SAP B1 on Cloud – AIS

6. Accounting Cycle
Exercise 6.1
Record the following transactions using the Manual Journal Entry:

On March 30, 20XX, the company issued ordinary share capital worth of P 500,000, payment received
and deposited on its GBP Bank Account 1

Dr. GBP Bank Account 1 P 500,000

Cr. Ordinary Share Capital P 500,000

Copy and paste the screenshot of the TRANSACTION JOURNAL REPORT here:

FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

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Exercise 7 printed on 11/16/2021 9:55 AM

 SAP B1 on Cloud – AIS

Exercise 6.2
Record the following transactions using the Manual Journal Entry:

On April 15 , 20XX, the company recorded a Salary Expense worth of P 250,000, paid for through the
company’s GBP Bank Account 1.

Dr. Salaries and Wages P 250,000

Cr. GBP Bank Account 1 P 250,000

Copy and paste the screenshot of the TRANSACTION JOURNAL REPORT here:

FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

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Exercise 7 printed on 11/16/2021 9:55 AM

 SAP B1 on Cloud – AIS

Exercise 6.3
Create the following entries in journal entry through the journal vouchers.

On April 10,20XX, the company will pay a total of P 15,000 from the Petty Cash fund for transportation
related expenses. This transaction is still subject to supervisor’s approval.

Dr. Travel Costs – Other P 15,000

Cr. Petty Cash Fund P 15,000

Copy and paste the screenshot of the TRANSACTION JOURNAL REPORT here:

FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

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Exercise 7 printed on 11/16/2021 9:55 AM

 SAP B1 on Cloud – AIS

Exercise 6.4
Generate the General Ledger as of the date of the latest transaction.

Copy and paste the screenshot of the GENERAL LEDGER here:

Exercise 6.5
Generate the Trial Balance as of the end of the year.

Copy and paste the screenshot of the TRIAL BALANCE here:

FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

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Exercise 7 printed on 11/16/2021 9:55 AM

 SAP B1 on Cloud – AIS

Exercise 6.6
Generate the Balance Sheet as of the end of the year.

Copy and paste the screenshot of the BALANCE SHEET here:

FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

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Exercise 7 printed on 11/16/2021 9:55 AM

 SAP B1 on Cloud – AIS

Exercise 6.7
Generate the Income Statement as of the end of the year.

Copy and paste the screenshot of the INCOME STATEMENT here:

Exercise 6.8
Perform Period End Closing for the year 20XX.

Copy and paste the screenshot of the closing entries generated by the system using TRANSACTION
JOURNAL REPORT here:

FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph

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Exercise 7 printed on 11/16/2021 9:55 AM