Final Act110

ACT 110
Practice Set
GROUP
24
AMEGLEO GROCERY
2
AMEGLEO GROCERY
General Ledger CHART OF ACCOUNTS General Ledger
Page Page
No. No.
ASSETS INCOME
Current Asserts: 13 Sales
1 Cash in Bank 14 Sales Returns & Allow.
2 Accounts Receivable 15 Sales Discounts
3 Est. Uncollectible Accounts
4 Merchandise Inventory Costs
5 Supplie Inventory 16 Purchases
Non-Current Assets 17 Purchase Returns & Allow.
Property, Plant & Equipment 18 Purchase Discounts
6 Furniture and Fixtures 19 Freight In
7 Accumulated Depreciation
LIABILITIES EXPENSES
Current Liabilities 20 Uncollectible Accounts
8 Accounts payable 21 Depreciation Expense
9 Accrued Utilities 22 Freight Out
OWNER’S EQUITY 23 Rent Expense
10 E. Amegleo, Capital 24 Salaries Expense
11 E. Amegleo, Drawing 25 Taxes and Licenses
3 12 Income & Expense Summary 26 Utilities Expense
Business History
Mr. Ernesto Amegleo opened a grocery business in Ma-a, Davao City
named Amegleo Grocery. It started operation in December 20A. The
company follows the calendar year accounting period, so it closes on
December 31,20A after operating for a month. At the end of December
31,20A, the following accounts are opened for January 1, 20B
4
Amegleo Grocery
Post-Closing Trial Balance
December 31, 20A
Account Titles Debit Credit
Cash In Bank P280 000
Merchandising Inventory 120 000
Furniture and Fixtures 250 000
E. Amegleo, Capital P650 000
Total P650 000 P650 000
5
GENERAL LEDGER
Cash In Bank Page 1
Date Particulars F Debit Date Particulars F Credit
Jan 1 Beginning P280 000

Balance
GENERAL LEDGER
Merchandise Inventory Page 4

Balance
GENERAL LEDGER
Page 6
Furniture and Fixtures

Balance
GENERAL LEDGER
E. Amegleo, Capital Page 10
Date Particulars F Debit Date Particulars F Debit
Jan 1 Beginning Balance P650 000

Transactio
ns
10
Jan. 2 - Mr. Ernesto Amegleo made an additional investment of
₱200,000.
CASH RECEIPTS JOURNAL CRJ 1
Cash Sales Cash in Accounts SUNDRIES

Customer Invoice/ Bank Receivable
Date O.R Sales Account Amount
Titles
Dr. Cr. Cr. Dr. Cr.
Jan 2 Additional 200,000 E.Amegleo, 200,000
Investment- Capital
Amegleo
3- Deposited to the Bank the amount of ₱200,000 broken as follows
Check Deposit Amount
BDO Check# 02437 P 150,000
Cash Deposit
Denomination No. of Pieces
1,000 20 20,000
500 60 30,000
Total Deposits P200,000
DEPOSIT SLIP
FEDERAL BANK OF MINDANAO DEPOSIT SLIP
ACCOUNT NUMBER: 001472-0058-78
ACCOUNT NAME: AMEGLEO GROCERY / ERNESTO AMEGLEO
COLLECTION ITEM OTHERS
POSTED CHECK SUBJECT TO LATER VERIFICATION
THIS IS YOUR RECEIPT WHEN MACHINE VALIDATED

CASH DENOMINATION BREAKDOWN
DENOMINATION NO OF PIECES AMOUNT
1 000 20 P20 000
500 60 30 000
COINS
TOTAL CASH DEPOSIT P 50 000
CHECK DEPOSIT
BANK/BRANCH CC/GC/DD CHECK NUMBER AMOUNT
BDO 02437 P150 000
P150 000
TOTAL CHECK DEPOSIT NO OF CHECK __1__
TOTAL DEPOSIT P200 000

Signature/Conforme of Depositor: Date: Jan. 3, 20B Approved by:
3- Bought Merchandise on account from the following suppliers:
Charge Sales
Suppliers Invoice No. Terms Amounts
Davao Grocery 047875 3/10, N/30 P40,000
Gaisano Metro 00832 30 days 50,000
SM-City Davao 07413 30days 28,000
Robinsons Plaza 05327 39 days 7,000
P125,000
PJ 1
Purchases Journal
Charge Accounts Purchases
Date Suppliers Terms Sales Payable
Invoice No.
Cr. Dr.
Jan 3 Davao Grocery 3/10 n/20 04785 P40,000 P40,000
Gaisano Metro 30 days 00832 50,000 50,000
SM City-Davao 30 days 07413 28,000 28,000
Robinsons Plaza 30 days 05327 7,000 7,000

4- Issued Check No. 01854 with covering Check Voucher No. 01
to Gaisano Metro in the amount of P850 in payment of freight
and delivery expenses incurred (freight in).
CHECK VOUCHER
AMEGLEO GROCERY
CHECK VOUCHE NO. 01
Check No. 01854
Date: January 4, 20B
Payee: Gaisano Metro
Pesos: Eight Hundred Fifty Pesos ( ₱ 850.00 )
EXPLANATION
In Payment of: Amount
Freight and delivery expenses incurred ₱ 850.00

Prepared by: Checked by: Approved by: Amount
Debit Credit
Account Charge
Freight In ₱850
Cash in Bank . ₱850
₱850 ₱850
Received Payment: .
Official Receipt No.: .
CHECKS
001472 – 0058 – 78 Amegleo Grocery / Ernesto Amegleo Check No. 01854
Date: January 4, 20B__

P 850
ORDER OF ___GAISANO METRO_____________________________

PESOS ______EIGHT HUNDRED FIFTY PESOS__________________
F FEDERAL BANK OF
MINDANAO
Magallanes Street
Davao City
Cash Disbursement Journal CDJ 1
Accounts SUNDRIES
Check Check Cash Purchases Payable
Date Payee Voucher No. in Account Amount
No. Bank Titles
Cr. Dr. Dr. Dr. Cr.

