Page 10

Page9
PHILASIA DISTRIBUTORS
The
PROBLEM1
business,
PAILASA DSTIBUTO RS
CHART OF ACCOUNTS

APRIL ietorshipPHILASA
proprietorship with theDISTRIBUTORS,
with Dens ORS, Was ingle
Use for Journalizationand Pasting to the Ledger
invested P39,000. Department of Ws teetstered as a5:Juan Lope.
Trade and indu
100 ASSETS 400 INOCME
2 8ought computer equlpment 101CASH 401SALES
for 405SALES RETURNS&ALLOWANCES
2 Bought merchandise on P10,000 cash. 105ACCOUNTS RECENABLE
terms 2/10, n/30. account from iowTowN SUpPY Co,
O W N Supply
P15,900,
115 MERCHANDISE INVENTORY 410SALESDISCOUNTS
3
Bought offlce supplies on cash 120SUPPLIUES 500 EXPENSES
Sold merchandise basis tor P700 s01 coST OF GOODSSOLDo
on account P15,200, FOB rms2/10, 150EQUIPMENT
n/30.The cost of merchandise sold was Destination, 20dLIABILITIES S03 ADVERTISING EXPENSE
5 Paid P200 freight on P12,200. So6 FREKGHT OUT
April 4 sale. 201accoUNTSPAYABLE
6 Received credit
fromloWTOWNpply Supply CoCofor
for merchandise returned s10RENT EXPENSE
P300 merchandis 202 NOTES PAYABLE
530SALARIES
11 Paid LOWTOWN. 300 EOUTY
301LOPEZ,CAPITAL S40 UTILITIES
13 Collected from
April 4customers. 601 INOCME SUMRY
302 LOPEZ, ORAWINGS
14 Bought merchandise cash basis for P14,400.
on

15 Sataries paid P1,500 PHILASIA DISTRIBUTORS

tar
Borrowed money from RCBC Bank, signed a promissory note CHART OF ACcoUNTS

P12,000 Use for FinancialStatements

Preparation
Received refund froma supplleron cash purchase of April 14, P500
17 400 INOOME
FOB Shipping point,terms, 100ASSETS
Bought merchandise from MESDA, P14,200, 401
18
2/10,n/30. 101 Cash &Cash Equivalents. Net Saes

18 purchase, 700 105 Receivables

40S
20 Patd freight o n April
had a cost of 410
m e r c h a n d i s e for P16,400.
The merchandise sold
Sold i5nventories
500 EXPENSES
23
120 Prepaid Expenses
P10,500
merchandise for cash, P12,300 150|Property Plant &-Equipment.
S01 Costof Gods Soid
26 Bought No discount allowed on 503 AdvernsingExpense
Paid MESDA on the April 18 purchase, P9,000. 200 LIABILITIES so6 FreightOut
27 partial payment. 201 Accounts Payable
PZ,008, 510 Rent Expense
got cash from the business, merchandise,P900. 202 Notes Payable
JLopez 530)Salaries
28 customers
fordefective
cash Cost o t the merchandise
to 300EQUTY
P13,700, n/30:
Made
refund $40 utäities
29 account,
on
Sold
merchandise

P400; Rent P350. 301|Lopez, Capital

Utilities,
30 sold is P11,000 Advertising,
P1,000; 302Lopez, Drawings
:
the
following
PHILASIA PAGE 4
Paid SET 1 FALG 201611-95152

30 Salarles,P1,500.

PHILASIA
PAGE 3 HCSBKP307-0117
BOOKKECPHIG NC IU
SET 1 KER 20161SI$2

HCsBKP307-0117
 Page 12
**

Page
CENERAL URNAL (SCHECKMARKS ON THIS PAGEJ
PACE NUMBER2 aJRRENT CURNAL ENTRES
ection Instruct ions DATE DESRIPTION LREF OEBIT REDIT
25 checkmarksx 1% 25 April 13Cash 1 101 14896
410 04|
Cnly 1 check mark for the complete Sales Discounts
For strict
compliance entry on a per date AccOuntsReceivables 105 15200| - -

