Fifth Corporation

FIFTH CORPORATION FIFTH CORPORATION
Baguio City Baguio City
Sales Invoice No. 001 Date: Jan. 1 Sales Invoice No. 002 Date: Jan. 10
Customer: Reshelle Terms: 3/15,n/30 Customer: Allen Terms: 3/15,n/30
Particulars Amount Particulars Amount
Sales 200,000 Sales 180,000
VAT 10,000 VAT 2,000
Total 210,000 Total 182,000
Prepared by: Abie Prepared by: Abie
Sales Invoice No. 003 Date: Jan. 15 Sales Invoice No. 004 Date: Jan. 17
Customer: Josie Terms: 3/15,n/30 Customer: Jane Terms: 3/15,n/30
Sales 220,000 Sales 80,000
VAT 12,000 VAT 500
Total 232,000 Total 80,500
Prepared by: Abie Prepared by: Abie
FIFTH CORPORATION ALI Merchandises
Baguio City Aurora Hill
Sales Invoice No. 006 Date: Jan. 25 Invoice No. 1001 Date: Jan. 2
Customer: Kane Terms: 3/15,n/30 Customer: FIFTH Corporation Terms: 3/15, n/30
Sales 80,000 Amount 100,000
VAT 500 VAT 5,000
Total 80,500 Total 105,000
Prepared by: Abie Prepared By: Andrei
CALE Merchandises ALICE Merchandises
Aurora Hill Quirino Hill
Invoice No. 5410 Date: Jan. 12 Invoice No. 3500 Date: Jan. 20
Customer: FIFTH Corporation Terms: 3/15, n/30 Customer: FIFTH Corporation Terms: 3/15, n/30
Amount 150,000 Amount 120,000
VAT 10,000 VAT 7,000
Total 160,000 Total 127,000
Prepared By: Andrei Prepared By: Wonderland
JACK Merchandises FIFTH CORPORATION
Quezon Hill Baguio City
Official Receipt No. 2002 Date: Jan. 10
Invoice No. 254 4 Date: Jan. 27 Customer: Reshelle Invoice: 001
Customer: FIFTH Corporation Terms: 3/15, n/30 Particulars Amount
Particulars Amount Amount P210,000
Amount 200,000 Discount (6,300)
VAT 20,000 Total P203,700
Total 220,000 Paid in: Cash Check Bank Deposit
Prepared By: Wonderland Prepared By: Amber
Official Receipt No. 2001 Date: Jan. 5 Official Receipt No. 2003 Date: Jan. 18
Customer: Gani Invoice: 999 Customer: Gani Invoice: 005
Amount P100,000 Cash Sales P85,000
Total P100,000 Total P85000

Paid in: Cash Check Bank Deposit Paid in: Cash Check Bank Deposit
Prepared By: Amber Prepared By: Amber
Official Receipt No. 2004 Date: Jan. 22
Customer: Allen Invoice: 002 Receiving/Return Report No. 3002 Date: Jan. 15
Particulars Amount Customer: Allen Reason: Expired
Amount P182,000 Particulars Amount
Returns 2,000 Invoice Number 002 P1,500
Discount 5,400 VAT 500
Total P174,600 Total P2,000
Paid in: Cash Check Bank Deposit Credit Memo Refund in Cash/Check
Prepared By: Amber Prepared by: Kdat K.
MAI Merchandises ALI Merchandises
Holy Ghost St. Aurora Hill
Official Receipt No. 7010 Date: Jan. 2 Official Receipt No. 1014 Date: Jan. 4
Customer: FIFTH Corporation Invoice: 700 Customer: FIFTH Corporation Invoice: 1001
Amount P50,000.00 Amount P105,000
Discount 3,150
Total P50,000 Total 101,850
Prepared by: Kenzi Prepared by: Kenzi
Account No. Account Name Check Number: Account No. Account Name Check Number:
123456 FIFTH Corporation 00031 123456 FIFTH Corporation 00032
Date: Jan. 2 Date: Jan. 4

