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Income Statement

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


Income Statement
For the month ended May 31, 2004

Sales
Less: Sales Discount
Net Sales
Cost of Goods Sold
Merchandise Inventory - May 1
Net Purchase
Purchases
Purchase Returns and Allowances
Purchas Discounts
Less: Merchandise Inventory - May 31
Gross Profit on Sales
Interest Income
Total Gross Income
Operating Expense
Taxes and Licenses
Suppliies Expense
Salaries Expense
Utilities Expense
Delivery Expense
Interest Expense
Miscellaneous Expense
Depreciation - Furniture and Fixtures
Depreciation - Office Equipment
Depreciation - Delivery Equipment
Doubtful accounts Expense
SSS, Medicare Pemiums Expense
Ecc, Pag- Ibig Expense
Insurance Expense
Professional Fee Expense
Rent Expense
Advertising Expense
Income Before Income Tax
Income Tax, 32%
NET INCOME

309,757.20
750.00
309,007.20
180,027.65
479,614.06
(1,297.80)
(7,004.91)

471,311.35
(535,400.00)

225.00
5,616.40
35,000.00
1,150.00
507.00
499.07
915.00
299.25
90.00
291.67
2,656.10
619.70
440.00
200.00
6,500.00
1,500.00
160.00

115,939.00
193,068.20
199.44
193,267.64

56,669.19
136,598.45
43,711.50
92,886.95

Accounting 3/4

Balance Sheet

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


Balance Sheet
As of May 31, 2004
ASSETS
Current Assets
Cash
Petty Cash
Accounts Receivable
Less: Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory - May 31
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Taxes and Licenses
Prepaid Advertising
Interest Receivable
Fixed Assets
Furniture and Fixtures
Office Equipment
Delivery Equipment

181,674.20
1,500.00
132,805.00
(6,844.70)

Cost
35,154.75
15,483.90
68,950.00
119,588.65

Accum Deprn
(299.25)
(90.00)
(291.67)
(680.92)

125,960.30
37,152.00
535,400.00
3,000.00
1,460.00
2,200.00
125.00
640.00
99.77
Net Book Value
34,855.50
15,393.90
68,658.33

Total Assets

889,211.27

118,907.73

1,008,119.00

LIABILITIES AND OWNERS EQUITY


Current Liabilities
Accounts Payable
Notes Payable
Ecc, Pag- Ibig Payable
Withholding Tax Payable
SSS & Medicare Payable
Interest Payable
Utilities Payable
Profesional Fee Payable
Income Tax Payable

314,330.00
47,430.00
720.60
1,326.10
911.45
452.40
850.00
6,500.00
43,711.50

Partners' Equity
Riccel Tropicales, Capital
Less, Riccel Tropicales, Drawing
Jethro Verzosa, Capital
Patrick Marfil, Capital
Net Income

250,000.00
(1,000.00)

Total Liabilities and Owners Equity

249,000.00
150,000.00
100,000.00

416,232.05

499,000.00
92,886.95
1,008,119.00

Accounting 3/4

Worksheet

ACCOUNT NAME
Cash
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory, May 1
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Advertising
Furniture & Fixtures
Office Equipment
Delivery Equipment
Accounts Payable
Notes Payable
ECC, Pag-ibig Payable
Withholding Tax Payable
SSS & Medicare Payable
Riccel Tropicales, Capital
Riccel Tropicales, Drawing
Jethro Versoza, Capital
Patrick Marfil, Capital
Sales
Sales Discounts
Interest Income
Purchases
Purchase Returns & Allowances
Purchase Discounts
Taxes and Licenses
Supplies Expense
Salaries Expense
Utilities Expense
Delivery Expense
Interest Expense
Miscellaneous Expense

Merchandise Inventory, May 31


Income and Expense Summary
Prepaid Taxes and Licenses
Interest Receivable
Interest Payable
Depreciation - Furniture and Fixtures
Accumulated Depreciation - Furniture and Fixtures
Depreciation - Office Equipment
Accumulated Depreciation - Office Equipment
Depreciation - Delivery Equipment
Accumulated Depreciation - Delivery Equipment
Doubtful Accounts Expense
SSS, Medicare Expense
ECC, Pag-ibig Expense
Insurance Expense
Utilities Payable
Professional Fee Expense
Professional Fee Payable
Rent Expense
Advertising Expense
Income Tax Expense
Income Tax Payable

TRIAL BALANCE
DEBIT
CREDIT
181,824.20
1,500.00
132,805.00
4,188.60
37,152.00
180,027.65
4,500.00
4,500.00
2,400.00
800.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
280.60
1,326.10
291.75
250,000.00
1,000.00
150,000.00
100,000.00
309,757.20
750.00
99.67
479,614.06
1,297.80
7,004.91
350.00
2,576.40
35,000.00
300.00
507.00
46.67
765.00
1,186,006.63
1,186,006.63

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


Worksheet
For the year ended May 31, 2004
ADJUSTMENTS
DEBIT
CREDIT
150.00

2,656.10

1,500.00
3,040.00
200.00
160.00

440.00
619.70

99.77

125.00
3,040.00
850.00
452.40
150.00

535,400.00

ADJUSTED BALANCE
DEBIT
CREDIT
181,674.20
1,500.00
132,805.00
6,844.70
37,152.00
180,027.65
3,000.00
1,460.00
2,200.00
640.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
720.60
1,326.10
911.45
250,000.00
1,000.00
150,000.00
100,000.00
309,757.20
750.00
199.44
479,614.06
1,297.80
7,004.91
225.00
5,616.40
35,000.00
1,150.00
507.00
499.07
915.00

INCOME STATEMENT
DEBIT
CREDIT

180,027.65
3,000.00
1,460.00
2,200.00
640.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
720.60
1,326.10
911.45
250,000.00
1,000.00
150,000.00
100,000.00
###
###
199.44
###
###
###
225.00
5,616.40
35,000.00
1,150.00
###
499.07
915.00

535,400.00
535,400.00

125.00
99.76

###

452.40

125.00
99.77
452.40

299.25
299.25

90.00

299.25

90.00

90.00

291.67

291.67

850.00

850.00

6,500.00

850.00
###

6,500.00
1,500.00
160.00
43,711.50

6,500.00
###
###
###
853,659.35

1,016,644.62

NET INCOME

760,772.40
92,886.95

43,711.50
923,757.67
92,886.95

BALANCES

853,659.35

853,659.35

1,016,644.62

1,016,644.62

596,585.38

Accounting 3/4

43,711.50
596,585.39

291.67
###
###
###
###

6,500.00

1,500.00
160.00
43,711.50

90.00
###

2,656.10
619.70
440.00
200.00

6,500.00

299.25
###

291.67

2,656.10
619.70
440.00
200.00

452.40
###

90.00

291.67

535,400.00

535,400.00
125.00
99.77

299.25

BALANCE SHEET
DEBIT
CREDIT
181,674.20
1,500.00
132,805.00
6,844.70
37,152.00

1,777,417.02

43,711.50
1,777,417.02

Trial Balance

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


Trial Balance
May 31, 2004
DEBIT
181,824.20
1,500.00
132,805.00

Cash
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory, May 1
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Advertising
Furniture & Fixtures
Office Equipment
Delivery Equipment
Accounts Payable
Notes Payable
ECC, Pag-ibig Payable
Withholding Tax Payable
SSS & Medicare Payable
Riccel Tropicales, Capital
Riccel Tropicales, Drawing
Jethro Versoza, Capital
Patrick Marfil, Capital
Sales
Sales Discounts
Interest Income
Purchases
Purchase Returns & Allowances
Purchase Discounts
Taxes and Licenses
Supplies Expense
Salaries Expense
Utilities Expense
Delivery Expense
Interest Expense
Miscellaneous Expense