Jan 4 Gaisano 01854 01 850 Freight-in 850
Metro
5- Returned to Gaisano Metro merchandise costing P3000 for not
conforming with the order and no replacement was made
GENERAL JOURNAL GJ 1
Date Particulars F Debit Credit
Jan 5 Accounts Payable 8 P3,000
Purchase Returns & Allow. 17 P3,000
to record purchase returns

7- Sold merchandise for cash to Koronadal Grocery in the
amount of P60,000 and issued Cash Sales Invoice No. 0034.
Cash Receipts Journal CRJ 1
Cash Cash in Accounts SUNDRIES

Sales Bank Receivable
Date Customers Invoice/ Sales Account Amount
O.R Dr. Cr. Cr. Titles
Dr. Cr.
Jan 2 Additional 200,000 E.Amegleo 200,000
Investment- Capital
Amegleo
7 Koronadal Grocery 0034 60,000 60,000
8- Deposited to the Bank the amount of ₱60,000 from
Koronadal Grocery broken as follows
PNB Check# 04781 P 55,000
Cash Deposit
500 7 3,500
100 5 500
50 20 1,000
DEPOSIT SLIP

500 7 P3 500
100 5 500
50 20 1 000
COINS
TOTAL CASH DEPOSIT P5 000
CHECK DEPOSIT
PNB 04781 P55 000
P55 000

10- Sold merchandise on account to the following Customers
Charge Sales
Customers Invoice No Terms Amount
Dadiangas Merchandising 0210 2/10, N/30 P40 000
Tupi Consumer’s 0211 30 days 18 000

Cooperative
Sarangani Trading 0212 30 days 51 000
Total P109 000

SALES JOURNAL SJ 1
Charge Accounts
Date Customers Terms Sales Receivable Sales
Invoice
No.
Dr. Cr.
Jan 10 Dadiangas Merchandising 2/10 n/30 0210 40,000 40,000
Tupi Consumer’s 30 days 0211 18,000 18,000

Commercial
Sarangani Trading 30 days 0212 51,000 51,000

10- Issued Check No. 01855 with covering Check Voucher
No. 02 to Mindanao Star Bus Co. in payment of the
freight and handling charges (freight out) in the amount
of P1,000.
CHECK VOUCHER
AMEGLEO GROCERY
CHECK VOUCHE NO. 02
Check No. 01855
Payee: Mindanao Star Bus. Co.
Pesos: One Thousand Pesos ( ₱ 1000.00)
EXPLANATION
Freight and handling charges ₱ 1000.00
Debit Credit
Account Charge
Freight Out ₱1000
Cash in Bank . ₱1000
₱1000 ₱1000
Received Payment: .
CHECKS
Date: January 10, 20B_

P 1 000
ORDER OF MINDANAO STAR BUS CO.________________________

PESOS ______ONE THOUSAND PESOS__________________
F FEDERAL BANK OF
MINDANAO
Magallanes Street
Davao City
CASH DISBURSEMENTS JOURNAL
CDJ 1
Accou SUNDRIES
Check Chec Cash Purcha nts
Date Payee Vouche k No. in ses Payabl Account Amount
r No. Bank e Titles
Cr. Dr. Dr. Dr. Cr.

Jan 4 Gaisano Metro 01854 01 850 Freight-in 850
10 Mindanao Star 01855 02 1,000 Freight-out 1,000

Bus Co.
11- Received from Tupi Consumer’s Cooperative, P2,000
worth of merchandise returned for bad order and was not
replaced.

11 Sales Returns & Allowances 14 2,000

Accounts Receivable 2 2,000
to record sales returns
15- Sold merchandise for cash to Maasim General merchandise
amounting to P28,500 (net 5% trade discount) as per Cash Sales
Invoice No. 0035
CRJ 1
CASH RECEIPTS JOURNAL
Date Customers Invoice Sales
Account Titles Amount
/ O.R
Dr. Cr. Cr. Dr. Cr.

Jan 2 Additional 200,000 E.Amegleo 200,000
Investment- Amegleo Capital
7 Koronadal Grocery 0034 60,000 60,000
15 Maasim General 0035 28,500 28,500

Merchandise
16- Deposited to the Bank the amount of ₱28,500 from
Maasim General Merchandise broken as follows
Cash Deposit
1,000 23 P23,000
500 11 5,500
DEPOSIT SLIP

1 000 23 P23 000

500 11 5 500
COINS
CHECK DEPOSIT
TOTAL CHECK DEPOSIT NO OF CHECK ____
TOTAL DEPOSIT 2P8 500
Signature/Conform of Depositor: Date: Jan. 16, 20B Approved by:

18- Issued Check No. 01856 with covering Cash
Voucher No.03 to Office Solutions re-purchase of
store supplies for cash amounting to P10,000.
CHECK VOUCHER
AMEGLEO GROCERY
CHECK VOUCHE NO. 03
Check No. 01856
Payee: Office Solution
Pesos: Ten Thousand Pesos ( ₱ 10,000.00)
EXPLANATION
Purchase of store supplies ₱ 10,000.00
Debit Credit
Account Charge
Supplies Inventory ₱10.,000
Cash in Bank . ₱10,000
₱10,000 ₱10,000
Received Payment: .
CHECKS

P 10 000
ORDER OF ___OFFICE SOLUTIONS___________________________

PESOS ______TEN THOUSAND PESOS_________________________
F FEDERAL BANK OF
MINDANAO
Magallanes Street
Davao City
CASH DISBURSEMENTS JOURNAL CDJ 1
Accou SUNDRIES
Check Check Cash Purcha nts
Date Payee Vouche No. in ses Payabl Account Amount
r No. Bank e Titles
Cr. Dr. Dr. Dr. Cr.


