CBLM On Bookkeeping NC Iii Prepare Financial Statements Document No. MPC 16-0021 Issued By: MPC-16-0021 Revision #00

COMPETENCY BASED LEARNING MATERIAL
MPC
Sector: HEALTH, SOCIAL, AND OTHER
COMMUNITY DEVELOPMENT
SERVICES SECTOR
Qualification Title: BOOKKEEPING NC III
Unit of Competency: Journalize Transactions
Module Title: Journalizing Transactions
MPC
BOOKKEEPING Document No. MPC 16-0021

Date Developed:
NC III CBLM on Bookkeeping Issued by:
May 2016
NC III MPC-16-0021 Page 0 of 22
MPC
Prepare Financial Developed By:
Statements Prof. Ronldo B.
Racelis Revision #00
HOW TO USE THIS COMPETENCY – BASED LEARNING MATERIAL
WELCOME!
This module contains training materials and activities for you to

accomplish the unit of competency Journalize Transactions. It contains
the knowledge, skills and attitudes required for Bookkeeping NC Level III.
You are required to go through a series of learning activities in order to
complete each learning outcomes of the module. In each learning outcome,
there are reference materials or information sheets for further reading to
help you better understand the required activities. Read the information at
your own pace and answer the self-check at the end of each
learning outcome. If you have questions, please feel free to ask for the
assistance of your trainer/facilitator.
This will be the source of information for you to acquire the knowledge

and skills in this particular module with minimum supervision or help
from your trainer. With the aid of this material, you will acquire the
competency independently and at your own pace.

Read through the module carefully. It is divided into sections which
covers all the skills and knowledge you need to successfully complete in this
module. Work through all the information and complete the activities in
each section. Do what is asked in the INSTRUCTIONAL SHEET (TASK
SHEET, and JOB SHEET) and complete the SELF-CHECK. Suggested
references are included to supplement the materials provided in this
module. Most probably, your trainer will also be your supervisor or
manager. He is there to support you and show you the correct way to do
things. Ask for help. Your trainer will tell you about the important things
you need to consider when you are completing activities and it is important
that you listen and take notes. Use the self-check questions at the end of
each section to test your own progress. When you are ready, ask your
trainer to watch you perform the activities outlined in the module. As you
work through the activities, ask for written feedback on your progress. Your
trainer gives feedback/pre-assessment reports for this reason. When you
have successfully completed each element or learning outcome, ask your
trainer to mark on the reports that you are ready for assessment. When you
have completed this module and feel confident that you have had sufficient
practice, you can precede to the next module Posting.
List of Competencies

Date Developed:
May 2016
MPC
No. Unit of Competency Module Title Code
Journalize HCS412301
1.
Transactions Journalizing
Transactions
Post Transactions HCS412302

2. Posting Transactions
Prepare Trial HCS412303

3.
Balance Preparing Trial Balance
Prepare Financial HCS412304

4.
Reports Preparing Financial
Reports
Review Internal HCS412305

5.
Control System Reviewing Internal
Control System

Date Developed:
May 2016
MPC
MODULE CONTENT
UNIT OF COMPETENCY: JOURNALIZE TRANSACTIONS
MODULE TITLE: JOURNALIZING TRANSACTIONS
MODULE DESCRIPTOR:
This module covers the knowledge, skills and attitudes in

preparing financial reports manually.
NOMINAL DURATION: 44 hours
LEARNING OUTCOMES:
At the end of this module you MUST be able to:
1. Prepare chart of accounts

2. Analyze documents
3. Prepare Journal Entry
ASSESSMENT CRITERIA:
1. Nature of business is determined based on client information
2. List of asset, liability, equity, income, and expense account titles are
prepared in accordance with industry practices
3. Accounting manual is prepared in accordance with industry practice

Date Developed:
May 2016
MPC
Learning Outcome # 1 Journalizing Transactions
CONTENTS:
1. Business Transactions
ASSESSMENT CRITERIA:
1. Nature of business is determined based on client information