CREDIT

4,188.60
37,152.00
180,027.65
4,500.00
4,500.00
2,400.00
800.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
280.60
1,326.10
291.75
250,000.00
1,000.00
150,000.00
100,000.00
309,757.20
750.00
99.67
479,614.06
1,297.80
7,004.91
350.00
2,576.40
35,000.00
300.00
507.00
46.67
765.00
1,186,006.63

Accounting 3/4

1,186,006.63

Adjusted Trial Balance

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


Adjusted Trial Balance
as of May 31, 2004
DEBIT
181,674.20
1,500.00
132,805.00

Cash
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory, May 1
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Advertising
Furniture & Fixtures
Office Equipment
Delivery Equipment
Accounts Payable
Notes Payable
ECC, Pag-ibig Payable
Withholding Tax Payable
SSS & Medicare Payable
Riccel Tropicales, Capital
Riccel Tropicales, Drawing
Jethro Versoza, Capital
Patrick Marfil, Capital
Sales
Sales Discounts
Interest Income
Purchases
Purchase Returns & Allowances
Purchase Discounts
Taxes and Licenses
Supplies Expense
Salaries Expense
Utilities Expense
Delivery Expense
Interest Expense
Miscellaneous Expense

CREDIT

6,844.70
37,152.00
180,027.65
3,000.00
5,960.00
2,200.00
640.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
720.60
1,326.10
911.45
250,000.00
1,000.00
150,000.00
100,000.00
309,757.20
750.00
199.44
479,614.06
1,297.80
7,004.91
225.00
1,116.40
35,000.00
1,150.00
507.00
499.07
915.00

Merchandise Inventory, May 31


Income and Expense Summary
Prepaid Taxes and Licenses
Interest Receivable
Interest Payable
Depreciation - Furniture and Fixtures
Accumulated Depreciation - Furniture and Fixtures
Depreciation - Office Equipment
Accumulated Depreciation - Office Equipment
Depreciation - Delivery Equipment
Accumulated Depreciation - Delivery Equipment
Doubtful Accounts Expense
SSS, Medicare Expense
ECC, Pag-ibig Expense
Insurance Expense
Utilities Payable
Professional Fee Expense
Professional Fee Payable
Rent Expense
Advertising Expense
Income Tax Expense
Income Tax Payable

535,400.00
535,400.00
125.00
99.77
452.40
299.25
299.25
90.00
90.00
291.67
291.67
2,656.10
619.70
440.00
200.00
850.00
6,500.00
6,500.00
1,500.00
160.00
43,711.50
1,777,417.02

Accounting 3/4

43,711.50
1,777,417.02

Page 6 of 54

Accounts Payable Subsidiary Ledger

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


Accounts Payable Subsidiary Ledger
Name:
Laguna Corporation
Address:
Date
Particulars
2004
May
1 Beginning Balance
1 Merchandise, 5/20, n/30
5 Partial payment
17 In full of account
17 Purchase discount
22 Merchandise, n/45

Name:
Sony Corporation
Address:
Date
Particulars
2004
May
1 Beginning Balance
1 Merchandise, 5/5, n/30
6 In full of account
6 Purchase discount
26 Merchandise, n/60

Name:
LG Corporation
Address:
Date
Particulars
2004
May
1 Beginning Balance
1 Merchandise, n/60

Name:
Margas Philippines
Address:
Date
Particulars
2004
May
1 Beginning Balance
1 Returns
1 Merchandise, 5/10, n/60
10 In full of account
10 Purchase discount
26 Merchandise, n/60

F
PJ
CPJ
CPJ
CPJ
PJ

F
PJ
CPJ
CPJ
PJ

Dr.

Cr.
14,060.00
40,000.00

16,000.00
22,000.00
2,000.00
14,060.00

Dr.

Cr.
7,760.00
61,220.06

58,159.06
3,061.00
15,520.00

Dr.

Cr.
7,200.00
21,600.00

Dr.

Cr.
19,250.00

GJ1
PJ
CPJ
CPJ
PJ

1,297.80
25,956.00
23,425.29
1,232.91

RJP HOME APPLIANCES


ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Accounting 3/4

30,800.00

Balance
14,060.00
54,060.00
38,060.00
16,060.00
14,060.00
28,120.00

Balance
7,760.00
68,980.06
10,821.00
7,760.00
23,280.00

Balance
7,200.00
28,800.00

Balance
19,250.00
17,952.20
43,908.20
20,482.91
19,250.00
50,050.00

Page 7 of 54

Accounts Payable Subsidiary Ledger

Name:
San Pedro Sounds
Address:
Date
Particulars
2004
May
1 Beginning balance
1 Merchandise, n/45
20 Merchandise, 5/20, n/60

Name:
Philips Electrical
Address:
Date
Particulars
2004
May
1 Beginning Balance
2 Merchandise, n/60
24 Merchandise, n/60

Name:
Monching Furniture
Address:
Date
Particulars
2004
May
1 Office furniture, 5/10, n/30
9 In full of account

Name:
Ronron Appliances
Address:
Date
Particulars
2004
May
2 Merchandise, n/10
12 In full of account

Name:
Sanyo Philippines
Address:
Date
Particulars
2004
May
10 Merchandise, 5/20, n/30
27 In full of account
27 Purchase discount

RJP HOME APPLIANCES

Dr.

Dr.

PJ
CPJ

F
PJ
CPJ

F
PJ
CPJ
CPJ

Accounting 3/4

Cr.
34,800.00
48,400.00
21,200.00

PJ
PJ

Cr.
35,160.00
24,000.00
20,520.00

PJ
PJ

May 2004

Dr.

Cr.
21,000.00

21,000.00

Dr.

Cr.
8,640.00

8,640.00

Dr.

Cr.
14,220.00

13,509.00
711.00

Balance
35,160.00
59,160.00
79,680.00

Balance
34,800.00
83,200.00
104,400.00

Balance
21,000.00
-

Balance
8,640.00
-

Balance
14,220.00
711.00
-

Page 8 of 54

Accounts Receivable Subsidiary Ledger

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


Accounts Receivable Subsidiary Ledger
Name:
Binan Store
Address:
Date
Particulars
2004
May
1 Beginning Balance
3 In full of account

Name:
Marimar Shop
Address:
Date
Particulars
2004
May
1 Beginning Balance
5 In full of account

Name:
San Jose Appliances
Address:
Date
Particulars
2004
May
1 Beginning Balance
5 In full of account

Name:
Accenture, Inc.
Address:
Date
Particulars
2004
May
1 Beginning Balance
5 In full of account

Name:
Juan Gonzales
Address:
Date
Particulars
2004
May
1 Beginning Balance

Dr.

Cr.

10,860.00
CRJ

10,860.00

Dr.

Cr.

17,000.00
CRJ

17,000.00

Dr.

Cr.

19,143.00
CRJ

19,143.00

Dr.

Cr.

20,000.00
CRJ

20,000.00

Dr.
12,700.00

Accounting 3/4

Cr.

