CHART OF ACCOUNTS

HAPPY TOURS AND TRAVEL AGENCY

CHART OF ACCOUNTS
ACCOUNT NUMBER ACCOUNT TITLE

101 CASH
102 ACCOUNTS RECEIVABLE
103 FURNITURE AND FIXTURES
104 EQUIPMENT
105 CARS
201 ACCOUNTS PAYABLE
202 LOANS PAYABLE
301 SORIO CAPITAL
302 SORIO WITHDRAWALS
401 SERVICE REVENUE
501 SALARIES EXPENSE
502 RENT EXPENSE
503 REPIR AND MAINTENANCE EXPENSE
504 GAS & OIL EXPENSE
505 UTILITIES EXPENSE
600 INCOME SUMMARY
 GENERAL JOURNAL

GENERAL JOURNAL
PAGE NUMBER GJ-1
With Explanations

CURRENT JOURNAL ENTRIES

DATE DESCRIPTION REF DEBIT CREDIT
2021
Mar 1 Cash 101 P 50000
Cars 105 750000
Sorio Capital 301 P 800000
To record the investment of Sorio

3 Cash 101 100000

Loans Payable 202 100000
00 To record borrowed money from the bank

7 Furniture and Fixtures 103 45000

Cash 101 45000
To record bought tables and chairs in cash

15 Equipment 104 55000

Accounts Payable 201 55000
To record purchased equipment on account

18 Sorio Withdrawals 302 5000

Cash 101 5000
To record cash withdrawals

20 Accounts Payable 201 55000

Cash 101 55000
To record payment to National Winner

21 Cash 101 15000

Service Revenue 401 15000
To record the received cash from tourist

22 Gas & Oil Expense 503 500

Repair and Maintenance Expense 504 1000
Cash 101 1500
To record payment for gas & oil and
Repair of car
 GENERAL JOURNAL

GENERAL JOURNAL
PAGE NUMBER GJ-2
With Explanations

CURRENT JOURNAL ENTRIES

DATE DESCRIPTION REF DEBIT CREDIT
2021
Mar 24 Accounts Receivable 102 P 16000
Service Revenue 401 P 16000
To record on account of Mr. Gray

25 Utilities Expense 505 500

Cash 101 500
To record payment for telephone bill
00
27 Accounts Receivable 102 20000
Service Revenue 401 20000
To record billed tourist

30 Cash 101 8000

Accounts Receivable 102 8000
To record half payment from Mr. Gray

31 Rent Expense 502 10000

Salaries Expense 501 9000
Cash 101 19000
To record payment for rental and salaries
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-1
Account 101 CASH
Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 1 Investment GJ-1 50,000 50,000
3 Borrowed from Bank GJ-1 100,000 150,000
7 Bought furniture and fixtures GJ-1 45,000 105,000
18 Withdrawals GJ-1 5,000 100,000
20 Purchased Equipment GJ-1 55,000 45,000
21 Service Revenue GJ-1 15,000 60,000
22 Gas & Oil Expense GJ-1 500 59,500
22 Repair and Maintenance Expense GJ-1 1000 58,500
25 Utilities Expense GJ-2 500 58,000
30 From Receivables GJ-2 8000 66,000
31 Rent Expense GJ-2 10,000 56,000
31 Salaries Expense GJ-2 9,000 47,000

Account 102 ACCOUNTS RECEIVABLE

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 24 Promised to pay GJ-2 16,000 16,000
27 Billed tourist GJ-2 20,000 36,000
30 Paid half from Mr. Gray GJ-2 8,000 28,000

Account 103 FURNITURE AND FIXTURES

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 7 Paid in cash GJ-1 45,000 45,000
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-2
Account 104 EQUIPMENT
Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 15 Purchased in cash GJ-1 55,000 55,000

Account 105 CARS

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 1 Investment GJ-1 750,000 750,000

Account 201 ACCOUNTS PAYABLE

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 15 Purchased equipment GJ-1 55,000 55,000
20 Paid on account GJ-1 55,000 0

Account 202 LOANS PAYABLE

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 3 Borrowed money GJ-1 10,000 10,000
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-3
Account 301 SORIO CAPITAL
Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 1 Investment GJ-1 800,000 800,000
31 Closing GJ-3 30,000 830,000
31 Closing GJ-3 5,000 825,000

