Practice Set

54Instructions:

I. For May 2016, you are to perform the following tasks using the forms and working papers provided:

Angel Torres Bookstore 4 /5/16 075 P

4/20/2016 079
Total

Total P

CAMELOT BOOKSTORE COMPANY

Merchandise Inventory
April 30, 2016
Qty Title Unit cost Total
Fundamentals of Accounting Vol. 1, 2015 Edition
20 P 405.00 P 8,100.00
Cabrera, Ledesma & Lupisan
Fundamentals of Accounting Vol.21, 2015 Edition
20 342.00 6,840.00
Cabrera & Ledesma
Financial Accounting and Reporting, Vol. 1, 2015
10 540.00 5,400.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 2, 2015
20 450.00 9,000.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 3, 2015
10 360.00 3,600.00
Edition - Cabrera & Ocampo
Advanced Accounting, Vol. 1, 2013 Edition -
10 405.00 4,050.00
P.Santos

15 Auditing Theory, 2015 Edition - E.B> Cabrera 506.60 7,600.00

35 Applied Auditing, 2014 Edition - E.B. Cabrera 675.00 23,625.00

Total P 68,215.00
 CAMELOT BOOKSTORE COMPANY
Accounts Receivable
1. Open the general ledger and subsidiary ledger accounts
April 30, 2016 for accounts receivable and accounts payable. Post the account balances as of May
1, 2016.
Sales invoice
Name of Customer DATE
number
Record the
2. Assumption transactions
School of Businessoccuring in May 2016 in the general journal. Refer
4 /12/ 16 60 to thePsummary of transactions and available supporting
documents
Eastern provided.
Philippines School of Arts & Sciences 4 /16/ 16 65
Southern Institute of Business & Accountancy 4 /24/ 16 10
Post the entries from the journal to the subsidiary ledger (as transactions take place
3. Total P affecting Accounts Receivable and Accounts Payable)
and the general ledger as of May 31, 2016.

4. Compute the account balances in the ledgers, subsidiary and the general ledger.

5. You are required to complete and submit the following working papers and financial statements:
a. General journal CAMELOT BOOKSTORE COMPANY
b. General ledger Trial Balance
c. Trial Balance, as of May 31, 2016 April 30, 2016
Accounts Debit Credit
d. 10 column working paper
Cash in Bank P 139,750.00 P
General
e. Cash
Petty Fund journal - adjustments 5,000.00
f. Subsidiary
Accounts Receivable ledger - accounts receivable and accounts payable
25,000.00
g. Income Statement
Merchandise Inventory 68,215.00
h. Statement
Supplies Inventory of Changes in Equity 4,785.00
Prepaid Rent ( Includes rent deposit
i. Statement of Financial Position of P 20,000) 20,000.00
Store Furnitures and Equipment 50,000.00
Accumulated depreciation- Store Furnitures and
Equipment
Accounts Payable 50,000.00
Salaries Payable
Withholdong taxes payable 3,600.00
SSS, Philhealth, HDMF Payable 8,100.00
Accrued expenses payable
Note Payable 50,000.00
( Loan obtained on April 1,2016 ; 5% interest
per annum payable April 1, 2020
Jess Montes Capital 100,000.00
Jess Montes Withdrawals 10,000.00
Sales 468,215.00
Sales Returns and Allowances 5,000.00
Sales Discounts 7,000.00
Purchases 302,215.00
Purchase Discount 950.00
Purchase Returns and Allowances 1,500.00
Freight - in 500.00
SalariesExpense 30,700.00
 Supplies Expense 2,000.00
Transportation Expense 500.00
Postage Expense
Depreciation Expense- Store Furnitures and
Equipment CAMELOT BOOKSTORE COMPANY
Taxes and Licenses Chart of Accounts
Miscellaneous Expense 1,700.00
Interest Expense Ref. Assets ___________ Ref. Revenue
___________
Total 682,365.00 682,365.00
111 Cash in Bank 411 Sales