Bus Co.
18 Office 01856 03 10,000 Supplies 10,000
Solutions Inventory
20- Collected the account of Dadiangas
Merchandising in the amount of P39,200 (net 2%
sales discount).
OFFICIAL RECEIPT
In Settlement of the ff: E. AMEGLEO GROCERY

Invoice No. Amount
Ma-a Road, Davao City
0210 P39 200 00
Tin: 107-4157-0
OFFICIAL RECEIPT NO. 0101

Total P39 200 00
Payment in form of:
Cash P39 200 Date: January 20,20B
Check
Received from: Dadiangas Merchandising the sum of Thirty
Money Order
TOTAL P39 200 00

Nine Thousand Two Hundred Pesos (₱39,200.00 )
By: Amegleo Grocery

Account Charge:
Cash in Bank P 39 200
Sales Discount 800
Account Receivable P40 000

/ O.R
Dr. Cr. Cr.
Dr. Cr.
2
Jan Additional Investment- 200,000 E.Amegleo 200,000
Amegleo Capital
7
Koronadal Grocery 0034 60,000 60,000
15
Maasim General 0035 28,500 28,500
Merchandise
20
Dadiangas 39,200 40,000 Sales Discount 800
Merchandising
20- Deposited to the Bank the amount of ₱39,200 collected
from Dadiangas Merchandising broken as follows
Cash Deposit
500 60 P30,000
200 45 9,000
100 2 200
DEPOSIT SLIP

500 60 P30 000

200 45 9 000
100 2 200
COINS
CHECK DEPOSIT
TOTAL CHECK DEPOSIT NO OF CHECK ____

20- Issued Check No. 01857 with covering Check
Voucher No. 04 to City Treasurer of Davao re-payment
of permits and licenses in the amount of P4,800.
CHECK VOUCHER
AMEGLEO GROCERY
CHECK VOUCHE NO. 04
Check No. 01857
Payee: City Treasure of Davao
Pesos: Four Thousand Eight Hundred Pesos ( ₱ 4,800.00)
EXPLANATION
Permits and licenses ₱ 4,800.00

Debit Credit
Account Charge
Taxes and Licenses ₱4,800
₱4,800 ₱4,800
Received Payment: .
CHECKS

P 4 800
ORDER OF CITY TREASURER OF DAVAO______________________

PESOS FOUR THOUSAND EIGHT HUNDRED PESOS_____________
F FEDERAL BANK OF
MINDANAO
Magallanes Street
Davao City
Account SUNDRIES
Check Check Cash in Purchas s
Date Payee Voucher No. Bank es Payable
No.
Cr. Dr. Dr. Dr. Cr.


Bus Co.
18 Office Solutions 01856 03 10,000 Supplies 10,000

Inventory
20 City Treasurer of 01857 04 4,800 Taxes and 4,800

Davao Licences
Voucher No. 05 to E. Amegleo to re-withdrawal from
his capital in the amount of P15,000.
CHECK VOUCHER
AMEGLEO GROCERY
CHECK VOUCHE NO. 05
Check No. 01858
Payee: E. Amegleo
Pesos: Fifteen Thousand Pesos ( ₱ 15,000.00)
EXPLANATION
Withdrawal ₱ 15,000.00
Debit Credit
Account Charge
E. Amegleo, Drawing ₱15,000
₱15,000 ₱15,000
Received Payment: .
CHECKS

P 15 000
ORDER OF ___E. AMEGLEO__________________________________

PESOS ______FIFTEEN THOUSAND PESOS_____________________
F FEDERAL BANK OF
MINDANAO
Magallanes Street
Davao City
CASH DISBURSEMENTS JOURNAL CRJ 1
Accounts SUNDRIES
Check Check Cash in Purchase Payable
Date Payee Voucher No. Bank s
No. Account Titles Amount
Cr. Dr. Dr. Dr. Cr.

10 Mindanao Star Bus 01855 02 1,000 Freight-out 1,000

Co.
Inventory
Davao Licences
21 Withdrawal 01858 05 15,000 E. Amegleo, 15,000

Drawing
Voucher No. 06 to Davao Grocery in the amount of
P38,800 (net 3% purchase discount).
CHECK VOUCHER
AMEGLEO GROCERY
CHECK VOUCHE NO. 06
Check No. 01859
Payee: Davao Grocery
Pesos: Thirty Eight Thousand Eight Hundred Pesos ( ₱ 38,000.00)
EXPLANATION
Purchase on Account ₱ 38,800.00

Debit Credit
Account Charge
Accounts Payable ₱38,800
₱38,800 ₱38,800
Received Payment: .
CHECKS

P 38 800
ORDER OF ___DAVAO GROCERY_________________________________

PESOS THIRTY EIGHT THOUSAND EIGHT HUNDRED PESOS
F FEDERAL BANK OF
MINDANAO
Magallanes Street
Davao City
Accounts SUNDRIES
Cr. Dr. Dr. Dr. Cr.


Co.

