Sample Problem Case 2

CASE 2
INTRODUCTION
In January 2020, ADSET Trading Corporation was established as a corporation with authorized
capital of P 500,000 and with paid-up capital of P300,000. ADSET is engaged in buying and selling
of merchandise with store located at Taguig.
The corporation prepares financial statements on a monthly basis. Hence, it prepares adjusting and
closing entries at the end of each month.
Jansen Trading Corporation maintains the following Chart of Accounts:
111 Cash
113 Accounts Receivable
115 Merchandise Inventory
118 Input VAT
121 Store Equipment
121A Accumulated Depreciation-Store Equipment
122 Office Equipment
122A Accumulated Depreciation-Office Equipment
211 Accounts Payable

212 Withholding Taxes Payable
213 Expanded Withholding Taxes Payable
214 SSS,PhilHealth and Pag-IBIG Contributions Payable
215 Utilities Payable
218 Output VAT
219 Cash Dividends Payable
311 Ordinary Share Capital. P 100 par
312 Retained Earnings
313 Income Summary
411 Sales
412 Sales Return and Allowances
413 Sales Discount
511 Purchases
512 Purchase Returns and Allowances
513 Purchase Discounts
522 Salaries expense

523 SSS, PhilHealth, and Pag-IBIG Contributions
531 Rent expense
532 Utilities expense
533 Supplies expense
534 Transportation expense
541 Depreciation expense-Store Equipment
542 Depreciation Expense-Office Equipment
551 Miscellaneous Expense
561 Income Tax Expense
The corporation’s policy includes the following:
1. The corporation uses special journals to record service revenues, cash receipts, and cash
disbursements in addition to general journal. It also maintains subsidiary ledger both ofr its
customers and suppliers or creditor.
2. Depreciation on store and office equipment is 10% per annum based on the store and office
equipment balance.
3. Purchases of supplies are immediately charged to expense.
4. Merchandise Inventory at September 30 is 120,000
ADSET Trading Corporation post-closing trial balance as of August 31, 2020 is as follows:
Debit Credit
Cash P 200,000
Accounts Receivable 25,000
Merchandise Inventory 100,000
Input VAT 12,000
Store Equipment 120,000
Accumulated Depreciation-Store Equipment 8,000
Office Equipment 81,000
Accumulated Depreciation-Office Equipment 5,400
Accounts Payable 30,000
Withholding Taxes Payable 800
Expanded Withholding Taxes Payable 500
SSS, PhilHealth, and Pag-IBIG Contributions Payable 5,550
Utilities Payable 3,800
Ordinary Share Capital, P 100 par 300,000
Retained Earnings 183,950
ADSET Trading Corporation

GENERAL JOURNAL
Page 1
DATE
PARTICULARS PR DEBIT CREDIT
2020
INSTITUTIONAL ASSESSMENT
CASE 1
SALES JOURNAL
Page 1
Accounts
Date Invoice Sales Output Vat Receivable
2020 no. Accounts Debited PR credit credit debit
Total
( ) ( ) ( )
CASH RECEIPTS JOURNAL
Page 1
Accounts Sales
Date Invoice Receivable Sales Output Vat Discount Cash
2020 OR No. no. Accounts Credited PR credit credit credit debit debit
Total
( ) ( ) ( ) ( ) ( )
PURCHASE JOURNAL
Page 1
Date Invoice Purchases Input VAT Accounts Payable

2020 no. Accounts Credited PR debit debit credit
Total
( ) ( ) ( )

CASH DISBURSEMENT JOURNAL
Page 1
SSS,
Sundry Salaries PH,Pag With. Tax Accounts Purchase
Check Expense Pay Payable Payable Discount Cash
Date Voucher Check debit/ debit Debit
2020 No. no. Accounts Debited PR (credit) debit (credit) (credit) debit credit credit
Total
( ) ( ) ( ) ( ) ( ) ( ) ( )

GENERAL LEDGER
Account: ACCOUNTS RECEIVABLE 113
Account: CASH 111
Date Item PR Debit Credit Balance
Account: INPUT VAT 118

