R.

Pangan Company
General Journal
January 31, 2021

Date Account Folio Debit Credit

2-Jan-21 Cash 110 ₱ 230,400.00
Accounts Receivable 120 ₱ 235,200.00
Merchandise Inventory 130 ₱ 730,000.00
Prepaid Rent 140 ₱ 90,000.00
Office Supplies 150 ₱ 160,000.00
Office Equipment 160 ₱ 1,000,000.00
Accumulated Depreciation 165 ₱ 250,000.00
Notes Payable 210 ₱ 400,000.00
Accounts Payable 220 ₱ 145,600.00
VAT Payable 240 ₱ 50,000.00
Pangan, Capital 310 ₱ 1,600,000.00
To record opening balances

2-Jan-21 Cash 110 ₱ 170,000.00

Notes Payable 210 ₱ 170,000.00
To record issuance of note

2-Jan-21 Accounts receivable 120 ₱ 268,800.00

Sales 410 ₱ 240,000.00
Output tax 250 ₱ 28,800.00
To record sales on account

3-Jan-21 Purchase 510 ₱ 90,000.00

Input tax 170 ₱ 10,800.00
Accounts payable 220 ₱ 100,800.00
To record purchase on account

4-Jan-21 Cash 110 ₱ 230,496.00

Sales discount 430 ₱ 4,200.00
Output tax 250 ₱ 504.00
Accounts receivable 120 ₱ 235,200.00
To record collection of receivable within discount period

5-Jan-21 Cash 110 ₱ 481,600.00

Sales 410 ₱ 430,000.00
Output tax 250 ₱ 51,600.00
To record cash sales

7-Jan-21 Accounts payable 220 ₱ 145,600.00

Purchase discount 530 ₱ 3,900.00
Input tax 170 ₱ 468.00
 Cash 110 ₱ 141,232.00
To record payment of account within discount period

8-Jan-21 Accounts receivable 120 ₱ 347,200.00

Sales 410 ₱ 310,000.00
Output tax 250 ₱ 37,200.00
To record sales on account

9-Jan-21 Accounts payable 220 ₱ 11,200.00

Input tax 170 ₱ 1,200.00
Purchases Returns and Allowances 520 ₱ 10,000.00
To record purchase return

10-Jan-21 Cash 110 ₱ 263,424.00

Sales discount 430 ₱ 4,800.00
Output tax 250 ₱ 576.00
Accounts receivable 120 ₱ 268,800.00
To record collection of receivable within discount period

11-Jan-21 Purchase 510 ₱ 120,000.00

Input tax 170 ₱ 14,400.00
Accounts payable 220 ₱ 134,400.00
To record purchase on account

11-Jan-21 Accounts payable 220 ₱ 89,600.00

Purchase discount 530 ₱ 2,400.00
Input tax 170 ₱ 288.00
Cash 110 ₱ 86,912.00
To record payment of account within discount period

12-Jan-21 Purchase 510 ₱ 70,000.00

Input tax 170 ₱ 8,400.00
Cash 110 ₱ 78,400.00
To record cash purchase

13-Jan-21 Accounts receivable 120 ₱ 145,600.00

Sales 410 ₱ 130,000.00
Output tax 250 ₱ 15,600.00
To record sales on account

14-Jan-21 Cash 110 ₱ 22,400.00

Purchases Returns and Allowances 520 ₱ 20,000.00
Input tax 170 ₱ 2,400.00
To record purchase return

15-Jan-21 Salaries Expense 610 ₱ 80,000.00

Cash 110 ₱ 80,000.00
 To record payment of salaries

17-Jan-21 Purchase 510 ₱ 190,000.00

Input tax 170 ₱ 22,800.00
Accounts payable 220 ₱ 212,800.00
To record purchase on account