2. List of asset, liability, equity, income, and expense account titles
are prepared in accordance with industry practices
3. Accounting manual is prepared in accordance with industry
practice
4. Documents are gathered, checked and verified in accordance with
verification and validation processes
5. Account titles are selected in accordance with standard selection
processes
6. Journals are prepared in accordance with industry practice and
generally accepted accounting principles/Philippine Financial
Reporting Standards for transactions and events.
7. Debit account titles are determined in accordance with chart of
accounts
8. Credit account titles are determined in accordance with chart of
accounts
9. Explanation to journal entry is prepared in accordance with the
nature of transaction
10.Journal entries are prepared with 100% accuracy
CONDITIONS:
The students/trainees must be provided with the following:
1. Paper
2. Learning Materials
3. Pencil
4. Eraser

Date Developed:
NC III Issued by:
CBLM on Bookkeeping May 2016
MPC Page 4 of 22
MPC NC III
Developed By:
Journalize Transactions
Prof. Ronaldo B.
5. Ruler
6. Journal
ASSESSMENT METHOD:
1. Written test
2. Practical/performance test
LEARNING OUTCOME SUMMARY
LEARNING EXPERIENCES
Learning Outcome # 1
Journalizing Transactions
Learning Activity/Guide Special Instructions
Read Information Sheet 1.1 – 1.7 Read and understand the

Information Sheets and check
Preparing Journal Entries
yourself by answering the Self-
Answer Self-Check 1.1-1 Check. You must get 80% to
100% rating in before you
Compare your answer to Answer Key 1.1-1 canproceed to the next
activities. If you get below
80%, go over the same
activities.
Perform Task Sheet 1.1 Task Sheets will help you

Date Developed:
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MPC NC III
Developed By:
Prof. Ronaldo B.
Analyze Transactions practice your skills.
The Performance Criteria

Checklist will help you
evaluate your work as you are
practicing your skill.
Evaluate your work using

Performance Criteria Checklist.
When you are ready, present
your work to your trainer for
final evaluation and recording.
If you have questions using the

module, ask your trainer.
Perform Job Sheet 4.1 After doing the activities in this

LO, you are ready to proceed to
Prepare Journal Entries
the next LO on Posting
Transactions.
INFORMATION SHEET 1.1 – 1.1
Preparing Journal Entries
- Accounting is a service activity which provides quantitative

information, primarily financial in nature and intended to guide
organizations in making economic decisions. It involves the record
keeping, classification, summarization and interpretation of
financial information.
- Bookkeeping and Accounting – many people confuse accounting and
bookkeeping as one and the same. It should be emphasized that

Date Developed:
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MPC NC III
Developed By:
Prof. Ronaldo B.
bookkeeping is only the record-keeping part of accounting. The
bookkeeper records business transactions and events systematically
and chronologically.
- Accounting as a profession is commonly classified into three main
categories – public accounting, private business accountant, and
government accounting. Public accountants offer their professional
services to the public for a fee, in the same manner as doctors,
lawyers, architects, or engineers do. They can offer the following
services: auditing, management advisory services and tax accounting.
Private business accounting wherein accountants are employed in
business enterprises. They can perform the following services in a
private entity: general accounting, cost accounting and budgeting.
Accountants employed in government institutions observe basic
accounting principles and special procedures relative to the
operations of the government.
- Accounting Period or Fiscal period is each segment of time, usually a
year, in which statements are prepared in order to know the results of
the business operation during that particular period of time. The
length of an accounting period depends on the nature of an entity. An
accounting period may be annual, semi – annual, quarterly, or
monthly.
- Accounting cycle consists of successive steps starting with the
recording of transactions in the books of accounts and ending with a
post – closing trial balance.
- The following successive steps consist one accounting cycle:
1. Journalizing
2. Posting
3. Preparation of Trial Balance
4. Adjusting the entries
5. Preparation of the worksheet
6. Preparation of the financial statements
7. Closing the entries
8. Post- closing trial balance
FORMS OF BUSINESS ORGANIZATIONS
- A business organization is an accounting or business entity. There are

three forms of business organizations, namely:
1. Sole or Single Proprietorship – this is a type of business owned
by one individual. Often times the owner manages the business.
There are no legal formalities in organizing a sole or single

