JABOY PARTNERSHIP ACCOUNTING PRACTICE SET

You are tasked to perform bookkeeping duties for Jaya and Boy Repair Shop.
Prepare the entity's Financial Statements for the quarter ended June 30, 2021.

Account Titles INSTRUCTIONS:

1)
101 Cash Arrange chronologically all the source documents for the month of September 2021
102 Accounts Receivable 2) Journalize transactions
103 Input Tax 3) Post entries in the journals/special journals to the respective general ledgers
104 Office Equipment 4) Depreciation on store and office equipment is 10% per anum based on the store and office
105 Accumulated Depreciation 5) Purchases of supplies are immediately charged to expense.
106 Accounts Payable 6) The company prepares FS on a quarterly basis; books are closed at the end of each quarter
107 Utilities Payable 7) The business if a Non-Vat registered
201 Withholding Taxes Payable 8) Profit is divided equally
202 PhilHealth, Pag-Ibig and SSS Payable Debit Credit
203 Accrued Percentage Tax Expense Cash 255,000
204 Jaya, Capital Accounts Receivable 115,000
205 Jaya, Drawings Input VAT
301 Boy, Capital Office Equipment 210,000
302 Boy, Drawings Accumulated Depreciation- Office Equipment 17,500
303 Service Income Accounts Payable
304 Salaries & Wages Witholding Taxes Payable 800
500 Utilities Expense Expanded Withholding Tax payable 500
501 Supplies Expense SSS, PhilHealth and Pag-ibig Contributions Payable 5,550
502 PhilHealth, Pag-Ibig and SSS Contributions Utilities Payable 3,800
503 Depreciation Expense Accrued Percentage Tax Payable 6,750
504 Transportation Expense Jaya, Capital 272,550
505 Percentage Tax Expense Boy, Capital 272,550
506 Income Summary Total 580,000 580,000
 CHECK DISBURSEMENT VOUCHER CHECK DISBURSEMENT VOUCHER
CDV No. 91001 Date 06/03/21 CDV No. 91010 Date 06/30/21

PAYEE: MBBS Bookstore PAYEE: Boy

PARTICULARS AMOUNT PARTICULARS AMOUNT

office Supplies ₱ 1,500.00 Cash withdrawal ₱ 10,000.00
VAT 180.00 0 -
0 - 0 -
TOTAL ₱ 1,680.00 TOTAL ₱ 10,000.00

Approved for Payment: Approved for Payment:

Lex Lex

Check No. 4210001 Check No. 4210010

CHECK DISBURSEMENT VOUCHER CHECK DISBURSEMENT VOUCHER

CDV No. 91002 Date 06/05/21 CDV No. 91011 Date 06/30/21

PAYEE: Office Equip Center PAYEE: Cash

PARTICULARS AMOUNT PARTICULARS AMOUNT

Office Equipment ₱ 15,000.00 Payroll ₱ 24,000.00
VAT 1,800.00 SSS - 1,100.00
0 - WTH Tax - 800.00
TOTAL ₱ 16,800.00 TOTAL ₱ 22,100.00

Approved for Payment: Approved for Payment:

Lex Lex

Check No. 4210002 Check No. 4210011

CHECK DISBURSEMENT VOUCHER CHECK DISBURSEMENT VOUCHER

CDV No. 91003 Date 06/05/21 CDV No. 91004 Date 06/10/21

PAYEE: Royal Realty Corp PAYEE: BIR

PARTICULARS AMOUNT PARTICULARS AMOUNT

Rent for June ₱ 10,000.00 WHT on Compensation ₱ 800.00
EWTH tax - 500.00 EWHTax 500.00
0 - 0 -
TOTAL ₱ 9,500.00 TOTAL ₱ 1,300.00

Approved for Payment: Approved for Payment:

Lex Lex

Check No. 4210003 Check No. 4210004

CHECK DISBURSEMENT VOUCHER CHECK DISBURSEMENT VOUCHER

CDV No. 91005 Date 06/10/21 CDV No. 91006 Date 06/10/21

PAYEE: SSS, PHIC, Pagibig PAYEE: Tubig Cooperative

PARTICULARS AMOUNT PARTICULARS AMOUNT

Employee's Share ₱ 2,050.00 Water Consumption (May 2021) ₱ 800.00
Employer's Share 3,500.00 0 -
0 - 0 -
TOTAL ₱ 5,550.00 TOTAL ₱ 800.00

Approved for Payment: Approved for Payment:

Lex Lex

Check No. 4210005 Check No. 4210006

 CHECK DISBURSEMENT VOUCHER CHECK DISBURSEMENT VOUCHER
CDV No. 91007 Date 06/10/21 CDV No. 91008 Date 06/15/21

PAYEE: Kuryente Cooperative PAYEE: Cash

PARTICULARS AMOUNT PARTICULARS AMOUNT

Electric Usage (May 2021) ₱ 3,000.00 Payroll ₱ 24,000.00
0 - Pag-ibig - 200.00
0 - PHIC - 750.00
TOTAL ₱ 3,000.00 TOTAL ₱ 23,050.00

Approved for Payment: Approved for Payment:

Lex Lex

Check No. 4210007 Check No. 4210008

CHECK DISBURSEMENT VOUCHER CHECK DISBURSEMENT VOUCHER

CDV No. 91009 Date 06/30/21 CDV No. 91012 Date 07/10/21

PAYEE: Jaya PAYEE: SSS, PHIC, Pagibig

PARTICULARS AMOUNT PARTICULARS AMOUNT

Cash withdrawal ₱ 10,000.00 Employer Share on SSS, PHIC and Pag ₱ 3,500.00
0 - 0 -
0 - 0 -
TOTAL ₱ 10,000.00 TOTAL ₱ 3,500.00

Approved for Payment: Approved for Payment:

Lex Lex

Check No. 4210009 Check No. 4210012

Tubig Cooperative Tubig Cooperative

STATEMENT OF ACCOUNT OFFICIAL RECEIPT
NO. 32175 Date: 07/05/21 OR No. 4108 Date: 06/10/21
Client: JABOY PARTNERSHIP
Client: JABOY PARTNERSHIP Address Gingoog City
Address Gingoog City PARTICULARS AMOUNT
PARTICULARS AMOUNT Water Consumption (May 2021) ₱ 800.00
Water Consumption ( Sept 2020) ₱ 500.00 0 -

TOTAL ₱ 800.00
TOTAL ₱ 500.00
Approved:
Prepared
Lady Mae
Lady Mae
Kuryente Cooperative INV. NO. 575409
STATEMENT OF ACCOUNT
NO. 48124 Date: 07/07/21 Kuryente Cooperative
OFFICIAL RECEIPT
Client: JABOY PARTNERSHIP OR No. 45123 Date: 06/10/21
Address Gingoog City Client: JABOY PARTNERSHIP
PARTICULARS AMOUNT Address Gingoog City
Electrict Usage (Sep. 2020) ₱ 2,000.00 PARTICULARS AMOUNT
Electrict Usage (May 2021) ₱ 3,000.00
0 -
TOTAL ₱ 2,000.00
TOTAL ₱ 3,000.00
Prepared
Approved:
Joseph
Joseph

INV. NO. 344550

 CHARGE INVOICE OFFICIAL RECEIPT
Inv. No. 6001 Date: 06/03/21 OR No. 2001 Date: 06/08/21

Client: Ruby Term: 0 Client: Diamond Co.

Address Talisayan Address Medina
PARTICULARS AMOUNT PARTICULARS AMOUNT
Service Revenue ₱ 50,000.00 Cash Revenue ₱ 20,000.00
0 - 0 -
0 -
TOTAL ₱ 50,000.00 TOTAL ₱ 20,000.00

Approved: Approved:

Lang Rena

JABOY PARTNERSHIP INV. NO. COD

CHARGE INVOICE OFFICIAL RECEIPT

Inv. No. 6002 Date: 06/08/21 OR No. 2002 Date: 06/11/21

Client: Emerald Co. Term: 0 Client: Tupaz Co.