Inventory
Davao Licences

Drawing
Davao Grocery 01859 06 38,000 40,000 Purchase 1,200

Discount
25- Sold Merchandise on account from the following customers:
Charge Sales
Customers Invoice No Terms Amounts
Panabo Enterprises 0210 30 daysP30,000
Tagum Marketing 0212 2/10, N/30 40,000
Total P70,000
Sales Journal SJ 1
Charge Accounts
Invoice No.
Dr. Cr.
Tupi Consumer’s Commercial 30 days 0211 18,000 18,000
25 Panabo Enterprises 30 days 0213 30,000 30,000
Tagum Marketing 2/10 n/30 0214 40,000 40,000

29- Issued Check No. 01860 with covering check voucher No. 07
to Center Point Corporation for the purchase of merchandise for
cash in the amount of P45,000.
CHECK VOUCHER
AMEGLEO GROCERY
CHECK VOUCHE NO. 07
Check No. 01854
Payee: Center Point Corporation
Pesos: Forty Five Thousand Pesos ( ₱ 45,000.00)
EXPLANATION
Purchase of merchandise ₱ 45,000.00

Debit Credit
Account Charge
Purchases ₱45,000
₱45,000 ₱45,000
Received Payment: .
CHECKS

P 45 000
ORDER OF CENTER POINT CORPORATION_____________________

PESOS ___FORTY FIVE THOUSAND PESOS_____________________
F FEDERAL BANK OF
MINDANAO
Magallanes Street
Davao City
CDJ 1
Accounts SUNDRIES
Cr. Dr. Dr. Dr. Cr.


Co.
Inventory

Davao Licences

Drawing

Discount
29 Center Point 01860 07 45,000 45,000
Corporation
Voucher No. 08 to Mr. Oscar Flores in payment of
space rental occupied by the store in the amount of
P5,000.
CHECK VOUCHER
AMEGLEO GROCERY
CHECK VOUCHE NO. 08
Check No. 01861
Payee: Mr. Oscar Flores
Pesos: Five Thousand Pesos ( ₱ 5.000.00)
EXPLANATION
Space Rental occupied by the store ₱ 5,000.00

Debit Credit
Account Charge
Rent Expense ₱5,000
₱5,000 ₱5,000
Received Payment: .
CHECKS

P 5 000
ORDER OF __MR OSCAR FLORES_____________________________

PESOS ______FIVE THOUSAND PESOS_________________________
F FEDERAL BANK OF
MINDANAO
Magallanes Street
Davao City
Accounts SUNDRIES
Cr. Dr. Dr. Dr. Cr.


Co.
Inventory
Davao Licences

Drawing
Discount
29 Center Point 01860 07 45,000 45,000
Corporation
30 Mr. Oscar Flores 01861 08 5,000 Rent Expense 5,000
Voucher No. 09 to Mr. Ben Cabrera, the payroll in-
charge in the amount of P35,000.
CHECK VOUCHER
AMEGLEO GROCERY
CHECK VOUCHE NO. 09
Check No. 01862
Payee: Mr. Ben Cabrera
Pesos: Thirty Five Thousand Pesos ( ₱ 35.000.00)
EXPLANATION
Salaries ₱ 35,000.00
Debit Credit
Account Charge
Salaries Expense ₱35,000
₱35,000 ₱35,000
Received Payment: .
CHECKS

P 35 000
ORDER OF ___MR. BEN CABRERA___________________________

PESOS ___THIRTY FIVE THOUSAND PESOS___________________
F FEDERAL BANK OF
MINDANAO
Magallanes Street
Davao City
Accounts SUNDRIES
No.
Cr. Dr. Dr. Dr. Cr.


Co.
Inventory
Davao Licences
Drawing
Discount
29 Center Point 01860 07 45,000 45,000
Corporation
31 Mr. Ben Cabrera 01862 09 35,000 Salaries 35,000

Expense
31- Partial collection of account from Sarangani
Trading in the amount of P25,000. Issued Official
Receipt No. 0102.
OFFICIAL RECEIPT
In Settlement of the ff: E. AMEGLEO GROCERY

Invoice No. Amount Ma-a Road, Davao City
0212 25 000 00 Tin: 107-4157-0
Total P25000
OFFICIAL RECEIPT NO. 0102
Payment in form of:
Cash P25 000 00 Date: January 31,20B
Check
Received from: Sarangani Trading the sum of Twentyy
Money Order
Total P25 000 00

Five Thousand Pesos (₱25,000.00 )
By: Amegleo Grocery
Account Charge:
Cash in Bank P 25 000
Account Receivable P25 000

/ O.R
Dr. Cr. Cr. Dr. Cr.
2
Jan Additional Investment- 200,000 E.Amegleo 200,000
Amegleo Capital
7
15
Maasim General 0035 28,500 28,500
Merchandise
20
Merchandising
31
Sarangani Trading 0102 25,000 25,000
31- Deposited to the Bank the amount of ₱39,200 collected
from Sarangani Trading broken as follows
BDO Check# 03971 P 10,000
RCBC Check # 01898 10,000
Cash Deposit
1,000 4 4,000
500 2 1,000
DEPOSIT SLIP

1 000 4 P4 000
500 2 1 000
COINS
CHECK DEPOSIT
BDO 03971 P10 000
RCBC 01898 10 000
P20 000

JOURNALS
74
11 Sales Returns & Allowances 14 2,000
Accounts Receivable 2 2,000

Sales Journal SJ 1
Charge Accounts
Invoice No.
Dr. Cr.
Tupi Consumer’s Commercial 30 days 0211 18,000 18,000
25 Panabo Enterprises 30 days 0213 30,000 30,000
Tagum Marketing 2/10 n/30 0214 40,000 40,000
P179 000 P179 000

Purchases Journal PJ 1
Charge Sales Accounts Purchases

Date Suppliers Terms Invoice No. Payable
Cr. Dr.
Jan 3 Davao Grocery 3/10 n/20 04785 P40,000 P40,000
Gaisano Metro 30 days 00832 50,000 50,000
SM City-Davao 30 days 07413 28,000 28,000
Robinsons Plaza 30 days 05327 7,000 7,000
P125,000 P125,000

/ O.R
Dr. Cr. Cr. Dr. Cr.