112 Petty Cash Fund 412 Sales Returns and Allowances

Angel Torres Bookstore 4 /5/16 075 P

4/20/2016 079
Total

Total P

CAMELOT BOOKSTORE COMPANY

Merchandise Inventory
April 30, 2016
Qty Title Unit cost Total
Fundamentals of Accounting Vol. 1, 2015 Edition
20 P 405.00 P 8,100.00
Cabrera, Ledesma & Lupisan
Fundamentals of Accounting Vol.21, 2015 Edition
20 342.00 6,840.00
Cabrera & Ledesma
Financial Accounting and Reporting, Vol. 1, 2015
10 540.00 5,400.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 2, 2015
20 450.00 9,000.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 3, 2015
10 360.00 3,600.00
Edition - Cabrera & Ocampo
Advanced Accounting, Vol. 1, 2013 Edition -
10 405.00 4,050.00
P.Santos

15 Auditing Theory, 2015 Edition - E.B> Cabrera 506.60 7,600.00

35 Applied Auditing, 2014 Edition - E.B. Cabrera 675.00 23,625.00

Total P 68,215.00
 CAMELOT BOOKSTORE COMPANY
Accounts Receivable
113 Accounts Receivable
April 30, 2016 413 Sales Discounts

Name of Customer
114 Merchandise Inventory DATE
Cost of Goods Sold
Sales invoice
number
115
Assumption School of Business Supplies Inventory 4 /12/ 16 511 60 PurchasesP
Eastern Philippines School of Arts & Sciences 4 /16/ 16 65
116 Prepaid Rent 512 Purchase Discount
Southern Institute of Business & Accountancy 4 /24/ 16 10
Total 121 Store Fixtures and Equipment 513 Purchase
P Returns and Allowances

Accumulated depreciation- Store Fixtures 514 Freight-In

122
and Equipment
Liabilities Expenses
CAMELOT BOOKSTORE COMPANY
211 Accounts Payable 611 Salaries Expense
Trial Balance
212 April 30, 2016
Salaries Payable 612 Rent Expense
Accounts Debit Credit
Cash in Bank 213 Withholding taxes payable
P 139,750.00 P 613 Supplies Expense
Petty Cash Fund 5,000.00
214 SSS, PhilHealth and HDMF Payable 614 Transportation Expense
Accounts Receivable 25,000.00
Merchandise Inventory 215 Accrued expenses payable 68,215.00 615 Postage Expense
Supplies Inventory 4,785.00
220deposit
Prepaid Rent ( Includes rent Noteof PPayable
20,000) 20,000.00 Depreciation Expense- Store
Store Furnitures and Equipment 50,000.00 616
Owner's Equity Fixtures and Equipment
Accumulated depreciation- Store Furnitures and
Equipment 311 Jess Montes Capital 617 Taxes and |Licenses
Accounts Payable 50,000.00
Salaries Payable
Withholdong taxes payable 312 Jess Montes Withdrawals 618 3,600.00
Miscellaneous Expense
SSS, Philhealth, HDMF Payable 8,100.00
313 Income Summary 629 Interest Expense Utilities Expense
Accrued expenses payable
Note Payable 50,000.00
( Loan obtained on April 1,2016 ; 5% interest
per annum payable April 1, 2020
Jess Montes Capital 100,000.00
Jess Montes Withdrawals 10,000.00
Sales 468,215.00
Sales Returns and Allowances 5,000.00
Sales Discounts 7,000.00
Purchases 302,215.00
Purchase Discount 950.00
Purchase Returns and Allowances 1,500.00
Freight - in 500.00
SalariesExpense 30,700.00
 Supplies Expense 2,000.00
Transportation Expense 500.00
Postage Expense
Depreciation Expense- Store Furnitures and
Equipment
Taxes and Licenses
Miscellaneous Expense 1,700.00
Interest Expense ___________ ___________
Amount
Total 682,365.00 682,365.00
10,000.00
5,000.00
10,000.00
Angel Torres Bookstore
25,000.00 4 /5/16 075 P
4/20/2016 079
Total

Total P

CAMELOT BOOKSTORE COMPANY

Merchandise Inventory
April 30, 2016
Qty Title Unit cost Total
Fundamentals of Accounting Vol. 1, 2015 Edition
20 P 405.00 P 8,100.00
Cabrera, Ledesma & Lupisan
Fundamentals of Accounting Vol.21, 2015 Edition
20 342.00 6,840.00
Cabrera & Ledesma
Financial Accounting and Reporting, Vol. 1, 2015
10 540.00 5,400.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 2, 2015
20 450.00 9,000.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 3, 2015
10 360.00 3,600.00
Edition - Cabrera & Ocampo
Advanced Accounting, Vol. 1, 2013 Edition -
10 405.00 4,050.00
P.Santos