Balance
10,860.00
Err:522

Balance
17,000.00
Err:522

Balance
19,143.00
Err:522

Balance
20,000.00
Err:522

Balance
12,700.00

Page 9 of 54

Accounts Receivable Subsidiary Ledger

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Name:
Tyler Store
Address:
Date
Particulars
2004
May
1 Beginning Balance

Name:
Laguna Appliances
Address:
Date
Particulars
2004
May
3 n/20

Name:
Richard Mance
Address:
Date
Particulars
2004
May
5 2/3, n/30
23 5/10, n/30
30 In full of account
30 Sales Discount

Name:
Filinvest Appliances
Address:
Date
Particulars
2004
May
9 5/10, n/30

Name:
Dela Paz Trading
Address:
Date
Particulars
2004
May
15 5/5, n/20

Dr.

Cr.

4,069.00

Dr.

4,069.00

Cr.

18,720.00

SJ

F
SJ
SJ
CRJ
CRJ

Dr.

Cr.

14,250.00
750.00

Cr.

21,743.00

SJ

F
SJ
Accounting 3/4

Dr.
28,535.00

Balance
18,720.00

22,000.00
15,000.00

Dr.

Balance

Balance
22,000.00
37,000.00
22,750.00
22,000.00

Balance
21,743.00

Cr.

Balance
28,535.00

Page 10 of 54

Accounts Receivable Subsidiary Ledger

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Name:
San Pedro College
Address:
Date
Particulars
2004
May
15 n/60

Name:
Wilfredo Versoza
Address:
Date
Particulars
2004
May
25 n/60

Dr.

Cr.

16,900.00

SJ

F
SJ

Accounting 3/4

Dr.
8,138.00

Balance
16,900.00

Cr.

Balance
8,138.00

Schedule of Accounts Receivables and Accounts Payable

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


Schedule of Accounts Receivables
May 31, 2004
Juan Gonzales
Tyler Store
Laguna Appliances
Richard Mance
Filinvest Appliances
Dela Paz Trading
San Pedro College
Wilfredo Versoza

12,700.00
4,069.00
18,720.00
22,000.00
21,743.00
28,535.00
16,900.00
8,138.00
132,805.00

RICCEL TRADING CENTER


Schedule of Accounts Payables
May 31, 2004
Laguna Corporation
Sony Corporation
LG Corporation
Margas Philippines
San Pedro Sounds
Philips Electrical

28,120.00
23,280.00
28,800.00
50,050.00
79,680.00
104,400.00
314,330.00

Accounting 3/4

Cash Payments Journal

DATE
2004
May
1
1
1
2
2
3
5
3
5
6
6
7
8
9
10
12
16

PAYEE
Asela Tropicales
Bian Municipal Treasurer
Nina Reyes
San Pedro Sounds
Upsilon Appliances
Laguna News
Ching Printing Press
MNS Marketing
Laguna Corporation
Riccel Tropicales
Sony Corporation
Monarch insurance Company
Patrick Industries
Monching Furniture
Margas Philippines
Ronron Appliances
Employees

EXPLANATION

CV
NO.

RJP HOME APPLIANCES

RJP HOME APPLIANCES


Cash Payments Journal
CHECK
PURCHASE
CASH
NO.
DISCOUNTS
Cr.
Cr.
1000
4,500.00
1001
300.00
1002
500.00
1003
24,900.00
1004
28,200.00
1005
800.00
1006
2,500.00
1007
14,400.00
1008
16,000.00
1009
1,000.00
1010
58,159.06
3,061.00
1011
2,400.00
1012
6,548.00
1013
19,950.00
1014
23,425.29
1,232.91
1015
8,640.00
1016
17,836.90

Rent for May, June and July 2004


Municipal License
Petty Cash Fund
In full of account
In full of account
Advertising for 5 months May to September
Supplies Expense
In full of account
Partial payment
Cash drawing
In full of account
One year insurance premium
Down payment for PI 223344
In full of account
In full of account
In full of account
Payroll for May 1-15, 2004

001
002
003
004
005
006
007
008
009
010
011
012
013
014
015
016
017

16 Jethro Motors, Inc.


17 Nina Reyes

Purchase of delivery truck


Replenishment of PCV

018
019

1017
1018

35,000.00
500.00

17 Laguna Corporation
19 Patrick Industries

In full of account
Note issued on 8th paid

020
021

1019
1020

22,000.00
12,046.67

22
23
27
31

Delivery charges
Purchase of office equipment
In full of account
Payroll for May 16-31, 2004

022
023
024
025

1021
1022
1023
1024

507.00
12,000.00
13,509.00
15,264.65

Ong Shipping Company


Mags Innovation Inc.
Sanyo Philippines
Employees

31 Nina Reyes

Replenishment of PCV

026

May 2004

1025

ACCOUNTS
PAYABLE
Dr.

CASH
PURCHASES
Dr.

(100)

16,000.00

61,220.06

Accounting 3/4

Prepaid Advertising
Supplies Unused

111
108

800.00
2,500.00

Riccel Tropicales, Drawing

301

1,000.00

Prepaid Insurance

109

2,400.00

Cr.

###

711.00

502

Dr.
4,500.00
300.00
500.00

###

2,000.00

7,004.91

F
107
110
101

###
###

21,000.00
24,658.20
8,640.00

Furniture and Fixtures

1,050.00

Salaries Expense
Withholding Tax Payable
Delivery Equipment
Taxes and Licenses
Utilities Expense
Miscellaneous Expense

509
204
124
505
510
520

18,500.00

Notes Payable
Interest Expense
Delivery Expense
Office Equipment

201
518
511
122

12,000.00
46.67
507.00
12,000.00

Salaries Expense
Withholding Tax Payable
ECC, Pag-ibig Payable
SSS, Medicare Payable
Supplies Expense
Miscellaneous Expense

509
204
203
205
507
520

16,500.00

663.10
35,000.00
50.00
300.00
150.00

24,000.00

14,220.00

691.40
341,577.97

SUNDRIES
Account Name
Prepaid Rent
Taxes and Licenses
Petty Cash

169,738.26
200

74,048.00
(

663.00
280.60
291.75
76.40
615.00
107,745.07

2,948.45

Purchase Journal

DATE
2004
May
1
1
1
1
1
1
2
2
2
2
2
3
8
10
20
22
23
24
26
26

SUPPLIER
Monching Furniture
San Pedro Sounds
Laguna Corporation
Sony Corporation
LG Corporation
Margas Philippines
Ronron Appliances
San Pedro Sounds
Philips Electrical
Mars Industries
Upsilon Appliances
MNS Marketing
Patrick Industries
Sanyo Philippines
San Pedro Sounds
Laguna Corporation
Toshiba Radiola
Philips Electrical
Sony Corporation
Margas Philippines

TERMS
5/10, n/30
n/45
5/20, n/30
5/5, n/30
n/60
5/10, n/60
n/10
COD
n/60
30 day, 16% note
COD
COD
10 day 14% note
5/20, n/30
5/20, n/60
n/45
60 day note
n/60
n/60
n/60

INVOICE
NO.
248657
43210
45678
77777
98765
12555
131313
45668
23345
123543
23569
33662
223344
654321
47788
56784
88888
33344
99999
14789

PURCHASES
Dr.
24,000.00
40,000.00
61,220.06
21,600.00
25,956.00
8,640.00
24,900.00
48,400.00
35,100.00
28,200.00
14,400.00
18,548.00
14,220.00
20,520.00
14,060.00
12,330.00
21,200.00
15,520.00
30,800.00
479,614.06
500

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


Purchase Journal
CASH
ACCOUNTS
PURCHASE
PAYABLE
Cr.
F
Cr.

21,000.00

24,000.00

40,000.00

61,220.06

21,600.00

25,956.00

8,640.00
###

48,400.00

NOTES
PAYABLE
Cr.

