Nestor Go

Periodic Inventory System

Nov. 1 Nestor Go, Capital P45,000

2 Bought Computer Equipment P15,000 cash

3 Bought merchandise on account from gaisano grand P20,000 terms 2/10,

N/30 days

4 Bought office supplies on cash basis for P500

5 Sold merchandise on account P30,500 fob destination, terms 2/10, N/30

days

6 Paid P200 freight on november 5 sale

7 Received credit from gaisano grand for merchandise returned P500

8 Paid gaisano grand

9 Collected from november 5 customers

10 Bought merchandise on cash basis for P16,500

11 Salaries paid P2,500

12 Borrowed money from PCI Bank, signed promissory note for P15,000

13 Received refund from a supplier on cash purchase of november 10 P500

20 Bought merchandise from UFC, 15,300 FOB shipping point, terms, 2/10,
N/30 days

21 Paid freight on november 20 purcahse, 300

23 Nestor Go cash from business, P3010 for personal use

28 Paid UFC on the November 20 purchase, P10,000 no discount

allowed on partial

29 Made refund to cash customers for detective merchandise, P500

30 Paid the following: Advertising, P1500, Utilities P600, Rent P5000,

Salaries P2000

NOTE: MERCHANDISE INVENTORY AT THE END OF THE MONTH 35,410.00

 NESTOR GO
CHART OF ACCOUNTS

FINANCIAL POSITION FINANCIAL PERFORMANCE

ACCOUNTS ACCOUNTS

Assets Revenue
101 Cash 401 Sales
105 Accounts Receivable 402 Sales Returns & Allowancses
115 Merchandise Inventory 403 Sales Discount
120 Supplies
150 Equipment

Liabilities Expenses
201 Accounts Payable 501 Purchases
202 Notes Payable 502 Purchase Returns & Allowances
503 Purchase Discount
530 Salaries
550 Advertising
Owner's Equity 540 Utilities
301 Nestor Go, Capital 510 Rent Expense
302 Nestor Go, Drawings 504 Freight in
505 Freight out

601 Income Summary

 NESTOR GO
JOURNAL ENTRY
November 30, 2017

DATE PARTICULAR REF DEBIT CREDIT

Nov.
₱ ₱
 NESTOR GO
GENERAL LEDGER
As of November 30, 2017

CASH ON HAND 101

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱

₱ ₱

ACCOUNTS RECEIVABLE 105

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱

₱ ₱

MERCHANDISE INVENTORY 115

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱ ₱

PURCHASES 501
DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱ -

₱ ₱
PURCHASE RETURNS & ALLOWANCES 502
DATE ITEM POST DEBIT CREDIT ₱ BALANCE
Nov ₱ ₱

PURCHASE DISCOUNTS 503

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱ ₱

FREIGHT IN 504
DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱ ₱

FREIGHT OUT 505

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱ ₱

SUPPLIES 120
DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱ ₱

EQUIPMENT 150
DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱ ₱

ACCOUNTS PAYABLE 201

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱

NOTES PAYABLE 202

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱
NESTOR GO, CAPITAL 301
DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱

₱ ₱

NESTOR GO, DRAWINGS 302

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱ ₱

SALES 401
DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱
₱ ₱

SALES RETURNS & ALOWANCES 402

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱
₱ ₱

SALES DISCOUNT 403

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱ -
₱ ₱

SALARIES 530
DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱

₱
₱ ₱

ADVERTISING 550
DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱
₱ ₱

UTILITIES 540
DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
 ₱
₱ ₱

RENT EXPENSE 510

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱
₱
₱ ₱

INCOME SUMMARY 601

DATE ITEM POST DEBIT CREDIT BALANCE
Nov ₱ ₱ ₱
₱ ₱
 NESTOR GO
Trial Balance
November 30, 2017

REF ACCOUNT TITLES DEBIT CREDIT

101 CASH
120 SUPPLIES
150 EQUIPMENT
201 ACCOUNTS PAYABLE
202 NOTES PAYABLE
301 NESTOR GO, CAPITAL
302 NESTOR GO, DRAWINGS
401 SALES
402 SALES RET & ALLOW
403 SALES DISCOUNT
501 PURCHASES
502 PURCHASES RET & ALLOW
503 PURCHASE DISCOUNT
530 SALARIES
550 ADVERTISING
540 UTILITIES
510 RENT EXPENSE
505 FREIGHT OUT
504 FREIGHT IN

TOTAL ₱ ₱
 NESTOR GO
Statement of Financial Performance
For the period ended November 30, 2017

DEBIT CREDIT

₱
 NESTOR, GO
COST OF GOODS SOLD
FOR THE PERIOD ENDED NOV. 30, 2018
 NESTOR GO
Statement of Equity
For the Period ended November 30, 2017

₱
 NESTOR GO
Statement of Financial Position
November 30, 2017

₱
₱
₱

₱
₱
 NESTOR GO
POST CLOSING JOURNAL ENTRY
As of November 30, 2017

DATE PARTICULAR REF DEBIT CREDIT

Nov

₱ ₱
 NESTOR GO
Post - Closing Trial Balance
November 30, 2017

PARTICULAR DEBIT CREDIT

₱

TOTAL ₱ ₱
 NESTOR GO
Statement of Cash Flow
For the Period Ended November 30, 2017

CASH FLOWS FROM OPERATING ACTIVITIES

Net cash/loss provided by (used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Net cash/loss provided by (used in) Investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash/loss provided by (used in) Financing activities ₱

NET CASH INFLOWS & OUTFLOWS ₱
ADD: CASH & CASH EQUIVALENTS, BEGINNING
CASH & CASH EQUIVALENTS, ENDING ₱