Dr. Cr.

DEC. 1 110 CASH ₱ 150,000.00

310 DETOYA, CAPITAL ₱ 150,000.00

DEC. 2 150 PREPAID RENT ₱ 8,000.00

110 CASH ₱ 8,000.00

DEC. 2 140 SUPPLIES ₱ 7,200.00

210 ACCOUNTS PAYABLE ₱ 7,200.00

DEC. 3 160 OFFICE EQUIPMENT ₱ 75,000.00

110 CASH ₱ 37,000.00
210 ACCOUNTS PAYABLE ₱ 38,000.00

DEC. 8 210 ACCOUNTS PAYABLE ₱ 7,200.00

110 CASH ₱ 7,200.00

DEC. 14 510 SALARIES EXPENSE ₱ 6,000.00

110 CASH ₱ 6,000.00

DEC. 20 110 CASH ₱ 20,000.00

410 CONSULTING REVENUES ₱ 20,000.00

DEC. 28 510 SALARIES EXPENSE ₱ 6,000.00

110 CASH ₱ 6,000.00

DEC. 30 130 FEES RECEIVABLE ₱ 48,000.00

410 CONSULTING REVENUES ₱ 48,000.00

DEC. 31 320 DETOYA, WITHDRAWALS ₱ 12,000.00

110 CASH ₱ 12,000.00
 CASH FEES RECEIVABLE
12/1 150000 8000 12/2 12/30 48,000
12/20 20000 37000 12/5
7200 12/8
6000 12/14
6000 12/28 ₱ 48,000.00
12000 12/30
₱ 170,000.00 ₱ 76,200.00
₱ 93,800.00

ACCOUNT PAYABLE DETOYA, CAPITAL

12/8 7,200 7,200 12/2 150000 12/1
38,000 12/3

₱ 7,200.00 ₱ 45,200.00 ₱ 150,000.00

₱ 38,000.00
 SUPPLIES PREPAID RENT OFFICE EQUIPMENT
12/2 7,200 12/2 8000 12/3 75000

₱ 7,200.00 ₱ 8,000.00 ₱ 75,000.00

DETOYA, WITHDRAWALS CONSULTING REVENUES SALARIES EXPENSE

12/31 12,000 20,000 12/20 12/14 6,000
48,000 12/30 12/28 6,000

₱ 12,000.00 ₱ 68,000.00 ₱ 12,000.00

OFFICE EQUIPMENT

SALARIES EXPENSE
 EDGAR DETOYA, TAX CONSULTANT ADJUST
UNADJUSTED TRIAL BALANCE
FOR THE MONTH ENDED DECEMBER 31, 2010 DEC. 31

Dr. Cr.
cash ₱ 93,800.00 DEC. 31
fees receivable ₱ 48,000.00
supplies ₱ 7,200.00
prepaid rent ₱ 8,000.00 DEC. 31
office equipment ₱ 75,000.00
accounts payable ₱ 38,000.00
detoya, capital ₱ 150,000.00 DEC. 31

detoya, withdrawal ₱ 12,000.00

consulting revenue ₱ 68,000.00
salaries expense ₱ 12,000.00 DEC. 31
TOTAL ₱ 256,000.00 ₱ 256,000.00
 ADJUSTING ENTRIES
Dr. Cr.
a.) Rent expense ₱ 8,000.00
Prepaid rent ₱ 8,000.00

b.) Supplies expense ₱ 2,500.00

Supplies ₱ 2,500.00

c.) Salaries expense ₱ 1,800.00

Salaries payable ₱ 1,800.00

d.) Depreciation Expense ₱ 800.00

Accumulated
depreciation ₱ 800.00

e.) Fees Receivable ₱ 10,000.00

Consulting revenues ₱ 10,000.00
 EDGAR DETOYA, TAX CONSULTANT
WORKSHEET
DECEMBER 31, 2010
ACCOUNTS unadjusted adjustment adjusted TB income statement balance sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr.
cash ₱ 93,800.00 ₱ 93,800.00 ₱ 93,800.00
fees receivable ₱ 48,000.00 e.10000 ₱ 58,000.00 ₱ 58,000.00
supplies ₱ 7,200.00 b. 2500 ₱ 4,700.00 ₱ 4,700.00
prepaid rent ₱ 8,000.00 a.8000 ₱ -
office equipment ₱ 75,000.00 ₱ 75,000.00 ₱ 75,000.00
accounts payable ₱ 38,000.00 ₱ 38,000.00
detoya, capital ₱ 150,000.00 ₱ 150,000.00
detoya, withdrawal ₱ 12,000.00 ₱ 12,000.00 ₱ 12,000.00
consulting revenue ₱ 68,000.00 e. 10000 ₱ 78,000.00 ₱ 78,000.00
salaries expense ₱ 12,000.00 c. 1800 ₱ 13,800.00 ₱ 13,800.00
Total ₱ 256,000.00 ₱ 256,000.00
ADJUSTMENTS:
rent expense a.8000 ₱ 8,000.00 ₱ 8,000.00
supplies expense b 2500 ₱ 2,500.00 ₱ 2,500.00
salaries payable c 1800 ₱ 1,800.00
depreciation expense d. 800 ₱ 800.00 ₱ 800.00
accumulated depreciation d. 800 ₱ 800.00
Total ₱ 14,100.00 ₱ 14,100.00 ₱ 268,600.00 ₱ 268,600.00 ₱ 25,100.00 ₱ 78,000.00 ₱ 243,500.00
PROFIT(LOSS) ₱ 52,900.00
TOTAL ₱ 78,000.00 ₱ 78,000.00 ₱ 243,500.00
lance sheet closing post closing
Cr. Dr. Cr. Dr. Cr.
₱ 93,800.00
₱ 58,000.00
₱ 4,700.00
₱ -
₱ 75,000.00
₱ 38,000.00 ₱ - ₱ 38,000.00
₱ 150,000.00 ₱ 12,000.00 ₱ 52,900.00 ₱ - ₱ 190,900.00
₱ 12,000.00
₱ 78,000.00
₱ 13,800.00

