REVENUES JOURNAL

Date Invoice No. Accounts Debited P.R. Service Revenue Accounts Receivable
2022 Credit Debit
Apr 4 2501 GLS Co.  70,000 70,000
9 2502 ABS Company  150,000 150,000
22 2503 Elizalde Company  50,000 50,000
27 2504 Del Fierro Inc.  120,000 120,000

TOTAL ₱ 390,000 ₱ 390,000

(400) (103)

CASH RECEIPT JOURNAL

Date O.R Invoice Accounts Debited P.R. Accounts Service Cash Debit
2022 No. No. Receivable Revenue
Apr 5 5201 2490 Montefalco Company  50,000 50,000
6 5202 CLS Inc.  80,000 80,000
11 5203 2501 GLS Co.  70,000 70,000
16 5204 2589 AGS Corp  95,000 95,000
26 5205 2502 ABS Company  150,000 150,000

TOTAL ₱365,000 ₱80,000 ₱445,000

(103) (400) (100)
 CASH DISBURSEMENT JOURNAL
Date Check Check Accounts Debited P.R Sundry Salaries SSS, PH, Withholding Supplies Input Expande Cash Credit
Voucher No. Debit Expense Pagibig Tax Payable Expense VAT d
2022 No. Debit Payable Debit Debit Debit Withhold
Debit Credit ing Tax
(Credit) Payable
Debit
(Credit)
Apr 4 17001 2510001 CLM Bookstore-Office Supplies  1760 240 2,000
6 17002 2510002 Riego Office Equipment-Office Equipment 112 13,200 1,800 15,000
6 17003 2510003 Hidalgo Realty Inc. – Rental 504 14,000 (1,000) 13,000
11 17004 2510004 BIR  1,300 1,000 2,300
11 17005 2510005 SSS, Philhealth and Pagibig  6,000 6,000
11 17006 2510006 Utilities Payable- (Water March bill) 205 600 600
11 17007 2510007 Utilities Payable – (Electricity March bill) 205 5,500 5,500
15 17008 2510008 Payroll (Apr 1 to 15)  25,000 (1,000) 24,000
30 17009 2510009 Payroll (Apr 1 to 30)  25,000 (1,300) (700) 23,000
30 17010 2510010 E. Louise Ty, Drawings 303 15,000 15,000
30 17011 2510011 H. Richard Ty, Drawings 304 15,000 15,000
30 17012 2510012 Buenaventura Furniture-Office Furniture 113 8,800 1,200 10,000

TOTAL ₱72,100 ₱50,000 ₱3,700 ₱600 ₱1,760 ₱3,240 ₱0 ₱131,400

 (502) (204) (202) (506) (108) (203) (100)
 GENERAL JOURNAL
GENERAL JOURNAL ADJUSTING ENTRIES CLOSING JOURNAL ENTRIES
Date Accounts Title and Explanation P.R Debit Credit Date Accounts Title and Explanation P.R Debit Credit
2022 2022
Apr 30 Utilities Expense-Water 502 ₱ 400 Apr 30 Service Revenues 400 ₱ 470,000
Utilities Payable 205 ₱400 Income Summary 305 ₱470,000
To record water consumption (April) To close the services revenues account

30 Utilities Expense-Electricity 502 3,500 30 Income Summary 305 89,453.33

Utilities Payable 205 3,500 Salaries Expense 502 50,000
To record electricity consumption (April) SSS,PH and Pagibig Contribution 503 3,500
Rent Expense 504 14,000
30 SSS, Philhealth and Pagibig Contributions 503 3,500 Utilities Expense 505 3,900
SSS, Philhealth and Pagibig Contributions Payable 204 3,500 Supplies Expense 506 1,760
To record employer’s share on SSS, Philhealth, Depreciation Expense-Office Equipment 508 2,193.33
and pagibig Percentage Tax Expense 509 14,100
To close the expenses account
30 Depreciation Expense-Office Equipment 508 2,193.33
Accumulated Depreciation Expense-Office Equipment 112 2,193.33 30 Income Summary 305 380,546.67
To record depreciation for April E. Louise Ty, Capital 301 190,273.335
H. Richard Ty, Capital 302 190,273.335
30 Percentage Tax Expense 509 14,100 To close the income summary
Accrued Percentage tax payable 206 14,100
To record accrual of percentage tax for November 30 E. Louise Ty, Capital 301 15,000
H. Richard Ty, Capital 302 15,000
E. Louise Ty, Drawings 303 15,000
H. Richard Ty, Drawings 304 15,000
To close the drawings account
 GENERAL LEDGER
100 Cash 112A Accumulated Depreciation- Office Equipment
Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 1 Beginning  399,400 399,400 Apr 1 Beginning  15,000 15,000
30 Cash Receipt Journal CRJ1 445,000 844,400 30 Adjusting GJ1 2,193.33 17,193.33
30 Cash Disbursement Journal CDJ1 131,400 713,000

103 Accounts Receivable 113 Office Furniture

Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 1 Beginning  145,000 145,000 Apr 30 Cash Disbursement Journal CDJ1 8,800 8,800
30 Revenues Journal RJ1 390,000 390,000
30 Cash Receipt Journal CRJ1 36,500 170,000

108 Input VAT 200 Accounts Payable

Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 30 Cash Disbursement Journal CDJ1 3240 3240

112 Office Equipment 202 Withholding Tax Payable

Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 1 Beginning  250,000 250,000 Apr 1 Beginning  1,300 1,300
30 Cash Disbursement Journal CDJ1 13,200 263,200 30 Cash Disbursement Journal CDJ1 600 700
203 Expanded Withholding Taxes Payable 301 E. Louise Ty, Capital
Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 1 Beginning  1,000 1,000 Apr 1 Beginning  380,000 380,000
30 Cash Disbursement Journal CDJ1 0 1,000 30 Closing GJ2 190,273.335 570,273.335
30 Closing GJ2 15,000 555,273.335

204 SSS, Philhealth and Pagibig Contributions Payable 302 H. Richard Ty, Capital
Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 1 Beginning  6,000 6,000 Apr 1 Beginning  380,000 380,000
11 Cash Disbursement Journal CDJ1 3,700 2,300 30 Closing GJ2 190,273.335 570,273.335
30 Adjusting GJ1 3,500 5,800 30 Closing GJ2 15,000 555,273.335

205 Utilities Payable 303 E. Louise Ty, Drawings

Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 1 Beginning  6,100 6,100 Apr 30 Cash Disbursement Journal CDJ1 15,000 15,000
11 Cash Disbursement Journal CDJ1 600 5,500 30 Closing GJ2 15,000 0
11 Cash Disbursement Journal CDJ1 5,500 0
30 Adjusting-Water GJ1 400 400
30 Adjusting-Electricity GJ1 3,500 3,900
206 Accrued Percentage Tax Payable
Date Description P.R Debit Credit Balance 304 H. Richard Ty, Drawings
Apr 1 Beginning  5,000 5,000 Date Description P.R Debit Credit Balance
30 Adjusting GJ1 14,100 19,100 Apr 30 Cash Disbursement Journal CDJ1 15,000 15,000
30 Closing GJ2 15,000 0
305 Income Summary 504 Rent Expense
Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 30 Closing GJ2 470,000 470,000 Apr 6 Cash Disbursement Journal CDJ1 14,000 14,000
30 Closing GJ2 89,453.33 380,546.67 30 Closing GJ1 14,000 0
30 Closing GJ2 380,546.67 0

400 Service Revenues 505 Utilities Expense

Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 30 Revenues Journal RJ1 390,000 390,000 Apr 30 Adjusting-Water GJ1 400 400
30 Cash Receipt Journal CRJ1 80,000 470,000 30 Adjusting-Electricity GJ1 3,500 3,900
30 Closing GJ2 470,000 0 30 Closing GJ2 3,900 0

502 Salaries Expense 506 Supplies Expense

Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 30 Cash Disbursement Journal CDJ1 50,000 50,000 Apr 30 Cash Disbursement Journal CDJ1 1,760 1,760
30 Closing GJ2 50,000 0 30 Closing GJ1 1,760 0

503 SSS, Philhealth and Pagibig Contributions 507 Transportation Expense

Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 30 Adjusting GJ1 3,500 3,500
30 Closing GJ2 3,500 0
508 Depreciation Expense-Office Equipment Accounts Receivable- Del Fierro Inc.
Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 30 Adjusting GJ1 2,193.33 2,193.33 Apr 27 Issued Invoice No. 2504  120,000 120,000
30 Closing GJ2 2,193.33 0

509 Percentage Tax Expense

Date Description P.R Debit Credit Balance Accounts Receivable- Elizalde Company
Apr 30 Adjusting GJ1 14,100 14,100 Date Description P.R Debit Credit Balance
30 Closing GJ2 14,100 0 Apr 22 Issued Invoice No. 2503 RJ1 50,000 50,000

SUBSIDIARY LEDGER
Accounts Receivable-ABS Company Accounts Receivable- GLS Co.
Date Description P.R Debit Credit Balance Date Description P.R Debit Credit Balance
Apr 4 Issued Invoice No. 2501 RJ1 70,000 70,000
Apr 9 Issued Invoice No. 2502 RJ1 150,000 150,000
Issued Official Receipt No. 5205 11 Issued official receipt No. 5203 CRJ1 70,000 0
CRJ1 15,000 0

Accounts Receivable- AGS Corp.

Date Description P.R Debit Credit Balance Accounts Receivable- Montefalco Company
Apr 1 Issued Invoice No. 2589  95,000 95,000 Date Description P.R Debit Credit Balance
16 Issued Official Receipt No. 5204 CRJ1 95,000 0 Apr 1 Issued Invoice No. 2490  50,000 50,000
5 Issued official receipt No. 5201 CRJ1 50,000 0
 JSL PARTNERSHIP
Worksheet
For the Month Ended, April 30, 2022

Account Account Title Trial Balance Adjustment Income Statement Balance Sheet
No. Debit Credit Debit Credit Debit Credit Debit Credit
100 Cash ₱ 713,000 ₱ 713,000
103 Accounts Receivable 170,000 170,000
108 Input VAT 3,240 3,240
112 Office Equipment 263,200 263,200
112A Accumulated Depreciation-Office Equipment ₱ 15,000 ₱ 2,193.33 ₱ 17,193.33
113 Office Furniture 8,800 8,800
202 Withholding Tax Payable 700 700
203 Expanded Withholding Taxes Payable 1,000 1,000
204 SSS,PH and Pagibig Contributions Payable 2,300 3,500 5,800
205 Utilities Payable 3,900 3,900
206 Accrued Percentage Tax Payable 5,000 14,100 19,100
301 E. Louise Ty, Capital 380,000 380,000
302 H. Richard Ty, Capital 380,000 380,000
303 E. Louise Ty, Drawings 15,000 15,000
304 H. Richard Ty, Drawings 15,000 15,000
400 Service Revenues 470,000 ₱ 470,000
502 Salaries Expense 50,000 ₱ 50,000
503 SSS, PH and Pagibig Contributions ₱ 3,500 3,500
504 Rent Expense 14,000 14,000
505 Utilities Expense 3,900 3,900
506 Supplies Expense 1,760 1,760
508 Depreciation Expense 2,193.33 2,193.33
509 Percentage Tax Expense 14,100 14,100
₱1,254,000 ₱1,254,000 ₱23,693.33 ₱23,693.33 89,453.33 1,188,240 807,693.33
Net Income 380,546.67 380,546.67
TOTAL ₱470,000 ₱470,000 ₱1,188,240 ₱1,188,240
 JSL Partnership
Statement of Comprehensive Income JSL Partnership
For the month ended April 30, 2022 Statement of Financial Position
April 30, 2022
REVENUES
Service Revenues ₱ 470,000 ASSETS
Cash ₱ 713,000
OPERATING EXPENSES Accounts Receivable 170,000
Salaries Expense ₱ 50,000 Input VAT 3,240
SSS, PH and Pagibig Contribution 3,500 Total Current Asset ₱ 886,240
Rent Expense 14,000 Office Equipment ₱ 263,200
Utilities Expense 3,900 Accumulated Depreciation (17,193.33)
Supplies Expense 1,760 Office Furniture 8,800
Transportation Expense Total Non-current Asset ₱ 254,806.67
Depreciation Expense-Office Equipment 2,193.33 TOTAL ASSET ₱1,141,046.67
Percentage Tax Expense 14,100
LIABILITIES
Total Expenses (89,453.33)
Accounts Payable ₱ 0
Net Income ₱ 380,546.67
Withholding Tax Payable 700
Expanded Withholding Tax Payable 1,000
SSS, PH and Pagibig Contributions Payable 5,800
JSL Partnership
Utilities Payable 3,900
Statemnt of Partner’s Equity
Accrued Percentage Tax Payable 19,100
For the Month Ended April 30, 2022
Total Liabilities ₱ 30,500

E. Louise Ty H. Richard Ty Totals

Beginning Capital ₱ 380,000 ₱ 380,000 ₱760,000
PARTNERS EQUITY
Drawings (15,000) (15,000) (30,000)
E. Louise Ty, Capital–April 30, 2022 ₱555,273.335
Net Income 190,273.335 190,273.335 380,546.67
H. Richard Ty, Capital – April 30, 2022 555,273.335
Ending Capital ₱555,273.335 ₱555,273.335 ₱1,110,546.67
Total Partner’s Equity 1,110,546.67
TOTAL LIABILITIES AND PARTNERS EQUITY ₱1,141,046.67
 JSL Partnership
JSL Partnership
Post-Closing Trial Balance
Statement of Cash Flows
April 30, 2022
For the Month Ended April 30, 2022

Account Titles Debit Credit

CASH-IN ACTIVITIES:
Collections from customer’s ₱ 80,000
100 Cash ₱ 713,000
Collections from receivables 365,000
103 Accounts Receivable 170,000
Total Cash-In ₱ 445,000
CASH-OUT ACTIVITIES: 108 Input VAT 3,240
Payment for office supplies ₱ 2,000 112 Office Equipment 263,200
Payment for office equipment 15,000
112A Accumulated Depreciation-Office Equipment ₱ 17,193.33
Payment for rental 13,000
Payment for BIR 2,300
113 Office Furniture 8,800
Payment for SSS, Philhealth and Pagibig 6,000
Payment for utilities (March) 4,100 202 Withholding Tax Payable 700
Payment for Payroll (April 1-15) 24,000
203 Expanded Withholding Taxes Payable 1,000
Payment for Payroll (April 16-30) 23,000
E. Louise Ty withdrawals 15,000 SSS,Philhealth and Pagibing 5,800
204
H. Richard Ty withdrawals 15,000 Contributions Payable
Payment for Office Furniture 10,000 3,900
205 Utilities Payable
____________________________ _____________
____________________________ _____________ 206 Accrued Percentage Tax Payable 19,100
Total Cash-Out ___131,400
301 E. Louise Ty, Capital 555,273.335
NET INCREASE IN CASH ₱ 313,600
Add: Cash Balance, April 1, 2022 399,400 302 H. Richard Ty, Capital 555,273.335
CASH BALANCE, April 30, 2022 ₱ 713,000

₱1,158,240 ₱1,158,240