PAY TO THE ORDER OF : MAI Merchandises PAY TO THE ORDER OF : ALI Merchandises
P50,000.00 Fifty Thousand Pesos Only P101,850.00 One Hundred One Thousand and Eight
Hundred Fifty Thousand Pesos Only
HONESTO BANK
Barlig, MP HONESTO BANK
Cordillera Barlig, MP
Dannyboy Cordillera
Authorized Signature Dannyboy
Authorized Signature
Check Voucher No. 45001 Date: Jan. 2 Check Voucher No. 45002 Date: Jan. 4
Collector: MAI Merchandises Check # 00031 Collector: ALI Merchandises Check # 00032
Amount P50,000.00 Amount P105,000
Discount 3,150
Approved by: Rhazel Approved by: Rhazel
Corporation Supplier Equipment Supplier
La Trinidad Bokawkan Road
Official Receipt No. 1111 Date: Jan.5 Official Receipt No. 1222 Date: Jan.5
Supplies P25,000 Equipment P50,000
VAT 2,000 VAT 2,000
Prepared by: Baile Prepared by: Bowden

PAY TO THE ORDER OF : Cooperation Supplier PAY TO THE ORDER OF : Equipment Supplier
P27,000.00 Twenty Seven Thousand Pesos Only P52,000.00 Fifty Two Thousand Pesos Only
HONESTO BANK HONESTO BANK

Barlig, MP Barlig, MP
Cordillera Cordillera
Dannyboy Dannyboy
Authorized Signature Authorized Signature
Collector: Cooperation Supplier Check # 00033 Collector: Equipment Supplier Check # 00034
Supplies P25,000 Equipment P50,000
VAT 2,000 VAT 2,000
Tubig Supplier Ilaw Supplier
Water Bill for December 2018 P2,000 Electricity Bill for December 2018 P2,100

Prepared by: Walts Prepared by: Wanda

PAY TO THE ORDER OF : Tubig Supplier PAY TO THE ORDER OF : Equipment Supplier
P2,000.00 Two Thousand Pesos Only P2,100.00 Two Thousand & One Hundred Pesos Only

Dannyboy Dannyboy
Collector: Cooperation Supplier Check # 00035 Collector: Equipment Supplier Check # 00036
Water Bill for December 2018 P2,000 Electricity Bill for December 2018 P2,100

Paupahan Building Paupahan Building
Rent for December 2018 P20,000 Rent for January 2019 P20,000
Expanded Withholding Tax on Rent (5,000) Expanded Withholding Tax on Rent (5,000)
Prepared by: Upoaw Prepared by: Upoaw

PAY TO THE ORDER OF : Paupahan Building PAY TO THE ORDER OF : Paupahan Building
P15,000.00 Fifteen Thousand Pesos Only P15,000.00 Fifteen Thousand Pesos Only

Dannyboy Dannyboy
Collector: Paupahan Building Check # 00037 Collector: Paupahan Building Check # 00038
Rent for January 2019 P20,000 Rent for January 2019 P20,000
Expanded Withholding Tax on Rent (5,000) Expanded Withholding Tax on Rent (5,000)
PAYROLL for January 1-15, 2019 PAYROLL for January 16-30, 2019
Gross Deductions Net Gross Deductions Net
P50,000.00 SSS, Phil Health & P46,000 P50,000.00 SSS, Phil Health & P46,000
Pag-ibig: 3,000 Pag-ibig: 3,000
Withholding Tax: 1,000 Withholding Tax: 1,000
Total: P4,000 Total: P4,000
Prepared By: Mema Prepared By: Mema

PAY TO THE ORDER OF : Employees PAY TO THE ORDER OF : Employees
P46,000.00 Forty Six Thousand Pesos Only P46,000.00 Forty Six Thousand Pesos Only

Dannyboy Dannyboy
Collector: Employees Check # 00039 Collector: Employees Check # 00044
Payroll for January 1-15 P50,000 Payroll for January 1-15 P50,000
SSS, PH & Pag-ibig (3,000) SSS, PH & Pag-ibig (3,000)
Withholding Tax on Salaries (1,000) Withholding Tax on Salaries (1,000)
Payment Slip Date: Jan. 16 Payment Slip Date: Jan. 16