2
Jan Additional 200,000 E.Amegleo 200,000
Investment- Amegleo Capital
7
15
Maasim General 0035 28,500 28,500
Merchandise
20
Merchandising
31
Sarangani Trading 0102 25,000 25,000
P352700 P88500 P65000 P800 P200000

Accounts SUNDRIES
No.
Cr. Dr. Dr. Dr. Cr.

Co.
Inventory
Davao Licences
Drawing
Discount
29 Center Point 01860 07 45,000 45,000
Corporation
31 Mr. Ben Cabrera 01862 09 35,000 Salaries Expense 35,000
P155450 P45000 P71650 P1200

GENERAL LEDGER
80
GENERAL LEDGER
Cash In Bank Page 1

Jan 1 Jan 31 CDJ 1
Beginning P280 000 Cash Disbursement P155 450
Balance
31 CRJ 1
Cash Receipts 352 700
P632 700 P155 450
P477 250
GENERAL LEDGER
Accounts Receivable Page 2

Jan 31 SJ 1 Jan 11 GJ 1
Sales on P179 000 Returned P2 000
Account Merchandise
31 CRJ 1
Collection of Account 65 000
P179 000 P 67 000
P112 000
GENERAL LEDGER

Balance
P 120 000
GENERAL LEDGER
Supplies Inventory Page 5

Jan 18 CDJ 1
Purchase of P10 000
Store Supplies
P10 000
GENERAL LEDGER
Furniture and Fixtures Page 6

Balance
P250 000
GENERAL LEDGER
Accounts Payable Page 8

Jan 5 GJ 1 Jan 31 PJ 1
Purchase P3 000 Purchases on P125 000
Returns Account
31 Payment of CDJ1 40 000
Account
P43 000 P125 000
P82 000
GENERAL LEDGER

CRJ 1
2 Additional 200 000
Investment
P850 000
GENERAL LEDGER
Page 11
E. Amegleo, Drawing
Jan 21 CDJ 1
Drawing P15 000
P15 000
GENERAL LEDGER
Page 13
Sales
Jan 31 SJ 1
Sales on Account P 179 000
31 CRJ 1
Cash Sales 88 500
P267 500
GENERAL LEDGER
Page 14
Sales Returns and Allowances
Jan 11 GJ 1
Sales P2 000
Returns
P2 000
GENERAL LEDGER
Page 15
Sales Discount
Jan 20 Sales Discount CRJ 1
P800
P800
GENERAL LEDGER
Page 16
Purchases
Particulars F Debit Date Particulars F Credit
Jan 11 Purchases on PJ 1 P125 000
Account
Purchases CDJ 1 45 000
P170 000
GENERAL LEDGER
Page 17
Purchase Returns and Allowances
Jan 5 GJ 1
Purchase Returns P 3 000
P 3 000
GENERAL LEDGER
Page 18
Purchase Discounts
Jan 21 CDJ 1
Purchase Discounts P1 200
P1 200
GENERAL LEDGER
Freight in Page 19

Jan 4 CDJ 1
Payment P850
P850
GENERAL LEDGER
Page 22
Freight Out
Jan 10 CDJ 1
Payment P1 000
P1 000
GENERAL LEDGER
Page 23
Rent Expense
Jan 30 CDJ 1
Payment P5 000
P5 000
GENERAL LEDGER
Salaries Expense Page 24

Jan 5 CDJ 1
Payment P35 000
P35 000
GENERAL LEDGER
Page 25
Taxes & Licenses
Jan 20 CDJ 1
Payment P4 800
P4 800
SUBSIDIARY LEDGER
10
0
SUBSIDIARY LEDGER
Accounts Receivable
Customer: Dadiangas Merchandising
Address: Roxas Boulevard, General Santos City
Date Particulars Debit Credit Balance
Jan 10 Sales on Account P40 000
20 Collection of Account P40 000
Customer: Sarangani Trading

Address: J. Catolico Avenue, General Santos City
31 Partial Collection P25 000
P26 000
SUBSIDIARY LEDGER
Accounts Receivable
Customer: Tupi Consumer’s Cooperative

Address: Tupi, South Cotabato
11 Returned Merchandise P2 000
P16 000
10 11
SUBSIDIARY LEDGER
Accounts Receivable
Customer: Panabo Enterprises
Address: National Highway, Panabo City
P30 000
Customer: Tagum Marketing

Address: Sobrecary Street, Tagum City
P40 000
SUBSIDIARY LEDGER
Accounts Payable
Supplier: Davao Grocery
Address: Matina, Davao City
Jan 3 Purchases on Account P 40 000
21 Payment of Account P40 000
Supplier: Gaisano Metro 5

Address: Toril, Davao City
5 Returned Merchandise P 3000
P47 000
SUBSIDIARY LEDGER
Accounts Payable
Supplier: Robinson’s Plaza
Address: Bankerohan, Davao City
P 7 000
Supplier: SM City - Davao

Address: Lanang, Davao City
Jan 3 Purchases on Account P28 000
P28 000
SCHEDULE OF
ACCOUNTS RECEIVABLE &
ACCOUNTS PAYABLE
10
6
Amegleo Grocery
Schedule of Accounts Receivable
As of January 31, 20B
Customers Amount
Panabo Enterprises P30 000
Sarangani Trading 26 000