Address Kinoguitan Address Talisayan
PARTICULARS AMOUNT PARTICULARS AMOUNT
Service Revenue ₱ 100,000.00 Amount ₱ 40,000.00
0 - 0 -
0 -
TOTAL ₱ 100,000.00 TOTAL ₱ 40,000.00

Approved: Approved:

Lang Rena

JABOY PARTNERSHIP INV. NO. 6001

CHARGE INVOICE OFFICIAL RECEIPT

Inv. No. 6003 Date: 06/10/21 OR No. 2003 Date: 06/18/21

Client: Saphire Co. Term: 0 Client: Emerald

Address Gingoog Address Kinoguitan
PARTICULARS AMOUNT PARTICULARS AMOUNT
Service Revenue ₱ 70,000.00 Amount ₱ 100,000.00
0 - 0 -
0 -
TOTAL ₱ 70,000.00 TOTAL ₱ 100,000.00

Approved: Approved:

Lang Rena

JABOY PARTNERSHIP INV. NO. 6002

OFFICIAL RECEIPT OFFICIAL RECEIPT

OR No. 2005 Date: 06/23/21 OR No. 2004 Date: 06/22/21

Client: Gold Client: Ruby

Address Balingoan Address Balingoan
PARTICULARS AMOUNT PARTICULARS AMOUNT
Amount ₱ 75,000.00 Amount ₱ 50,000.00
0 - 0 -
0 - 0 -
TOTAL ₱ 75,000.00 TOTAL ₱ 50,000.00

Approved: Approved:

Rena Rena

INV. NO. 1475 INV. NO. 5004

 PAYMENT SLIP
MBBS Bookstore Pymnt for: BIR Date 06/10/2021
OFFICIAL RECEIPT
OR No. 1723 Date: 06/03/21 Client: JABOY PARTNERSHIP
Client: JABOY PARTNERSHIP Ref# 123-456-789
Address Gingoog City PARTICULARS AMOUNT
PARTICULARS AMOUNT WHT on Compensation 800.00
office Supplies ₱ 1,500.00 EWHT on Rent 500.00
VAT 180.00 TOTAL ₱ 1,300.00

TOTAL ₱ 1,680.00 Prepared by:

Myat
Approved:

Loy

INV. NO. COD

PAYMENT SLIP
Office Equip Center Pymnt for: SSS, PHIC and Pag-ibig Date 06/10/2021
OFFICIAL RECEIPT
OR No. 14322 Date: 06/05/21 Client: JABOY PARTNERSHIP
Client: JABOY PARTNERSHIP Ref# B123-456-789
Address Gingoog City PARTICULARS AMOUNT
PARTICULARS AMOUNT Employer's share 3,500.00
office Equipment ₱ 15,000.00 Employee's share 2,050.00
VAT 1,800.00 TOTAL ₱ 5,550.00

TOTAL ₱ 16,800.00 Prepared by:

Myat
Approved:

Rey

INV. NO. 0

Royal Realty Corp

OFFICIAL RECEIPT
OR No. 99170 Date: 06/05/21
Client: JABOY PARTNERSHIP
Address Gingoog City
PARTICULARS AMOUNT
Rent- June 2021 ₱ 10,000.00
EWHT on rent 500.00

TOTAL ₱ 9,500.00

Approved:

Lor

INV. NO. 0

PAYROLL PAYROLL
For the period Jun 16 to 30, 2021 For the period Jun. 1 to 15, 2021

Gross Deductions Amount Net Gross Deductions Amount Net

24000 SSS 1100 24000 Pag-ibig 200
W/holding tax 800 PHIC 750
Total 1900 22,100.00 Total 950 23,050.00
TOTAL ₱ 22,100.00 TOTAL ₱ 23,050.00