Payor’s Name: FIFTH Corporation Collector: Bayad Center Payor’s Name: FIFTH Corporation Collector: BIR
Employees’ and Employer’s Share P5,000 Withholding Tax on Payroll P2,000

Prepared By: Rhazel Prepared By: Rhazel

PAY TO THE ORDER OF : Bayad Center PAY TO THE ORDER OF : BIR
P5,000.00 Five Thousand Pesos Only P2,000.00 Two Thousand Pesos Only

Dannyboy Dannyboy
Collector: Bayad Center Check # 00040 Collector: BIR Check # 00041
Employees’ and Employer’s Share P5,000 Withholding Tax on Payroll P2,000

FIFTH CORPORATION Account No. Account Name Check Number:
Baguio City 123456 FIFTH Corporation 00042
Payment Slip Date: Jan. 20 Date: Jan. 20

Payor’s Name: FIFTH Corporation Collector: BIR PAY TO THE ORDER OF : BIR
Particulars Amount P3,000.00 Three Thousand Pesos Only
Expanded Withholding Tax on Rent P3,000
HONESTO BANK
Total P3,000 Barlig, MP
Paid in: Cash Check Bank Deposit Cordillera
Prepared By: Rhazel Dannyboy
FIFTH CORPORATION ALICE Merchandises
Baguio City Quirino Hill
Check Voucher No. 45012 Date: Jan. 20 Receiving/Return Report No. 9451 Date: Jan.25
Collector: BIR Check # 00042 Customer: FIFTH Corporation Reason: Wrong
Particulars Amount Particulars Qty Amount
Expanded Withholding Tax on Rent P3,000 Invoice Number 3500 P6,000 -
VAT 1,000 -
Total P3,000 Total P7,000 -
Approved by: Rhazel Credit Memo Refund in Cash/Check
Prepared by: Cecille
Johnie’s Furniture Account No. Account Name Check Number:
KM. 3, LTB 123456 FIFTH Corporation 00043
Official Receipt No. 101112 Date: Jan.27 Date: Jan. 27

Customer: FIFTH Corporation Invoice: 3522 PAY TO THE ORDER OF : Johnie’s Furniture
Particulars Amount P40,000.00 Forty Thousand Pesos Only
Tables and Chairs P35,000
VAT 5,000 HONESTO BANK
Total P40,000 Barlig, MP
Paid in: Cash Check Bank Deposit Cordillera
Prepared by: Johnie Dannyboy
FIFTH CORPORATION Tubig Supplier
Check Voucher No. 45013 Date: Jan. 27 Statement of Account No. 1105 Date: Feb. 4
Collector: Johnie’s Furniture Check # 00042 Consumer: FIFTH Corporation
Tables and Chairs P35,000 Water Bill for January 2019 P1,600
VAT 5,000
Approved by: Rhazel Prepared By: Walts
Ilaw Supplier FIFTH CORPORATION
Statement of Account No. 1105 Date: Feb. 9 Check Voucher No. 45016 Date: Mar.30
Consumer: FIFTH Corporation Collector: Shareholders Check # 00046
Electricity Bill for January 2019 P1,100 Dividends in a form of Cash P50,000

Prepared By: Wanda Approved by: Rhazel
Date: Mar. 30 Date: Feb. 14

PAY TO THE ORDER OF : Shareholders PAY TO THE ORDER OF : Bayad Center
P50,000.00 Fifty Thousand Pesos Only P6,000.00 Six Thousand Pesos Only

Dannyboy Dannyboy
Check Voucher No. 45015 Date: Feb. 14 Sales Invoice No. 007 Date: Jan. 30
Collector: Bayad Center Check # 00045 Customer: Nash Terms: n/30
SSS, PhilHealth & Pag-ibig P6,000 Sales 50,000
VAT 500
Approved by: Rhazel Prepared by: Abie
FIFTH CORPORATION
Instructions:
1. Cut and arrange the source documents.

