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ACCCOB1 - (Module 1)

The document provides a trial balance for Charito Couturier Shop for December 31, 2020. It lists asset, liability, equity, income and expense accounts with their debit and credit balances. Key figures include total debits of P4,122,900 equal to total credits. It also identifies additional income and expense accounts that are not included in the trial balance such as interest receivable, interest income, utilities payable, sewing supplies expense, bad debt expense and depreciation expense.

Uploaded by

Andrei Ang
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
276 views

ACCCOB1 - (Module 1)

The document provides a trial balance for Charito Couturier Shop for December 31, 2020. It lists asset, liability, equity, income and expense accounts with their debit and credit balances. Key figures include total debits of P4,122,900 equal to total credits. It also identifies additional income and expense accounts that are not included in the trial balance such as interest receivable, interest income, utilities payable, sewing supplies expense, bad debt expense and depreciation expense.

Uploaded by

Andrei Ang
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 36

ACTIVITY SHEET 1.

1
DATE PARTICULARS P/R
Dec. 1 Notes Receivable
Service Income
Received 5%, 3-month promissory note

2 Sewing Supplies on Hand


Cash 101
Accounts Payable 301

3 Advances to Employees
Cash 101
Romy made salary expenses

4 Cash 101
Accounts Receivable

5 Charito, Drawing
Sewing Supplies on Hand
Owner withdrew supplies for personal use

6 Repairs and Maintenance Expense


Cash
Paid repaird of sewing machine.

7 Cash 101
Service Income
Delivered gown to Rose.

8 Transportation Expense
Cash 101
Paid transformation fare of employee.

9 Accounts payable 301


Cash 101
Paid outstanding balance to Jose.

10 Charito, Capital
Cash 101
Owner withdrew cash permanently from business.
18 Cash 101
Unearned Service Income
Received 20% advance payment from Joy and Rafael.

20 Utilities Expense
Cash
Paid the internet and telephone December bill.

27 Accounts Receivable
Service Income
Billed Mary Renee Dance Company for the costumes.

31 Salaries and Wages Expense


Cash
Paid December salaries of its employees.
1.1
DEBIT CREDIT
30000
30000

14800
7400
7400

3000
3000

52000
52000

500
500

1500
1500

25000
25000

750
750

18000
18000

20000
20000
70000
70000

1200
1200

75000
75000

89700
89700
ACTIVITY SHEET 1.2

Notes Receivable
-
30,000
30,000

Cash
182,000
52,000 7,400
25,000 3,000
70,000 1,500
750
18,000
20,000
1,200
89,700
329,000 141,550
187,450

Accounts Receivable
123,000
75,000 52,000
198,000 52,000
146,000

Sewing Supplies on Hand


72,500
14,800 500
87,300 500
86,800

Accounts Payable
18,000
18,000 7,400

18,000 25,400
7,400
Salaries and Wages Expense
1,121,250
89,700
1,210,950

Repairs and Maintenance Expense


18,500
1,500
20,000
EET 1.2

Service Income
2,250,000
30,000
25,000
75,000
2,380,000

Charito, Capital
1,284,300
20,000
1,264,300

Charito, Drawing
70,000
500
70,500

Advances to Employees
3,000

3,000

Unearned Service Income


70,000

70,000

Utilities Expense
85,200
1,200

86,400
Transportation Expense
8,250

750
9,000
ACTIVITY SHEET 1.3
Charito Couturier Shop
Trial Balance
December 31, 2020