EERAL URALI9 CHECKMARKS ON TRIS bas Oolledionsin full ftom Tean Power
PAGENUMBERI
RRENT OURNALENTRIES 115 14400
:Aprii Qash
DESORIFTION REF DEBIT RE
14 Merchandiseinventory i101 14400
** ****** Cash
Lpez, Capitel 101 39.000 39,000
Boughi merchandise on cash basiS
inila Inyestment . .
15 9alaries
530 1500 1500
12iEquipment 101
Casn
10000 10000 C2sh
Salaries paid
BoughL eguipmen.
101 12,000
12000
2 Me:chandise In ventoty 115 15,900 15900
16Cash 202
CCOunts.Payable - Notes Payable
Promissory.noledslgped withRBC
LOWt own pgly Company.2110/30
5001
plies
700. 17 Cash
101 Mer chandise InventorY
Aprid 14
Boughtsupplies Refund fram supplier on
10515,200
14200 14200
4'Accounls Receiyabie 15. 18|MerchandiseInventory
401
Sel es Accounts Payable
n/30 FOBdes Company.210i3
.eam Fbwer,2/ 10/ Mesda Distributors
501 12,200 FCBshipping point2/10N30
12.200|
Cos of oods old i115 700
ierchandise invenloY. |20MerchandiseInventory L101J
to Team Power
Cost ofgOOdssol d 200 Cash purchase
001
Freighl on Apri 18
16,400
5.Freight Out 101 5400

Cas i 401
Freighi an April 4sale. 300
Saes
Cash $a es 10,50010500 V
Accounls Peyabe 501
Merchan dise Inventory
ceditrom
LowtownEuppPLY
JCDs ofGoodsSold 115
Received
redurned
merchandise 9690 * * * * * * ***
Merchandise Inventory
85,400 | 85400
mpany lor 201 312
.
*"*
15288 Oost ofgoods sald
Accounts Payabe.... 101

- Merchandiseinventory PAGE 6 R{ITIEu-SIS2

2iransaction-
09.100 109,100 SET 1 PHILASIA

Lowtown
April
F2Ynentof

HCSBKP307-0117

B0OKKEEPNG NC }0

***
PAGE 5 F 2016-11.9$152
PHILASIA
SET 1

HCS8KP 070117
.KKECaio
 ions
Cor r e c t
ion inst r uct10%
Page13 1. 20 checkmarks2
CHECKMARKSON THIS PAGE]
GENERA L LEDGER 14
PAGENUBERGL.1 CASH
ACCoUN
101 Balance
NERAL JOURNAL.7 CHECKMARKS ON TAS DK Jtem
Post. Debit CIedit Deb Credt
0ate
PAGENMBER 3 JRRENT JOURNALENTRIES
REFDEBT
GREDT
G .39.000 39,000
DATE DESCRIPTION Apr GJ-1
10,000
700
,000

28,33001
April 26MerchandiseInventory U I 5 1 2 3 0 0
12300
G-1 28,1
100
Cash 12,3144
I 101 27,7708
Boughi mrdhandise on cash bais G- 19896
S,508;
14400
G-2 1SOO
27 Acuounts Payable 201 9000 23.,B03
Cash 101 G:2
12000
S00
24,308
Paid Mesda Distributors - G1-2 23.603
40,008
G 6A0O
GJ-2 12300 27,70
GI-3
28JLopez Drawings 302 2008 9000 16,700
GJ-2 2008
Cash 101 GJ-3 900 15,800
iihdraw ad for persona use G 6400 9,400
291

30
G-3
ACCOUNTS RECEIVABLE
BaBNC
105
405 00) .
CCount
Credit DeDK CrEdl

29 Sales Raurnsand AlOWancesS 101 tem

Post
Debit
15,200
Date
Cash 15,200
Refund toaustomersfordefedive Apri
G1
GJ-2
15200
J0Ods 13700
10513700 MERCHANDISEINVENT anst

30%Accounts Receivabe 401 Credit Debit

CreorN

Account Deba
Saes termsn/30 Item
Post 15,900

Sales onaoOUnton
Oate
15,900- 12200
G-
501 11.000 300
11,000 April G-1
of Goods Sold
CosMerhandise Inventoy
115

62
14,400
Ovst ofgoodssold
11000 1000 G 14,20 31883

540 400| 700 20500

33,685/:*
30 Advertising. 3,500 G3-2 **

510 22,688
Uililies 1500 12300 11000
30 GJ3
Rent 6400 GJ3
Saaies FLES 2016-3

Cash payment ofexpenses 55,30855,308 SET 1

PHILASIA
PAGE 8

Month-end

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PHILASIA
SET 1 fEN 2016-11-43152

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00OKKEEPNG HC I
 Page 15 Page 6
ENERAL LEDGER GENERAL LEDGER 15 CHECKMARKS ON THIS
PAGE
18 CHECKMARKS ON PAGE NUMBERGL
PACETMBER O2
ACcoun 120 Account 401 SALES
Date tem Post Date ltem Post Debit Credit Bakance
ocbit SUPPLIES Debit redit
**** * * Aalance