SUNDRIES
Account Name
Furniture and Fixtures

F
120

Dr.
21,000.00

###
###
###
6,548.00

12,000.00

###
20,520.00
14,060.00
###

74,048.00

Accounting 3/4

21,200.00
15,520.00
30,800.00
367,136.06
200

59,430.00
201

21,000.00

Cr.

Sales Journal

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


DATE
2004
May
2
3
4
5
9
12
15
15
18
20
23
25
27
29

CUSTOMER
Sto. Nio Store
Laguna Appliances
Monaliza Servantes
Richard Mance
Filinvest Appliances
Wilfredo Versoza
Dela Paz Trading
San Pedro College
Tropicales Marketing
Bernie Reyes
Richard Mance
Wilfredo Versoza
Asela Tropicales
Riccel Verzosa

TERMS

Sales Journal
INVOICE
NO.

COD
DP 4,680.00, bal. n/20
DP 2,500.00, bal. 20 day 12% note
2/3, n/30
5/10, n/30
COD
DP 6,027.00, bal. 5/5, n/20
n/60
DP 12,165.00, bal. 10% 30 day note
COD
5/10, n/30
n/60
COD
60 day 12% note

001
002
003
004
005
006
007
008
009
010
011
012
013
014

SALES
Cr.
62,000.00
23,400.00
17,450.00
22,000.00
21,743.00
11,302.20
34,562.00
16,900.00
37,635.00
18,000.00
15,000.00
8,138.00
9,945.00
11,682.00
309,757.20
(400)

Accounting 3/4

CASH
SALES
Dr.
62,000.00
4,680.00
2,500.00

11,302.20
6,027.00

ACCOUNTS
RECEIVABLE
F
Dr.

18,720.00

22,000.00
21,743.00

28,535.00
16,900.00

NOTES
RECEIVABLE
Dr.

14,950.00

12,165.00
18,000.00

25,470.00

15,000.00
8,138.00

9,945.00
126,619.20

131,036.00
(102)

11,682.00
52,102.00
(104)

Petty Cash Book

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


DATE
2004
May
1
3
7
15
17
26
26
31

PAYEE
Bian Municipality
Nawasa
Luningning Store
National Book Store
Replenishment
Mang Cosme
Maria Sari-sari Store
Replenishment

PCV
RECEIPTS
No.
001
002
003
004
500.00
005
006
691.40
1,191.40

PAYMENTS
50.00
300.00
150.00
76.40

Petty Cash Book


OFFICE
ADVANCES
SUPPLIES

SUNDRIES
ACCOUNT NAME
Prepaid Taxes and Licenses
Utilities Expense

F
110
510

AMOUNT
50.00
300.00

###
###

300.00
315.00
1,191.40

MISC.
EXPENSES

###
###
76.40

Accounting 3/4

765.00

350.00

Bank Reconciliation Statement

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


PHILIPPINE NATIONAL BANK
Bank Reconciliation Statement
May 30, 2004

Balance before adjustments, 4.30.2004


Add (Deduct)
Deposit in transit
Outstanding checks
Check No.
1006
2,500.00
1011
2,400.00
1016
17,836.90
1020
12,046.67
1022
12,000.00
1024
15,264.65

Per Books
181,824.20

14,250.00
(62,048.22)

Bank Service Charge

(150.00)

Adjusted Balance

Deposit in Transit
OR No.
17

Outstanding Checks
Check No.
1006
1011
1016
1020
1022
1024

Per Bank
229,472.42

181,674.20

14,250.00
Date
5/30/2004

181,674.20

Payor
Richard Mance

Amount
14,250.00

Date
5/3/2004
5/7/2004
5/16/2004
5/19/2004
5/23/2004

Payee
Ching Printing Press
Monarch Industries Company
Employees
Patrick industries
Mags Innovation Inc.

Amount
2,500.00
2,400.00
17,836.90
12,046.67
12,000.00

5/31/2004

Employees

15,264.65
62,048.22

Deposit in Transit
OR No.
17

14,250.00
Date
5/30/2004

Payor
Richard Mance

Accounting 3/4

Amount
14,250.00

Cash Receipts Journal

RJP HOME APPLIANCES

May 2004

RJP HOME APPLIANCES


DATE

PAYOR

2004
May
1
1
1
2
3
3
4
5
5
5
12
15
18
20
24

Riccel Tropicales
Jethro Versoza
Patrick Marfil
Sto. Nio Store
Laguna Appliances
Binan Store
Monaliza Servantes
Marimar Shop
San Jose Appliances
Accenture, Inc.
Wilfredo Versoza
Dela Paz Trading
Tropicales Marketing
Bernie Reyes
Monaliza Servantes

27 Asela Tropicales
30 Richard Mance

EXPLANATION

OR
NO.

Initial Investment
Initial Investment
Initial Investment
Cash sales
Down payment
In full of account
Down payment
In full of account
In full of account
In full of account
Cash sales
Cash sales
Cash sales
Cash sales
Note received on 4th collected

001
002
003
004
005
006
007
008
009
010
011
012
013
014
015

Cash sales
In full of account

016
017

Cash Receipts Journal


SALES
ACCOUNTS
DISCOUNTS
RECEIVABLE
Dr.
Dr.
F
Cr.
50,480.30
150,000.00
100,000.00
62,000.00
4,680.00
10,860.00

10,860.00
2,500.00
17,000.00

17,000.00
19,143.00

19,143.00
20,000.00

20,000.00
11,302.20
6,027.00
12,165.00
18,000.00
15,049.67
CASH

9,945.00
14,250.00
523,402.17
(100)

CASH
SALES
Cr.

SUNDRIES
Account Name
RiccelTropicales, Capital
JethroVerzosa, Capital
Patrick Marfil, Capital

F
301
302
304

Notes Receivable
Interest Receivable

104
403

Dr.

Cr.
50,480.30
150,000.00
100,000.00

62,000.00
4,680.00
2,500.00

11,302.20
6,027.00
12,165.00
18,000.00
14,950.00
99.67

9,945.00
750.00
750.00
(402)

Accounting 3/4

15,000.00
82,003.00
(102)

126,619.20

315,529.97

RJP HOME APPLIANCES


General Journal
DATE
PARTICULARS
2004
May
1 Cash
Petty Cash
Accounts Receivable
Merchandise Inventory
Supplies Unused
Furniture & Fixtures
Office Equipment
Delivery Equipment
Accounts Payable
Allowance for Doubtful Accounts
Riccel Tropicales, Capital
May