Account Title Debit Credit


Cash in Bank P 187,450
Petty Cash Fund 10,000
Accounts Receivable 146,000
Allowance for Bad Debts P 9,500
Notes Receivable 30,000
Advances to Employees 3,000
Sewing Supplies on Hand 86,800
Land 700,000
Buildings 800,000
Accumulated Depreciation-Building 100,000
Shop Equipment 480,000
Accumulated Depreciation-Shop Equipment 112,500
Furniture and Fixture 150,000
Accumulated Depreciation – Furniture and Fixture 52,000
Accounts Payable 7,400
Notes Payable 20,000
Withholding Taxes Payable 7,200
Mortgage Payable 100,000
Charito, Capital 1,264,300
Charito, Drawing 70,500
Unearned service Income 70,000
Service Income 2,380,000
Salaries and Wages Expense 1,210,950
Insurance Expense 68,450
Utilities Expense 86,400
Repairs and Maintenance Expense 20,000
Transportation Expense 9,000
SSS, Philhealth, and Pag-ibig Expense 41,550
Miscellaneous Expense 18,400
Interest Expense 4,400
Total P 4,122,900 P 4,122,900
Ch

Unadjusted
Trial Balance
Account Title Debit Credit
Cash in Bank 187,450
Petty Cash Fund 10,000
Accounts Receivable
Allowance for Bad Debts 9,500
Notes Receivable 30,000
Advances to Employees 3,000
Sewing Supplies on Hand 86,800
Land 700,000
Buildings 800,000
Accumulated Depreciation - Building 100,000
Shop Equipment 480,000
Accumulated Depreciation - Shop Equipment 112,500
Furniture and Fixture 150,000
Accumulated Depreciation - Furniture and Fixture 52,000
Accounts Payable 7,400
Notes Payable 20,000
Unearned Service Income 70,000
Withholding Taxes Payable 7,200
Mortgage Payable 100,000
Charito, Capital 1,264,300
Charito, Drawing 70,500
Service Income 2,380,000
Salaries and Wages Expense 1,210,950
Insurance Expense 68,450
Utilities Expense 86,400
Repairs and Maintenance Expense 20,000
Transportation Expense 9,000
SSS, Philhealth, and Pag-ibig Expense 41,550
Miscellaneous Expense 18,400
Interest Expense 4,400
Total 4,122,900 4,122,900

Interest Receivable
Interest Income
Utilities Payable
Sewing Supplies Expense
Bad Debt Expense
Depreciation Expense

Net Income
Charito Couturier Shop
Worksheet
December 31, 2020
Adjusted Income
Adjustments Trial Balance Statement
Debit Credit Debit Credit Debit
187,450
10,000
146,000
2,180 11,680
30,000
3,000
81,500 5,300
700,000
800,000
50,000 150,000
480,000
56,250 168,750
150,000
26,000 78,000
7,400
20,000
70,000
7,200
100,000
1,264,300
70,500
2,380,000
1,210,950 1,210,950
68,450 68,450
6,800 93,200 93,200
20,000 20,000
9,000 9,000
41,550 41,550
18,400 18,400
4,400 4,400

125 125
125 125
6,800 6,800
81,500 81,500 81,500
2,180 2,180 2,180
132,250 132,250 132,250
222,855 222,855 4,264,255 4,264,255 1,681,880
698,245
2,380,125
Income Statement of
Statement Financial Position
Credit Debit Credit
187,500
10,000
146,000
11,680
30,000
3,000
5,300
700,000
800,000
150,000
480,000
168,750
150,000
78,000
7,400
20,000
70,000
7,200
100,000
1,264,300
70,500
2,380,000

125
125
6,800
2,380,125 2,582,375 1,884,130
689,245
2,380,125 2,582,375 2,582,375
Date Particulars Debit

Dec. 31 Interest Receivable 125


a. Interest Income

31 Utilities Expense 6,800


b. Utilities Payables

31 Sewing Supplies Expense 81,500


c. Sewing Supplies on Hand

31 Bad Debt Expense 2,180


d. Allowance for Bad Debts

31 Depreciation Expense 132,250


e. Accumulated Depreciation - Building
Accumulated Depreciation - Shop Equipment
Accumulated Depreciation - Furniture
ACTIVITY SHEET 1.4