Tagum Merchandising 40 000
Tupi Consumer’s Cooperative 16 000
TOTAL P 112 000

Amegleo Grocery
Schedule of Accounts Payable
Suppliers Amount
Gaisano Metro P 47 000
Robinsons Plaza 7 000
SM City-Davao 28 000
TOTAL P 82 000
PRELIMINARY TRIAL BALANCE
10
9
Amegleo Grocery
Trial Balance
January 31, 20B
Cash In Bank P 477 250
Accounts Receivable 112 000
Merchandise Inventory 120 000
Supplies Inventory 10 000

Accounts Payable P 82 000
E. Amegleo, Capital 850 000
E. Amegleo, Drawing 15 000
Sales 267 500
Sales Returns & Allow. 2 000
Sales Discounts 800

Purchases 170 000
Purchase Returns & Allow 3 000
Purchase Discounts 1 200

Freight In 850
Freight Out 1 000
Rent Expense 5 000
Salaries Expense 35 000
Taxes and Licenses 4 800
TOTAL P 1 203 700 P 1 203 700
ADJUSTING ENTRIES
11
1
DATA FOR ADJUSTMENTS
A) Merchandise Inventory, January 31, 20B is P45 000
B) Estimated Uncollectible accounts should be provided at 1% of the outstanding Accounts

Receivable amounting to P112,000
C) The Depreciation to be recorded for the month of January 20B is P4,200
D) Unpaid light and water (Utilities Expense) bills for the month of January 20B is P3,000.
Jan 5 Accounts Payable P3,000

Purchase Returns & Allow. P3,000
11 Sales Returns & Allowances 2,000
Accounts Receivable 2,000
31 Uncollectible Accounts 1,120
Estimated Uncollectible Accounts 1,120
to record uncollectible accounts
31 Depreciation Expense 4,200

Accumulated Depreciation – F&F 4,200
to record depreciation
Jan 31 Utilities Expense P3,000
Accrued Utilities P3,000

to record accrued expense
GENERAL LEDGER
11
5
GENERAL LEDGER
Estimated Uncollectible Account Page 3
Jan 31 Uncollectible Accounts P1 120
P1 120
GENERAL LEDGER
Accumulated Depreciation - Furniture and Fixtures Page 7
Jan 31 Accumulated P4 200

Depreciation
P4 200
GENERAL LEDGER
Accrued Utilities Expense Page 9
Jan 31 Accrued Expense P3 000
P3 000
GENERAL LEDGER
Page 20
Uncollectible Account Expense
Jan 31 Uncollectible P1 120

Accounts
P1 120
GENERAL LEDGER
Depreciation Expense Page 21
Jan 31 Depreciation P4 200

Expense
P4 200
GENERAL LEDGER
Page 26
Utilities Expense
Jan 31 Payment GJ 1 P3 000
Total P3 000
WORKSHEET
12
2
Amegleo Grocery
Worksheet
For the month ended January 31, 20B
Trial Balance Adjustment Statement of Comprehensive Statement of Financial Position
Income
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit
Cash In Bank P 477 250 P 477 250
Accounts Receivable 112 000 112 000
Merchandise Invty. 120 000 P 120 000
Supplies Inventory 10 000 10 000
Furniture and Fixtures 250 000 250 000
Accounts Payable P 82 000 P 82 000
E. Amegleo, Capital 850 000 850 000
E. Amegleo, Drawing 15 000 15 000
Sales 267 500 267 500
Sales Returns & Allow. 2 000 2 000

Sales Discounts 800 800
Purchases 170 000 170 000
Purchase Returns & 3 000 3 000

Allowances
Purchase Discounts 1 200 1 200
Freight In 850 P 850

Amegleo Grocery
Worksheet
Trial Balance Adjustment Statement of Comprehensive Statement of Financial Position
Income
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit
Freight Out 1 000 1 000
Rent Expense 5 000 5 000
Salaries Expense 35 000 35 000
Taxes and Licenses 4 800 4 800
TOTAL P 1 203 700 P 1 203 700

Adjustments:
Merchandise Invty., End 145 000 145 000

Uncollectible Accounts P 1 120 1 120
Est. Uncollectible Accounts 1 120 1 120

Depreciation Expense 4 200 4 200
Acc. Depreciation 4 200 4 200

Utilities Expense 3 000 3 000
Acc. Utilities Expense 3 000 3 000
TOTAL P 8 320 P 8 320 347 770 416 700 1 009 250 940 320
PROFIT 68 930 68 930
TOTAL P 416 700 P 416 700 P 1 009 250 P 1 009 250

FINANCIAL STATEMENTS
12
5
Amegleo Grocery
Statement of Comprehensive Income
Net Sales
Gross Sales P 267 500
Less: Sales Returns & Allow. P 2 000
Sales Discounts 800 2 800
Net Sales P 264 700
Cost of Goods Sold:
Merchandise Inventory, Jan.1 P 120 000
Purchases P 170 000
Less: Purchase Returns & Allow. P 3 000
Purchase Discounts 1 200 4 200
Net Purchases P 165 800
Add: Freight In 850
Delivered Cost of Purchases 166 650
Cost of Goods Available for Sale 286 650
Amegleo Grocery
Statement of Comprehensive Income
Less: Merchandise Inventory, Jan. 31 145 000
Cost of Goods Sold 141 650
Gross Profit: P 123 050
Operating Expenses:
Freight Out P 1 000
Rent Expense 5 000
Salaries Expense 35 000
Taxes and Licenses 4 800
Uncollectible Accounts Expense 1 120
Depreciation Expense 4 200

Utilities Expense 3 000 54 120
PROFIT P68 930
Amegleo Grocery
Statement of Owner’s Equity
E. Amegleo, Capital-Jan. 1 P650 000
Add: Additional Investment P 200 000
Profit 68 930 268 930
Total P918 930
Less: E. Amegleo, Drawing 15 000
E. Amegleo, Capital-Jan. 31 P903 930
Amegleo Grocery
Statement of Financial Position
ASSETS
Current Assets:
Cash In Bank P 477 250
Accounts Receivables P 112 000
Estimated Uncollectible Accounts 1 120 110 880

Total Current Assets P743 130
Non-Current Assets:
Property, Plant and Equipment

Accumulated Depreciation 4 200
Total Non-Current Assets 245 800
TOTAL ASSETS P 988 930

Amegleo Grocery
Statement of Financial Position
Liabilities and Owner’s Equity
LIABILITIES
Current Liabilities:
Accounts Payable P82 000
Accrued Utilities 3 000
Total Current Liabilities P 85 000
OWNER’S EQUITY
E. Amegleo, Capital P 903 930
TOTAL LIABILITIES AND P 988 930
OWNER’S EQUITY
CLOSING ENTRIES
13
1
Jan 31 Utilities Expense P3,000
Accrued Utilities P3,000
to record accrued expense

31 Sales 267 500
Purchase Returns & Allowances 3000
Purchase Discounts 1200
Income and Expense Summary 271 700
to close nominal account with credit balances
31 Income and Expense Summary 227 770
Sales returns and allowances 2000

Sales discounts 800
Purchases 170 000

Freight-In 850
Freight- Out 1000
Rent Expense 5000
Salaries Expense 35000
Taxes and Licenses 4800
Uncollectible Accounts 1120
Depreciation Expense 4200
Utilities Expense 3000
to close nominal account with debit balances

Jan 31 Income and Expense Summary P120 000

Merchandise Inventory,beginning P120 000
to close beginning inventory
31 Merchandise Inventory,ending 145 000
Income and Expense Summary 145 000
to set up ending inventory
31 Income and Expense Summary 68 930
E.Amegleo, Capital 68 930

to close income to capital
31 E.Amegleo, Capital 15 000

E.Amegleo, Drawing 15000
to close drawing account

GENERAL LEDGER
13
4
GENERAL LEDGER
P 120 000 Jan 31 Closing Beginning 120 000

Inventory
31 Setting Up Ending 145 000

Inventory
P145 000
GENERAL LEDGER
2 Additional Investment 200 000
Capital, beg P850 000
Net Income 68 930
Witdrawals 15000 Total 918930
Capital, end P903 930

GENERAL LEDGER
Page 11
E. Amegleo, Drawing
Jan 21 Drawing CDJ 1 P15 000
P15 000 Jan 31 Closing Drawing P 15 000

Account
0
GENERAL LEDGER
Income and Expense Summary Page 12
Jan 31 Closing Credit P227 770 Jan 31 Closing Debit Accounts P271 700
Accounts
Closing Inventory 120 000 Setting-up Inventory, End 145 000
,Beg.
P347 770 P416 700
P68 930 P68 930
0
GENERAL LEDGER
Sales Page13

Jan 31 Sales on Account P 179 000
31 Cash Sales 88 500
Jan 31 Closing Sales P267 500 P267 500
Account
0
GENERAL LEDGER
Page 14
Sales Returns and Allowances
Jan 11 Sales Returns P2 000
Total P2 000 Jan 31 Closing Sales Returns P2 000

and Allowances Account
0
GENERAL LEDGER
Sales Discount Page 15

Jan 20 Sales Discount P800
P800 Jan 31 Closing Sales P800

Discounts Account
0
GENERAL LEDGER
Page 16
Purchases
Jan 11 Purchases on P125 000
Account
Purchases 45 000
P170 000 Jan 31 Closing Purchases P170 000

Account
0
GENERAL LEDGER
Page 17
Purchase Returns and Allowances
Jan 5 Purchase Returns P 3 000
Jan 31 Closing Purchase P3 000 P 3 000

Returns and
Allowances
0
GENERAL LEDGER
Page 18
Purchase Discounts
Jan 21 Purchase Discounts P1 200
Jan 31 Closing P1 200 P1 200

Purchase
Discounts
0
GENERAL LEDGER
Freight in Page 19

Jan 4 Payment P850
Total P850 Jan 31 Closing Freight in P850

Account
0
GENERAL LEDGER
Uncollectible Account Expense Page 20

Jan 31 Uncollectible P1 120
Accounts
P1 120 Jan 31 Closing P1 120

Uncollectible
Account
0
GENERAL LEDGER
Depreciation Expense Page 21

Jan 31 Depreciation P4 200
Expense
P4 200 Jan 31 Closing Depreciation P4 200

Expense
0
GENERAL LEDGER
Freight Out Page 22

Jan 10 Payment P1 000
Total P1 000 Jan 31 Closing Freight Out P1 000
0
GENERAL LEDGER
Rent Expense Page 23

Total P5 000 Jan 31 Closing Rent P5 000

Expense
0
GENERAL LEDGER
Salaries Expense Page 24

Total P35 000 Jan 31 Closing Salaries P35 000

Expense
0
GENERAL LEDGER
Taxes & Licenses Page 25

P4 800 Jan 31 Closing Taxes & P4 800

Licenses
0
GENERAL LEDGER
Utilities Expense Page 26

Total P3 000 Jan 31 Closing Utilities P3 000

Expense
0
POST CLOSING TRIAL
BALANCE
15
3
Amegleo Grocery
Post-closing Trial Balance
Cash In Bank P477 250
Accounts Receivable 112 000
Estimated Uncollectible Accounts P 1 120
Accumulated Depreciation 4 200
Accounts Payable 82 000
Accrued Utilities Expense 3 000
E. Amegleo, Capital 903 930
TOTAL P 994 250 P994 250
DAILY POSTING
15
5
GENERAL LEDGER