DEBIT

100
101
102
106
108
120
122
124
201
103
300

118,230.00
4,188.60
250,000.00

1 Cash

150,000.00
Jethro Versoza, Capital

May

150,000.00

1 Cash

100,000.00
Patrick Marfil, Capital

May

May

May

May

May

May

May

May

May

May

May

May

May

May

CREDIT

50,480.30
1,000.00
83,772.00
180,027.65
4,500.00
15,204.75
3,483.90
33,950.00

100,000.00

1 Furniture & Fixtures


Accounts Payable

21,000.00

1 Purchases
Accounts Payable

24,000.00

1 Purchases
Accounts Payable

40,000.00

1 Purchases
Accounts Payable

61,220.06

1 Purchases
Accounts Payable

21,600.00

1 Purchases
Accounts Payable

25,956.00

21,000.00

24,000.00

40,000.00

61,220.06

21,600.00

25,956.00

1 Accounts Payable
Purchase Returns and Allowances

1,297.80

1 Prepaid Rent
Cash

4,500.00

1,297.80

4,500.00

1 Prepaid Taxes and Licenses


Cash

300.00

1 Petty Cash
Cash

500.00

300.00

500.00

2 Purchases
Accounts Payable

8,640.00
8,640.00

2 Purchases
Cash

24,900.00

2 Purchases
Accounts Payable

48,400.00

2 Purchases
Notes Payable

35,100.00

24,900.00

48,400.00

35,100.00
RJP HOME APPLIANCES
General Journal

DATE
2004
May
2 Purchases
Cash

PARTICULARS

DEBIT

CREDIT

28,200.00
28,200.00

May

2 Cash

62,000.00
Sales

May

May

May

62,000.00

3 Purchases
Cash

14,400.00

3 Cash
Accounts Receivable
Sales

4,680.00
18,720.00

3 Cash

10,860.00

14,400.00

23,400.00

Accounts Receivable
May

May

May

May

May

10,860.00

3 Prepaid Advertising
Cash

800.00
800.00

3 Supplies Unused
Cash

2,500.00
2,500.00

4 Cash
Notes Receivable
Sales

2,500.00
14,950.00

5 Accounts Receivable
Sales

22,000.00

5 Cash

17,000.00

17,450.00

22,000.00

Accounts Receivable
May

17,000.00

5 Cash

19,143.00
Accounts Receivable

May

19,143.00

5 Cash

20,000.00
Accounts Receivable

May

May

May

May

May

May

May

20,000.00

5 Accounts Payable
Cash

16,000.00
16,000.00

6 Riccel Tropicales, Drawings


Cash

1,000.00
1,000.00

6 Accounts Payable
Cash
Purchase Discount

61,220.06
58,159.06
3,061.00

7 Prepaid Insurance
Cash

2,400.00
2,400.00

8 Purchases
Cash
Notes Payable

18,548.00

9 Accounts Receivable
Sales

21,743.00

9 Accounts Payable
Cash
Furniture and Fixtures

21,000.00

6,548.00
12,000.00

21,743.00

19,950.00
1,050.00
RJP HOME APPLIANCES
General Journal

DATE
2004
May
10 Purchases
Accounts Payable
May

10 Accounts Payable
Cash
Purchase Discount

PARTICULARS

DEBIT

CREDIT

14,220.00
14,220.00
24658.2
23,425.29
1,232.91

May

12 Cash

11,302.20
Sales

May

May

May

May

May

May

May

May

May

May

May

May

May

May

May

11,302.20

12 Accounts Payable
Cash

8,640.00
8,640.00

15 Cash
Accounts Receivable
Sales

6,027.00
28,535.00

15 Accounts Receivable
Sales

16,900.00

16 Salaries Expense
Cash
Withholding Taxes Payable

18,500.00

16 Delivery Equipment
Cash

35,000.00

34,562.00

16,900.00

17,836.90
663.10

35,000.00

17 Petty Cash
Cash

500.00
500.00

17 Accounts Payable
Cash
Purchase Discount

24,000.00

18 Cash
Notes Receivable
Sales

12,165.00
25,470.00

19 Notes Payable
Interest Expense
Cash
20 Purchases
Accounts Payable

12,000.00
46.67

20 Cash
Sales Discount
Sales

18,000.00
2,000.00

22 Purchases
Accounts Payable

14,060.00

22,000.00
2,000.00

37,635.00

12,046.67
20,520.00
20,520.00

20,000.00

14,060.00

22 Delivery Expenses
Cash

507.00
507.00

23 Purchases
Notes Payable

12,330.00

23 Accounts Receivable
Sales

15,000.00

12,330.00

15,000.00
RJP HOME APPLIANCES
General Journal

DATE
2004
May

May

May

PARTICULARS

DEBIT

23 Office Equipment
Cash

12,000.00

24 Purchases
Accounts Payable

21,200.00

24 Cash

15,049.67

12,000.00

21,200.00

Notes Receivable
Interest Income
May

25 Accounts Receivable
Sales

CREDIT

14,950.00
99.67
8,138.00
8,138.00

May

May

May

May

May

May

26 Purchases
Accounts Payable

30,800.00

26 Purchases
Accounts Payable

15,520.00

30,800.00

15,520.00

27 Cash
Sales Discount
Sales

9,945.00
1,105.00
11,050.00

27 Accounts Payable
Cash
Purchase Discount

14,220.00

29 Notes Receivable
Sales

11,682.00

30 Cash

15,000.00

13,509.00
711.00

11,682.00

Accounts Receivable
Purchase Discount

May

May

14,250.00
750.00

31 Salaries Expenses
Cash
Withholding Taxes Payable
ECC, Pag-ibig Payable
SSS, Medicare Payable

16,500.00
15,264.65
663.00
280.60
291.75

31 Petty Cash
Cash

691.40
691.40

ADJUSTING ENTRIES
May
31 Merchandise Inventory
AJE
1
Income and Expense Summary
To record ending inventory

106
600

535,400.00

May
AJE

31 Prepaid Taxes and Licenses


2
Taxes and Licenses

505
110

125.00

May
AJE

31 Supplies Expense
3
Supplies Unused
To record supplies inventory

535,400.00

125.00
1,460.00
1,460.00

RJP HOME APPLIANCES


General Journal
DATE
PARTICULARS
2004
May
31 Interest Receivable
AJE
4
Interest Income
a. SI 009 for 25,470.00 datd. 5/18/04 for 30 days at 10%
b. SI 014 for 11,682.00 dtd. 5/29/04 for 20 days at 12%
a. 25,470.00 x 10% x 13/360 = 91.98
b. 11,682.00 x 12% x 2/360 = 7.79

DEBIT

CREDIT

99.76
99.76

May
AJE

31 Interest Expense
5
Interest Payable
PI 12354 for 35,100.00 dtd. 4/2/04 for 30 days at 16%
35,100.00 x 16% x 28/360 = 436.80

436.80

May
AJE

31 Depreciation - Furniture and Fixtures


6
Accumulated Depreciation - Furniture and Fixtures
[(19950 x 90%)/5] x 1/12 = 299.25

299.25

May
AJE

31 Depreciation - Office Equipment


7
Accumulated Depreciation - Office Equipment
[(12,000.00 x 90%)/5] x .5/12 = 90.00

436.80

299.25

90.00
90.00

May
AJE

31 Depreciation - Delivery Equipment


8
Accumulated Depreciation - Delivery Equipment
[(35000.00 x 80%)/4] x .5/12 = 291.67

291.67

May
AJE

31 Doubtful Accounts Expense


9
Allowance for Doubtful Accounts
132,805.00 x 2% = 2,656.1

May
AJE

31 SSS, Medicare Expense


10
SSS, Medicare Payable

619.70

May
AJE

31 ECC, Pag-ibig Expense


11
ECC, Pag-ibig Payable

440.00

May
AJE

31 Insurance Expense
12
Prepaid Insurance
2,400.00 x 1/12 = 200.00

200.00

May
AJE

31 Utilities Expense
13
Utilities Payable
To record gasoline chrages dtd. May 2004 paid in June 2004

850.00

May
AJE

31 Professional Fee Expense


14
Professional Fee Payable
a. Security services dtd April 30, 2004 paid May 2004 b. Audit services dtd. April 30, 2004 paid May 2004 -