Credit Interest Receivable


125

125 125

6,800

Utilities Expense
81,500 86,400
6,800

79,600
2,180

50,000
56,250 Sewing Supplies Expense
26,000 81,500

81,500

Bad Debt Expense


2,180

2,180
Depreciation Expense
132,250

132,250

Accumulated Depreciation - Shop Equipment


112,500
56,250
168,750
vable Interest Income
125

125

nse Utilities Payables


6,800

6,800

Expense Sewing Supplies on Hand


86,800
81,500

5,300

ense Allowance for Bad Debts


9,500
2,180
11,680
pense Accumulated Depreciation - Building
100,000
50,000
150,000

- Shop Equipment Accumulated Depreciation - Furniture


52,000
26,000
78,000
Charito Couturier Shop
Adjusted Trial Balance
December 31, 2020
Account Title Debit
Cash in Bank 187,450
Petty Cash Fund 10,000
Accounts Receivable 146,000
Allowance for Bad Debts
Notes Receivable 30,000
Advances to Employees 3,000
Interest Receivable 125
Sewing Supplies on Hand 5,300
Land 700,000
Buildings 800,000
Accumulated Depreciation - Building
Shop Equipment 480,000
Accumulated Depreciation - Shop Equipment
Furniture and Fixture 150,000
Accumulated Depreciation - Furniture and Fixture
Accounts Payable
Notes Payable
Unearned Service Income
Utilities Payable
Withholding Taxes Payable
Mortgage Payable
Charito, Capital
Charito, Drawing 70,500
Service Income
Interest Income
Salaries and Wages Expense 1,210,950
Depreciation Expense 132,250
Sewing Supplies Expense 81,500
Insurance Expense 68,450
Utilities Expense 93,200
Repairs and Maintenance Expense 20,000
Bad Debt Expense 2,180
Transportation Expense 9,000
SSS, Philhealth, and Pag-ibig Expense 41,550
Miscellaneous Expense 18,400
Interest Expense 4,400
Total 4,264,255
Credit

11,680

150,000

168,750

78,000
7,400
20,000
70,000
6,800
7,200
100,000
1,264,300

2,380,000
125

4,264,255
ACTIVIT
Charito Couturier Shop
Income Statement
For the year ended December 31, 2020

Debit
Service Income P
Add: Interest Income
Total Income P

Less: Operating Expenses


Salaries and Wages Expenses P 1,210,950
Depreciation Expense 132,250
Sewing Supplies Expense 81,500
Utilities Expense 93,200
Insurance Expense 68,450
SSS, Philhealth and Pag-ibig Expense 41,550
Repairs and Maintenance Expense 20,000
Transportation Expense 9,000
Bad Debts Expense 2,180
Miscellaneous Expense 18,400
Interest Expense 4,400
Net Income P
ACTIVITY SHEET 1.5

Credit
2, 380,000
125
2,380,125

698,245
Charito Couturier Shop
Statment of Changes in Owner's Equity
For the year ended December 31, 2020

Charito, Capital P 1,264,300


Add: Net Income 698,245
Sub-total P 1,962,545
Less: Charito, Drawing 70,500
Charito, Capital P 1,892,045
ACTIV

Charito Couturier Shop


Statement of Financial Position
December 31, 2020

ASSETS

Current Assets
Cash (Note 1) P 197,450
Trade and Other Receivables (Note 2) 190,805
Sewing Supplies on Hand 5,300 P

Non-current Assets
Property, Plant, and Equipment (Note 3)

Total Assets P

LIABILITIES AND OWNER'S EQUITY


Current Liabilities
Trade and Other Payables (Note 4) P

Non-current Liabilities
Mortgage Payable

Total Liabilities P

Owner's Equity
Charito, Capital P

Total Liabilites and Owner's Equity P


ACTIVITY SHEET 1.5

Notes to Financial Statement

Note 1: Cash
Cash in Bank
Petty Cash Fund
Total Cash

Note 2: Trade and Other Receivables


Accounts Receivable P
393,555 Allowance for Bad Debts
Notes Receivable
Advances to Employees
1,733,250 Interest Receivable
Total Trade and Other Receivables
2,126,805
Note 3: Property, Plant and Equipment
Y Land
Building P
111,400 Accumulated Depreciation - Building
Shop Equipment P
Accumulated Depreciation - Shop Equipment
100,000 Furniture and Fixture P
Accumulated Depreciation - Furniture and Fixture
211,400 Total Carrying Value