Account: MERCHANDISE INVENTORY 115

GENERAL LEDGER
Account: STORE EQUIPMENT 121 Account: OFFICE EQUIPMET 122
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
Account: ACC. DEPRECIATION-STORE EQUIPMENT 121A Account: ACC. DEPRECIATION-OFFICE EQUIPMENT 122A

GENERAL LEDGER
Account: ACCOUNTS PAYABLE 211 Account: WITHHOLDING TAXES PAYABLE 212
Account: SSS,PH, and Pag-IBIG PAYABLE 214 Account: EXPANDED WITHHOLDING TAXES PAYABLE 213

GENERAL LEDGER
Account: OUTPUT VAT 218 Account: CASH DIVIDENDS PAYABLE 219
Account: UTILITIES PAYABLE 215 Account: RETAINED EARNINGS 312


GENERAL LEDGER
Account: ORDINARY SHARE, CAPITAL 311 Account: INCOME SUMMARY 313
Account: SALES 411

Account: SALES RETURN AND ALLOWANCES 412

GENERAL LEDGER
Account: SALES DISCOUNT 413 Account: PURCHASES 511

Account: PURCHASE RETURNS AND ALLOWANCES 512 Account: PURCHASE DISCOUNT 513
GENERAL LEDGER
Account: SSS, PhilHealth, and Pag-IBIG CONTRIBUTIONS 523

Account: SALARIES EXPENSE 522
Account: RENT EXPENSE 531

GENERAL LEDGER
Account: SUPPLIES EXPENSE 533 Account: TRANSPORTATION EXPENSES 534

Account: DEPRECIATION EXPENSE-STORE EQUIPMENT 541 Account: DEPRECIATION EXPENSE-STORE EQUIPMENT 542
GENERAL LEDGER
Account: MISCELLANEOUS EXPENSE 551


ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Account: GHI CO.

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Account: MOON CO. Account: RAINBOW CO.

Account: STAR CORP.

ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Account: ABC CO. Account: DEF CORP.

Account: STU CO
Sept. 1 Bal-Invoice 1475 / 30,000
WORKSHEET
For the month ended September 30. 2020
Account Trial Balance Adjustments Statement of Comp. Income Statement of Fin. Position
Number Account Titles Debit Credit Debit Credit Debit Credit Debit Credit
STATEMENT OF COMPREHENSIVE INCOME
For the month ended September 30, 2020
Sa;les _________________
Sales Returns and Allowances _________________
Sales DISCOUNT _________________
Net Sales ___________________
Purchases __________________
Purchase Returns and Allowances _________________
Purchase Discount
Net Purchases _________________
Merchandise Inventory, beg ___________________
Merchandise Inventory, end __________________
Cost of Goods Sold ___________________
Gross Profit ___________________
Salaries expenses ____________________
SSS, PhilHealth, and Pag-IBIG Cntributions ____________________
Rent Expense ____________________
Utilities Expense ____________________

Supplies Expense ____________________
Transportation expense ____________________
Depreciation Expense-Store Equipment ____________________
Depreciation Expense-Office Equipment ____________________
Total Expenses ____________________
NET INCOME (LOSS) ____________________
JANSEN CORPORATION
SHAREHOLDERS EQUITY
September 30, 2020
Ordinary Share Capital, P 100 par P _______________

Retained Earnings _______________
Total Contributes Capital ________________
TOTAL SHAREHOLDERS’ EQUITY ________________
JANSEN CORPORATION
STATEMENT OF FINANCIAL POSITION
As of September 30, 2020
ASSETS
Cash P _____________________
Accounts Receivable _____________________
Merchandise Inventory _____________________
Input VAT ____________________
Total Current Assets _________________
Store Equipment P _________________
Accumulated Depreciation-
Store Equipment _______________ P ____________________
Office Equipment _______________
Accumulated Depreciation-
Office Equipment _______________ P ____________________
Total Non-Current Assets _________________
TOTAL ASSETS p _______________
LIABILITIES
Accounts Payable P _______________
Withholding Taxes Payable _______________
Expanded Withholding Taxes
Payable _______________
SSS, Philhealth, and Pag-IBIG
Contributions Payable _______________
Utilities Payable _______________
Output VAT _______________
TOTAL LIABILITIES p _______________
SHAREHOLDERS EQUITY
Contributed Capital
Ordinary Share Capital, P 100 par P _______________

Retained Earnings ________________
TOTAL SHAREHOLDERS’ EQUITY ________________
TOTAL LIABILITES AND SHAREHOLDERS’ EQUITY p _______________
STATEMENT OF CASH FLOWS
For the month ended September 30, 2020
CASH-IN ACTIVITIES
______________________________________ P _______________________
______________________________________ ________________________
______________________________________ ________________________
Total Cash-in P _______________
CASH- OUT ACTIVITIES
______________________________________ P _______________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ _______________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
Total Cash-out P _______________
Net Increase (decrease) P________________

Add: Cash Balance, November 1 _________________
CASH BALANCE, September30 P _______________

GENERAL JOURNAL
Page 2
DATE
PARTICULARS PR
2020 DEBIT CREDIT
GENERAL JOURNAL
Page 3
DATE
PARTICULARS PR
2020 DEBIT CREDIT
POST CLOSING TRIAL BALANCE
September 30, 2020
Account Titles Debit Credit

Jansen Corporation
Curry Avenue, Catb. City
SOURCE DOCUMENTS
Official Receipt No. 2001 Date: Sept. 8
Customer: Love Trading
Address: Del Rosario St. Catb. City
Invoice: COD Jansen Corporation

Particulars Amount
Customer: Sayo Ako Co.
Cash Sales Address: Brgy. 3. Catb. City
P130,000 -
Vat Invoice: 6002
15,600 -
Total P145,600 -
Particulars Amount
Cash Check/ P145,600
Amount P112,000 -
Prepared by: Discount (2,000) -
Peter Chua Total P1100,00 -

Jansen Corporation 0
BC Co. Cash Check/ P110,000
Patag District, Catb. City
Official Receipt No. 2002 Date: Sept. 11 Prepared by:
InvoiceCustomer:
No. 1341 Tapat Co.Sept. 3
Date:
Address:
Customer: JansenSanFrancisco
Corp. St. Catb. City Peter Chua
Invoice: 6001
Address: Curry Avenue, Catb. City
Terms: 2/10, n/30
Particulars Amount
Particulars
Amount Qty Amount
P168,000 -
Return
Amount (22,400)
P120,000 - -
Discount
Vat 14,400(2,600)
-
Total P143,000 -
Total P134,400 -
Cash Check/ P143,000
Prepared by:
Prepared by:
Sarah Tui
Jansen Corporation

Customer: Akin Ka Inc.
Address: Brgy. 13, Catb. City
Invoice: 5004
Particulars Amount
Amount P25,000 -
Total P25,000 -
Cash Check/ P25,000
Prepared by:
Peter Chua
KJ Trading
Brgy. Canlapwas, Catb. City
Invoice No. 5027 Date: Sept. 5

Customer: Jansen Corp.
Terms: 1/15, n/30
Particulars Qty Amount
Amount P180,000 -
Vat 21,600 -
Total P201,600 -
Prepared by:
Angel Dimagiba
Jansen Corporation
ABC Co.
Check Voucher No.91003 Date: Sept. 5 Brgy. San Pablo, Catb. City
Payee: Away Realty Corp.
Invoice No. 9041 Date: Sept. 8
Customer: Jansen Corp.
Terms: n/30
Description Amount
Rent – Sept. 2020 P10,000 -
Expanded Withholding -
tax on Rent (500)
Amount P70,000 -
Total P9,500 -
Vat 8,400 -
Check #4210003
Total P78,400 -
Approved by: Recorded By: Received by:
Prepared by:
Jack P. Tan
Dina B.
Jansen Corporation
Check Voucher No.91004 Date: Sept. 10
Payee: BIR
Description Amount
Withholding tax P800 -
Expanded Withholding -
tax on Rent 500
Total P1,300 -
Check #4210004
Jack P. Tan
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210007 02008
2245
DATE: Sept. 10
PAY TO THE
ORDER OF SAMELCO P3,000.-
PESOS Three thousand pesos only
BANK of INTEGRITY
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZED SIGNATURE

2245
DATE: Sept. 15
PAY TO THE
ORDER OF Cash_____________ P23,050.-
PESOS Twenty three thousand fifty pesos only
BANK of INTEGRITY
AUTHORIZEED SIGNATURE
2245
DATE: Sept. 10
PAY TO THE
ORDER OF Bureau of Internal Revenue P1,300.-
PESOS One thousand three hundred only
BANK of INTEGRITY
2245
DATE: Oct. 10
PAY TO THE
ORDER OF SSS, Philhealth, and Pag-Ibig P3,500.-
PESOS Three thousand five hundred pesos only
BANK of INTEGRITY

2245
DATE :Sept. 5
PAY TO THE
ORDER OF Away Realty Corp P 9,500.-
PESOS Nine thousand five hundred pesos only
BANK of INTEGRITY
2245
DATE: Nov. 10
PAY TO THE
ORDER OF Nawasa Kooperative P 800.-
PESOS Eight hundred pesos only
BANK of INTEGRITY Glem Marketing

Mabini Avenue Branch Brgy. Canlapwas Catb. City
Official Receipt No. 14322 Date:AUTHORIZED
Sept. 5 SIGNATURE
NAWASA KOOPERATIVE
Brgy. 3, Catb. City SAMELCO
Customer: Jansen Corporation Brgy. 13, Catb. City
Statement of Account
Address: Curry Avenue Catb., City Statement of Account
No. 32175 DATE: Oct. 05
Invoice: No. 48134 DATE: Oct. 07
CUSTOMER: Jansen Corporation
ADDRESS: Curry Avenue Catb., City CUSTOMER: Jansen Corporation
ADDRESS: Curry Avenue Catb., City
Particulars Amount
Office Equipment
Gross Amount VAT P15,000 -
Water Consumption (Sept. 350 - Gross Amount
1,800
2020) Electricity Usage (Sept. 2020) 2000 -
Total P16,800 -
Total P350 - Total P2000 -
Cash Check/ P16,800
Cash Check/ P350 Cash Check/ P2000
Prepared by: Prepared by:
Prepared by:
Anna Roces Maria Mercedes
Rhiana Grande
NAWASA KOOPERATIVE
Brgy. 3, Catb. City
Official Receipt No. 04108

DATE: Sept. 10

ADDRESS Curry Avenue Catb., City
INVOICE: 575409
Gross Amount
Water Consumption (Aug. 800 -
2020)
Total P800 -
Cash Check/ P800
Prepared by:
Susan Orot
SAMELCO
Brgy. 13, Catb. City
Official Receipt No. 45123

DATE: Sept. 10

ADDRESS: Curry Avenue Catb., City
INVOICE: 344550
Gross Amount
Electricity Usage (Aug. 2020) 3000 -
Total P3000 -
Cash Check/ P3000
Prepared by:
Emily Ang
Away Realty Corp.

Brgy. Maulong Catb. City
GOVERNMENT Bank
Del Rosario St. Catb City
PAYMENT SLIP Date: Sept. 10 J&J Partnership

Payment for: SSS,Philhealth and Pag- Curry Avenue, Catb. City
Jansen Corporation IBIG
Curry Avenue, Catb. City Company Name: Jansen Corporation PAYROLL SUMMARY
For the period covered September 16 to 30, 2020
PAYROLL SUMMARY Reference : 852-248-776-315
For the period covered September 1 to 15, 2020
Particulars Amount Gross Deductions Net

Employees’ P2,050 - P24,000 SSS P1,100 P22,100 -
Gross Deductions Net share Wh tax 800
P24,000 Pag-Ibig P200 P23,050 - Employer’s Total 1,900
Philhealth 750 share 3,500 Total P22,100 -
Total 950 - Cash Check/ P22,100
Total P23,050 - Total P5,550 -
Cash Check/ P23,050 Cash Check/ P5,550 Prepared by: Approved by:
Prepared by: Approved by:
Prepared by: Peter Ong Michael Dy

Peter Ong Michael Dy .
Disiree Ming
GOVERNMENT Bank
Del Rosario St. Branch
Jansen Corporation
Curry Avenue, Catb. City PAYMENT SLIP Date: Sept. 10
Payment for: BIR
Check Voucher No.910012 Date: Oct. 10 Company Name: Jansen Corporation
Payee: SSS, Philhealth and Pag-Ibig
Reference : 817-541-348-000
Particulars Amount
Description Amount
Withholding tax P800 -
Employers share on 3,500 -
on
SSS, Philhealth and Pag- -
compensation
Ibig contribution
Expanded
Total 3,500 -
Withholding tax 500 -
Check #4210012 on Rent
Total P1,300 -
Cash Check/ P1,300
Jack .P. Tan

Prepared by:
Disiree Ming
NBS Bookstore
Brgy. 10, Catb. City
2245
Customer: Jansen Corporation
DATE: Sept. 10
PAY TO THE Address: Curry Avenue, Catb. City
ORDER OF SSS, Philhealth and Pag-Ibig P5,550.-
Invoice: COD
PESOS Five thousand five hundred fifty pesos only
Particulars Amount
Office Supplies P1,500 -
BANK of INTEGRITY VAT 180 -
Mabini Avenue Branch Total P1,680 -
Cash
AUTHORIZED SIGNATURE Check/ P1,680
2245
DATE: Sept. 16
PAY TO THE
ORDER OF RST Co. P 30,000.-
PESOS Thirty thousand pesos only
BANK of INTEGRITY

2245
DATE: Dec. 10
PAY TO THE
ORDER OF Cash P30,000.-
PESOS Thirty thousand pesos only
BANK of INTEGRITY
Jansen Corporation
Payee: Jack P. Tan
Description Amount
Cash Withdrawal by 10,000 -
Jack P. Tan -
Total P10,000 -
Check #4210011
Approved by: Recorded By: 2245
Received by:
DATE: Sept. 16
PAY TO THE Jack P. Tan
ORDER OF RST Co P30,000.-
PESOS Thirty thousand pesos only Jansen Corporation
BANK of INTEGRITY Check Voucher No.91009 Date: Sept. 16

Catbalogan, City Payee:
_ RST Co.signature _
Description Amount
Invoice Number 1457 30,000 -
-
Total P30,000 -
Check #4210009
Jill A. Sy
2245
DATE: Sept. 3
PAY TO THE
ORDER OF NBS Bookstore P1,680.-
PESOS One thousand six hundred eighty pesos only
BANK of INTEGRITY
Jansen Corporation
Payee: SAMELCO
Description Amount
Electricity Usage- P3000 -
August,2020 -
Total P3000 -
Check #4210007
Jack P. Tan
Jansen Corporation
ACCOUNT NO. ACCOUNT NAMEPayee: Cash CHECK NO. ACOXB

1081-1521-19 JANSEN CORPORATION Description 004210002 Amount 02008
Payroll P24,000 - 2245
Pag-Ibig (200) -
Philhealth (750)Sept. 5
DATE:
PAY TO THE Total P23,050 -
ORDER OF Office Machine Center P 6,720.-
PESOS Six thousand seven hundred twenty pesos only
Check #4210008
BANK of INTEGRITY Approved by: Recorded By: Received by:

Catbalogan, City Jack P. Tan _ signature _
Jansen Corporation
Jansen Corporation Curry Avenue, Catb. City
Payee: NBS Bookkstore
Payee: Cash
Description Amount
Payroll P24,000 -
SSS (1100) - Description Amount
Withholding tax (800) Office Supplies P1,500 -
Total P22,100 - VAT 180 -
Jansen Corporation Total P1,680 -
Curry Avenue, Catb. City Check #4210001
Jansen Corporation JANSEN CORPORATION
Check #4210009 Curry Avenue, Catb. City
Approved by: Recorded By: Received by: Approved Check
by: Sept.Recorded By: Voucher
ReceivedNo.91005
by: Date: Sept. 10
Check Voucher No.91002 Date: 5
Payee: NAWASA Kooperative
Jack P. Tan Mary Kay
Payee: Glem Marketing Payee: SSS, Philhealth and Paag-Ibig
Description Amount
Description Amount Office Equipment P15,000 -
Water Consumption- P800 - VAT 1,800 - Description Amount
October 2020 - Total P16,800 - Employees’ share P2,050 -
Employers’ share 3,500 -
Check #4210002
Total P800 - Total P5,550 -
Check #4210006 Check #4210005

Approved by: Recorded By: Received by: Approved by: Recorded By: Received by:
Mary Kay
Jack P. Tan
Jack P. Tan
OFFICE MACHINE CENTER
Curry Avenue, Catb. City Jansen Corporation
Official Receipt No. 14322 DATE: Sept. 5
ADDRESS: Curry Avenue Catb., City Payee: Office Machine Center
INVOICE:
Description Amount Description Amount

Office Equipment P6,000 - Office Equipment P 6,000 -
VAT 720 - VAT 720 -
Total P6,720 - Total P6,720 -
Cash Check/ P6,720 Check #4210002
Prepared by:
Patrick Cheng
Mary Kay
GOVERNMENT Bank
Del Rosario St. Branch
PAYMENT SLIP Date: Sept. 10

Payment for: SSS PhilHealth and Pag-
IBIG Jansen Corporation
Company Name: Jansen Corporation Curry Avenue, Catb. City
Reference : 817-541-348-000 Saes Invoice No. 6002 Date: Sept. 10

Customer: Ako Trading
Address: Canlapwas Catb. City
Particulars Amount Terms: 2/10, n/30
Employees’Shar P2,050 -
e 3,500 -
Employers’ Particulars Qty Amount
Share
Sales P100,000 -
Total P5,550 - Vat 12,000 -
Cash Check/ P5,550
Total P112,000 -
Prepared by: Prepared by:
Disiree Ming Angel Chong

Jansen Corporation
Saes Invoice No. 6001 Date: Sept. 3

Customer: Ikaw Co.
Terms: 2/10, n/30
Sales P150,000 -
Vat 18,000 -
Total P168,000 -
Jansen Corporation
Curry Avenue, Catb. City Jansen Corporation
Saes Invoice No. 6003 Date: Sept. 15
Customer: Sila Corp. Check Voucher No.91015 Date: Dec.10
Address: Brgy. 2 Catb. City
Terms: 2/10, n/30 Payee: Cash

Description Amount
Sales P180,000 - Cash Dividends P 30,000 -
Vat 21,600 - -
Total P 30,000 -
Total P201,600 - Check #4210015
Prepared by:
Angel Chong
Mary Kay
BC Co.
Jansen Corporation Patag District, Catb. City
Receiving Report No. 7001 Date: Sept. 5
Receiving Report No. 7001 Date: Sept. 5
Customer: Jansen Corporation
Customer: Ikaw Co. Address: Curry Avenue, Catb. City
Address: Curry Avenue, Catb. City Reason: Damaged Merchandise
Reason: Damaged Merchandise
Invoice No. 1341 P20,000 -
Invoice No. 6001 P20,000 - Vat 2,400 -
Vat 2,400 -
Total P22,400 -
Total P22,400 - Approved by: Recorded By: Received by:
Pamela M.
Jun T.
RST COMPANY
Curry Avenue, Catb. City KJ TRADING
Brgy. Canlapwas, Catb. City
ADDRESS: Curry Avenue Catb., City CUSTOMER: Jansen Corporation
INVOICE: 1475 ADDRESS: Curry Avenue Catb., City
INVOICE: 5027
Description Amount
Description Amount
Amount P 30,000 -
Amount P 199,800 -
Total P 30,000 -
Total P 199,800 -
Cash Check/ P 30,000
Prepared by:
Prepared by:
Elsa M.
Elsa M.
Jansen Corporation Jansen Corporation
Curry Avenue, Catb. City Curry Avenue, Catb. City
Check Voucher No.91010 Date: Sept. 20 Check Voucher No.91012 Date: Sept. 30
Payee: KJ Trading Payee: BC Co.

Invoice No. 5027 P201,600 - Invoice No. 1341 P134,400 -
Disocunt 1,800 - Return (22,400) -
Total P199,800 - Total P112,000 -
Check #4210010 Check #4210012
Approved by: Recorded By: Received by: Approved by: Recorded By: Received by:
Mary Kay Mary Kay