Apr GI.1 Credit

Debit
Crea April 4
15200 15200
GJ-2 16400
*** 31,600
13700 45,300
A
30Closin G-4 45300
Accoun
Oale em Pos
Del it
* QUIPAAC

alance
Account 405 SALES RETURNSAND ALLOWANCES
Cred Date ltem Post Debit Credit Balance
APti GJ-1
10,000 Deblt Debit Credit
O,000
April 30o G1-3 900 900
GJ-4
30 Closing8
ount 01 OUNTS PAYABLE
bae tem Post Debit Credit De bit Credi
IAccount 410 SALES DISCOUNTS
April G-1 15,900 Balance
600 tem Post Debit Credit
Date Debit Ceit
15600 **
304
304
G2 200
OO
Apri13 G2
304
G-3 9000!
30 Closing G4
NOTES PAYABLE
ACCOun
Post Debit Credit - coST OF GOooSsoiD
Da:e Item
Debit Credit Account S01
- 12.000 12,000 BJane
Apr 16 Post Debit Credit Debt Credt
Date Hem

12200 12200
April 4 GI-1
10,S00 22,700
T 301 LOPEZ, CAPITAL
23 G1-2 33,700
Accaunt Credit G-3 11000
POst Debit Debit Credit 33700
Date tem
- G)-4
39,000 39,0OO 301Closin8_
4,296 ADVERTISING EXPENSE
Apri. ,288 Account 503
30 Ciosin8.- GI-4
2,008 Balance
.i30Closing. . LOPEZ, ORAWING tem Post Debit
Credit Debit Credit
Date
Balance 1000
502
ACcount Post Debit
Credn Debit Credit
April 30 G3 10001
1000
08 L
Item G4
ae 2003H 30 Closing
G-3 **** ***

Apnl
PHILASIA PAGE 10
SET 1

PHILASIA PAGE 9 FaZe 016114SIS2

SET 1
FHEN 2016-11.9s152 HCSBKP307-0117
B0OKKEEPNG IC IN

HC SaKP07-0117
BOKKEEPNG HC UI
 .

Page
Page
17
cor r ect ion instr uction
5 CHECKMARKS X 1=5%
eNERA L LEDGER 1S CHECKMARKS ON THIS PAGE
PAGE NUAB
Account S06 PHILASIA
DISTRIBUTORS
*** Dale tem Pos Debit KelGHTOUT TRIAL BALANCE
redit Balance Creuit

G-1 De bit
COi
APRIL 30, 2016
30Closing GI-4 ACooUNT ITLES CR CR
- 9400
101 CASH 1370
jACcount S10 RENT.EXPENSE ACCOUNTS RECEIVABLE
Item Post Debit 105 22688
redit Balance
*

Cate MERCHANDISE INVENTORY

Oe bit Credi
15 700
April 30 3500 3500 120 sUPPUES
30jclosing 6-a S5U0
10000
150 EQUIPMENT 52001
ACCOUNTS PAYABLE
201 12000
ACcount SALARIES. NOTES PAYABLE
Post Debit Credit Balance 202 39000
Date en ** Debitj Credit LOPEZ, CAPITAL
.

301 2008
GJ-2. 1500 1500 LOPEZ, DRAWINGS
45300_
.4pr i 15
3.0001 302
G:3 ,500
401 SALES 900
30Closing G4
UTIUTTES
405 SALES RET 304
ACCOun
540
Debit
Credit Balance 410 SALES DISCOUNT 33700_
Pos Debit Credit SOLD
Date tem
. 4001 501 coST OF GOODS 200
****
00 FREIGHT OUT 1000
April:30|
G-3 DO S06
30ClOSing GJ-4 ADVERTISING 3500
S03
RENT 3000
INCOMESUMMARY
S10
600
Credit 1Balance
SALARIES 400
Account Debit Debit Credit |530 101500 101500
Post 44,096 UTILITIES
Dale
lem
44,096 540
GJ-4 TOTALS
A 30Closing 41.800 12
G)-4 2296 SET 1
PHILASIA PAGE
3uCosing. GJ.4
30 Closin8

PAGE
11
PHILASIA HCSaRP07-0117

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FREn 2016-11-9S152

HCSOKP 07-0117
BOOKKEEP%:G t C HI
 4iiva.
Page 20
Page19
corr ection inst r uct ion
cor r ect ion instr uct ion
5 checkmarks x1 each= 5%
5 checkmarks x 2 = 109%

PHILASIA DISTRIBUTORS
PHILASIA DISTRIBUTORS STATEMENT OF EQUITY
STATEMENT OF PERFORMANCE FOR THE PERIOD ENDED APR 30, 2016
FOR THE PERIOD ENDED APR
30, 2016 (IN PESOS)
(IN PESOS) j LOPEZ, CAPITAL P
NET SALES 440961 INITIAL INVESTMENT 39,000
LESS: COSTOFSALES 33700
DRAWINGS -2008
GROSS PROFIT 10396 2296
NET PROFIT
LESS: OPERATING EXPENSES
39,288
200 LOPEZ, CAPITAL APRIL 30
FREIGHTOUT SET 1 PHILASIA PAGE 14

