It's Just Lunch Company

Worksheet

Account Titles
Cash
Accounts Receivable
Notes Receivable
Prepaid Rent
Prepaid Advertising
Equipment
Furniture
Supplies
Transportation Equipment
McGinty, Capital
McGinty, Drawing
Sevice Income
Accounts Payable
Notes Payable
Interest Income
Notes Receivable Discounted
Salaries Expense
Repairs and Maintenance Expense
Taxes Expense
Utilities Expense
Interest Expence
Total
Rent Expense
Advertising Expense
Doubtful Accounts Expense
Allowance for Doubtful Accounts
Depreciation Expense - Equipment
Accumulated Depreciation
Depreciation Expense - Furniture
Accumulated Depreciation
Depreciation Expense - Transportation
Accumulated Depreciation
Interest Receivable

Trial Balance
DR
CR
98404.4
20000
66000
8000
6000
50000
150000
30000
250000
360000
15000
276000
50000
100000
1500
36000
106800
6000
5305
10000
1990.63
825500 825500

Adjustments
DR
CR

Adjusted Trial Balance

DR
CR
98404.37
20000
66000

Income Statement
DR
CR

Balance Sheet
DR
CR
98404.37
20000
66000

8000
6000
50000
150000
30000
250000

50000
150000
30000
250000
360000

360000

15000

15000
276000
50000
100000
1800
36000

300

276000
50000
100000
1800
36000

398.13

106800
6000
5305
10000
2388.76

106800
6000
5305
10000
2388.76

8000
6000
2000

8000
6000
2000

8000
6000
2000

2000
979.17

2000
979.17

979.17
500

500

979.17
500

500
3333.33

3333.33
300

979.17
979.17

500
3333.33

2000

3333.33
3333.33

300

500
3333.33

Interest Payable
Total

398.13
831010.63

398.13
831010.63 151366.26

398.13
277800 679704.37 550210.63

It's Just Lunch Company

Income Statement
For the year ended December 31, 20X8

Income
Service
Interest

P276000
1800

Expenses
Salaries
Utilities
Rent
Advertising
Repairs and Maintenance
Taxes
Depreciation - Transportation
Interest
Doubtful Accounts
Depreciation - Equipment
Depreciation - Furniture
Net Income

P106800
10000
8000
6000
6000
5305
3333.33
2388.76
2000
979.17
500 151306.26
P126493.74

P277800

It's Just Lunch Company

Statement of Owner's Equity
For the year ended December 31, 20X8

McGinty, Capital - Beginning

Add: Net Income
Less: McGinty, Drawings
McGinty, Capital - End

P360000
126493.74 P486493.74
15000
P471493.74

It's Just Lunch Company

Balance Sheet
December 31, 20X8
ASSETS
Current Assets
Cash
Trade and Other Receivables
Prepaid Expenses
Non Current Assets
Property, Plant and Equipment

Notes

1
2

P98404.37
84300
30000 P212704.37

445187.50

Total Assets
LIABILITIES AND OWNER'S EQUITY
Current Liabilities
Trade and Other Payables

P657891.87

P86398.13

Non-current Liabilities
Notes Payable

100000

Owner's Equity
McGinty, Capital

471493.74

Total Liablities and Owner's Equity

NOTES TO FINANCIAL STATEMENTS
Note 1 - Trade and Other Receivables
Accounts Recievable
Less: Allowance for Doubtful Accounts

P657891.87

P20000
2000

Notes Recievable
Interest Recievable

66000
300

Total

P84300

Note 2 - Prepaid Expenses

Prepaid Rent
Prepaid Advertising
Supplies

P0
0
30000

Total
Note 3- Property, Plant and Equipment
Transportation
Less: Accumulated Depreciation - Transportation

P30000

P250000
3333.33 P246666.67

Furniture
Less: Accumulated Depreciation - Furniture

150000
500

Equipment
Less: Accumulated Depreciation - Equipment

50000
979.17

Total
Note 4-Trade and Other Payables

P18000

149500
49020.83
P445187.5

Accounts Payable
Interest Payable
Notes Recievable Discounted
Total

P50000
398.13
36000
P86398.13

General Journal
Date
Dec

Particulars
Cash
Office Equipment
Supplies
Furniture
Owner, Capital
Investment by the Owner

Folio

Debit
150,000.00
50,000.00
30,000.00
50,000.00

280,000.00

Prepaid Rent
Prepaid Advertisement
Cash
Paid rent and advertisement for one month

8,000.00
6,000.00

Cash

50,000.00

14,000.00

Service Income
Owner, Capital
Service Rendered and Additonal Investment
5

10

12

15

16

16

Credit

10,000.00
40,000.00

Accounts Receivable
Owner, Withdrawal
Service Income
Cash
Rendered Service and Withdrew Cash