2245
DATE: Sept. 20
PAY TO THE
ORDER OF KJ Trading P 199,800.-
PESOS One hundred ninety nine thousand eight hundred pesos only
BANK of INTEGRITY
2245
DATE: Sept. 30
PAY TO THE
ORDER OF BC Company P 112,000.-
PESOS One hundred twelve thousand pesos only
XY Co.
BANK of INTEGRITY BC COMPANY
Brgy. 7 District, Catb. City
Mabini Avenue Branch Patag District, Catb. City
Official Receipt No. 2715 DATE: Sept. 25 Official Receipt No. 4917
AUTHORIZED SIGNATURE DATE: Sept. 30
CUSTOMER: Jansen Corporation CUSTOMER: Jansen Corporation

ADDRESS: Curry Avenue Catb., City ADDRESS: Curry Avenue Catb., City
INVOICE: COD INVOICE: 1341

Amount P 30,000 - Amount P 112,000 -
Vat 3,600
Total P 112,000 -
Total P 33,600 - Cash Check/ P 112,000
Prepared by:
Prepared by:
Elsa M.
J.L.
Jansen Corporation
Payee: XY Co.
Description Amount
Cash Purchases P30,000 -
Vat 3,600) -
Total P33,600 -
Check #4210011
Kay A.
Jansen Corporation
Payee: Cash
Description Amount
Payroll P24,000 -
SSS (1,100) -
Withholding Taxes (800)
Total P22,100 -
Check #4210013
Chelsea G.
2245
DATE: Sept. 25
PAY TO THE
ORDER OF XYCompany P 33,600.-
PESOS Thirty three thousand six hundred pesos only
BANK of INTEGRITY
2245
DATE: Sept. 30
PAY TO THE
ORDER OF CASH P 22,100-
PESOS Twenty two thousand one hundred pesos only
BANK of INTEGRITY

Sample Problem Case 2

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CASE 2

Jansen Trading Corporation maintains the following Chart of Accounts:

211 Accounts Payable

522 Salaries expense

ADSET Trading Corporation

Date Invoice Purchases Input VAT Accounts Payable

ADSET Trading Corporation

ADSET Trading Corporation

Account: INPUT VAT 118

ADSET Trading Corporation

ADSET Trading Corporation

ADSET Trading Corporation

Account: UTILITIES PAYABLE 215 Account: RETAINED EARNINGS 312

ADSET Trading Corporation

Account: SALES 411

Account: SALES RETURN AND ALLOWANCES 412

Account: SALES DISCOUNT 413 Account: PURCHASES 511

Account: SSS, PhilHealth, and Pag-IBIG CONTRIBUTIONS 523

Account: RENT EXPENSE 531

Account: SUPPLIES EXPENSE 533 Account: TRANSPORTATION EXPENSES 534

Account: MISCELLANEOUS EXPENSE 551

ADSET Trading Corporation

Account: GHI CO.

Account: MOON CO. Account: RAINBOW CO.

Account: STAR CORP.

Account: ABC CO. Account: DEF CORP.

Utilities Expense ____________________

Ordinary Share Capital, P 100 par P _______________

Ordinary Share Capital, P 100 par P _______________

CASH- OUT ACTIVITIES

Net Increase (decrease) P________________

CASH BALANCE, September30 P _______________

Account Titles Debit Credit

Official Receipt No. 2003 Date: Sept. 20

Peter Chua Total P1100,00 -

Official Receipt No. 2004 Date: Sept. 22

Cash Check/ P25,000

Invoice No. 5027 Date: Sept. 5

Particulars Qty Amount

Check Voucher No.91004 Date: Sept. 10

Approved by: Recorded By: Received by:

ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB

ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB

BANK of INTEGRITY Glem Marketing

Official Receipt No. 04108

CUSTOMER: Jansen Corporation

Official Receipt No. 45123

CUSTOMER: Jansen Corporation

Away Realty Corp.

PAYMENT SLIP Date: Sept. 10 J&J Partnership

Particulars Amount Gross Deductions Net

Prepared by: Peter Ong Michael Dy

Jack .P. Tan

ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB

Check Voucher No.910011 Date: Sept. 30

Payee: Jack P. Tan

BANK of INTEGRITY Check Voucher No.91009 Date: Sept. 16

Approved by: Recorded By: Received by:

Check Voucher No.91007 Date: Sept. 10

Approved by: Recorded By: Received by:

Check Voucher No.91008 Date: Sept. 10

ACCOUNT NO. ACCOUNT NAMEPayee: Cash CHECK NO. ACOXB