Note 4: Trade and Other Payables


1,892,045 Accounts Payable
Notes Payable
2,314,845 Unearned Service Income
Withholding Taxes Payable
Utilities Payable
Total Trade and Other Payables
o Financial Statement

P 187,450
10,000
P 197,450

146,000
11,680 P 157,680
30,000
3,000
125
P 190,805

P 700,000
800,000
150,000
480,000
168750
150,000
78,000
P 1,733,250

P 7,400
20,000
70,000
7,200
6,800
P 111,400
ACTIVITY SHEET 1.5

Charito Couturier Shop


Statement of Cash Flows
For the year ended December 31, 2020

Cash flows from operating activities


Inflow
Cash service fees from designing and sewing P 2,034,125
Collection on accounts receivable 146,000 P
Outflow
Payment of account purchases of sewing supplies 385,000
Payment of various operating expenses 693,845
Interest Expense 4,400
Net cash from operating activities P

Cash flows from financing activities


Outflow
Partial payment of bank loan (part of mortgage payable)
Net increase in Cash in Bank P
Add: Cash in Bank, January 1
Cash in Bank, December 31 P
2,180,125

1,083,245

50,000
1,046,880
83,275
1,130,155
ACTIVITY SHEET 1.6
JOURNALIZING CLOSING ENTRIES

Date Particulars
Dec. 31 Service Income
Interest Income
Income Summary
Post nominal accounts with normal CREDIT balances

31 Salaries and Wages Expenses


Depreciation Expense
Sewing Supplies Expense
Utilities Expense
Insurance Expense
SSS, Philhealth and Pag-ibig Expense
Repairs and Maintenance Expense
Transportation Expense
Bad Debts Expense
Miscellaneous Expense
Interest Expense
Close nominal accounts with normal DEBIT balances

31 Income Summary
Charito, Drawing

31 Charito, Drawing
Charito, Capital
Y SHEET 1.6
CLOSING ENTRIES

Debit Credit
2,380,000
125
2,380,125

1,210,950
132,250
81,500
93,200
68,450
41,550
20,000
9,000
2,180
18,400
4,400

698,245
698,245

627,745
627,745
ACTIIVITY SHEET 1.7

Charito Couturier Shop


Post-Closing Trial Balance
December 31, 2020
Account Title Credit
Cash in Bank P 187,450
Petty Cash Fund 10,000
Accounts Receivable 146,000
Allowance for Bad Debts
Notes Receivable 30,000
Advances to Employees 3,000
Interest Receivable 125
Sewing Supplies on Hand 5,300
Land 700,000
Building 800,000
Accumulated Depreciation-Building
Shop Equipment 480,000
Accumulated Depreciation-Shope Equipment
Furniture and Fixture 150,000
Accumulated Depreciation-Furniture and Fixture
Accounts Payable
Notes Payable
Unearned Service Income
Utilities Payable
Withholding Taxes Payable
Mortgage Payable
Charito, Capital
Total P 2,511,875
Debit
187,450

P 11,680

150,000

168,750

78,000
7,400
20,000
70,000
6,800
7,200
100,000
1,892,045
P 2,511,875
Reversing Entries
Date Particulars Debit
2021
Jan. 1 Interest Income 125
Interest Receivable
Interest earned but not yet received

1 Utilities Payable 6800


Utilities Expense
Electricity bill for the month of December

1 Sewing Supplies on Hand 81,500


Sewing Supplies Expense
Sewing supplies consumed during the year

1 Allowance for Bad Debts 2,180


Bad Debts Expense
Allowance for Doubtful Accounts increased to 8%

1 Accumulated Depreciation - Building 50,000


Accumulated Depreciation - Shop Equipment 56,250
Accumulated Depreciation - Furniture 26,000
Depreciation Expense
Depreciation Expenses occured in 2020
Credit

125

6800

81,500

2,180

132,250

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