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Labasbas Summative

The document is a post-closing trial balance for Pinklane Company as of December 31, 2X21 presented in peso. It shows the company's assets of ₱3,802,200 consisting of current assets of ₱1,687,200 and noncurrent assets of ₱2,115,000. Liabilities total ₱1,202,200 including current liabilities, and owner's equity consists of Pinky Ramos's capital contribution of ₱2,600,000. The accounting equation of assets equaling liabilities plus owner's equity is satisfied.

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Alexidaniel Labasbas
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374 views

Labasbas Summative

The document is a post-closing trial balance for Pinklane Company as of December 31, 2X21 presented in peso. It shows the company's assets of ₱3,802,200 consisting of current assets of ₱1,687,200 and noncurrent assets of ₱2,115,000. Liabilities total ₱1,202,200 including current liabilities, and owner's equity consists of Pinky Ramos's capital contribution of ₱2,600,000. The accounting equation of assets equaling liabilities plus owner's equity is satisfied.

Uploaded by

Alexidaniel Labasbas
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Pinklane Company

Post-Closing Trial Balance


December 31, 2X21
(In Philippine Peso)

B. Account Form

Assets Liabilities and Owner’s Equity


Current Assets Current Liabilities
Cash in Bank ₱ 123,153 Accounts Payable Trade ₱ 960,000
Petty Cash Fund 10,000 Note Payable-Noncurrent 234,000
Accounts Receivable (net of ₱15,000 644,340 SSS, PhilHealth, HDMF Payable 4,000
allowance for bad debts)
Notes Receivable 132,200 Withholding Taxes Payable 2,600
Merchandise Inventory, Dec 31, 2X21 774,307 Accrued Expense Payable 1,300
Prepaid Expenses 3,200 Total of Current Liabilities 1,202,200
Total of Current Assets 1,687,200

Noncurrent Assets Owner’s Equity


Furniture and Fixture 900,000 Pinky Ramos, Capital 2,600,000
Less: Accumulated Dep’n-Fur/Fix 855,000
Transportation Equipment 1,400,000
Less: Accumulated Dep’n-Trans Equip 1,260,000
Total Assets ₱ 3,802,200 Total Liabilities and Owner’s Equity ₱ 3,802,200
Pinklane Company
Post-Closing Trial Balance
December 31, 2X21
(In Philippine Peso)

C. Report Form
Assets
Current Assets
Cash in Bank ₱ 123,153
Petty Cash Fund 10,000
Accounts Receivable (net of ₱15,000 allowance for bad debts) 644,340
Notes Receivable 132,200
Merchandise Inventory, Dec 31, 2X21 774,307
Prepaid Expenses 3,200
Total of Current Assets 1,687,200

Noncurrent Assets
Furniture and Fixture 900,000
Less: Accumulated Dep’n-Fur/Fix 855,000
Transportation Equipment 1,400,000
Less: Accumulated Dep’n-Trans Equip 1,260,000
Total Assets ₱ 3,802,200

Liabilities and Owner’s Equity


Current Liabilities
Accounts Payable Trade ₱ 960,000
Note Payable-Noncurrent 234,000
SSS, PhilHealth, HDMF Payable 4,000
Withholding Taxes Payable 2,600
Accrued Expense Payable 1,300
Total of Current Liabilities 1,202,200

Owner’s Equity
Pinky Ramos, Capital 2,600,000

Total Liabilities and Owner’s Equity ₱ 3,802,200


Alexidaniel I. Labasbas
Grade 12 – Unity

Requirement 1:

Assets = Liabilities + Capital

3,802,200 = 1,202,200 + 2,600,000

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