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Fabm 2 Practice Set
Fabm 2 Practice Set
I. For May 2016, you are to perform the following tasks using the forms and working papers provided.
1. Open the general ledger and subsidiary ledger accounts for accounts receivable and accounts
payable. Post the account balances as of May 1, 2016.
2. Record the transactions occuring in May 2016 in the general journal. Refer to the summary of
transactions and available supporting documents provided.
3. Post the entries from the journal to the subsidiary ledger ( as transactions take place affecting
Accounts Receivable and Accounts Payable) and the general ledger as of May 31, 2016.
4. Compute the account balances in the ledgers, subsidiary and the general ledger.
5. You are required to complete and submit the following working papers and financial statements:
a. General journal
b. General ledger
c. Trial Balance, as of May 31, 2016
d. 10 column worksheet
e. General journal - adjustments
f. Subsidiary ledger - accounts receivable and accounts payable
g. Income Statement
h. Statementof Changes in Equity
i. Statementof Financial Position
CAMELOT BOOKSTORE COMPANY
Chart of Accounts
Total P 68,215.00
Total P 50,000.00
Camelot Bookstore Company
Summary of Transaction
May 2016
Date Particulars
May 1 Remitted the following collections
To For Amount
BIR Withholding taxes P 3,600.00
SSS Premium 5,000.00
Philhelath Contribution 1,500.00
HDMF Contribution 1,600.00
Beg. Balance
___________ ___________
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00
Camelot Bookstore Company
Subsidiary Ledger - Accounts Payale
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00
Name:
Beg. Balance
0.00