18-Jan-21 Accounts receivable 120 ₱ 515,200.00

Sales 410 ₱ 460,000.00
Output tax 250 ₱ 55,200.00
To record sales on account

19-Jan-21 Pangan, Drawing 320 ₱ 100,000.00

Cash 110 ₱ 100,000.00
To record personal withdrawal of owner

20-Jan-21 VAT Payable 240 ₱ 50,000.00

Cash 110 ₱ 50,000.00
To record remittance of VAT to the BIR

21-Jan-21 Office supplies 150 ₱ 40,000.00

Cash 110 ₱ 40,000.00
To record purchase of office supplies

22-Jan-21 Freight in 540 ₱ 20,000.00

Cash 110 ₱ 20,000.00
TO record payment of freight on purchases

22-Jan-21 Cash 110 ₱ 142,688.00

Sales discount 530 ₱ 2,600.00
Output tax 250 ₱ 312.00
Accounts receivable 120 ₱ 145,600.00
To record collection of receivable within discount period

23-Jan-21 Accounts receivable 120 ₱ 123,200.00

Sales 410 ₱ 110,000.00
Output tax 250 ₱ 13,200.00
To record sales on account

24-Jan-21 Sales Returns and Allowances 420 ₱ 30,000.00

Output tax 250 ₱ 3,600.00
Accounts receivable 120 ₱ 33,600.00
To record sales return

25-Jan-21 Cash 110 ₱ 313,600.00

Accounts receivable 120 ₱ 313,600.00
To record collection of receivable beyond discount period
 25-Jan-21 Purchase 510 ₱ 340,000.00
Input tax 170 ₱ 40,800.00
Accounts payable 220 ₱ 380,800.00
To record purchase on account

26-Jan-21 Accounts payable 220 ₱ 100,800.00

Purchase discount 530 ₱ 2,700.00
Input tax 170 ₱ 324.00
Cash 110 ₱ 97,776.00
To record payment of account within discount period

28-Jan-21 Purchase 510 ₱ 270,000.00

Input tax 170 ₱ 32,400.00
Accounts payable 220 ₱ 302,400.00
To record purchase on account

29-Jan-21 Accounts receivable 120 ₱ 190,400.00

Sales 410 ₱ 170,000.00
Output tax 250 ₱ 20,400.00
To record sales on account

30-Jan-21 Purchase 510 ₱ 360,000.00

Input tax 170 ₱ 43,200.00
Accounts payable 220 ₱ 403,200.00
To record purchase on account

30-Jan-21 Cash 110 ₱ 1,467,200.00

Sales 410 ₱ 1,310,000.00
Output tax 250 ₱ 157,200.00
To record cash sales

Adjusting Entries:
31-Jan-21 Rent Expense 640 ₱ 30,000.00
Prepaid Rent 140 ₱ 30,000.00
To record expired portion of prepaid rent

31-Jan-21 Office Supplies Expense 620 ₱ 130,000.00

Office Supplies 150 ₱ 130,000.00
To record used portion of office supplies

31-Jan-21 Depreciation Expense 630 ₱ 10,000.00

Accumulated Depreciation 165 ₱ 10,000.00
To record depreciation for the month

31-Jan-21 Salaries Expense 610 ₱ 90,000.00

 Salaries Payable 230 ₱ 90,000.00
To record accrued salaries

31-Jan-21 Output tax 250 ₱ 374,208.00

Input tax 170 ₱ 168,120.00
VAT Payable 240 ₱ 206,088.00
To close input tax against output tax

Closing Entries:
31-Jan-20 Sales 510 ₱ 3,160,000.00
Sales Returns and Allowances 520 ₱ 30,000.00
Sales discount 530 ₱ 11,600.00
Income and expense summary ₱ 3,118,400.00
to close sales and related accounts

31-Jan-20 Merchandise inventory ₱ 470,000.00

Purchase Returns and Allowances ₱ 30,000.00
Purchase discount ₱ 9,000.00
Income and expense summary ₱ 1,681,000.00
Purchase ₱ 1,440,000.00
Freight in ₱ 20,000.00
Merchandise inventory ₱ 730,000.00
To close cost of sales accounts and establish ending inventory