Date Developed:
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MPC NC III
Developed By:
Prof. Ronaldo B.
proprietorship except for acquiring the license to operate from the
local government.
2. Partnership – this business organization owned jointly by two or
more persons who combined their resources and efforts. A
partnership is created by agreement among partners which
describe the purposes of the business.
3. Corporation – this is a business organization owned by a varying
number of persons called stockholders or shareholders. It should
be approved by the regulating arm of government which is the
Securities and Exchange Commission.
TYPES OF BUSINESS ACTIVITIES
1. Service Concern – these are enterprises which perform professional

services such as cleaning, repair, and maintenance. Professionals in
the fields of accounting, engineering, medicine and law can also be
classified in this category. The services are rendered for a fee.
2. Merchandising or Retailing – these are enterprises which buy and
sell goods to consumers.
3. Manufacturing – these are enterprises which purchase raw materials
and convert them into finished products for sale to other companies or
to end consumers.
ACCOUNTING ELEMENTS OR VALUES
1. Assets – Is something that an entity owns or controls in order to

drive economic benefits from its use. Assets must be classified in
the balance sheet as current or non-current depending on the
duration over which the reporting expects to derive economic
benefit from its use. Assets that will derive economic benefit for a
long period is called non-current assets whereas those assets that
are expected to be realized within one year from the reporting date
are classified as current assets.
2. Liabilities – is an obligation that a business owes to someone and
its settlement involves the transfer of cash or other resources.
Liabilities must be classified as
INFORMATION current
SHEET 1.1or– non-current.
1.3 A liability
which will be settled over a long term is classified as non-current
whereas those liabilities that are expected to be settled within a
year are called current.
3. Owner’s Equity - It is what the business owes to its owners.
4. Revenue – is the income that a business has from its normal
business activities. Income may be received as cash or cash
equivalent and is typically generated from the sale of goods or
rendering services for a particular period of time.

Date Developed:
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Developed By:
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5. Expense – an outflow of money or asset to another individual or
company as a payment for an item or service.
● Accounting Equation is represented by, ASSETS = LIABILITIES +
OWNER’S EQUITY
● Business Transactions – are the economic activities of a business or
entity in a daily basis. It is the exchange of goods and services. Each
business transaction changes the status of each element of the
equation. A transaction may increase or decrease any of the assets,
liabilities and owner’s equity.
There are several changes in resulting from business transactions as

follows:
1. Increase in asset with corresponding increase in owner’s equity
2. Increase in asset with corresponding decrease in another form of asset
3. Increase in asset with corresponding increase in liability
4. Decrease in liability with corresponding decrease in asset
5. Decrease in liability with corresponding increase in another liability
6. Decrease in owner’s equity with corresponding decrease asset
The following transactions will show how different transactions changes in the
accounting equation:
Transaction 1 – On August 1, 2015, Jane Fajardo invested P20,000 cash to start

Jane’s Beauty Parlor.
Transaction 2 – She purchased two heavy – duty hair dryer in cash at P2,500
each.
Transaction 3 – She purchased P1,900 worth of cosmetics to Derma Products
and P6,000 worth of furniture from Nelson’s Shoppe on account.
Transaction 4 – She paid in advance three months rental for the space occupied
by her parlor at P1,500 per month.
Transaction 5 – She paid part of her cosmetics account with Derma Products,
P1,000.
Transaction 6 – Jane could not pay her furniture account in time of due date.
She went to Nelson’s Shoppe and issued a promissory note for an extension of
credit for another 30 days.

Date Developed:
NC III Issued by:
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MPC NC III
Developed By:
Prof. Ronaldo B.
Transaction 7 – She withdrew P400.00 cash for personal use.
Transaction 8 – During the entire month of August, Jane received cash of
P8,250 for fees of different services rendered by her beauticians.
Transaction 9 – She paid the salaries of her employees, P2,900.
Transaction 10 – At the end of the month she paid for the utilities expense –
telephone bill, P280 and light and water, P600.
Transaction 11 – The rent for one month worth P1,500 has been used and
considered as an expense.
Transaction 12 – The parlor cosmetics supplies used during the month for
customer’s beauty needs were P800.
THE T – ACCOUNT
- Business transactions cause increases and decreases in the accounting

values. To record these changes, a business firm makes use of accounts. An
account is an accounting device use to summarize the increases and decreases
in the asset, liabilities and owner’s equity.
- A simple form of account looks like a big letter “T”, thus it is called a “T –
Account”. It has a left side and a right side. It appears as follows:
Name of the Account