ADVERTISING 1000
3500
RENT
3000
SALARIES
400
UTILITIES 8100
TOTAL EXPENSES
2296
NET PROFIT
SET 1 PHILASIA PAGE 13
FREN 2016-1195157

FLN 201611-412
HCSBKP307-0117
800KKEEPMG NC

HC SAKP307-0117
0OKKECr1G tiC :
 Page 22

cor rect
ion inst r uct ion
Poge 2 20 checkmarks/2=10%
oorrect ion inst r uct
ion
20 checkmarks/2=10% PHILASIA DISTRIBUTORS
STATEMENT OF CASH FLOwS
PHILASIA DISTRIBUTORS FORTHE PERIOD ENDED APRIL30, 2016
STATEMENT OF FINANCIAL POS n pesos)
APRIL 30, 2016 ON CASH FLOW FROM OPERATING ACTIVITIES
(IN PESOS) CASH RECEIVED FROMM
16400
ASSETS SALES
RECEIVA8LES COLLECTION 14896
CURRENT ASSETS
REFUNDFROM PURCHASES 500
CASH AND CASH EQUIVALENTS 9400 1V
RECEIVABLES PAYMENT FOR
13700 -700
OFFICE SUPPLIES
INVENTORIES
22688V FREIGHT ON SOLD GOODS
-200
PREPAID EXPENSES 700 GOODS BOUGHT S0988
TOTAL CURRENT ASSET^ 46488 -7900
OPEX -900
REFUND TOCUSTOMERS
NONCURRENT ASSETS FREIGHT ON PURCHASES
-700
Activities -29592
EPROPERTY PLANT & EQUIPMENT 100ool Net Cash Flow from Operating
TOTALASSËTS .
INVESTING ACTIVITIES
CASH FLOW FROM -10000V
LIABILITIES & EQUITY COMPUTER EQUIPMENT 8OUGHT
CURRENT LIABILITIES
5200 FINANCING ACTIVITIES
ACCOUNTS PAYABLE CASH FLOW FROM 39000
IFNTIAL INVESTMENT 12000
NONCURRENT LIABILITIES
BORROWINGS -2008
12000 DRAWINGS 48992
NOTES PAYABLE 17200 Financing Actlvitie
Net Cash Flow from
TOTAL LIABILITIES 9400
VALENTS
NCREASEIN CASH ANDCASH EQUI
EQURVALENTSBEG 9400
O W N E R ' S EQUITY 39288 ADD CASH&
CASH

EQUIVALENTS,April 30
JLOPEZ, CAPITAL 564a8 CASH& CASH
TOTALLIABILITIES AND EQUITY SET 1 PHILASIA PAGE 16

SET 1 PHILASIA PAGE 15

FE 2016-11sS152
HCSBKP307-0
BOOKKEEPHG NC I

HCSBKPG-0117
 ?age 2
Page
ot r ect ion Instr uct ions
1. 4 burnal entries x 1 each-4%
Correct ion Instr uct ions
2. aly 1 dheck mark for the 10 CHECKMARKS 2 =5%
3 For stricd compliance complete entry
GENERAL JDURNAL
PAGE NUMBER G4 PHILASIA DISTRIBUTORS
aoNG NAL ENTRIES
DATE DESCRI PTON POST-CLOSING TRIAL BALANCE
30 SALES REF DEBIT REDIT
April APRIL 30,2016
401
INCOME SUMMARY 45300
601
SALESRETURNSAND ALLOWANCES
44096]
inpescs)
00
SALESDISOaNTS 304 DR CR

INCOME SUAMMARY 601

101 CASH 9,400
41800
0OsT CF COODSSOLD 501 33700
105 ACCOUNTS RECEIVABLE 13,700
ADVERTI SNG 503 1000 115 MERCHANDISE INVENTORY 22,688
FREIGHT OUT 506 20
RENT 510 3500 120SUPPLIES 700
SALARIES 530 3000 150EQUIPMENT 10,000
UTILUTIES 540 400 5,200
201 ACCOUNTS PAYABLE
601 2296 202 NOTES PAYABLE
12,000
INOOME SUMMARY
301 2296 39,288
JLOPEZ CARTAL 301 LOPEZ CAPITAL
301 2008 56,48856.488
JLOPEZ CAATAL
302 2008
JLOPEZ DRAWING
PAGE 18
SET 1 PHILASIA

17
SET1 PHILASIA PAGE FRLs 2014-11:9S15

FALEa 2016-11-931s2 HCs8KP07-0117

600K.CEPNG NC I

HCSOKPJ07-0117
0OKKE¬PKG *C I