20,000.00
5,000.00

Cash
Accounts Receivable
Service Income
Rendered Service

5,000.00
30,000.00

Furniture
Notes Payable
Purchased Furniture on Notes

100,000.00

Transportation
Cash
Accounts Payable
Purchased Car for Business

250,000.00

Cash
Notes Receivable
Service Income
Rendered Service

25,000.00
30,000.00

Salaries Expense
Cash
Paid Salaries

53,400.00

Gross Salaries Expense

SSS Premiums Payable
Philhealth Premiums Payable

53,400.00

20,000.00
5,000.00

35,000.00

100,000.00

50,000.00
200,000.00

55,000.00

53,400.00

2,840.00
550.00

General Journal
Cash
Paid Salary
18

18

50,010.00

Repairs and Maintenance Expense

Cash
Paid Repairs

6,000.00

Cash

50,000.00

6,000.00

Accounts Payable
Loaned from the Bank
19

20

50,000.00

Accounts Receivable
Service Income
Rendered Service

30,000.00

Cash

50,000.00

30,000.00

Accounts Receivable
Collected Cash
20

Cash

50,000.00

15,000.00

Service Income
Rendered Service
22

22

25

25

26

15,000.00

Owner, Drawing
Cash
Withdrew Cash

10,000.00

Notes Receivable
Service Income
Rendered Service

36,000.00

Cash
Interest Expense
Notes Payable Discounted
Discounted Note

32,722.50

Accounts Payable
Cash
Paid Account

200,000.00

Cash

65,000.00

10,000.00

36,000.00

4,777.50
36,000.00

200,000.00

Service Income
Owner, Capital
Rendered Service and Additional Investment
29

Cash

25,000.00
40,000.00

30,000.00

Service Income
Rendered Service
29

Cash

30,000.00

30,000.00

General Journal
Accounts Receivable
Collected Account
29

30

30

30,000.00

Accounts Receivable
Service Income
Rendered Service

20,000.00

Gross Salaries Expense

Withholding Tax Payable
Cash
Paid Salary

53,400.00

Utilities Expense
Cash
Paid Utilities

10,000.00

20,000.00

6,853.14
46,546.86

10,000.00

General Ledger
Date

Titles

Folio

Debit
CASH

Dec

GJ1

GJ1

GJ1

15

Date

Titles

Folio

Credit

NO. 101
150000.00 Dec

GJ1

50000.00

GJ1

5000.00

5000.00

12

GJ1

50000.00

GJ1

25000.00

16

GJ1

53400.00

18

GJ1

50000.00

18

GJ1

6000.00

20

GJ1

50000.00

22

GJ1

10000.00

20

GJ1

15000.00

25

GJ1

200000.00

25

GJ1

35509.37

30

GJ1

53400.00

26

GJ1

65000.00

30

GJ1

10000.00

29

GJ1

30000.00

30

GJ1

5305.00

29

GJ1

30000.00

14000.00

407105.00

505509.37
Balance

98404.37

Accounts Receivable
Dec

NO. 102

GJ1

20000.00 Dec

20

GJ1

50000.00

29

GJ1

30000.00

GJ1

30000.00

19

GJ1

30000.00

29

GJ1

20000.00

80000.00

100000.00
Balance

20000.00

Notes Receivable
Dec

15

GJ1

30000.00

22

GJ1

36000.00

Balance

66000.00

Prepaid Rent
Dec

Balance

GJ1

Dec

Balance

GJ1

Dec

Balance

GJ1

NO. 104
8000.00

Prepaid Advertisment

NO. 111

GJ1

50000.00

10

GJ1

100000.00

Balance

150000.00

Supplies
1

Balance

NO. 110

50000.00

Furniture

Dec

NO. 105

6000.00

Office Equipment

Dec

NO. 103

GJ1

NO. 112
30000.00

General Ledger
Transportation
Dec

12

Balance

GJ1

NO. 113

250000.00

Accounts Payable
Dec

25

GJ1

200000.00

NO. 120
Dec

12

GJ1

200000.00

18

GJ1

50000.00
250000.00

Balance
Notes Payable

50000.00

NO. 121
Dec

Notes Receivable Discounted

Dec

Owner, Capital

10

Balance

GJ1

100000.00

Balance

GJ1

36000.00

GJ1

280000.00

GJ1

40000.00

26

GJ1

40000.00

NO. 121
25

NO. 130
Dec

Balance

Owner, Drawing
Dec

GJ1

5000.00

22

GJ1

10000.00

Balance

NO. 131

15000.00

Service Income

NO. 140
Dec

GJ1

10000.00

GJ1

20000.00

GJ1

35000.00

15

GJ1

55000.00

19

GJ1

30000.00

20

GJ1

15000.00

22

GJ1

36000.00

26

GJ1

25000.00

29

GJ1

30000.00

29

GJ1

20000.00

Balance

Salaries Expense
Dec

16

GJ1

30

GJ1
Balance

18

Balance

NO. 150

53400.00
53400.00
106800.00

Repair and Maintenance Expense

Dec

360000.00

GJ1

6000.00

NO. 151

276000.00

General Ledger
Interest Expense
Dec

25

Balance

GJ1

Dec

30

Balance

GJ1

Utilities Expense

31

Balance

Gj1

Dec

25

Balance

GJ1

NO. 153

10000.00

Taxes and License Expense

Dec

NO. 152

1990.63

NO. 154

5305.00

Interest Income
1500.00

NO. 160