2. Take note of the time requirement. (4 hours and 30 minutes from cutting to completion of the cycle)
3. Complete the accounting cycle. Prepare the report for the month of January, year 2020.
4. Write legibly and keep your worksheets clean.
5. Don’t forget to go over your paper before submitting to check all the basic formats.
6. In submitting your paper, make sure that your worksheets are arranged properly.
7. If you have any question/clarification/corrections, feel free to approach me at the MPR.
FIFTH CORPORATION
Post-Closing Trial Balance
December 31, 2018
Particulars Debit Credit
Cash 750,000.00
Accounts Receivable 120,000.00
Merchandise Inventory 150,000.00
Input VAT 20,000.00
Office Equipment 50,000.00
Accumulated Depreciation- Store Equipment 500.00
Furniture and Fixtures 30,000.00
Accumulated Depreciation- Furniture and Fixtures 300
Accounts Payable 78,800.00
SSS, PhilHealth, Pag-Ibig Contributions Payable 5,000.00
Withholding Tax Payable 2,000.00
Utilities Payable 4,100.00
Expanded Withholding Tax Payable 3,000.00
Notes Payable 6,300.00
Retained Earnings 20,000.00
Ordinary Share Capital @ P50 par value 1,000,000.00
Total 1,120,000.00 1,120,000.00
Set 1 on Merchandising: FIFTH CORPORATION
CHART OF ACCOUNTS
Acct. Accounts Acct.
Accounts
# #
Cash 101 Sales 411
Account Receivables 102 Sales Returns and Allowances 412
Allowance for Doubtful Accounts 103 Sales Discounts 413
Merchandise Inventory 104 Purchase 511
Input VAT 105 Purchase Returns and Allowances 512
Office Equipment 106 Purchase Discounts 513
Accumulated Depreciation- Office Equipment 107 Salaries Expense 522
Furniture and Fixtures 108 SSS, PhilHealth and Pag-ibig Contributions 523
Accumulated Depreciation- Furniture and Fixtures 109 Rent Expense 531
Utilities Expense 532
Accounts Payable 211 Supplies Expense 533
Withholding Tax Payable 212 Insurance Expense 534
Expanded Withholding Tax Payable 213 Depreciation Expense- Office Equipment 541
Utilities Payable 214 Depreciation Expense- Furniture and Fixtures 551
Dividends Payable 215 Income Tax Expense 561
Output VAT 218
SSS, PhilHealth, Pag-Ibig Contributions Payable 219
Notes Payable 250
Retained Earnings 311
Ordinary Share Capital, P50par value 312
Income Summary 313
Good for 4 Hours and 30 minutes
Take note of the following corporation’s policies:

• Depreciation on all fixed assets is 1% monthly based on each depreciable asset’s value.
• Use expense method to record purchases of supplies.
• Allowance for doubtful accounts is 1% of total receivable monthly.
• Merchandise Inventory January 30 is P200,000.00
• Notes Payable is payable in 5 months.
WRITE YOUR NAME HERE: ________________________________________________________
Time Started: ________ Time Completed: ________

From cutting of source documents to the end of the cycle
Result: ( ) Competent ( ) Redo ( ) Review

Comments:
Step 1: Journalizing (State how many minutes or hours it takes you to complete this part.______ minutes/hours)
Sales Journal
Sales Output VAT Accounts
Invoice
Date Accounts Debited PR Receivable
Number
Credit Credit Debit
Total:
( ) ( ) ( )
Cash Receipt Journal