291.67

2,656.10
2,656.10

619.70

440.00

200.00

850.00

6,500.00
6,500.00
1,500.00
5,000.00
6,500.00

May
AJE

31 Miscellaneous Expense
15
Cash
To record bank charges

May
AJE

31 Rent Expense
16
Prepaid Rent

150.00
100

100

150.00

1,500.00
1,500.00
RJP HOME APPLIANCES
General Journal

DATE
2004
May
31 Advertising Expense
AJE
17
Prepaid Advertising
May
AJE

PARTICULARS

DEBIT

CREDIT

160.00
160.00

31 Taxes and Licenses


18

REVERSING ENTRIES
June
1 Utilities Payable
Utilities Expense
June

1 Professional Fee Payable


Professional Fee Expense

CLOSING ENTRIES
Sales
Interest Income
Sales Discounts
Income and Expense Summary
To close revenue, contra-revenue
Income and Expense Summary
Purchase Returns and Allowances
Purchase Discounts
Merchandise Inventory, May 1
Purchases
Supplies Expense
Salaries Expense

850.00
850.00
6,500.00
6,500.00

309,757.20
199.44
750.00
309,206.64

751,719.69
1,297.80
7,004.91
180,027.65
479,614.06
5,616.40
35,000.00

Page 23 of 11

General Ledger

RJP HOME APPLIANCES 2004

RJP HOME APPLIANCES


General Ledger
Cash
Date
Explanation
2004
May
1 Beginning Balance
31

F
GJ1
CRJ

Balance

Petty Cash
Date
Explanation
2004
May
1 Beginning Balance
1

F
GJ1
CPJ

F
GJ1
SJ

CPJ
GJ6

Debit

Date
2004

Explanation

Explanation

1,000.00
500.00

Debit
83,772.00
131,036.00
214,808.00

Date
2004
May 31

CRJ

132,805.00

Allowance for Doubtful Accounts


Date
Explanation
F
2004

Balance

1,500.00

Balance

Notes Receivable
Date
Explanation
2004
May 31

50,480.30
472,921.87
523,402.17

Date
Explanation
2004
May 31
31 Adjusting Entry

181,674.20

Balance

Accounts Receivable
Date
Explanation
2004
May
1 Beginning Balance
31

Debit

F
SJ

Debit

Date
2004
May
1
2

Date
2004
52,102.00 May
24

Debit

37,152.00

Accounting 3/4

Explanation
Beginning Balance
Adjusting Entry
Balance

Explanation

F
GJ1

F
CRJ

Page 24 of 11

Interest Receivable
Date
Explanation
2004
May 31 Adjusting Entry

General Ledger

F
GJ5

RJP HOME APPLIANCES 2004

Debit

Date
2004

Explanation

Explanation

99.77

RJP HOME APPLIANCES


General Ledger
Merchandise Inventory
Date
Explanation
2004
May
1 Beginning Balance
31 Adjusting Entry

Prepaid Rent
Date
Explanation
2004
May
1

F
GJ1

180,027.65

GJ4

535,400.00

F
CPJ

Balance

Supplies Unused
Date
Explanation
2004
May
1 Beginning Balance

F
GJ1

4,500.00

Date
Explanation
2004
May 31 Adjusting Entry

F
GJ5

Debit
4,500.00

Date
Explanation
2004
May 31 Adjusting Entry

F
GJ5

1,460.00

F
CPJ

Balance

Prepaid Taxes and Licenses


Date
Explanation

Debit

Date
2004

3,000.00

Balance

Prepaid Insurance
Date
Explanation
2004
May
7

Debit

Debit
2,400.00

Date
Explanation
2004
May 31 Adjusting Entry

F
GJ6

2,200.00

Debit
Accounting 3/4

Date

Explanation

Page 25 of 11

Explanation

2004
May 31 Adjusting Entry

General Ledger

F
GJ5

Balance

RJP HOME APPLIANCES 2004

Debit

2004

Explanation

125.00

125.00

RJP HOME APPLIANCES


General Ledger
Prepaid Advertising
Date
Explanation
2004
May
3

F
CPJ

Balance

Furniture & Fixtures


Date
Explanation
2004
May
1 Beginning Balance
1

Debit
800.00

F
GJ1
PJ

Debit

GJ6

Date
2004

Explanation

15,204.75
19,950.00
35,154.75

Accumulated Depreciation - Furniture & Fixtures


Date
Explanation
F
Debit
2004

Balance

640.00

Balance

Office Equipment
Date
Explanation
2004
May
1 Beginning Balance
23

Date
Explanation
2004
May 31 Adjusting Entry

F
GJ1
CPJ

Debit
3,483.90
12,000.00
15,483.90

Accounting 3/4

Date
Explanation
2004
May 31 Adjusting Entry

Date
2004

Explanation

F
GJ5

Page 26 of 11

General Ledger

RJP HOME APPLIANCES 2004

Accumulated Depreciation - Office Equipment


Date
Explanation
F
Debit
2004

Delivery Equipment
Date
Explanation
2004
May
1 Beginning Balance
16

F
GJ1
CPJ

Balance

Debit

Date
Explanation
2004
May 31 Adjusting Entry

Date
2004

Explanation

F
GJ5

33,950.00
35,000.00
68,950.00

RJP HOME APPLIANCES


General Ledger
Accumulated Depreciation - Delivery Equipment
Date
Explanation
F
Debit
2004

