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    Andrea Bonito 2

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    Lemar Joy B. Eugenio
    1. The document records transactions of AB Photo Arts, a photography business owned by Andrea Bonito, over the month of October. Transactions include investing cash into the business, paying rent and purchasing equipment and supplies on account. 2. Financial statements are presented, showing income of ₱40,000, expenses of ₱22,000, and a monthly profit of ₱18,000. The statements also track changes to owner's equity and the overall financial position as of the end of October. 3. By the end of October, the business has total assets of ₱348,000 consisting mainly of cash, accounts receivable, and equipment. Total liabilities and owner's

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    Andrea Bonito 2

    Uploaded by

    Lemar Joy B. Eugenio
    352 views3 pages
    1. The document records transactions of AB Photo Arts, a photography business owned by Andrea Bonito, over the month of October. Transactions include investing cash into the business, paying rent and purchasing equipment and supplies on account. 2. Financial statements are presented, showing income of ₱40,000, expenses of ₱22,000, and a monthly profit of ₱18,000. The statements also track changes to owner's equity and the overall financial position as of the end of October. 3. By the end of October, the business has total assets of ₱348,000 consisting mainly of cash, accounts receivable, and equipment. Total liabilities and owner's

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    1. The document records transactions of AB Photo Arts, a photography business owned by Andrea Bonito, over the month of October. Transactions include investing cash into the business, paying rent and purchasing equipment and supplies on account. 2. Financial statements are presented, showing income of ₱40,000, expenses of ₱22,000, and a monthly profit of ₱18,000. The statements also track changes to owner's equity and the overall financial position as of the end of October. 3. By the end of October, the business has total assets of ₱348,000 consisting mainly of cash, accounts receivable, and equipment. Total liabilities and owner's

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    352 views3 pages

    Andrea Bonito 2

    Uploaded by

    Lemar Joy B. Eugenio
    1. The document records transactions of AB Photo Arts, a photography business owned by Andrea Bonito, over the month of October. Transactions include investing cash into the business, paying rent and purchasing equipment and supplies on account. 2. Financial statements are presented, showing income of ₱40,000, expenses of ₱22,000, and a monthly profit of ₱18,000. The statements also track changes to owner's equity and the overall financial position as of the end of October. 3. By the end of October, the business has total assets of ₱348,000 consisting mainly of cash, accounts receivable, and equipment. Total liabilities and owner's

    Copyright:

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    of 3

    LEMAR JOY B. EUGENIO ABM 11 ST.

    PHILIP THE APOSTLE

    FABM 1

    BUSINESS TRANSACTION
    TRANSACTIONS DEBIT (DR) CREDIT (CR)
    VALUE/S RECEIVED OR VALUE/S GIVEN OR
    PAID FOR PARTED WITH
    1. She invested P 300,000.00 to open CASH A. BINITO,CAPITAL
    the AB Photo Arts
    (Ownership right)
    2. Paid Rental for the month RENT EXPENSES CASH
    amounting to P 12,000.00
    (Right to occupy)
    3. Purchased for cash a camera CAMERA EQUIPMENT CASH
    equipment worth P220,000.00
    4. Bought photo and developing EQUIPMENT ACCOUNTS PAYABLE
    supplies worth P 18,000.00 on
    account.
    5. Bought office equipment worth P EQUIPMENT ACCOUNTS PAYABLE
    45,000.00 on credit from Burroughs
    Company
    6. Received P 25,000.00 for CASH INCOME
    photography services rendered.
    7. Andrea Bonito invested a computer EQUIPMENT ADDITIONAL INVESTMEN
    valued at P 30,000.00 in the business.

    8. Andrea Bonito withdrew P AB DRAWING CASH


    12,000.00 from the business for her
    personal use
    7. Paid Burroughs Company P ACCOUNTS PAYABLE CASH
    30,000.00 as partial payment of
    account.
    8. Took wedding pictures and agreed ACCOUNTS RECIEVABLE INCOME
    to accept payment in 15 days later, P
    15,000.00
    9. Paid salary of assistant for the SALARIES CASH
    month amounting to P6,000.00
    10. Bought photo supplies and used SUPPLIES CASH
    amounting to P 4,000.00
    ACCOUNTING EQUATION
    ASSETS LIABILITIES OWNER’S EQUITY
    CASH+ A/R+ SUPPLI EQUIPMENT A/P BANK A.B,CAPITAL REVENUE EXPENSES
    ES+ LOAN
    1 300,000.00 300,000.00

    2 (12,000.00) 12,000.00

    3 (220,000.00) 220,000.00

    5 18,000.00 18,000.00

    7 45,000.00 45,000.00

    1 25,000.00 25,000.00
    0
    1 (30,000.00) (30,000.00)
    2
    1 (12,000.00) (12,000.00)
    3
    1 (30,000.00) (30,000.00)
    5
    2 15,000.00 15,000.00
    2
    2 (6,000.00) (6,000.00)
    5
    2 (4,000.00) (4,000.00)
    7

    STATEMENT OF COMPREHENSIVE INCOME


    OF THE MONTHE OF OCTOBER

    INCOME

    REPAIR INCOME ₱ 40,000.00

    EXPENSES

    SALARY EXDPENSES ₱ 6,000.00

    RENT EXPENSES ₱ 12,000.00

    SUPPLIES EXPENSES ₱ 4,000.00 ₱ 22,000.00

    TOTAL EXPENSES

    PROFIT FROM EPERATIONS ₱18,000.00


    STATEMENT OF CHANGES IN EQUITY
    FOR THE MONTH OF OCTOBER

    A.BONITO,CAPITAL-OCTOBER

    INVESTMENT ₱ 300,000.00

    PROFIT ₱18,000.00 ₱282,000.00

    TOTAL ₱ 318,000.00

    LESS: A. BONITO,DRWING ₱12,000.00

    A. BONITO,CAPITAL-OCTOBER ₱270,000.00

    STATEMENT OF FINANCIAL POSITION


    FOR THE MONTH OF OCTOBER

    ASSETS

    CASH ₱44,000.00

    ACCOUNTS RECEIVABLE ₱15,000.00

    SHOP SUPPLIES ₱6,000.00

    REPAIR EQUIPMENT ₱283,000.00

    TOTAL ASSETS ₱348,000.00

    LIABILITIES AND OWNER’S EQUITY

    ACCOINTS PAYABLE ₱33,000.00

    BANK LOAN 0 ₱33,000.00

    A.BONITO,CAPITAL ₱300,000.00

    NET INCOME ₱18,000.00

    TOTAL ₱318,000.00

    LESS:A.BONITO, DRAWING ₱12,000.00 ₱306,000.00

    TOTAL LIABILITIES & OWNER,S EQUITY ₱273,000.00

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