Date Accounts Sales Output VAT Sales Cash
Accounts
Credited
Receipt
Invoice
Discount
Official
P Receivable
No.
No.
R
Credit Credit Credit Debit Debit
Total:
( ) ( ) ( ) ( ) ( )
Purchase Journal
Purchases Input VAT Accounts
Invoice
Date Accounts Credited PR Payable
Number
Debit Debit Credit
Total:
( ) ( ) ( )
Sundry Salaries SSS, PH, Pag- W. Tax Accounts Purchase Cash
Check Expenses ibig Payable Payable Payable Discount
Date Check P
Voucher Accounts Debited
Number R
Number Debit/ Debit/ Debit/
(Credit) Debit (Credit) (Credit) Debit Credit Credit
Total:
( ) ( ) ( ) ( ) ( ) ( )
FIFTH CORPORATION
General Journal
In Php Page 1
Date Particulars PR Debit Credit
FIFTH CORPORATION
General Journal
In Php Page 2
FIFTH CORPORATION
General Journal
In Php Page 3
SUBSIDIARY LEDGERS for ACCOUNTS RECEIVABLE
Account Name: Reshelle
Date Items PR Debit Credit Balance
Account Name: Allen

Account Name: Josie

Account Name: Jane

Account Name: Kane

Account Name: Gani

Jan. 1 Balance from December 2018 / 100,000.00
SUBSIDIARY LEDGERS for ACCOUNTS PAYABLE
Account Name: ALI Merchandises
Account Name: CALE Merchandises

Account Name: ALICE Merchandises

Account Name: JACK Merchandises

Account Name: MAI Merchandises

Jan. 1 Balance from December 2018 50,000
GENERAL LEDGERS
Account Name: Cash Account Number:
Account Name: Accounts Receivable Account Number:

Account Name: Merchandise Inventory Account Number:

Account Name: Input VAT Account Number:

Account Name: Office Equipment Account Number:

Account Name: Accumulated Depreciation-Store Equipment Account Number:

Account Name: Furniture and Fixtures Account Number:

Account Name: Accumulated Depreciation- Furniture and Fixtures Account Number:

Account Name: Accounts Payable Account Number:

Account Name: Withholding Tax Payable Account Number:
Account Name: Expanded Withholding Tax Payable Account Number:

Account Name: SSS, PhilHealth and Pag-ibig Payable Account Number:

Account Name: Utilities Payable Account Number:

Account Name: Output VAT Account Number:

Account Name: Cash Dividends Payable Account Number:

Account Name: Notes Payable Account Number:

Account Name: Ordinary Share Capital, P100 PAR Account Number:

Account Name: Retained Earnings Account Number:

Account Name: Income Summary Account Number:

Account Name: Sales Account Number:

Account Name: Sales Returns and Allowances Account Number:

Account Name: Sales Discounts Account Number:

Account Name: Purchases Account Number:

Account Name: Purchase Returns and Allowances Account Number:

Account Name: Purchase Discounts Account Number:

Account Name: Salaries Expense Account Number:
Account Name: SSS, PhilHealth and Pag-ibig Contributions Account Number:

Account Name: Rent Expense Account Number:

Account Name: Utilities Expense Account Number:

Account Name: Supplies Expense Account Number:

Account Name: Depreciation Expense-Office Equipment Account Number:

Account Name: Depreciation Expense- Furniture and Fixtures Account Number:

FIFTH CORPORATION
Worksheet
Statement of Comprehensive
Unadjusted Trial Balance Adjustments Statement of Financial Position
Particulars Income
Debit Credit Debit Credit Debit Credit Debit Credit
FIFTH CORPORATION
Statement of Comprehensive Income
For the Month Ended January 31,2019
Sales
Sales Returns and Allowances
Sales Discounts
Net Sales
Purchases
Purchase Returns and Allowances
Purchase Discount
Net Purchases
Merchandise Inventory, Beginning
Merchandise Inventory Ending
Cost of Goods Sold
Gross Profit
Salaries Expense
SSS, PhilHealth & Pag-ibig Contributions
Rent Expense
Utilities Expense
Supplies Expense
Transportation Expense
Depreciation Expense-Store Equipment
Depreciation Expense-Store Equipment
Miscellaneous Expense
Total Expenses
NET INCOME
FIFTH CORPORATION
Statement of Financial Position
As of the Month Ended January 31, 2019
ASSETS
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Input VAT
Merchandise Inventory
Total Current Assets
Office Equipment
Accumulated Depreciation- Office Equipment
Furniture and Fixtures
Accumulated Depreciation- Furniture and Fixtures
Total Non-Current Assets
TOTAL ASSETS
LIABILITIES
Accounts Payable
Withholding Tax Payable
Expanded Withholding Tax Payable
SSS, PhilHealth, Pag-ibig Payable
Utilities Payable
Output VAT
Cash Dividends Payable
TOTAL LIABILITIES
PARTNERS’ EQUITY
Ordinary Share Capital, ₱100 Par
Retained Earnings
TOTAL SHAREHOLDERS EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
FIFTH CORPORATION
Statement of Cash Flow
For the Month Ended January 31, 2019
CASH IN ACTIVITIES
___________________________
___________________________
___________________________
Total Cash-In
CASH OUT ACTIVITIES