15 Auditing Theory, 2015 Edition - E.B> Cabrera 506.60 7,600.00

35 Applied Auditing, 2014 Edition - E.B. Cabrera 675.00 23,625.00

Total P 68,215.00
 CAMELOT BOOKSTORE COMPANY
Accounts Receivable
April 30, 2016
CAMELOT BOOKSTORE COMPANY
Accounts Payable Sales invoice
Name of Customer DATE
number
April 30, 2016
Assumption School of Business 4 /12/ 16 60 P
Invoice
NameofofArts
Eastern Philippines School Supplier
& Sciences DATE
4 /16/ 16 65 Amount
number
Coran Educational Supply
Southern Institute of Business & Accountancy 4 /24/ 1616
4 /10/ 10775 P 20,000.00
Total 4 /15/ 16 810 P 20,000.00
Total P 40,000.00

5,000.00
5,000.00
10,000.00 CAMELOT BOOKSTORE COMPANY
Trial Balance
April 30, 2016
50,000.00 Accounts Debit Credit
Cash in Bank P 139,750.00 P
Petty Cash Fund 5,000.00
Accounts Receivable 25,000.00
Merchandise Inventory 68,215.00
Supplies Inventory 4,785.00
Prepaid Rent ( Includes rent deposit of P 20,000) 20,000.00
Store Furnitures and Equipment 50,000.00
Accumulated depreciation- Store Furnitures and
Equipment
Accounts Payable 50,000.00
Salaries Payable
Withholdong taxes payable 3,600.00
SSS, Philhealth, HDMF Payable 8,100.00
Accrued expenses payable
Note Payable 50,000.00
( Loan obtained on April 1,2016 ; 5% interest
per annum payable April 1, 2020
Jess Montes Capital 100,000.00
Jess Montes Withdrawals 10,000.00
Sales 468,215.00
Sales Returns and Allowances 5,000.00
Sales Discounts 7,000.00
Purchases 302,215.00
Purchase Discount 950.00
Purchase Returns and Allowances 1,500.00
Freight - in 500.00
SalariesExpense 30,700.00
 Supplies Expense 2,000.00
Transportation Expense 500.00
Postage Expense
Depreciation Expense- Store Furnitures and
Equipment Camelot Bookstore Company
Taxes and Licenses Summary of Transaction
Miscellaneous Expense 1,700.00May 2016
Interest Expense ___________ ___________
Date
Total Particulars 682,365.00 682,365.00
May 1 Remitted the following collections

Angel Torres Bookstore 4 /5/16 075 P

4/20/2016 079
Total

Total P

CAMELOT BOOKSTORE COMPANY

Merchandise Inventory
April 30, 2016
Qty Title Unit cost Total
Fundamentals of Accounting Vol. 1, 2015 Edition
20 P 405.00 P 8,100.00
Cabrera, Ledesma & Lupisan
Fundamentals of Accounting Vol.21, 2015 Edition
20 342.00 6,840.00
Cabrera & Ledesma
Financial Accounting and Reporting, Vol. 1, 2015
10 540.00 5,400.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 2, 2015
20 450.00 9,000.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 3, 2015
10 360.00 3,600.00
Edition - Cabrera & Ocampo
Advanced Accounting, Vol. 1, 2013 Edition -
10 405.00 4,050.00
P.Santos

15 Auditing Theory, 2015 Edition - E.B> Cabrera 506.60 7,600.00

35 Applied Auditing, 2014 Edition - E.B. Cabrera 675.00 23,625.00

Total P 68,215.00
 CAMELOT BOOKSTORE COMPANY
Accounts Receivable
To For April 30, 2016 Amount

BIR
Name of Customer
Withholding taxes DATE
P 3,600.00
Sales invoice
number
SSS School of Business
Assumption Premium 4 /12/ 16 P 5,000.00P
60
Eastern Philippines School of Arts & Sciences 4 /16/ 16 65
Philhealth Contribution P 1,500.00
Southern Institute of Business & Accountancy 4 /24/ 16 10
Total HDMF Contribution P 1,600.00P

1 Jes Montes made additional investment into the business

Cash P 300,000.00

Store furniture and fixtures P 50,000.00

CAMELOT BOOKSTORE COMPANY
1 Paid business permit to Muntinlupa City treasurer P 5,435.72
Trial Balance
1 April 30, 2016 P 104,500.00
Purchased various books from Coran Educational Supply
Accounts Debit Credit
Terms: Cash
Cash in Bank P 139,750.00 P
Petty
1 Cash Fund 5,000.00 P 57,000.00
Purchased various books from Coran Educational Supply
Accounts Receivable 25,000.00
Terms: n/35
Merchandise Inventory 68,215.00
Supplies
1 Inventory 4,785.00 P 40,000.00
Paid 4 months rent to Luxor Realty, Inc.
Prepaid Rent ( Includes rent deposit of P 20,000) 20,000.00
(May1 to August 31,2016)
Store Furnitures and Equipment 50,000.00
Accumulated
1 depreciation-
Increased Store
petty cash Furnitures
fund and
by P 1,000
Equipment
Accounts
2 Payable
Sold various books to University of Misamis Oriental P 50,000.00
106,250.00
Salaries Payable
Terms: Cash
Withholdong taxes payable 3,600.00
SSS,
2 Philhealth, HDMF
Purchased Payable
office and store supplies from Hamco 8,100.00
Accrued expenses payable
Stationary Corporation, Terms: Cash
Note Payable P 2,000.00
50,000.00
( Loan obtained on April 1,2016 ; 5% interest
2 Purchased various books from Millennium Bookstore
per annum payable April 1, 2020
Jess Montes Capital
Terms: 3/10, n/30 P 100,000.00
44,000.00
Jess Montes Withdrawals 10,000.00
3
Sales Sold various books to University of the Orient 468,215.00
Sales Returns and Allowances 5,000.00
Terms: Cash
Sales Discounts 7,000.00 P 25,000.00
Purchases 302,215.00
Purchase Discount 950.00
Purchase Returns and Allowances 1,500.00
Freight - in 500.00
SalariesExpense 30,700.00
 Supplies Expense 2,000.00
Transportation Expense 500.00
Postage Expense
Depreciation Expense- Store Furnitures and
4
EquipmentPurchased various books from Cyber Bookstore
Taxes and Licenses
Terms:Expense
Miscellaneous 3/10; n/30 1,700.00 P 22,000.00
Interest Expense ___________ ___________
5 Purchased various supplies from Coran Educational
Total 682,365.00 682,365.00
Supply ; Terms: 3/10, n/30 P 95,000.00

Angel Torres Bookstore 4 /5/16 075 P

4/20/2016 079
Total

Total P

CAMELOT BOOKSTORE COMPANY

Merchandise Inventory
April 30, 2016
Qty Title Unit cost Total
Fundamentals of Accounting Vol. 1, 2015 Edition
20 P 405.00 P 8,100.00
Cabrera, Ledesma & Lupisan
Fundamentals of Accounting Vol.21, 2015 Edition
20 342.00 6,840.00
Cabrera & Ledesma
Financial Accounting and Reporting, Vol. 1, 2015
10 540.00 5,400.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 2, 2015
20 450.00 9,000.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 3, 2015
10 360.00 3,600.00
Edition - Cabrera & Ocampo
Advanced Accounting, Vol. 1, 2013 Edition -
10 405.00 4,050.00
P.Santos

15 Auditing Theory, 2015 Edition - E.B> Cabrera 506.60 7,600.00

35 Applied Auditing, 2014 Edition - E.B. Cabrera 675.00 23,625.00

Total P 68,215.00
 CAMELOT BOOKSTORE COMPANY
Accounts Receivable
5 Sold various books to Eastern PampangaApril
College
30, 2016
Terms: Cash
Name of Customer DATE
P 33,000.00
Sales invoice
number
Assumption School of Business 4 /12/ 16 60 P
7 Eastern
Purchased various books from Coran Educational Supply4 /16/ 16
Philippines School of Arts & Sciences 65
Southern Institute of Business & Accountancy 4 /24/ 16 10
Total Terms: 3/10, n/30 P 152,500.00 P
8 Sold various books to Dadrangas School of Accountancy

Terms: 3/5, n/20 P 117,500.00

12 Paid Millennium Bookstore for purchases made on
May 2 CAMELOT BOOKSTORE COMPANY
( Refer to May 2 transaction for theBalance
Trial amount purchase)
April 30, 2016
13 Sold various books to University of Easter Luzon
Accounts Debit Credit
Cash in Bank
Terms: 3/5, n/30 P 139,750.00 PP 172,500.00
Petty Cash Fund 5,000.00
13 AccountsReceived
Receivablepayment from Dadrangas School of 25,000.00
Merchandise Inventoryfor books sold on May 8
Accountancy 68,215.00
Supplies Inventory 4,785.00
( Refer
Prepaid Rent to Mayrent
( Includes 8 transaction
deposit of Pfor the amount )
20,000) 20,000.00
Store Furnitures and Equipment 50,000.00
14 Collected the receivable outstanding on April 30,2016
Accumulated depreciation- Store Furnitures and
Equipmentfrom Assumption School of Business P 10,000.00
Accounts Payable 50,000.00
15 Salaries Payable
Paid salaries for the period of May 1-15
Withholdong taxes
(Refer payable attached)
to Payroll 3,600.00
SSS, Philhealth, HDMF Payable 8,100.00
15 Accrued Paid Coran
expenses Educational Supply for purchase made on
payable
May 5
Note Payable 50,000.00
( Loan (obtained
Refer toonMay 5 transaction
April 1,2016 ; 5% for the amount of purchase)
interest
per annum payable April 1, 2020
16 Jess Montes
Purchased
Capital various books from Coran Educational Supply 100,000.00
Jess Montes Withdrawals 10,000.00
Sales Terms: Cash P 69,500.00
468,215.00
17 Sales Returns and Allowances
Paid Coran Educational Supply for purchases 5,000.00
Sales Discounts 7,000.00
made on May 7
Purchases 302,215.00
Purchase Discount 950.00
Purchase Returns and Allowances 1,500.00
Freight - in 500.00
SalariesExpense 30,700.00
 Supplies Expense 2,000.00
Transportation Expense 500.00
Postage Expense
Depreciation Expense- Store Furnitures and
Equipment( Refer to May 7 transaction for the amount)
Taxes and Licenses
18 Miscellaneous
Sold various
Expensebooks to FV Santos Memorial Business School
1,700.00
Interest Expense ___________ ___________
Terms:Cash P 22,000.00
Total 682,365.00 682,365.00
18 Collected from University of Eastern Luzon for books
sold on May 13

Angel Torres Bookstore 4 /5/16 075 P

4/20/2016 079
Total

Total P

CAMELOT BOOKSTORE COMPANY

Merchandise Inventory
April 30, 2016
Qty Title Unit cost Total
Fundamentals of Accounting Vol. 1, 2015 Edition
20 P 405.00 P 8,100.00
Cabrera, Ledesma & Lupisan
Fundamentals of Accounting Vol.21, 2015 Edition
20 342.00 6,840.00
Cabrera & Ledesma
Financial Accounting and Reporting, Vol. 1, 2015
10 540.00 5,400.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 2, 2015
20 450.00 9,000.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 3, 2015
10 360.00 3,600.00
Edition - Cabrera & Ocampo
Advanced Accounting, Vol. 1, 2013 Edition -
10 405.00 4,050.00
P.Santos

15 Auditing Theory, 2015 Edition - E.B> Cabrera 506.60 7,600.00

35 Applied Auditing, 2014 Edition - E.B. Cabrera 675.00 23,625.00

Total P 68,215.00
 CAMELOT BOOKSTORE COMPANY
Accounts Receivable
(Refer to May 13 transaction for the amount
April )30, 2016
18 Collected from Southern Institute of Accountancy
Name of Customer DATE
Sales invoice
number
outstanding
Assumption receivable
School of Business on April 30,2016 4 /12/ 16 P 10,000.00
60 P
Eastern Philippines School of Arts & Sciences 4 /16/ 16 65
19 Purchased various books from Coran Educational Supply
Southern Institute of Business & Accountancy 4 /24/ 16 10
Total Terms: n/30 P 32,000.00 P

