This Study Resource Was: Al Fresco Marketing Practice Set

AL FRESCO MARKETING PRACTICE SET
SALES JOURNAL
Accounts 12%
Date Customer Terms Inv. # F Receivable Cash Sales Sales Output Tax
Debit Debit Credit Credit
June 2 Eva Perez COD CI008 3,325.60 2.968.75 356.25.60
3 Phil. Christian House 25% down, 2/7, n/15 SI 018 / 4,940.00 4,410.71 529.29
8 Shop Here 25% down, 2/7, n/15 SI 019 / 16,200.00 14,464/29 1,735.71
9 Joni Bulatao COD CI 009 3.800.00 3,392.86 407.14
11 Vasquez Grocery 25% down, 2/7, n/15 SI 020 / 14,800.00 13,214.29 1,585.71
15 Paula’s 25% down, 2/7, n/15 SI 021 / 4,020.00 3,589.29 430.71
17 Marietta Milan COD CI 0010 2,850.00 2,544.64 305.36
22 Fair View 25% down, 2/7, n/15 SI 022 / 16,800.00 15,000.00 1,800.00
23 Int’l. Supermarket 25% down, 2/7, n/15 SI 023 / 11,400.00 10,178.57 1,221.43
29 Merle Ong COD CI 0011 3,847.50 3,435.27 412.23
68,160.00 13,822.50 73,198.67 8,783.83

(104) (/) (601) (411.2)
CASH RECIEPTS JOURNAL
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Cash In Sales Accounts Cash
Bank Discount Receivable Sales Sundry - Credit
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Date Received from Explanation OR# CI# Debit Debit F Credit Credit Account F Amount
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Title
6/2 Eva Perez Cash sales 0008 3,325.00 3,325.00
o.
3 Phil. Christian Down payment 0028 1,235.00 / 1,235.00
House
rs e
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4 Int’l. Supermarket In full of acct. 0029 6,547.50 180.80 / 6,750.00 Output Tax (21.70)
6 Zen’s Spa In full of acct. 0030 9,825.00 / 9,825.00
8 Shop Here Down payment 0031 4,050.00 / 4,050.00

o
9 Joni Bulatao Cash sales 0009 3,800.00 3,800.00

aC s
10 Phil. Christian In full of acct. 0032 3,593.85 99.24 / 3,705.00 Output Tax (11.91)
House
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11 Vasquez Grocery Down payment 0033 3,700.00 / 3,700.00
14 Shop Here In full of acct. 0034 11,785.51 325.44 / 12,150.00 Output Tax (390.05)
15 Paula’s Down payment 0035 1,005.00 / 1,005.00

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17 Marietta Mllari Cash sales 0010 2,850.00 2,850.00

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22 Fair View Down payment 0036 4,200.00 / 4,200.00
23 Int’l. Supermarket Down payment 0037 2,850.00 / 2.850.00
27 Fair View 50% of SI022 0038 6,300.00 / 6,300.00
29 Merly Ong Cash sales 0011 3,847.50 3,847.50

is
Th
68,914.36 605.48 55,770.00 13,822.50 (72.66)
(102) (602) (104) (/) (411.2)
PURCHASE JOURNAL
sh
Date Purchased from Terms Inv. # Purchases 12% Input Accts Pay
Debit Debit F Credit
June 4 Nature’s Best 2/10,n/60 3100 20,892.86 2,507.14 / 23,400.00
16 Wonder Care 2/10.n/60 338 38,571.43 4,628.57 / 43,200.00
25 Ever Bright 2/10,n/30 81075 4,821.43 578.57 / 5,400.00
64,285.72 7,714.28 72,000.00