- The left side of T – Account is the debit (Dr.) side and the right side is the
credit (Cr.) side.
- “To debit” is to enter the amount on the left side of a T – Account and “to
credit” is to enter the amount on the right side. The amount entered in the left
side of a T –Account are called “debits” and “credits” for the amount entered on
the right side.
- To debit and to credit, however, should not be confused with to increase and to
decrease. To debit and to credit may mean either a decrease or an increase
depending on the accounts affected. Thus, the rule of debit and credit is as
follows:
Debit to: INFORMATION SHEET 1.1Credit

– 1.5 to:

Date Developed:
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MPC NC III
Developed By:
Prof. Ronaldo B.
1. Increase assets 1. Decrease in assets
2. Decrease liabilities 2. Increase in liabilities
3. Decrease owner’s equity due to: 3. Increase in Owner’s Equity due to:
a. Drawing a. Capital
b. expense b. Revenue
The following illustration will show the illustrations of the rules of debit and
credit. Refer to the transactions of Jane Fajardo on the next page.
Transa
ction 1
Debit Credit
P20,00 Capita
Cash 0 l P20,000

Transa
ction 2
Debit Credit
Parlor
Equip
ment P5,000 Cash P5,000

Transa
ction 3
Debit Credit
Accou
Parlor nts
Suppli Payabl
es P1,900 e P7,900
Furnit
ure &
Fixtur
e 6,000
Transaction 7
Debit Credit
Jane
Fajard
o
Drawi
ng P400 Cash P400
Transa
ction
12
Debit Credit

Date Developed:
NC III Issued by:
MPC Page 11 of 22
MPC NC III
Developed By:
Prof. Ronaldo B.
Suppli
es
Expen Suppli
se P800 es P800

Transa
ction 8
Debit Credit
Servic
e
Reven
Cash P8,250 ue P8,250

Transa
ction 6
Debit Credit
Accou Notes
nts Payabl
Payabl e
e P6,000 P6,000

Transa
ction 5
Debit Credit
Accou
nts
Payabl
e P1,000 Cash P1,000

Transaction 4
Debit Credit
Prepaid Rent P4,500 Cash P4,500

Transaction 9
Debit Credit
Salaries Expense P2,900 Cash P2,900

Transaction 10

Date Developed:
NC III Issued by:
MPC Page 12 of 22
MPC NC III
Developed By:
Prof. Ronaldo B.
Debit Credit
Utilities Expense P880 Cash P880

Transaction 11
Debit Credit
Prepai
Rent Expense P1,500 d Rent P1,500

CHART OF ACCOUNTS
- Chart of accounts is a list of titles used by the business. It serves as a guide to the
bookkeeper. Such accounts are divided into sections and each title has a given code
number.
JANE FAJARDO BEAUTY PARLOR
ASSETS
Assets
101 Cash
102 Parlor Supplies
103 Prepaid Rent
104 Parlor Equipment
105 Furniture & Fixtures
Liabilities
201 Accounts Payable
202 Notes Payable
Owner’s Equity
301 Jane Fajardo, Capital
302 Jane Fajardo, Drawing

Date Developed:
NC III Issued by:
MPC Page 13 of 22
MPC NC III
Developed By:
Prof. Ronaldo B.
Income
401 Service Revenue
Expenses
501 Salaries Expense
502 Utilities Expense
503 Rent Expense
504 Supplies expense
JOURNALIZING
- Journalizing is the first step in the accounting cycle. It is the process of recording
business transactions in a journal.
- A journal is a book of accounts wherein business transactions are recorded for
the first time. It is also called the book of original entry. The type of journal to be
used depends on the size and need of the business. General journal is the
simplest form of journal wherein the two – column form may be used.
General Journal Page no.
Date Account Titles and Explanation F Debit Credit
- A general journal contains the following columns:

1. Date – the date of the transactions is entered in this column; transactions are
recorded in systematic manner and in chronological order.
2. Account Titles and Explanation – this column contains the debit and credit
accounts and brief explanation of the entries.
3. Folio – this contains the post reference number or the ledger page in which the
accounts are transferred.
4. Debit – contains the amounts debited.
5. Credit – contains the amounts credited.