20 Sold various books to FV Santos Memorial Business

School , Terms: Cash P 40,000.00

22 Received a debit memo from Coran Educational Supply

CAMELOT BOOKSTORE COMPANY
for allowance on damaged books bought on May 19 P 4,000.00
Trial Balance
April 30, 2016
23 Purchased variousAccounts
books from Millennium Bookstore Debit Credit
Cash in Bank P 139,750.00 P
Terms:
Petty Cash Fund 3/10, n/30 5,000.00 P 22,000.00
Accounts Receivable 25,000.00
25 Merchandise
Sold Inventory
various books to Northern Metro Manila School 68,215.00
Supplies Inventory 4,785.00
of Business; Terms: Cash P 41,500.00
Prepaid Rent ( Includes rent deposit of P 20,000) 20,000.00
28 Store Furnitures and Equipment
Issued credit memo to |Northern Metro Manila School 50,000.00
Accumulated depreciation- Store Furnitures and
Equipmentof Business and issued a check refund P 1,500.00
Accounts Payable 50,000.00
29 J Montes withdraw cash for personal use P 10,000.00
Salaries Payable
30 Withholdong taxes payable
Collected from Eastern Philippines School of Arts and 3,600.00
SSS, Philhealth, HDMF Payable 8,100.00
Accrued Sciences
expenses the outstanding receivable on April 30,2016
payable P 5,000.00
Note Payable 50,000.00
31 Paid salaries for the period May 16-31
( Loan obtained on April 1,2016 ; 5% interest
per annum( Refer to attached
payable payroll)
April 1, 2020
Jess Montes Capital 100,000.00
31 Sold various books to Eastern Pampanga College
Jess Montes Withdrawals 10,000.00
Sales Terms; 2/10, n/30 P 468,215.00
28,000.00
Sales Returns and Allowances 5,000.00
x Sales Discounts 7,000.00
Purchases 302,215.00
Purchase Discount 950.00
Purchase Returns and Allowances 1,500.00
Freight - in 500.00
SalariesExpense 30,700.00
 Supplies Expense 2,000.00
Transportation Expense 500.00
Postage Expense
Depreciation Expense- Store Furnitures and
Equipment Camelot Bookstore Company
Taxes and Licenses Payroll
Miscellaneous Expense Period Covered:1,700.00
May 1-15,2016
Interest Expense ___________ ___________
Total Name of employee Total Regular Withholding
682,365.00 SSS 682,365.00 Total Net amount
Philhealth HDMF
Wage Tax Deduction paid
1 Leticia L. Montes P 11,000.00 1,700.00 500.00 150.00 200.00 2,550.00 8,450.00
2 Ligaya Dantes 6,500.00 900.00 500.00 150.00 200.00 1,750.00 4,750.00
3 Danilo de la Cruz 6,500.00 900.00 500.00 150.00 200.00 1,750.00 4,750.00
Angel Torres Bookstore 4 /5/16 075 P
P 24,000.00 3,500.00 1,500.00 450.00 600.00 6,050.00 17,950.00
4/20/2016 079
Total

Total P

CAMELOT BOOKSTORE COMPANY

Merchandise Inventory
April 30, 2016
Qty Title Unit cost Total
Fundamentals of Accounting Vol. 1, 2015 Edition
20 P 405.00 P 8,100.00
Cabrera, Ledesma & Lupisan
Fundamentals of Accounting Vol.21, 2015 Edition
20 342.00 6,840.00
Cabrera & Ledesma
Financial Accounting and Reporting, Vol. 1, 2015
10 540.00 5,400.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 2, 2015
20 450.00 9,000.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 3, 2015
10 360.00 3,600.00
Edition - Cabrera & Ocampo
Advanced Accounting, Vol. 1, 2013 Edition -
10 405.00 4,050.00
P.Santos

15 Auditing Theory, 2015 Edition - E.B> Cabrera 506.60 7,600.00

35 Applied Auditing, 2014 Edition - E.B. Cabrera 675.00 23,625.00

Total P 68,215.00
 CAMELOT BOOKSTORE COMPANY
Accounts Receivable
April 30, 2016
Sales invoice
Name of Customer DATE
number
Assumption School of Business Camelot Bookstore Company
4 /12/ 16 60 P
Eastern Philippines School of Arts & Sciences Payroll
4 /16/ 16 65
Southern Institute of Business & Accountancy Period Covered:4 /24/
May16 16-31,2016 10
Total P
Total Regular Withholding Total Net amount
Name of employee SSS Philhealth HDMF
Wage Tax Deduction paid
1 Leticia L. Montes P 11,000.00 1,700.00 500.00 150.00 200.00 2,550.00 8,450.00
2 Ligaya Dantes 6,500.00 900.00 500.00 150.00 200.00 1,750.00 4,750.00
3 Danilo de la Cruz 6,500.00 900.00 500.00 150.00 200.00 1,750.00 4,750.00
P 24,000.00 3,500.00 1,500.00 450.00 600.00 6,050.00 17,950.00
CAMELOT BOOKSTORE COMPANY
Trial Balance
April 30, 2016
Accounts Debit Credit
Cash in Bank P 139,750.00 P
Petty Cash Fund 5,000.00
Accounts Receivable 25,000.00
Merchandise Inventory 68,215.00
Supplies Inventory 4,785.00
Prepaid Rent ( Includes rent deposit of P 20,000) 20,000.00
Store Furnitures and Equipment 50,000.00
Accumulated depreciation- Store Furnitures and
Equipment
Accounts Payable 50,000.00
Salaries Payable
Withholdong taxes payable 3,600.00
SSS, Philhealth, HDMF Payable 8,100.00
Accrued expenses payable
Note Payable 50,000.00
( Loan obtained on April 1,2016 ; 5% interest
per annum payable April 1, 2020
Jess Montes Capital 100,000.00
Jess Montes Withdrawals 10,000.00
Sales 468,215.00
Sales Returns and Allowances 5,000.00
Sales Discounts 7,000.00
Purchases 302,215.00
Purchase Discount 950.00
Purchase Returns and Allowances 1,500.00
Freight - in 500.00
SalariesExpense 30,700.00
Supplies Expense 2,000.00
Transportation Expense 500.00
Postage Expense
Depreciation Expense- Store Furnitures and
Equipment
Taxes and Licenses
Miscellaneous Expense 1,700.00
Camelot Bookstore Company
Interest Expense ___________ ___________
Total Adjustments Data 682,365.00 682,365.00
May 31, 2016

1 Prepaid rent, P 50,000

2 Unused office and store supplies, P 1,700
3 Accrued interest payable on note payable (P50,000 x5% x 2/12)
4 Depreciation rate on Store Fixtures and Equipment - 20% per annum
Estimated salvage value = P 0
5 Meralco Bill for electric consumption for April and May 2016 received on
May 31, 2016 and paid on June 6, 2016, P 6,000
6 Merchandise Inventory per physical count as follows:
May 31,2016 P 189,7
 Camelot Bookstore Company
General Journal

Post
Date 2016 Particulars Ref Debit Credit
 Camelot Bookstore Company
General Journal - Adjustments

Post
Date 2016 Particulars Ref Debit Credit
 Account No: 112
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 113

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 114

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 115

 Camelot Bookstore Company
General Journal
Account No: 111
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 116

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 121

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 122

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 211

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 212
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 213

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 214

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 215

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 220

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 311
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 312

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 313

Date Particulars Post Ref Debit Credit Balance

Beg. Balance

Account No: 411

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 412
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 413
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 511

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 512

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 513

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 514

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 611
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 612

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 613

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 614

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 615

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 616
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 617

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 618

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 619

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 620

 Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Camelot Bookstore Company
Trial Balance
May 31, 2016
Accounts Debit Credit
P P

___________ ___________

Total 0.00 0.00

Camelot Bookstore
Co
Worksheet
 For the Month Ended Ma

Account Title Trial Balance Adjustments

Debit Credit Debit Credit

ompany
ay 31, 2016

Adjusted Trial Balance Income Statement Balance Sheet

Debit Credit Debit Credit Debit Credit

Camelot Bookstore Company

Subsidiary Ledger - Accounts Receivable

Name:
 Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:
 Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00
 Camelot Bookstore Company
Subsidiary Ledger - Accounts Payale

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00
Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00