Accounts Payable
Date
Explanation
2004
May
1
31

F
GJ1
CPJ

Date
Explanation
2004
May 31 Adjusting Entry

Date
Explanation
2004
1,297.80 May
1 Beginning Balance
168,688.26
31
169,986.06

Debit

F
GJ5

F
GJ1
PJ

Balance

Notes Payable
Date
Explanation
2004
May
19

F
CPJ

Date
2004
12,000.00 May
30

Debit

Explanation

F
PJ

Balance

Interest Payable
Date
Explanation

Debit
Accounting 3/4

Date

Explanation

Page 27 of 11

2004

Explanation

ECC, Pag-ibig Payable


Date
Explanation
2004

Withholding Tax Payable


Date
Explanation
2004

General Ledger

RJP HOME APPLIANCES 2004

Debit

Debit

Debit

Explanation
2004
May 31 Adjusting Entry

Date
Explanation
2004
May
31
31 Adjusting Entry

Date
2004
May
16
31

Explanation

F
GJ5

F
CPJ
GJ6

F
CPJ
CPJ

RJP HOME APPLIANCES


General Ledger
SSS & Medicare Payable
Date
Explanation
2004

Utilities Payable
Date
Explanation
2004

Accrued Delivery Expense


Date
Explanation
2004

Debit

Debit

Debit

Professional Fee Payable


Accounting 3/4

Date
Explanation
2004
May
31
31 Adjusting Entry

Date
Explanation
2004
May
31 Adjusting Entry

Date
2004

Explanation

F
CPJ
GJ6

F
GJ6

Page 28 of 11

Date
2004

Explanation

Riccel Tropicales, Capital


Date
Explanation
2004

Riccel Tropicales, Drawing


Date
Explanation
2004
May
6

General Ledger

F
CPJ

Balance

Jethro Versoza, Capital


Date
Explanation
2004

RJP HOME APPLIANCES 2004

Debit

Debit

Debit

Date
Explanation
2004
May
31 Adjusting Entry

Date
Explanation
2004
May
1 Beginning Balance
May 31 Closing

Date
2004

Explanation

F
GJ6

F
GJ1
GJ6

1,000.00

1,000.00

Debit

Date
Explanation
2004
May
1
May 31 Closing

F
CRJ
GJ6

RJP HOME APPLIANCES


General Ledger
Jethro Versoza, Drawing
Date
Explanation
2004

Patrick Marfil, Capital


Date
Explanation
2004

Debit

Debit

Accounting 3/4

Date
2004

Explanation

Date
Explanation
2004
May
1
May 31 Closing

F
CRJ
GJ6

Page 29 of 11

Patrick Marfil, Drawing


Date
Explanation
2004

Sales
Date
Explanation
2004
May 31 Closing Entry

General Ledger

RJP HOME APPLIANCES 2004

Debit

Debit

GJ6

Date
2004

309,757.20

Date
2004
May 31

Explanation

Explanation

F
SJ

Balance

Sales Returns & Allowances


Date
Explanation
2004

Sales Discounts
Date
Explanation
2004
May
31

Debit

Debit

CRJ

Date
2004
750.00 May
31

Balance

Interest Income
Date
Explanation
2004
May
31 Closing Entry

Date
2004

Explanation

Explanation

F
GJ6

F
GJ6

Date
Explanation
2004
199.44 May
24
31 Adjusting Entry
199.44

Debit

F
CRJ
GJ5

Balance
RJP HOME APPLIANCES
General Ledger
Purchases
Date
2004
May 31

Explanation

Debit

PJ

479,614.06

Balance

Accounting 3/4

Date
Explanation
2004
May 31 Closing Entry

F
GJ6

Page 30 of 11

General Ledger

Purchase Returns & Allowances


Date
Explanation
F
2004
May
31 Closing Entry
GJ6

RJP HOME APPLIANCES 2004

Date
2004
1,297.80 May
1

Debit

Explanation

F
GJ1

Balance

Purchase Discounts
Date
Explanation
2004
May 31 Closing Entry

F
GJ6

Debit
7,004.91

Date
2004
May 31

Explanation

F
CPJ

Balance

Freight-in
Date
2004

Explanation

Debit

Rent Expense
Date
Explanation
2004
May
31 Adjusting Entry

Debit

GJ6

Explanation

Date
Explanation
2004
1,500.00 May
31 Closing Entry

Balance

Taxes and Licenses


Date
Explanation
2004
May 31

Date
2004

F
GJ6

F
CPJ

Date
2004

Debit
350.00

Balance

Explanation
31 Adjusting Entry
31 Closing

F
GJ6
GJ6

RJP HOME APPLIANCES


General Ledger
Advertising Expense
Date
Explanation

Debit
Accounting 3/4

Date

Explanation

Page 31 of 11

Explanation

2004
May
31 Adjusting Entry

General Ledger

GJ6

Debit

RJP HOME APPLIANCES 2004

160.00

Balances
Supplies Expense
Date
Explanation
2004
May
31
31 Adjusting Entry

Closing

GJ6

CPJ
GJ5

Date
Explanation
2004
2,576.40 May
31 Closing

F
GJ6

3,040.00
5,616.40
-

F
GJ6

Date
2004

Debit
200.00

Explanation
31 Closing

F
GJ6

F
CPJ
CPJ

Date
Explanation
2004
18,500.00 May
31 Closing
16,500.00
35,000.00

Debit

Balance

Utilities Expense
Date
Explanation
2004
May
17
31 Adjusting Entry

Debit

Balance

Salaries Expense
Date
Explanation
2004
May
16
30

Explanation

Balance

Insurance Expense
Date
Explanation
2004
May
31 Adjusting Entry

2004
31

F
GJ6

F
CPJ
GJ6

Date
Explanation
2004
300.00 May
31 Closing
850.00
1,150.00

Debit

Balance

Accounting 3/4

F
GJ6

Page 32 of 11

General Ledger

RJP HOME APPLIANCES 2004

RJP HOME APPLIANCES


General Ledger
Delivery Expense
Date
Explanation
2004
April
22

F
CPJ

Date
Explanation
2004
507.00 May
31 Closing

Debit

Balance

Doubtful Accounts Expense


Date
Explanation
2004
May
31 Adjusting Entry

F
GJ6

F
GJ5

Date
Explanation
2004
2,656.10 May
31 Closing

Debit

Balance

Depreciation - Furniture & Fixtures


Date
Explanation
F
2004
May
31 Adjusting Entry
GJ5

Date
Explanation
2004
299.25 May
31 Closing

Debit

Date
Explanation
2004
90.00 May
31 Closing

Debit

GJ6

F
GJ6

Date
Explanation
2004
291.67 May
31 Closing

Debit

Balance

SSS, Medicare Premium Expense


Date
Explanation
F

Balance

Depreciation - Delivery Equipment


Date
Explanation
F
2004
May
31 Adjusting Entry
GJ5

GJ6

Balance

Depreciation - Office Equipment


Date
Explanation
F
2004
May
31 Adjusting Entry
GJ5

F
GJ6

Debit
Accounting 3/4

Date

Explanation

Page 33 of 11

Explanation

2004
May
31 Adjusting Entry

General Ledger

F
GJ6

RJP HOME APPLIANCES 2004

Debit

Explanation
2004
619.70 May
31 Closing

Balance

F
GJ6

RJP HOME APPLIANCES


General Ledger
ECC, Pag-ibig Expense
Date
Explanation
2004
May
31 Adjusting Entry