31-Jan-20 Income and expense summary ₱ 340,000.00

Salaries Expense ₱ 170,000.00
Rent Expense ₱ 30,000.00
Office Supplies Expense ₱ 130,000.00
Depreciation Expense ₱ 10,000.00
To close expense accounts

31-Jan-20 Income and expense summary ₱ 1,097,400.00

R. Pangan, Capital ₱ 1,097,400.00
To close wihtdrawal accounts

31-Jan-20 R. Pangan, Capital ₱ 100,000.00

R. Pangan, Drawing ₱ 100,000.00
To close income summary account
 General Ledger
January 31, 2021

Cash Notes Payable

1-Jan-21 ₱ 230,400.00 7-Jan-21 ₱ 141,232.00 1-Jan-21
2-Jan-21 ₱ 170,000.00 11-Jan-21 ₱ 86,912.00 2-Jan-21
4-Jan-21 ₱ 230,496.00 12-Jan-21 ₱ 78,400.00
5-Jan-21 ₱ 481,600.00 15-Jan-21 ₱ 80,000.00
10-Jan-21 ₱ 263,424.00 19-Jan-21 ₱ 100,000.00 Accounts Payable
14-Jan-21 ₱ 22,400.00 20-Jan-21 ₱ 50,000.00 7-Jan-21 ₱ 145,600.00 1-Jan-21
22-Jan-21 ₱ 142,688.00 21-Jan-21 ₱ 40,000.00 9-Jan-21 ₱ 11,200.00 3-Jan-21
25-Jan-21 ₱ 313,600.00 22-Jan-21 ₱ 20,000.00 11-Jan-21 ₱ 89,600.00 11-Jan-21
30-Jan-21 ₱ 1,467,200.00 26-Jan-21 ₱ 97,776.00 26-Jan-21 ₱ 100,800.00 17-Jan-21
₱ 3,321,808.00 ₱ 694,320.00 25-Jan-21
₱ 2,627,488.00 28-Jan-21
30-Jan-21
Accounts Receivable ₱ 347,200.00
1-Jan-21 ₱ 235,200.00 4-Jan-21 ₱ 235,200.00
2-Jan-21 ₱ 268,800.00 10-Jan-21 ₱ 268,800.00
8-Jan-21 ₱ 347,200.00 22-Jan-21 ₱ 145,600.00 Salaries Payable
13-Jan-21 ₱ 145,600.00 24-Jan-21 ₱ 33,600.00 31-Jan-21
18-Jan-21 ₱ 515,200.00 25-Jan-21 ₱ 313,600.00
23-Jan-21 ₱ 123,200.00
29-Jan-21 ₱ 190,400.00 Output Tax
₱ 1,825,600.00 ₱ 996,800.00 4-Jan-21 ₱ 504.00 2-Jan-21
₱ 828,800.00 10-Jan-21 ₱ 576.00 5-Jan-21
22-Jan-21 ₱ 312.00 8-Jan-21
Merchandise Inventory 24-Jan-21 ₱ 3,600.00 13-Jan-21
1-Jan-21 ₱ 730,000.00 31-Jan-21 ₱ 374,208.00 18-Jan-21
₱ 730,000.00 23-Jan-21
29-Jan-21
30-Jan-21
Prepaid Rent ₱ 379,200.00
1-Jan-21 ₱ 90,000.00 31-Jan-21 ₱ 30,000.00
₱ 90,000.00 ₱ 30,000.00
₱ 60,000.00 VAT Payable
20-Jan-21 ₱ 50,000.00 2-Jan-21
Office Supplies 31-Jan-21
1-Jan-21 ₱ 160,000.00 31-Jan-21 ₱ 130,000.00 ₱ 50,000.00
21-Jan-21 ₱ 40,000.00
₱ 200,000.00 ₱ 130,000.00
₱ 70,000.00 Pangan, Capital
1-Jan-21
Input Tax
3-Jan-21 ₱ 10,800.00 7-Jan-21 ₱ 468.00
11-Jan-21 ₱ 14,400.00 9-Jan-21 ₱ 1,200.00 Pangan, Drawing
12-Jan-21 ₱ 8,400.00 11-Jan-21 ₱ 288.00 19-Jan-21 ₱ 100,000.00
17-Jan-21 ₱ 22,800.00 14-Jan-21 ₱ 2,400.00 ₱ 100,000.00
25-Jan-21 ₱ 40,800.00 26-Jan-21 ₱ 324.00
28-Jan-21 ₱ 32,400.00 31-Jan-21 ₱ 168,120.00 Sales
30-Jan-21 ₱ 43,200.00 2-Jan-21
₱ 172,800.00 ₱ 172,800.00 5-Jan-21
₱ - 8-Jan-21
13-Jan-21
Office Equipment 18-Jan-21
1-Jan-21 ₱ 1,000,000.00 23-Jan-21
₱ 1,000,000.00 29-Jan-21
30-Jan-21
Accumulated Depreciation
1-Jan-21 ₱ 250,000.00
31-Jan-21 ₱ 10,000.00 Sales Discount
₱ 260,000.00 4-Jan-21 ₱ 4,200.00
10-Jan-21 ₱ 4,800.00
22-Jan-21 ₱ 2,600.00
₱ 11,600.00

Sales Return and Allowances

24-Jan-21 ₱ 30,000.00
₱ 30,000.00
al Ledger
y 31, 2021

s Payable Purchases
₱ 400,000.00 3-Jan-21 ₱ 90,000.00
₱ 170,000.00 11-Jan-21 ₱ 120,000.00
₱ 570,000.00 12-Jan-21 ₱ 70,000.00
17-Jan-21 ₱ 190,000.00
nts Payable 25-Jan-21 ₱ 340,000.00
₱ 145,600.00 28-Jan-21 ₱ 270,000.00
₱ 100,800.00 30-Jan-21 ₱ 360,000.00
₱ 134,400.00 ₱ 1,440,000.00
₱ 212,800.00
₱ 380,800.00 Freight In
₱ 302,400.00 22-Jan-21 ₱ 20,000.00
₱ 403,200.00 ₱ 20,000.00
₱ 1,680,000.00
₱ 1,332,800.00 Purchase Discount
7-Jan-21 ₱ 3,900.00
es Payable 11-Jan-21 ₱ 2,400.00
₱ 90,000.00 26-Jan-21 ₱ 2,700.00
₱ 90,000.00 ₱ 9,000.00

put Tax Purchase Returns and Allowances

₱ 28,800.00 9-Jan-21 ₱ 10,000.00
₱ 51,600.00 14-Jan-21 ₱ 20,000.00
₱ 37,200.00 ₱ 30,000.00
₱ 15,600.00
₱ 55,200.00 Salaries Expense
₱ 13,200.00 15-Jan-21 ₱ 80,000.00
₱ 20,400.00 31-Jan-21 ₱ 90,000.00
₱ 157,200.00 ₱ 170,000.00
₱ 379,200.00
₱ - Office Supplies Expense
31-Jan-21 ₱ 130,000.00
Payable ₱ 130,000.00
₱ 50,000.00
₱ 206,088.00 Depreciation Expense
₱ 256,088.00 31-Jan-21 ₱ 10,000.00
₱ 206,088.00 ₱ 10,000.00

n, Capital Rent Expense

₱ 1,600,000.00 31-Jan-21 ₱ 30,000.00
₱ 1,600,000.00 ₱ 30,000.00

n, Drawing
Sales
₱ 240,000.00
₱ 430,000.00
₱ 310,000.00
₱ 130,000.00
₱ 460,000.00
₱ 110,000.00
₱ 170,000.00
₱ 1,310,000.00
₱ 3,160,000.00

Discount

and Allowances
 R. Pangan Company
Income Statement
For the month ending January 31, 2021

Net Sales
Gross sales ₱ 3,160,000.00
Less: Sales Return and Allowances ₱ 30,000.00
Sales discount ₱ 11,600.00 ₱ 41,600.00
Net Sales ₱ 3,118,400.00
Cost of Sales
Merchandise Inventory, January 1 ₱ 730,000.00
Purchases ₱ 1,440,000.00
Less: Purchase Returns and Allowances ₱ 30,000.00
Purchase Discount ₱ 9,000.00
Net Purchase ₱ 1,401,000.00
Freight In ₱ 20,000.00
Net Cost of Purchase ₱ 1,421,000.00
Less: Merchandise Inventory, January 31 ₱ 470,000.00
Cost of Sales ₱ 1,681,000.00
Gross Profit ₱ 1,437,400.00
Operating Expenses
Salaries Expense ₱ 170,000.00
Rent Expense ₱ 30,000.00
Office Supplies Expense ₱ 130,000.00
Depreciation Expense ₱ 10,000.00
Total Operating Expense ₱ 340,000.00
Net Income ₱ 1,097,400.00

R. Pangan Company
Statement of Changes in Equity
For the month ending January 31, 2021

R. Pangan, Capital, January 1 ₱ 1,600,000.00

Add: Profit ₱ 1,097,400.00
Total ₱ 2,697,400.00
Less: Drawing ₱ 100,000.00
R. Pangan, Capital, January 31 ₱ 2,597,400.00

R. Pangan Company
Statement of Cash Flow
For the month ending January 31, 2021

Cash Flow from Operating Activities

Collection from customers ₱ 2,899,008.00
Net payment to suppliers -₱ 381,920.00
Payment of freight -₱ 20,000.00
Payment of salaries expenses -₱ 80,000.00
Purchase of supplies -₱ 40,000.00
Remittance of VAT -₱ 50,000.00
Cash flow provided by (used in) operating activities ₱ 2,327,088.00
Cash Flow from Financing Activities
Proceeds of loan ₱ 170,000.00
Withdrawal of owner -₱ 100,000.00
Cash flow provided by (used in) financing activities ₱ 70,000.00
Net Increase(Decrease) ₱ 2,397,088.00
Cash balance, January 1 ₱ 230,400.00
Cash balance, January 31 ₱ 2,627,488.00

R. Pangan Company
Balance Sheet
As of January 31, 2021

ASSETS
Cash ₱ 2,627,488.00
Accounts Receivable ₱ 828,800.00
Merchandise Inventory ₱ 470,000.00
Prepaid Rent ₱ 60,000.00
Office Supplies ₱ 70,000.00
Office Equipment ₱ 1,000,000.00
Accumulated Depreciation ₱ 260,000.00 ₱ 740,000.00
Total Assets ₱ 4,796,288.00

LIABILITIES
Notes Payable ₱ 570,000.00
Accounts Payable ₱ 1,332,800.00
VAT Payable ₱ 206,088.00
Salaries Payable ₱ 90,000.00
Total Liabilities ₱ 2,198,888.00
EQUITY
R. Pangan, Capital, January 31 ₱ 2,597,400.00
Total Liabilities and Equity ₱ 4,796,288.00
 R. Pangan Company
Post-Closing Trial Balance
January 31, 2020

Debit Credit
Cash ₱ 2,627,488.00
Accounts Receivable ₱ 828,800.00
Merchandise Inventory ₱ 470,000.00
Prepaid Rent ₱ 60,000.00
Office Supplies ₱ 70,000.00
Office Equipment ₱ 1,000,000.00
Accumulated Depreciation ₱ 260,000.00
Notes Payable ₱ 570,000.00
Accounts Payable ₱ 1,332,800.00
VAT Payable ₱ 206,088.00
Accrued Salaries Expense ₱ 90,000.00
R. Pangan, Capital ₱ 2,597,400.00
Total ₱ 5,056,288.00 ₱ 5,056,288.00