Account 302 SORIO WITHDRAWALS

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 18 Withdraw cash GJ-1 5,000 5,000
31 Closing GJ-3 5,000 0

Account 401 SERVICE REVENUE

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 21 Received cash GJ-1 15,000 15,000
24 Promised to pay GJ-2 16,000 31,000
27 Billed tourist GJ-2 20,000 51,000
31 Closing GJ-3 51,000 0

Account 501 SALARIES EXPENSE

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 31 Paid in cash GJ-2 9,000 9,000
31 Closing GJ-3 9,000 0
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-4
Account 502 RENT EXPENSE
Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 31 Paid in cash GJ-2 10,000 10,000
31 Closing GJ-3 10,000 0

Account 503 REPAIR AND MAINTENANCE EXPENSE

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 22 Paid in cash GJ-1 1,000 1,000
31 Closing GJ-3 1,000 0

Account 504 GAS & OIL EXPENSE

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 22 Paid in cash GJ-1 500 500
31 Closing GJ-3 500 0

Account 505 UTILITIES EXPENSE

Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 25 Paid in cash GJ-2 500 500
31 Closing GJ-3 500 0
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-5
Account 600 INCOME SUMMARY
Date Item Post Debit Credit Balance
2021 Debit Credit
Mar 31 Closing GJ-3 51,000 51,000
31 Closing GJ-3 21,000 30,000
31 Closing GJ-3 30,000 0

Account
Date Item Post Debit Credit Balance
Debit Credit

Account
Date Item Post Debit Credit Balance
Debit Credit

Account
Date Item Post Debit Credit Balance
Debit Credit
 TRIAL BALANCE

HAPPY TOUR & TRAVEL AGENCY

PRELIMINARY TRIAL BALANCE
MARCH 31, 2021

ACCOUNT TITLES DR CR

101 CASH P 47,000

102 ACCOUNTS RECEIVABLE 28.000
103 FURNITURE AND FIXTURES 45,000
104 EQUIPMENT 55,000
105 CARS 750,000
201 ACCOUNTS PAYABLE P0
202 LOANS PAYABLE 100,000
301 SORIO CAPITAL 800,000
302 SORIO WITHDRAWALS 5,000
401 SERVICE REVENUE 51,000
501 SALARIES EXPENSE 9,000
502 RENT EXPENSE 10,000
503 REPIR AND MAINTENANCE EXPENSE 1,000
504 GAS & OIL EXPENSE 500
505 UTILITIES EXPENSE 500

TOTALS P 951,0000 P 951,000

 STATEMENT OF PERFORMANCE & STATEMENT OF EQUITY

HAPPY TOUR & TRAVEL AGENCY

STATEMENT OF PERFORMANCE
FOR THE MONTH ENDED, MARCH 31, 2021
(IN PESOS)

SERVICE REVENUE P 51,000

LESS EXPENSES:
RENT EXPENSE P 10,000
SALARIES EXPENSE 9,000
REPAIR AND MAINTENANCE EXPENSE 1,000
GAS & OIL EXPENSE 500
UTILITIES EXPENSE 500 (21,000)
NET INCOME P 30,000

HAPPY TOUR & TRAVEL AGENCY

STATEMENT OF EQUITY
FOR THE MONTH ENDED, MARCH 31, 2021
(IN PESOS)
Beginning Capital, March 1, 2021 P 800,000
Add: Net Income 30,000
Less: Sorio Withdrawals (5,000)

Ending Capital, March 31, 2021 P 825,000

 STATEMENT OF FINANCIAL POSITION

HAPPY TOUR & TRAVEL AGENCY

STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2021

(IN PESOS)
ASSETS
CURRENTS ASSETS
CASH P 47,000
ACCOUNTS RECEIVABLE 28,000
TOTAL CURRENT ASSETS 75,000
NON-CURRENT ASSETS
CARS 750,000
EQUIPMENT 55,000
FURNITURE AND FIXTURES 45,000
TOTAL NON-CURRENT ASSETS 850,000
TOTAL ASSETS P 925,000

LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE P0
LOANS PAYABLE 100,000

OWNER’S EQUITY
SORIO CAPITAL 825,000
TOTAL LIABILITIES AND OWNER’S EQUITY P 925,000