___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
Total Cash-Out
Net increase (decrease)
Cash Balance Beginning
Cash, End
FIFTH CORPORATION
Post-Closing Trial Balance
January 31, 2029
Particulars/Items/Account Titles Debit Credit
You’re done! Review your paper before you submit ☺

Fifth Corporation

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FIFTH CORPORATION FIFTH CORPORATION

Baguio City Baguio City

Total P100,000 Total P85000

Date: Jan. 2 Date: Jan. 4

Date: Jan. 5 Date: Jan. 5

HONESTO BANK HONESTO BANK

Total P2,000 Total P2,100

Date: Jan. 7 Date: Jan. 8

HONESTO BANK HONESTO BANK

Total P2,000 Total P2,100

Date: Jan. 10 Date: Jan. 15

HONESTO BANK HONESTO BANK

Date: Jan. 15 Date: Jan. 30

HONESTO BANK HONESTO BANK

Payment Slip Date: Jan. 16 Payment Slip Date: Jan. 16

Total P5,000 Total P2,000

Date: Jan. 16 Date: Jan. 16

HONESTO BANK HONESTO BANK

Total P5,000 Total P2,000

Payment Slip Date: Jan. 20 Date: Jan. 20

Official Receipt No. 101112 Date: Jan.27 Date: Jan. 27

Total P1,100 Total P50,000

Date: Mar. 30 Date: Feb. 14

HONESTO BANK HONESTO BANK

1. Cut and arrange the source documents.

Take note of the following corporation’s policies:

WRITE YOUR NAME HERE: ________________________________________________________

Time Started: ________ Time Completed: ________

Result: ( ) Competent ( ) Redo ( ) Review

Cash Receipt Journal

Account Name: Allen

Account Name: Josie

Account Name: Jane

Account Name: Kane

Account Name: Gani

Account Name: CALE Merchandises

Account Name: ALICE Merchandises

Account Name: JACK Merchandises

Account Name: MAI Merchandises

Account Name: Accounts Receivable Account Number:

Account Name: Merchandise Inventory Account Number:

Account Name: Input VAT Account Number:

Account Name: Office Equipment Account Number:

Account Name: Accumulated Depreciation-Store Equipment Account Number:

Account Name: Furniture and Fixtures Account Number:

Account Name: Accumulated Depreciation- Furniture and Fixtures Account Number:

Account Name: Accounts Payable Account Number:

Account Name: Expanded Withholding Tax Payable Account Number:

Account Name: SSS, PhilHealth and Pag-ibig Payable Account Number:

Account Name: Utilities Payable Account Number:

Account Name: Output VAT Account Number:

Account Name: Cash Dividends Payable Account Number:

Account Name: Notes Payable Account Number:

Account Name: Ordinary Share Capital, P100 PAR Account Number:

Account Name: Retained Earnings Account Number:

Account Name: Income Summary Account Number:

Account Name: Sales Account Number:

Account Name: Sales Returns and Allowances Account Number:

Account Name: Sales Discounts Account Number:

Account Name: Purchases Account Number:

Account Name: Purchase Returns and Allowances Account Number:

Account Name: Purchase Discounts Account Number:

Time Started: Time Completed: