Professional Documents
Culture Documents
Sample Problem Case 2
Sample Problem 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.
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
411 Sales
412 Sales Return and Allowances
413 Sales Discount
511 Purchases
512 Purchase Returns and Allowances
513 Purchase Discounts
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
CASE 1
ADSET Trading Corporation
SALES JOURNAL
Page 1
Accounts
Date Invoice Sales Output Vat Receivable
2020 no. Accounts Debited PR credit credit debit
Total
( ) ( ) ( )
ADSET Trading Corporation
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
( ) ( ) ( ) ( ) ( )
ADSET Trading Corporation
PURCHASE JOURNAL
Page 1
Total
( ) ( ) ( )
Total
( ) ( ) ( ) ( ) ( ) ( ) ( )
Account: ACC. DEPRECIATION-STORE EQUIPMENT 121A Account: ACC. DEPRECIATION-OFFICE EQUIPMENT 122A
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
Account: SSS,PH, and Pag-IBIG PAYABLE 214 Account: EXPANDED WITHHOLDING TAXES PAYABLE 213
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
Account: PURCHASE RETURNS AND ALLOWANCES 512 Account: PURCHASE DISCOUNT 513
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
ADSET Trading Corporation
GENERAL LEDGER
Account: DEPRECIATION EXPENSE-STORE EQUIPMENT 541 Account: DEPRECIATION EXPENSE-STORE EQUIPMENT 542
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
ADSET Trading Corporation
GENERAL LEDGER
Account: STU CO
Date Item PR Debit Credit Balance
Sept. 1 Bal-Invoice 1475 / 30,000
ADSET Trading Corporation
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
ADSET Trading Corporation
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 ____________________
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
CASH-IN ACTIVITIES
______________________________________ P _______________________
______________________________________ ________________________
______________________________________ ________________________
Total Cash-in P _______________
______________________________________ P _______________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ _______________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
______________________________________ ________________________
Total Cash-out P _______________
Page 2
DATE
PARTICULARS PR
2020 DEBIT CREDIT
ADSET Trading Corporation
GENERAL JOURNAL
Page 3
DATE
PARTICULARS PR
2020 DEBIT CREDIT
ADSET Trading Corporation
POST CLOSING TRIAL BALANCE
September 30, 2020
Total P145,600 -
Particulars Amount
Cash Check/ P145,600
Amount P112,000 -
Prepared by: Discount (2,000) -
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
Curry Avenue, Catb. City
Particulars Amount
Amount P25,000 -
Total P25,000 -
Prepared by:
Peter Chua
KJ Trading
Brgy. Canlapwas, Catb. City
Amount P180,000 -
Vat 21,600 -
Total P201,600 -
Prepared by:
Angel Dimagiba
Jansen Corporation
Curry Avenue, Catb. City
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.
Address: Curry Avenue, Catb. City
Terms: n/30
Description Amount
Rent – Sept. 2020 P10,000 -
Expanded Withholding -
Particulars Qty Amount
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
Curry Avenue, Catb. City
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
DATE: Sept. 15
PAY TO THE
ORDER OF Cash_____________ P23,050.-
PESOS Twenty three thousand fifty pesos only
BANK of INTEGRITY
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZEED SIGNATURE
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210004 02008
2245
DATE: Sept. 10
PAY TO THE
ORDER OF Bureau of Internal Revenue P1,300.-
PESOS One thousand three hundred only
BANK of INTEGRITY
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZEED SIGNATURE
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210012 02008
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
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZEED SIGNATURE
DATE :Sept. 5
PAY TO THE
ORDER OF Away Realty Corp P 9,500.-
PESOS Nine thousand five hundred pesos only
BANK of INTEGRITY
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZEED SIGNATURE
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210006 02008
2245
DATE: Nov. 10
PAY TO THE
ORDER OF Nawasa Kooperative P 800.-
PESOS Eight hundred pesos only
Gross Amount
Water Consumption (Aug. 800 -
2020)
Total P800 -
Cash Check/ P800
Prepared by:
Susan Orot
SAMELCO
Brgy. 13, Catb. City
Gross Amount
Electricity Usage (Aug. 2020) 3000 -
Total P3000 -
Cash Check/ P3000
Prepared by:
Emily Ang
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 -
Approved by: Recorded By: Received by:
Cash Check/ P1,300
Disiree Ming
NBS Bookstore
Brgy. 10, Catb. City
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210005 02008
Official Receipt No. 1723 Date: Sept. 3
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 -
Catbalogan, City _ signature _
Cash
AUTHORIZED SIGNATURE Check/ P1,680
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210009 02008
2245
DATE: Sept. 16
PAY TO THE
ORDER OF RST Co. P 30,000.-
PESOS Thirty thousand pesos only
BANK of INTEGRITY
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZED SIGNATURE
DATE: Dec. 10
PAY TO THE
ORDER OF Cash P30,000.-
PESOS Thirty thousand pesos only
BANK of INTEGRITY
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZED SIGNATURE
Jansen Corporation
Curry Avenue, Catb. City
Description Amount
Cash Withdrawal by 10,000 -
Jack P. Tan -
Total P10,000 -
Check #4210011
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210009 02008
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
Curry Avenue, Catb. City
Description Amount
Invoice Number 1457 30,000 -
-
Total P30,000 -
Check #4210009
Jill A. Sy
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210001 02008
2245
DATE: Sept. 3
PAY TO THE
ORDER OF NBS Bookstore P1,680.-
PESOS One thousand six hundred eighty pesos only
BANK of INTEGRITY
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZED SIGNATURE
Jansen Corporation
Curry Avenue, Catb. City
Payee: SAMELCO
Description Amount
Electricity Usage- P3000 -
August,2020 -
Total P3000 -
Check #4210007
Jack P. Tan
Jansen Corporation
Curry Avenue, Catb. City
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
Mary Kay
Jack P. Tan
Jack P. Tan
OFFICE MACHINE CENTER
Curry Avenue, Catb. City Jansen Corporation
Curry Avenue, Catb. City
Official Receipt No. 14322 DATE: Sept. 5
Check Voucher No.91002 Date: Sept. 5
CUSTOMER: Jansen Corporation
ADDRESS: Curry Avenue Catb., City Payee: Office Machine Center
INVOICE:
Prepared by:
Approved by: Recorded By: Received by:
Patrick Cheng
Mary Kay
GOVERNMENT Bank
Del Rosario St. Branch
Sales P150,000 -
Vat 18,000 -
Total P168,000 -
Jansen Corporation
Curry Avenue, Catb. City Jansen Corporation
Curry Avenue, Catb. City
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
Prepared by:
Approved by: Recorded By: Received by:
Angel Chong
Mary Kay
BC Co.
Jansen Corporation Patag District, Catb. City
Curry Avenue, 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
Particulars Qty Amount
Particulars Qty Amount
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:
Approved by: Recorded By: Received by:
Pamela M.
Jun T.
RST COMPANY
Curry Avenue, Catb. City KJ TRADING
Brgy. Canlapwas, Catb. City
Official Receipt No. 4702 DATE: Sept. 16
Official Receipt No. 2328 DATE: Sept. 20
CUSTOMER: Jansen Corporation
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
Cash Check/ P 199,800
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
Approved by: Recorded By: Received by: Approved by: Recorded By: Received by:
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
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZED SIGNATURE
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210012 02008
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
Catbalogan, City _ signature _
Official Receipt No. 2715 DATE: Sept. 25 Official Receipt No. 4917
AUTHORIZED SIGNATURE DATE: Sept. 30
Payee: XY Co.
Description Amount
Cash Purchases P30,000 -
Vat 3,600) -
Total P33,600 -
Check #4210011
Kay A.
Jansen Corporation
Curry Avenue, Catb. City
Payee: Cash
Description Amount
Payroll P24,000 -
SSS (1,100) -
Withholding Taxes (800)
Total P22,100 -
Check #4210013
Chelsea G.
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210011 02008
2245
DATE: Sept. 25
PAY TO THE
ORDER OF XYCompany P 33,600.-
PESOS Thirty three thousand six hundred pesos only
BANK of INTEGRITY
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZED SIGNATURE
ACCOUNT NO. ACCOUNT NAME CHECK NO. ACOXB
1081-1521-19 JANSEN CORPORATION 004210013 02008
2245
DATE: Sept. 30
PAY TO THE
ORDER OF CASH P 22,100-
PESOS Twenty two thousand one hundred pesos only
BANK of INTEGRITY
Mabini Avenue Branch
Catbalogan, City _ signature _
AUTHORIZED SIGNATURE