Date Developed:
NC III Issued by:
MPC Page 14 of 22
MPC NC III
Developed By:
Prof. Ronaldo B.
- When recording transactions in the journal or ledger, commas and periods are no
longer written because the ruled lines in the forms accomplished this purpose.
Each column represents a digit. However, when reports are prepared in non -
ruled paper, commas and periods are necessary. Dash instead of zeros may be
used in writing centavos because it is easier to write than two zeros.
SELF CHECK 1.1
Write the correct answer on the space provided.
1. journal book/Journalizing is called the book of original entry.

2. ___________ is the simplest form of ledger.
3. ___________ is called as the book of final entry.
4. ___________ are the information that is written in a journal.
5. ___________ is the economic activities of a business.
6. ___________ is the left side of the T –account.
7. ___________ are the amounts entered in the left side of a T – account.
8. ___________ is the right side of the T – account.
9. ___________ are the amounts entered on the right side of a T –account.
10.___________ is the representation of the accounting equation.
11.___________ is something that an entity owns and controls.
12.________________ is the process of recording accounts from the business
transactions to the journal.
13.___________ is a form of business organization that is owned by an
individual.
14.________________ is what you call to the people who own the corporation.
15.________________ is the list of account titles used by the business.
16.___________ is the process of transferring the records from the journal to the
ledger.
17.________________ is made to prove the equality of the debit and credit from
the ledger.
18.___________ is the income the business had from the operation.

Date Developed:
NC III Issued by:
MPC Page 15 of 22
MPC NC III
Developed By:
Prof. Ronaldo B.
TASK SHEET 1.1
Title: Analyze Transactions
Performance Objective: From the given transactions of Mr. Bose

Repair Shop, you should be able to analysis
following standard format and guidelines.
Supplies/Materials : Pencil, Ball pen, Paper
Equipment : Calculator
Steps/Procedure:
1. Identify the accounts.

2. Follow the correct format given on the sample from info sheet
3. Present your work to your trainer
Assessment Method:
Portfolio Assessment using Performance Criteria Checklist

Date Developed:
NC III Issued by:
MPC Page 16 of 22
MPC NC III
Developed By:
Prof. Ronaldo B.
TASK SHEET 1.1
Prepare the tabular analysis of the following transactions of Bose Repair Shop
for the month of June, 2016.
1 – Mr. Bose opened a motor repair shop and invested P100,000

3 – He purchased repair supplies worth P25,000 on credit from De Table
Trading
5 – Charged M. Jay for repair work done on his automobile, P12,000
7 – He bought a table and chairs for the business, P6,000 cash
12 – Issued a promissory note to De Table Trading to apply for a credit
extension
15 – Paid the salary of the assistant, P1,900
20 – Paid the note issued to De Alto Trading
29 – Mr. Bose withdrew P15,000 from the business for his personal use

Date Developed:
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Developed By:
Prof. Ronaldo B.
PERFORMANCE CRITERIA CHECKLIST 1.1
CRITERIA YES NO
1. Does the information in the heading correct?
2. Does the analysis of the account correct?
3. Do the accounts used correct?
4. Does the result reflect the accounting equation?

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Developed By:
Prof. Ronaldo B.
JOB SHEET 1.1
Title: Prepare Journal Entries
Performance Objective: From the given transactions of Mr. Bose

Repair Shop, you should be able to analyze the
transactions and be able to prepare the chart of
accounts and journal entries following standard
format and guidelines.
Supplies/Materials : Pencil, Ball pen, Journal
Equipment : Calculator
Steps/Procedure:
1. Identify the accounts needed to prepare the following:

- Chart of Accounts
- Journal Entries
2. Follow the correct format given on the sample from info sheet
3. Present your work to your trainer
Assessment Method:
Portfolio Assessment using Performance Criteria Checklist

