NCIII BOOKKEEPING REVIEWER

SET 1
(Perpetual Inventory System)
 Chart of Accounts
(Journalizing and Posting)

Account Account Titles Account Account Titles

No. No.
101 Cash 501 Sales
102 Accounts Receivable 502 Sales Returns and Allowances
103 Merchandise Inventory 503 Sales Discounts
110 Supplies 600 Cost of Goods Sold
120 Equipment 701 Freight Out
201 Accounts Payable 702 Salaries Expense
202 Notes Payable 703 Utilities Expense
301 Santos, Capital 704 Rent Expense
302 Santos, Drawings 705 Advertising Expense
400 Income Summary

Chart of Accounts
(Financial Statements)

Account Account Titles Account Account Titles

No. No.
101 Cash and Cash 501
Equivalents
Net Sales
102 Accounts Receivable 502
103 Merchandise Inventory 503
110 Prepaid Expenses 600 Cost of Goods Sold
120 Equipment 701
201 Accounts Payable 702
202 Notes Payable 703 Operating Expenses
301 Santos, Capital 704
302 Santos, Drawings 705
400 Income Summary
BOOKKEEPING NCIII MOCK ASSESSMENT
SET 1-GRAFITTI DISTRIBUTORS

CASE PROBLEM 1: 84% GRAFITTI Distributors was registered with the

Department of Trade and Industry (DTI) as a single proprietorship by Mario
Santos, the owner. The company uses the perpetual inventory system. You
are asked to
CASE PROBLEM 2: 12% Complete the table.

May 1 Mario Santos invested 39,000 in the business

2 Bought computer equipment 9,000
2 Bought merchandise on account from KOTON Supply Co., 16,400
terms 2/10, n/30
3 Bought office supplies on cash basis for 750.
4 Sold merchandise on account 18,500, FOB Destination, terms 2/10,
n/30, costing 9,400
5 Paid P300 freight on May 5 sale.
6 Received credit from KOTON Supply Co. for merchandise returned
400
11 Paid KOTON Supply Co.
13 Collected from May 4 customers.
14 Bought merchandise on cash basis for 9,400
15 Salaries paid 1,800
16 Borrowed money from RCBC Bank, signed a promissory note for
15,000, payable in 183 days
17 Received refund from a supplier on cash purchase of May 10, at 750
18 Bought merchandise from KOLERA, 12,000, FOB Shipping Point,
terms 2/10. n/30
20 Paid freight on May 18 purchase, 500
23 Sold merchandise for 8.950. Cost of goods sold amounting 4,700
26 Bought merchandise for cash 18,605.
27 Paid KOLERA on May 18 purchase, 6,500. No discount allowed on
partial payment.
28 Santos got cash from the business 3,405.
29 Made refund to cash customers for defective merchandise, 940.
30 Sold merchandise on account, 10,500 terms 2/10, n/30. The cost of
sales was amounted to 7,450.
31 Paid the following: Advertising, P800; Utilities, P750; Rent, P3,500;
Salaries, P1,500.
 GENERAL JOURNAL (GJ-1)
Date Particulars PR Debit Credit
May 1

11
 GENERAL JOURNAL (GJ-2)
Date Particulars PR Debit Credit
13

14

15

16

17

18

20

23
 GENERAL JOURNAL (GJ-3)
Date Particulars PR Debit Credit
26

27

28

29

30

31
 GENERAL LEDGER ANSWER KEY

CASH Account No. 101

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

ACCOUNTS RECEIVABLE Account No. 102

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit
 MERCHANDISE INVENTORY Account No. 103
Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

SUPPLIES Account No. 110

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

EQUIPMENT Account No. 120

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

ACCOUNTS PAYABLE Account No. 201

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit
 NOTES PAYABLE Account No. 202
Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

SANTOS, CAPITAL Account No. 301

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

SANTOS, DRAWINGS Account No. 302

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

INCOME SUMMARY Account No. 400

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit
 SALES Account No. 501
Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

SALES RETURNS AND ALLOWANCES Account No. 502

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

SALES DISCOUNTS Account No. 503

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

COST OF GOODS SOLD Account No. 600

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

FREIGHT OUT Account No. 701

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit
 SALARIES EXPENSE Account No. 702
Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

UTILITIES EXPENSE Account No. 703

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

RENT EXPENSE Account No. 704

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit

ADVERTISING EXPENSE Account No. 705

Post Running Balance
Date Items
Ref. Debit Credit Debit Credit
GRAFITTI DISTRIBUTORS
PRELIMINARY TRIAL BALANCE
MAY 31, 2019
P.R. ACCOUNT TITLE DEBIT CREDIT
101 CASH
102 ACCOUNTS RECEIVABLE
103 MERCHANDISE INVENTORY
110 SUPPLIES
120 EQUIPMENT
201 ACCOUNTS PAYABLE
202 NOTES PAYABLE
301 SANTOS, CAPITAL
302 SANTOS, DRAWINGS
501 SALES
502 SALES RET
503 SALES DISCOUNTS
600 COST OF GOODS SOLD
701 FREIGHT OUT
702 SALARIES EXPENSE
703 UTILITIES EXPENSE
704 RENT EXPENSE
705 ADVERTISING EXPENSE
TOTAL BALANCE
GRAFITTI DISTRIBUTORS
STATEMENT OF FINANCIAL PERFORMANCE
MAY 31, 2019
PARTICULARS AMOUNT
GRAFITTI DISTRIBUTORS
STATEMENT OF CHANGES IN EQUITY
MAY 31, 2019
PARTICULARS
GRAFITTI DISTRIBUTORS
STATEMENT OF FINANCIAL POSITION
MAY 31, 2019
PARTICULARS AMOUNT
GRAFITTI DISTRIBUTORS
STATEMENT OF CASH FLOWS
MAY 31, 2019
PARTICULARS AMOUNT
 CLOSING JOURNAL ENTRIES (GJ-4)
Date Particulars PR Debit Credit
May 31

31

31

31
GRAFITTI DISTRIBUTORS
POST-CLOSING TRIAL BALANCE
MAY 31, 2019
P.R. ACCOUNT TITLE DEBIT CREDIT

TOTAL BALANCE