Prepared: Approved: Prepared: Approved:

Charlie Divina Charlie Divina
ACCOUNT NO. ACCOUNT NAME CHECK NO.
1022-1452-18 JABOY PARTNERSHIP 4210001

Date: June 3, 2021

PAY TO THE ORDER OF MBBS Bookstore ₱ 1,680.00

PESOS One Thousand Six Hundred Eighty Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210002

Date: June 5, 2021

PAY TO THE ORDER OF Office Equip Center ₱ 16,800.00

PESOS Sixteen Thousand Eight Hundred Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210003

Date: June 5, 2021

PAY TO THE ORDER OF Royal Realty Corp ₱ 9,500.00

PESOS Nine Thousand Five Hundred Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210004

Date: June 10, 2021

PAY TO THE ORDER OF BIR ₱ 1,300.00

PESOS One Thousand Three Hundred Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210005

Date: June 10, 2021

PAY TO THE ORDER OF SSS, PHIC, Pagibig ₱ 5,550.00

PESOS Five Thousand Five Hundred Fifty Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210006

Date: June 10, 2021

PAY TO THE ORDER OF Tubig Cooperative ₱ 800.00

PESOS Eight Hundred Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature
ACCOUNT NO. ACCOUNT NAME CHECK NO.
1022-1452-18 JABOY PARTNERSHIP 4210007

Date: June 10, 2021

PAY TO THE ORDER OF Kuryente Cooperative ₱ 3,000.00

PESOS Three Thousand Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210008

Date: June 15, 2021

PAY TO THE ORDER OF Cash ₱ 23,050.00

PESOS Twenty Three Thousand Fifty Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210009

Date: June 30, 2021

PAY TO THE ORDER OF Jaya ₱ 10,000.00

PESOS Ten Thousand Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210010

Date: June 30, 2021

PAY TO THE ORDER OF Boy ₱ 10,000.00

PESOS Ten Thousand Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210011

Date: June 30, 2021

PAY TO THE ORDER OF Cash ₱ 22,100.00

PESOS Twenty Two Thousand One Hundred Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature

ACCOUNT NO. ACCOUNT NAME CHECK NO.

1022-1452-18 JABOY PARTNERSHIP 4210012

Date: July 10, 2021

PAY TO THE ORDER OF SSS, PHIC, Pagibig ₱ 3,500.00

PESOS Three Thousand Five Hundred Pesos Only

BANK OF GINGOOG
Claveria Branch jaja
Authorized Signature
SERVICE REVENUE JOURNAL
Service Accounts
DATE Invoice
ACCOUNTS DEBITED PR Revenue Receivable
2021 No.
Credit Debit

TOTAL
( ) ( )
CASH RECEIPTS JOURNAL
Accounts
DATE OR Service Revenue Cash
Invoice No. ACCOUNTS CREDITED PR Receivable
2021 No. Credit Debit
Credit

TOTAL
( ) ( ) ( )

CASH DISBURSEMENT JOURNAL

Check Exp. With. Tax With. Tax
DATE Check Sundry Salaries Expense SSS, PH, Pag. Pay Input Tax Cash
Voucher ACCOUNTS CREDITED PR Payable Payable
2021 No. Debit/ (Credit) Debit Debit/(Credit) (Debit) Credit
No. Debit/(Credit) Debit/(Credit)

TOTAL
( ) ( ) ( ) ( ) ( ) ( ) ( )
 GENERAL JOURNAL
DATE PARTICULARS PR DEBIT CREDIT
ADJUSTING ENTRIES

CLOSING ENTRIES
Account: Cash 101 Account: PhilHealth, Pag-Ibig and SSS Payable 203
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Accounts Receivable Subsidiary 102 Account: Accrued Percentage Tax Expense 204
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Input Tax 103 Account: Jaya, Capital 205

Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Office Equipment 104 Account: Jaya, Drawings 301

Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
Account: Accumulated Depreciation 105 Account: Boy, Capital 302
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Accounts Payable 106 Account: Boy, Drawings 303

Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Utilities Payable 107 Account: Service Income 304

Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Withholding Taxes Payable 201

Date Item PR Debit Credit Balance
Account: Salaries & Wages 500 Account: Depreciation Expense 505
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Utilities Expense 501 Account: Transportation Expense 506

Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Supplies Expense 502 Account: Percentage Tax Expense 0

Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: PhilHealth, Pag-Ibig and SSS Contributions 504 Account: Income Summary 0
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER ACCOUNTS PAYABLE SUBSIDIARY LEDGER

Account: Account:
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Account:
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Account:
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Account:
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance

Account: Account:
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
 JABOY PARTNERSHIP
WORKSHEET
June 30, 2021
Trial Balance Adjustments Adjusted Trial Balance Statement of Comp. Income Statement of Financial Position
Account Title
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash
Accounts Receivable
Input Tax
Office Equipment
Accumulated Depreciation
Accounts Payable
Utilities Payable
Withholding Taxes Payable
PhilHealth, Pag-Ibig and SSS Payable
Accrued Percentage Tax Expense
Jaya, Capital
Jaya, Drawings
Boy, Capital
Boy, Drawings
Service Income
Salaries & Wages
Utilities Expense
Supplies Expense
PhilHealth, Pag-Ibig and SSS Contributions
Depreciation Expense
Transportation Expense
Percentage Tax Expense
Income Summary
Total
Profit/Loss
Total
 JABOY PARTNERSHIP
Statement of Comprehensive Income
For the Month Ended June 30, 2021

Service Revenue

Salaries Expense
SSS, PhilHealth and Pag-ibig Contributions
Rent Expense
Utilities Expense
Supplies Expense
Transportation Expense
Depreciation Expense
Miscellaneous Expense
Percentage Tax Expense
TOTAL EXPENSES -

NET INCOME/(LOSS) ₱ -

JABOY PARTNERSHIP
Statement of Cash Flows
0

CASH INFLOWS:
Collection from Clients

Total Cash Inflows: ₱ -

CASH OUTFLOWS:

Total Cash Outflows: ₱ -

Net Cash Inflows/(Outflows) -

Add: Cash Balance, Beginning

CASH BALANCE, June 30, 2021 ₱ -

 JABOY PARTNERSHIP
Statement of Equity
As of June 30, 2021
Jaya, Capital Boy, Capital Total
Beginning Capital
Drawings
Net Income (Loss)
Ending balance

JABOY PARTNERSHIP
Statement of Financial Position
As of June 30, 2021

ASSETS
Current Assets
Cash
Accounts Receivable
Input VAT
Total Current Assets ₱ -

Non-Current Assets
Office Equipment
Accumulated Depreciation - Office Equipment
Total Non-Current Assets ₱ -

TOTAL ASSETS ₱ -

LIABILITIES
Accounts Payable
Witholding Taxes Payable
Expanded Withholding Tax payable
SSS, PhilHealth and Pag-ibig Contributions Payable
Utilities Payable
Accrued Percentage Tax Payable
Total Liabilities ₱ -

OWNER'S EQUITY
Jaya, Capital
Boy, Capital
Total Equity ₱ -

TOTAL LIABILITIES AND EQUITY ₱ -

-
 JABOY PARTNERSHIP
POST CLOSING TRIAL BALANCE
0

Account Title Code Debit Credit

Cash 111
Accounts Receivable 113
Input VAT 104
Office Equipment 122
Accumulated Depreciation- Office Equipment 122A
Witholding Taxes Payable 212
Expanded Withholding Tax payable 213
SSS, PhilHealth and Pag-ibig Contributions Payable 214
Utilities Payable 215
Accrued Percentage Tax Payable 218
Jaya, Capital 219
Boy, Capital 311
₱ - ₱ -