(701) (411.1) (401)
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CASH PAYMENT JOURNAL
CV CHK CASH Purch Accts SUNDRY
Ju No. No. inBank Disc Payable
n
1 Sy Dev May rent 0038 668860 11000.0 Rent 10000.00
Corp
Utilities Utilities 1500.00
Creditable 500
Inc.TaxWH
BIR May Vat 0039 668861 2,058.15 Vat Payable 2,058.15
BIR May 0040 668862 2703.90 WT 2.703.90
WTax Payable
7 HDMF May 0041 668863 1,000.00 HDMF Pay 1,000.00
HDMF
SSS May SS, EC 0042 668864 5,582.00 SS,EC Pay. 5,582.00
PhilHealth May 0043 668865 1,325.00 Medicare 1,325.00
Mdcre
Ever Bright May acct 0044 668866 2,646.00 48.21 / 2,700.00 Input Tax 5.79
9 BIR Withheld 0045 668867 500.00 Creditable 500.00
for rent Inc.TaxWH
Nature’s May acct 0046 668868 5.850.00 / 5,850.00
11 Janet PCF 0047 668869 1,700.00 Mabuhay 200.00
Lopez replenished Personal
14 Nature 50% Inv. 0048 668870 11,700.00 / 11,700.0 Repairs 1,000.00
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3100 0
15 Employees Salaries 0049 668871 25148.05 Gas & Oil 500.00
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Salaries 26,500.00
eH w
WholdingT 1,351..9
5
o.
23 Wonder 50% paid 0050 668872 19,800.00 / 19,800.0
rs e 0
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30 Employees salaries 0051 668873 22,198.95 Salaries 26,500.00
WTax Pay 1.351.9
5
SS Prem 1.786.6
o
Pay 0
HDMF Pay 500.00
aC s
Med Prem 66250

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Pay
113212.05 48.21 400.50 79369.05 6158.79
(102) (703) (401) (/) (/)
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PETTY CASH BOOK
Petty Cash Fund DISTRIBUTION OF PAYMENT
Date Explanation Payee PCV # Receipts Payments Gas & Supplies Rep. &
Oil Expense Maint. Account Name
F
June 1 Balance 2000
4 Repairs Reyes 18 1000 1,000
7 Personal Use Mabuhay 19 200 Mabuhay,
Personal
8 Gas & Oil Caltex 20 500 500
2000 1700 500 1,000
Balance ____ 300
2000 2000
11 Balance 300
Replenishment 1700
13 Supplies Natl BS 21 308.00 308
17 Repairs Reyes 22 452.05 452.05
22 Repairs Reyes 23 795.30 795.30
28 Gas & Oil Caltex 24 350.00 350
GENERAL JOURNAL
Date Particulars F Debit Credit
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June 1 Supplies Expense 313.35
Prepaid Supplies 313.35
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Re – JV No. 10
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Cash In Bank 20,000
Cash on Hand
rs e 20,000.00
ou urc
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Rent Payable 10,000.00

Utilities Payable 1,500.00
aC s
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Rent Expense 10,000.00

Utilities Expense 1,500.00
Re – JV no. 9
ed d
Furniture & Equipment 36,000.00

Mabuhay Capital 36,000.00
ar stu
Add’l. Invest. JV 11
is
Cash In Bank 20,000.00

Cash On Hand 20,000.00
Th
May undeposited collection
10 Furniture & Equipment 13,500.00

Input Tax 1,620.00
sh
Notes Payable 15,120.00

30 days 18% note to Hall of Fame.
20 Accounts Payable 3,600.00

Purchase Returns 3,214.29
Input Tax 385.71
30 a) SS, EC Prem. Exp. 3,795.40
SS, EC Prem. Payable 3.795.40
HDMF Premium Expense 500

HDMF Premium Payable 500
Medicare Expense 662.50

Medicare Premiums Payable 662.50
b) Rent Expense 10,000

Utilities Expense 1,500
Rent Payable 10,000
Utilities Payable 1,500
c) Depn. – Furn. & Equipt. 850.00

Depn. Exp. – Del. Equipt. 1,333.00
Accum. Depn. – Furn. & Equipt. 850.00
Accum. Depn. – Del. Equipt. 1,333.00
m
d) Service & Bank Charges 700
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Cash in Bank 700
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e) Prepaid Supplies 250
Supplies Expense 250
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f) Gas & Oil Expense 350.00

aC s
Supplies Expense 308.00

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Repairs and Maintenance 1,247.35

Petty |Cash |Fund 1,905.35
g) Output Tax 8,711.17

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Deferred Tax 231.61

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Input Tax 8,942.78
h) Interest Expense 51.24

Interest Payable 51.24
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Th
i) Merchandise Inventory 71,800.00

Income & Expense Summary 71,800.00
j) Cash On Hand 3,847.50

sh
Cash In Bank 3,847.50

Undeposited Collections
ACCOUNTS RECEIVABLE
Subsidiary Ledger
Name: International Supermarket Address: Bocobo St. Mla.

Date Particulars F Debit Credit Balance
May 28 SI 0017 SJ 2 9 000.00 9 000.00
OR 0025 CR 2 750 00 6 750 00
2
June 4 OR 0028 CR 6 750 00 0
3
23 SI 0023 SJ3 11 400 00 11 400 00
OR 0037 CR 2 850 00 8 550 00
3
Name:Zen’s Good Spa Address: Singalong Mla.

May 20 SI 0016 SB2 1 3100 00 1 3100 00
OR 0020 CR 3 275 00 9 825 00
2
June 06 OR 0030 CR 9 825 00 0
3
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Name: Philippine Christian House Address:
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June 3 SI 0018 SJ3 4 940 00 4 940 00
OR 0029 CRJ 1 235 00 3 705 00
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5
10 OR 0032
rs e CR3 3 705 00 0
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Name: Shop Here Address:
June 08 SI 019 SJ3 16 200 00 16 200 00
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OR 0031 CR 4 050 00 12 150 00

aC s
3
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14 OR 0034 CR 12 150 00 0
3
Name: Paula’s Address:

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June 15 SI 0021 SJ3 4 020 00 4 020 00
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OR 0035 CR 1 005 00 3 015 00

3
Name: Fair View Address:

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June 22 SI 022 SJ3 16 800 16 800
Th
OR 0036 CR 4 200 12 600

3
27 OR 0038 CR 6 300 6 300
3
sh
Name: Vaszues Address:

June 11 SI 020 SJ3 14 800 14 800
OR 0033 CR 3 700 11 100
3
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aC s
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ACCOUNTS PAYABLE
Name: Ever Bright Address:

May 30 Inv. No. 81023 PJ2 2 700 2 700
June 8 Ck voucher 0044 CP3 2 700 0
Chk. No. 668866 CP3
25 Inv. No. 81075 PJ3 5 400 5 400
Name: Nature’s Best Address:

May 8 Inv No 2386 PJ 2 11 700 11 700
15 Ck 668845 CP 2 925 8 775
2
May 28 Ck 668851 CP 2 925 5 850
3
June 9 Ck 668868 CP 5 850 0
3
10 Inv 3100 PJ 3 23 400 23 400
14 Ck 668870 CP 11 700 11 700
3
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Name: Wonder Care Address:
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June 16 Inv No 338 PJ 3 43 200 43 200
o.
20 DM 004 GJ4 3 600 39 600
23
rs e
Ck 668872 CP
3
19 800 19 800
ou urc
ALFRESCO Marketing
Bank Reconciliation Statement
o
June 30, 2011

aC s
vi y re
Adjusted Balance per Book P26,485.0

1
ed d
Balance per Bank June 30 P46,285.0

ar stu
1
Less Outstanding Check 668872 19,800.00
is
Adjusted bank Balance June 30 P26,485.0

1
Th
Correct the balance of two checks for:

sh
ORIGINATING DEBIT CREDIT

DATE UNIT DESCRIPTION AMOUNT AMOUNT BALANCE
02 IW 668862 2,703.90
30 IW 668873 22,198.95
ALFRESCO MARKETING
STATEMENT OF FINANCIAL POSITION
JUNE 30, 2011
ASSETS
Current Assets:
Cash On Hand and In bank (Note 1) P 30,332.51
Petty Cash Fund 94.65
Accounts Receivable (Note 2) 28,965.00
Merchandise Inventory (Note 3) 71,800.00
Prepaid Supplies 250.00
Total P131,442.16
Property, Plant & Equipment: (Note 4) 154,537.50
Other Assets: (Note 5) 12,231.61
P298,211.27
LIABILITIES AND CAPITAL
Current Liabilities:
Accounts Payable (Note 6) P36,900.00
Notes Payable 15,120.00
Interest Payable 151.20
m
SS and EC Premiums Payable 5,582.00
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Philhealth Premiums Payable 1,325.00
co
Pag-ibig Premiums Payable 1,000.00
eH w
Withholding Taxes Payable 2,703.90
Rent Payable 10,000.00
o.
Utilities Payable
Total rs e 1,500.00
P 74,282.10
ou urc
Mariano Mabuhay, Capital 223,929.17
TOTAL LIABILITIES AND CAPITAL P298,211.27
o
Note 1: Cash In Bank P 26,485.01

aC s
Cash On Hand (undeposited collections) 3,847.50

vi y re
Total Cash In Bank and On Hand P 30,332.51

Note 2: Accounts Receivable
International Supermarket P 8,550.00
Pauline’s 3,015.00
ed d
Fair View 6,300.00

ar stu
Vasquez Grocery 11,100.00

P 28,965.00
Note 4: Property, Plant & Equipment
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Furniture & Equipment P70,000.00

Less Accumulated Depreciation 1,462.50 P 68,537.50
Th
Delivery Equipment P90,000.00