Date Developed:
NC III Issued by:
MPC Page 19 of 22
MPC NC III
Developed By:
Prof. Ronaldo B.
JOB SHEET 1.1
Prepare the journal entries for Bose Repair Shop for the month of June, 2016.
Analyze and write the answer on a proper form in accordance with the
prescribed requirements.
1 – Mr. Boseopened a motor repair shop and invested P100,000

3 – He purchased repair supplies worth P25,000 on credit from De Table
Trading
5 – Charged M. M. for repair work done on his automobile, P12,000
7 – He bought a table and chairs for the business, P6,000 cash
12 – Issued a promissory note to De Table Trading to apply for a credit
extension
15 – Paid the salary of the assistant, P1,900
20 – Paid the note issued to De Table Trading
29 – Mr. Bose withdrew P15,000 from the business for his personal use

Date Developed:
NC III Issued by:
MPC Page 20 of 22
MPC NC III
Developed By:
Prof. Ronaldo B.
PERFORMANCE CRITERIA CHECKLIST 1.2
CRITERIA YES NO
1. Does the information in the heading correct?
2. Does the analysis of the account correct?
3. Do the accounts used correct?
4. Does the debit and credit accounts correct?

Date Developed:
NC III Issued by:
MPC Page 21 of 22
MPC NC III
Developed By:
Prof. Ronaldo B.

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COMPETENCY BASED LEARNING MATERIAL

Unit of Competency: Journalize Transactions

Module Title: Journalizing Transactions

BOOKKEEPING Document No. MPC 16-0021

This module contains training materials and activities for you to

This will be the source of information for you to acquire the knowledge

BOOKKEEPING Document No. MPC 16-0021

Post Transactions HCS412302

Prepare Trial HCS412303

Prepare Financial HCS412304

Review Internal HCS412305

BOOKKEEPING Document No. MPC 16-0021

UNIT OF COMPETENCY: JOURNALIZE TRANSACTIONS

MODULE TITLE: JOURNALIZING TRANSACTIONS

This module covers the knowledge, skills and attitudes in

NOMINAL DURATION: 44 hours

1. Prepare chart of accounts

3. Accounting manual is prepared in accordance with industry practice

BOOKKEEPING Document No. MPC 16-0021

1. Nature of business is determined based on client information

The students/trainees must be provided with the following:

BOOKKEEPING Document No. MPC 16-0021

LEARNING OUTCOME SUMMARY

Learning Activity/Guide Special Instructions

Read Information Sheet 1.1 – 1.7 Read and understand the

Perform Task Sheet 1.1 Task Sheets will help you

BOOKKEEPING Document No. MPC 16-0021

The Performance Criteria

Evaluate your work using

If you have questions using the

Perform Job Sheet 4.1 After doing the activities in this

INFORMATION SHEET 1.1 – 1.1

Preparing Journal Entries

- Accounting is a service activity which provides quantitative

BOOKKEEPING Document No. MPC 16-0021

INFORMATION SHEET 1.1 – 1.2

FORMS OF BUSINESS ORGANIZATIONS

- A business organization is an accounting or business entity. There are

BOOKKEEPING Document No. MPC 16-0021

TYPES OF BUSINESS ACTIVITIES

1. Service Concern – these are enterprises which perform professional

ACCOUNTING ELEMENTS OR VALUES

1. Assets – Is something that an entity owns or controls in order to

BOOKKEEPING Document No. MPC 16-0021

There are several changes in resulting from business transactions as

Transaction 1 – On August 1, 2015, Jane Fajardo invested P20,000 cash to start

BOOKKEEPING Document No. MPC 16-0021

- Business transactions cause increases and decreases in the accounting

Name of the Account

Debit to: INFORMATION SHEET 1.1Credit

BOOKKEEPING Document No. MPC 16-0021

BOOKKEEPING Document No. MPC 16-0021

BOOKKEEPING Document No. MPC 16-0021

INFORMATION SHEET 1.1 – 1.6

JANE FAJARDO BEAUTY PARLOR

BOOKKEEPING Document No. MPC 16-0021

501 Salaries Expense

502 Utilities Expense

503 Rent Expense

504 Supplies expense

General Journal Page no.

Date Account Titles and Explanation F Debit Credit