
Statement of Financial Performance
As of June 30, 2010
Liabilities:
Assets