Less Accumulated Depreciation 4,000.00 86,000.00
Total P154,537.50
sh
Note 5:
Other Assets:
Deferred Tax P 231.61
Deposit for Rent 10,000.00
Deposit for Utilities 2,000.00
Total P12,231.61
Note 6: Accounts Payable
Ever Bright P 5,400
Nature’s Best 11,700
Wonder Care 19,800 P36,900
ALFRESCO MARKETING
STATEMENT OF FINANCIAL POSITION
For the Month Ended JUNE 30, 2011
Sales 73,198.67
Less Sales Discount 605.48
Net Sales P72,593.19
Cost of Sales:
Inventory Beg. P 57,790
Purchases P 64,285.72
Purchases returns (3,214.29)
Purchase discounts (48.21) 61,023.22
Inventory End (71,800.00)
m
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47,013.22
Gross Profit P25,579.97
co
eH w
Operating Expenses:
Depreciation P 2,183.00
o.
Gas and Oil 850.00
Medicare rs e 662.50
ou urc
Pag-ibig 500.00
Rent 10,000.00
Repairs 2,247.35
o
SS and EC 3,795.40
aC s
Salaries 53,000.00
vi y re
Supplies 371.35
Utilities 1,500.00 75,109.60
Net Operating Loss 49,529.63
Bank Charges P700.00
ed d
Interest Expense 151.20 851.20

ar stu
Net Loss
P50,380.83
is
ALFRESCO MARKETING
STATEMENT OF OWNER’S EQUITY
Th
For the Month Ended JUNE 30, 2011
Mabuhay, Capital June 1 P274,510.00

sh
Less Net Loss

Drawings P50,380.83
200.00 50,580.83
Mabuhay, Capital, June 30 P223,929.17
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AL FRESCO MARKETING PRACTICE SET

68,160.00 13,822.50 73,198.67 8,783.83

CASH RECIEPTS JOURNAL

6 Zen’s Spa In full of acct. 0030 9,825.00 / 9,825.00

8 Shop Here Down payment 0031 4,050.00 / 4,050.00

9 Joni Bulatao Cash sales 0009 3,800.00 3,800.00

11 Vasquez Grocery Down payment 0033 3,700.00 / 3,700.00

15 Paula’s Down payment 0035 1,005.00 / 1,005.00

17 Marietta Mllari Cash sales 0010 2,850.00 2,850.00

22 Fair View Down payment 0036 4,200.00 / 4,200.00

23 Int’l. Supermarket Down payment 0037 2,850.00 / 2.850.00

27 Fair View 50% of SI022 0038 6,300.00 / 6,300.00

29 Merly Ong Cash sales 0011 3,847.50 3,847.50

68,914.36 605.48 55,770.00 13,822.50 (72.66)

(102) (602) (104) (/) (411.2)

64,285.72 7,714.28 72,000.00

Med Prem 66250

Rent Payable 10,000.00

Rent Expense 10,000.00

Furniture & Equipment 36,000.00

Cash In Bank 20,000.00

May undeposited collection

10 Furniture & Equipment 13,500.00

Notes Payable 15,120.00

20 Accounts Payable 3,600.00

HDMF Premium Expense 500

Medicare Expense 662.50

b) Rent Expense 10,000

c) Depn. – Furn. & Equipt. 850.00

f) Gas & Oil Expense 350.00

Supplies Expense 308.00

Repairs and Maintenance 1,247.35

g) Output Tax 8,711.17

Deferred Tax 231.61

Input Tax 8,942.78

h) Interest Expense 51.24

i) Merchandise Inventory 71,800.00

j) Cash On Hand 3,847.50

Cash In Bank 3,847.50

Name: International Supermarket Address: Bocobo St. Mla.

Name:Zen’s Good Spa Address: Singalong Mla.

OR 0031 CR 4 050 00 12 150 00

Name: Paula’s Address:

Date Particulars F Debit Credit Balance

OR 0035 CR 1 005 00 3 015 00

Name: Fair View Address:

Date Particulars F Debit Credit Balance

OR 0036 CR 4 200 12 600

Name: Vaszues Address:

Name: Ever Bright Address:

Name: Nature’s Best Address:

June 30, 2011

Adjusted Balance per Book P26,485.0

Balance per Bank June 30 P46,285.0

Adjusted bank Balance June 30 P26,485.0

Correct the balance of two checks for:

ORIGINATING DEBIT CREDIT

Note 1: Cash In Bank P 26,485.01

Cash On Hand (undeposited collections) 3,847.50

Total Cash In Bank and On Hand P 30,332.51

Fair View 6,300.00

Vasquez Grocery 11,100.00