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    ALAS

    Uploaded by

    chardelreyeomandam
    Fundamentals of ABM

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    ALAS

    Uploaded by

    chardelreyeomandam
    2 views2 pages
    Fundamentals of ABM

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    Fundamentals of ABM

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2 views2 pages

    ALAS

    Uploaded by

    chardelreyeomandam
    Fundamentals of ABM

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 2

    Hayahay Commercial, owned by Mr.

    Alas Sala was registered with the Department of Trade and Industry
    under the name “SAAL”. It has just started its operation in January 20A.

    The Chart of Accounts is presented below:

    Assets: Income
    Page No. Page No.
    Current Assets: 15 Sales
    1 Cash in Bank 16 Sales Discount
    2 Accounts Receivable 17 Sales Return & Allowances
    3 Estimated Uncollectible Accounts Costs
    4 Merchandise Inventory 18 Purchases
    5 Supplies Inventory 19 Purchase Discount
    Property and Equipment 20 Purchase Returns & Allowances
    6 Furniture and Fixtures 21 Freight-In
    7 Acc. Dep’n-Furniture and Fixtures Expenses
    8 Transportation Equipment 22 Freight-Out
    9 Acc. Dep’n-Transportation Equipment 23 Salaries Expense
    Liability 24 Utilities Expense
    10 Accounts Payable 25 Taxes and Licenses
    11 Accrued Expenses 26 Supplies Expense
    Owner’s Equity 27 Rent Expense
    12 A. Sala, Capital 28 Uncollectible Accounts
    13 A. Sala, Drawing 29 Depreciation Expense
    14 Income & Expense Summary

    Narrative Transaction:

    Jan. 1 Ms. Alas invested the following:

    a) bank Deposit with Banco de Oro. P850,000;


    b) Merchandise with net realizable value of P250,000;
    c) Transportation Equipment with fair market value of P1,800,000.
    2 Purchased merchandise in cash from Rowena Tuyor Trading costing P150,000 and paid freight
    and handling, P2,500.
    3 Returned P3,000 cost of merchandise to Rowena Tuyor Trading due to some defects and no
    replacement have been made.
    5 Sold merchandise for cash,P120,000 to R. Guiang Grocery and gave a 3% trade discount and paid
    freight on shipment, P3,500.
    7 Purchase merchandise on account from S. Madelo Co., P50,000. Term: 3/10, N/30.
    8 Sold merchandise on account to F. Ybanez Trading, P185,000. Term: 2/10, N/30. Paid Freight on
    shipment, P1,200.
    9 Purchased merchandise on account from E. Sarbido Co. costing P230,000. Term: 2/10 EOM.
    10 Received P4,000 worth of merchandise from F. Ybanez Trading for not conforming with the order
    and was not replaced.
    12 Paid the account with S. Madelo Co., P48,500 after availing of the 3% purchase discount.
    13 Sold merchandise on account to R. Langbid Co., P80,000. Term: 2/10, N/30.
    15 Purchased merchandise on account from M. Cervantes Co., P70,000. Term. 3/10, N/30.
    18 Returned merchandise P1,500 cost of merchandise to M. Cervantes Co. due to bad order and was not
    replaced.
    - Collected in full the account of F. Ybanez Trading, P177, 380.
    20 Sold merchandise for cash, P50,000 to R. Valle Enterprise and gave a 1% trade discount
    22 Received P500 worth of merchandise from R. Valle Enterprise as item breakage and was not
    replaced due to out of stock.
    23 Collected from R.Langbid Co. the amount of P78,400 net of 2% discount on Jan.13 sales on account.
    26 Sold merchandise on account to K. Peras Commercial, P420,000. Term: 3/10, EOM.
    28 paid the following expenses.

    Salaries for the month P150,000


    Light & Water Bill (Utilities Expense) 5,800
    Taxes and Licenses 6,500
    Rent Expense 10,000
    Total P 37,300
    30 Withdrew P20,000 for personal use of Ms. Alas.
    31 Sold merchandise on account to J. Mascarinas Co. P35,000. Term; 2/10, N/30.

    Prepare a Journal Entry under Periodic Inventory System.

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