₱ 8,000.00
₱ 2,500.00
₱ 1,800.00 ₱ 1,800.00
₱ 800.00
₱ 800.00 ₱ 800.00
₱ 190,600.00 ₱ 90,000.00 ₱ 90,000.00 ₱ 231,500.00 ₱ 231,500.00
₱ 52,900.00
₱ 243,500.00
 EDGAR DETOYA, TAX CONSULTANT EDGAR DETOYA, TAX CONSULTANT
INCOME STATEMENT STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED DECEMBER 31,2010 FOR THE PERIOD ENDED DECEMBER 31,2010

REVENUES: BEG. CAPITAL

ADD: ADDITIONAL
consulting revenue ₱ 78,000.00 INVESMENT ₱ -
PROFIT ₱ 52,900.00
LESS: EXPENSES TOTAL
Salaries expense ₱ 13,800.00 LESS:WITHDRAWALS
rent expense ₱ 8,000.00 Detoya, capital 12/31/10
supplies expense ₱ 2,500.00
depreciation
expense ₱ 800.00 ₱ 25,100.00
PROFIT(LOSS) ₱ 52,900.00
AX CONSULTANT EDGAR DETOYA, TAX CONSULTANT
ANGES IN EQUITY BALANCE SHEET
D DECEMBER 31,2010 AS OF DECEMEBER 31,2010

₱ 150,000.00 ASSETS:

CURRENT:
₱ 52,900.00 cash ₱ 93,800.00
₱ 202,900.00 fees receivable ₱ 58,000.00
₱ 12,000.00 supplies ₱ 4,700.00
₱ 190,900.00
TOTAL CURRENT ASSETS: ₱ 156,500.00

NON-CURRENT ASSETS:
office equipment ₱ 75,000.00
accumulated depreciation -₱ 800.00
TOTAL NON-CURRENT ASSETS ₱ 74,200.00
TOTAL ASSETS:
LIABILITIES & OWNER'S EQUITY
LIABILITIES:
CURRENT LIABILITIES:
Accounts Payable ₱ 38,000.00
Salaries Payable ₱ 1,800.00
TOTAL CURRENT LIABILITIES ₱ 39,800.00
OWNER'S EQUITY
Detoya, capital ₱ 190,900.00
TOTAL LIABILIES & EQUITY
 EDGAR DETOYA, TAX CONSULTANT
STATEMENT OF CASHFLOW
FOR THE MONTH ENDED DECEMBER 31, 2010

Inflows(outflows) of cash- operating activities

Collection from cash customers ₱ 20,000.00

payment of rent -₱ 8,000.00
payment of salaries -₱ 12,000.00
payment of Accounts payable -₱ 7,200.00
Collection of Accounts Receivable ₱ -

NET OUTFLOW-OPERATING ACTIVIES

INFLOWS(OUTFLOWS) OF CASH- INVESTING ACTIVITIES

Payment for Office Equipment -₱ 37,000.00
₱ 230,700.00 NET OUTFLOW- INVESTING ACTIVITIES

INFLOWS(OUTFLOWS) OF CASH- FINANCING ACTIVITIES

Investment of the owner ₱ 150,000.00
Withdrawal of the owner -₱ 12,000.00
NET INFLOW- FINANCING ACTIVITIES

CASH DECEMBER 31, 2010

₱ 230,700.00
-₱ 7,200.00

-₱ 37,000.00

₱ 138,000.00

₱ 93,800.00
 EDGAR DETOYA, TAX CONSULTANT
CLOSING ENTRIES
FOR THE PERIOD DECEMBER 31, 2010
Dr. Cr.
1.) Consultanting Revenues ₱ 78,000.00
Income summary ₱ 78,000.00
#To close revenues account to income summary account.

2.) Income summary ₱ 25,100.00

Salaries expense ₱ 13,800.00
rent expense ₱ 8,000.00
supplies expense ₱ 2,500.00
depreciation
expense ₱ 800.00
#To close expense accounts to income summary account.
3.) Income summary ₱ 52,900.00
Detoya, Capital ₱ 52,900.00
#To close income summary account to Detoya, Capital account.

4.) Detoya, Capital ₱ 12,000.00

Detoya, Withdrawals ₱ 12,000.00
 EDGAR DETOYA, TAX CONSULTANT REVERSING ENTRIES
POST-CLOSING TRIAL BALANCE
FOR THE PERIOD ENDED DECEMBER 31, 2010

Dr. Cr.

cash ₱ 93,800.00
fees receivable ₱ 58,000.00
supplies ₱ 4,700.00
office equipment ₱ 75,000.00
accumulated depreciation ₱ 800.00
Accounts Payable ₱ 38,000.00

Salaries Payable ₱ 1,800.00

Detoya, capital ₱ 190,900.00
TOTAL ₱ 231,500.00 ₱ 231,500.00
 REVERSING ENTRIES

Salaries Payable ₱ 1,800.00

Salaries Expense ₱ 1,800.00

Consulting Revenues ₱ 10,000.00

Account Receivable ₱ 10,000.00