F
GJ6

Date
Explanation
2004
440.00 May
31 Closing

Debit

Balance

Interest Expense
Date
Explanation
2004
May
19
31

F
CPJ
GJ5

Date
Explanation
2004
46.67 May
31 Closing
452.40
499.07

Debit

F
GJ6

F
GJ6

Date
Explanation
2004
6,500.00 May
31 Closing

Debit

Balance

Miscellaneous Expenses
Date
Explanation
2004
May
17
30
31

GJ6

Balance

Professional Fee Expense


Date
Explanation
2004
May
31 Adjusting Entry

F
GJ6

F
CPJ
CPJ
GJ6

Date
Explanation
2004
150.00 May
31 Closing
615.00
150.00
915.00

Debit

Balance

Accounting 3/4

F
GJ6

Page 34 of 11

Income and Expense Summary


Date
Explanation
2004
May 31 Closing
31 Closing

General Ledger

RJP HOME APPLIANCES 2004

Debit
751,719.69
92,886.95
844,606.64

Balances

Accounting 3/4

Date
Explanation
2004
May 31 Adjusting
31 Closing

Page 35 of 11

General Ledger

RJP HOME APPLIANCES 2004

HOME APPLIANCES
General Ledger
100
Credit
341,577.97
150.00
341,727.97

101
Credit

102
Credit
82,003.00

103
Credit
4,188.60
2,656.10

104
Credit
14,950.00

Accounting 3/4

Page 36 of 11

General Ledger

RJP HOME APPLIANCES 2004

105
Credit

HOME APPLIANCES
General Ledger
106
Credit

107
Credit
1,500.00

108
Credit
3,040.00

109
Credit
200.00

110
Credit
Accounting 3/4

Page 37 of 11

General Ledger

RJP HOME APPLIANCES 2004

Credit

HOME APPLIANCES
General Ledger
111
Credit
160.00

120
Credit

121
Credit
299.25

122
Credit

Accounting 3/4

Page 38 of 11

General Ledger

RJP HOME APPLIANCES 2004

123
Credit
90.00

124
Credit

HOME APPLIANCES
General Ledger
125
Credit
291.67

200
Credit
118,230.00
366,086.06
484,316.06
314,330.00

201
Credit
59,430.00
47,430.00

202
Credit
Accounting 3/4

Page 39 of 11

General Ledger

RJP HOME APPLIANCES 2004

Credit
452.40

203
Credit
280.60
440.00
720.60

204
Credit
663.10
663.00
1,326.10

HOME APPLIANCES
General Ledger
205
Credit
291.75
619.70
911.45

206
Credit
850.00

207
Credit

208
Accounting 3/4

Page 40 of 11

General Ledger

RJP HOME APPLIANCES 2004

Credit
6,500.00

300
Credit
250,000.00
44,130.43
294,130.43

301
Credit

302
Credit
150,000.00
26,878.26
176,878.26

HOME APPLIANCES
General Ledger
303
Credit

304
Credit
100,000.00
20,878.26
120,878.26

Accounting 3/4

Page 41 of 11

General Ledger

RJP HOME APPLIANCES 2004

305
Credit

400
Credit
309,757.20
-

401
Credit

402
Credit
750.00

403
Credit
99.67
99.77
199.44
-

HOME APPLIANCES
General Ledger
500
Credit
479,614.06

Accounting 3/4

Page 42 of 11

General Ledger

RJP HOME APPLIANCES 2004

501
Credit
1,297.80
-

502
Credit
7,004.91
-

503
Credit

504
Credit
1,500.00

505
Credit
125.00
225.00
350.00

HOME APPLIANCES
General Ledger
506
Credit
Accounting 3/4

Page 43 of 11

General Ledger

RJP HOME APPLIANCES 2004

Credit

160.00

507
Credit
5,616.40
5,616.40

508
Credit
200.00

509
Credit
35,000.00

510
Credit
1,150.00

Accounting 3/4

Page 44 of 11

General Ledger

RJP HOME APPLIANCES 2004

HOME APPLIANCES
General Ledger
511
Credit
507.00

512
Credit
2,656.10

513
Credit
299.25

514
Credit
90.00

515
Credit
291.67

516
Credit
Accounting 3/4

Page 45 of 11

General Ledger

RJP HOME APPLIANCES 2004

Credit
619.70

HOME APPLIANCES
General Ledger
517
Credit
440.00

518
Credit
499.07

519
Credit
6,500.00

520
Credit
915.00

Accounting 3/4

Page 46 of 11

General Ledger

RJP HOME APPLIANCES 2004

600
Credit
535,400.00
309,206.64
844,606.64

Accounting 3/4

RICCEL TRADING CENTER


Accounts
April 30, 2004
PARTICULARS
Cash
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts
Merchandise Inventory
Furniture & Fixtures
Accum. Deprec - Furniture & Fixtures
Office Equipment
Accum. Deprec - Office Equipment
Delivery Equipment
Accum. Deprec - Delivery Equipment
Accounts Payable
Unused Office Supplies

AGREED
VALUE
50,480.30
1,000.00
83,772.00
4,188.60
180,027.65
15,675.00
470.25
3,555.00
71.10
35,000.00
1,050.00
118,230.00
4,500.00

ADJUSTING ENTRIES
PARTICULARS
a.
Riccel Tropicales, Capital
Allowance for Doubtful Accounts
b.

c.

d.

e.

f.

INCREASE
(DECREASE)
3,314.68
(5,000.00)
235.12
44.44
758.33
4,500.00

DEBIT
3,314.68

CREDIT
3,314.68

Riccel Tropicales, Capital


Merchandise Inventory

5,000.00
5,000.00

Riccel Tropicales, Capital


Accumulated Depreciation - Furniture & Fixtures
Riccel Tropicales, Capital
Accumulated Depreciation - Office Equipment
Riccel Tropicales, Capital
Accumulated Depreciation - Delivery Equipment
Supplies Unused
Riccel Tropicales, Capital

235.12
235.12
44.44
44.44
758.33
758.33
4,500.00
4,500.00

RICCEL TRADING CENTER


Accounts
April 30, 2004
BEFORE AND AFTER ADJUSTMENTS

BOOK
VALUE
50,480.30
1,000.00
83,772.00
873.92
185,027.65
15,675.00
235.13
3,555.00
26.66
35,000.00
291.67
118,230.00
-

Cash
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts
Merchandise Inventory
Furniture & Fixtures
Accum. Deprec - Furniture & Fixtures
Office Equipment
Accum. Deprec. - Office Equipment
Delivery Equipment
Accum. Deprec. - Delivery Equipment
Accounts Payable
Supplies Unused
Riccel, Capital
CLOSING ENTRIES
PARTICULARS
Accounts Payable
Accumulated Depreciation - Delivery Equipment
Accumulated Depreciation - Office Equipment
Accumulated Depreciation - Furniture & Fixtures
Allowance for Doubtful Accounts
Riccel, Capital
Cash
Petty Cash
Accounts Receivable
Merchandise Inventory
Furniture & Fixtures
Office Equipment
Delivery Equipment
Supplies Unused

BEFORE
ADJUSTMENTS
50,480.30
1,000.00
83,772.00
(873.92)
185,027.65
15,675.00
(235.13)
3,555.00
(26.66)
35,000.00
(291.67)
(118,230.00)
254,852.57

AFTER
ADJUSTMENTS
50,480.30
1,000.00
83,772.00
(4,188.60)
180,027.65
15,675.00
(470.25)
3,555.00
(71.10)
35,000.00
(1,050.00)
(118,230.00)
4,500.00
250,000.00

DEBIT
118,230.00
1,050.00
71.10
470.25
4,188.60
250,000.00

CREDIT

50,480.30
1,000.00
83,772.00
180,027.65
15,675.00
3,555.00
35,000.00
4,500.00

RICCEL TRADING CENTER


Distribution of Net Income
April 30, 2004
TOTAL
Net Income
Salary Allowance
Interst on Capital
Net Income After Salary and Interest
Bonus (see compuitation below)
Remainder
Balance P/L Ratio

92,886.95
(3,000.00)
(50,000.00)
39,886.95
(3,626.09)
36,260.86
(36,260.86)

DING CENTER
of Net Income
0, 2004
RICCEL
50%
2,000.00
25,000.00

JETHRO
30%
1,000.00
15,000.00

PATRICK
20%

10,000.00
3,626.09

18,130.43

10,878.26

7,252.17

45,130.43

26,878.26

20,878.26

RICCEL TRADING CENTER


Statement of Partner's Capital
April 30, 2004

Capital, May 1
Capital Withdrawals
Total
Add: Net Income
Total
Capital, May 31

RICCEL
250,000.00
(1,000.00)
249,000.00
45,130.43
294,130.43
294,130.43

CCEL TRADING CENTER


ment of Partner's Capital
April 30, 2004
JETHRO
150,000.00
150,000.00
26878.26
176,878.26
176,878.26

PATRICK
100,000.00
100,000.00
20878.26
120,878.26
120,878.26

TOTAL
500,000.00
###
499,000.00
92,886.95
591,886.95
591,886.95

RJP HOME APPLIANCES


Post Closing Trial Balance
As of May 31, 2004

Cash
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory, May 31
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Taxes and Licenses
Prepaid Advertising
Furniture & Fixtures
Office Equipment
Delivery Equipment
Accounts Payable
Notes Payable
ECC, Pag-ibig Payable
Withholding Tax Payable
SSS & Medicare Payable
Riccel Tropicales, Capital
Jethro Versoza, Capital
Patrick Marfil, Capital
Interest Receivable
Interest Payable
Accumulated Depreciation - Furniture and Fixtures
Accumulated Depreciation - Office Equipment
Accumulated Depreciation - Delivery Equipment
Utilities Payable
Professional Fee Expense
Income Tax Payable

PPLIANCES
Trial Balance
31, 2004
DEBIT
181,674.20
1,500.00
132,805.00

CREDIT

6,844.70
37,152.00
535,400.00
3,000.00
1,460.00
2,200.00
125.00
640.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
720.60
1,326.10
911.45
294,130.43
176,878.26
120,878.26
99.77

1,015,644.62

452.40
299.25
90.00
291.67
850.00
6,500.00
43,711.50
1,015,644.62