Jan 5 Purchase GJ 1 P3 000
Returns
GENERAL LEDGER

Account Merchandise
GENERAL LEDGER

Account Merchandise
GENERAL LEDGER
Page 13
Sales
Jan 31 SJ 1
Sales on Account P 179 000
GENERAL LEDGER

Jan 5 GJ 1 Jan 31 PJ 1
Purchase P3 000 Purchases on P125 000
Returns Account
GENERAL LEDGER
Page 16
Purchases
Jan 11 Purchases on PJ 1 P125 000
Account
GENERAL LEDGER
Cash In Bank Page 1

Jan 1 Jan 31 CDJ 1
Beginning P280 000 Cash Disbursement P155 450
Balance
31 CRJ 1
Cash Receipts 352 700
P632 700 P155 450
P477 250
SUBSIDIARY LEDGER
16
3
SUBSIDIARY LEDGER
Accounts Receivable
Customer: Dadiangas Merchandising
Address: Roxas Boulevard, General Santos City
Customer: Sarangani Trading

Address: J. Catolico Avenue, General Santos City

SUBSIDIARY LEDGER
Accounts Receivable

10 11
SUBSIDIARY LEDGER
Accounts Receivable

11 Returned Merchandise P2 000
P16 000
10 11
SUBSIDIARY LEDGER
Accounts Receivable
Customer: Panabo Enterprises
Address: National Highway, Panabo City
P30 000
Customer: Tagum Marketing

Address: Sobrecary Street, Tagum City
P40 000
SUBSIDIARY LEDGER
Accounts Payable
Supplier: Davao Grocery
Address: Matina, Davao City
Supplier: Gaisano Metro

Address: Toril, Davao City

3 SUBSIDIARY LEDGER
Accounts Payable
Supplier: Robinson’s Plaza
Address: Bankerohan, Davao City
Supplier: SM City - Davao

Address: Lanang, Davao City
Jan 3 Purchases on Account P28 000

Final Act110

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ACT 110

Account Titles Debit Credit

Cash In Bank P280 000

Merchandising Inventory 120 000

Furniture and Fixtures 250 000

E. Amegleo, Capital P650 000

Total P650 000 P650 000

Cash In Bank Page 1

Date Particulars F Debit Date Particulars F Credit

Jan 1 Beginning P280 000

Merchandise Inventory Page 4

Date Particulars F Debit Date Particulars F Credit

Jan 1 Beginning P250 000

E. Amegleo, Capital Page 10

Date Particulars F Debit Date Particulars F Debit

Jan 1 Beginning Balance P650 000

CASH RECEIPTS JOURNAL CRJ 1

Cash Sales Cash in Accounts SUNDRIES

Check Deposit Amount

BDO Check# 02437 P 150,000

ACCOUNT NUMBER: 001472-0058-78

ACCOUNT NAME: AMEGLEO GROCERY / ERNESTO AMEGLEO

COLLECTION ITEM OTHERS

POSTED CHECK SUBJECT TO LATER VERIFICATION

THIS IS YOUR RECEIPT WHEN MACHINE VALIDATED

TOTAL DEPOSIT P200 000

Gaisano Metro 30 days 00832 50,000 50,000

SM City-Davao 30 days 07413 28,000 28,000

Robinsons Plaza 30 days 05327 7,000 7,000

Freight and delivery expenses incurred ₱ 850.00

Date: January 4, 20B__

ORDER OF ___GAISANO METRO_____________________________

Cr. Dr. Dr. Dr. Cr.

Date Particulars F Debit Credit

Jan 5 Accounts Payable 8 P3,000

Purchase Returns & Allow. 17 P3,000

to record purchase returns

Cash Cash in Accounts SUNDRIES

Check Deposit Amount

PNB Check# 04781 P 55,000

ACCOUNT NUMBER: 001472-0058-78

ACCOUNT NAME: AMEGLEO GROCERY / ERNESTO AMEGLEO

COLLECTION ITEM OTHERS

POSTED CHECK SUBJECT TO LATER VERIFICATION

THIS IS YOUR RECEIPT WHEN MACHINE VALIDATED

CASH DENOMINATION BREAKDOWN

TOTAL DEPOSIT P60 000

Signature/Conforme of Depositor: Date: Jan. 8, 20B Approved by:

Dadiangas Merchandising 0210 2/10, N/30 P40 000

Tupi Consumer’s 0211 30 days 18 000

Sarangani Trading 0212 30 days 51 000

Total P109 000

Jan 10 Dadiangas Merchandising 2/10 n/30 0210 40,000 40,000

Tupi Consumer’s 30 days 0211 18,000 18,000

Sarangani Trading 30 days 0212 51,000 51,000

Freight and handling charges ₱ 1000.00

Prepared by: Checked by: Approved by: Amount

Date: January 10, 20B_

ORDER OF MINDANAO STAR BUS CO.________________________

Cr. Dr. Dr. Dr. Cr.

10 Mindanao Star 01855 02 1,000 Freight-out 1,000

Date Particulars F Debit Credit

ORDER OF _GAISANO METRO___________________________

ORDER OF _OFFICE SOLUTIONS_________________________

ORDER OF _E. AMEGLEO________________________________

ORDER OF _DAVAO GROCERY_______________________________