Wednesday: September 8, 2021 Good for 4 Hours

FS CORPORATION
Post-Closing Trial Balance
March 2021
Particulars Debit Credit
Cash and Cash Equivalents ₱2, 500, 000.00
Accounts Receivable 101, 000.00
Prepaid Supplies 35, 000.00
Prepaid Insurance 40, 000.00
Prepaid VAT 9, 000.00
Merchandise Inventory 100, 000.00
Equipment 199, 000.00
Accounts Payable ₱10, 000.00
Withholding Tax Payable 1, 500.00
Expanded Withholding Tax Payable 1, 500.00
SSS, PhilHealth, Pag-ibig Payable 10, 000.00
Utilities Payable 10, 000.00
Rent Payable 100, 000.00
Dividends Payable 20,000.00
Paid-In-Capital, 100 Par 2, 581, 000.00
Retained Earnings 250, 000.00
TOTAL ₱2, 984, 000.00 ₱2, 984, 000.00

CHART OF ACCOUNTS
Account Account
Particulars Particulars
Number Number
Cash and Cash Equivalents 101 Sales 401
Accounts Receivable 102 Sales Discount 402
Prepaid Supplies 103 Sales Returns 403
Prepaid Insurance 105
Prepaid VAT 103 Income Summary 4010
Merchandise Inventory 104 Purchases 420
Equipment 110 Purchase Returns 421
Accounts Payable 201 Purchase Discounts 422
Withholding Tax Payable 205 Salaries Expense 501
Expanded Withholding Tax Payable 210 Rent Expense 502
SSS, PhilHealth, Pag-ibig Payable 215 Utilities Expense 503
VAT Payable 216 SSS, PhilHealth, Pag-ibig Contribution 510
Rent Payable 217 Output VAT 511
Utilities Payable 218 Input VAT 512
Dividends Payable 219 Withholding Tax 513
Paid-In-Capital, 100 Par 301 Expanded Withholding Tax 514
Retained Earnings 302 Dividends 515

Required:
 Cut and arrange the source Documents
 Complete the Accounting Cycle
Additional Information:

 3% of receivables are deemed uncollectable.

 Depreciable rate is 1% monthly.
 Insurance expense monthly is P5, 000.00
 20% of supplies were used for the month.
 Ending inventory is ₱110, 000.00
 Dividend rate is 1% of outstanding share monthly.

Prepared By: JLBoyongan

 Sales Invoice No. 001 Sales Invoice No. 001
Name of Customer: Joan Date: April 3 Name of Customer: Maricar Date: April 8
Amount Due: ₱22, 400.00 Amount Due: ₱56, 000.00

Sales: ₱20, 000.00 Sales: ₱50, 000.00

Output VAT: ₱2, 400.00 Output VAT: ₱6, 000.00
Terms: 2/15, n/30
Issued By: FS Corporation Received By: Joan Issued By: FS Corporation Received By: Maricar

Sales Invoice No. 001 Sales Invoice No. 001

Name of Customer: Jessa Date: April 17 Name of Customer: Richelle Date: April 28
Amount Due: ₱940, 000.00 Amount Due: ₱946, 400.00

Sales: ₱750, 000.00 Sales: ₱845, 000.00

Output VAT: ₱90, 000.00 Output VAT: ₱101, 400.00
Terms: 2/15, n/30
Issued By: FS Corporation Received By: Jessa Issued By: FS Corporation Received By: Richelle

Official Receipt No. 3001 Official Receipt No. 3002

Name of Customer: Devon Date: April 5 Name of Customer: Joan Date: April 9
Amount Paid: ₱168, 000.00 Amount Paid: ₱21, 952.00

Sales : ₱150, 000.00 Payable: ₱22, 400.00

Output VAT: ₱18, 000.00 Discount: ₱448.00

Issued by: FS Corporation Received By: Devon Issued by: FS Corporation Received By: Joan

Official Receipt No. 3003 Official Receipt No. 3004

Name of Customer: Billy Date: April 11 Name of Customer: Shan Date: April 22
Amount Paid: ₱392, 000.00 Amount Paid: ₱772, 800.00

Sales : ₱350, 000.00 Sales : ₱690, 000.00

Output VAT: ₱42, 000.00 Output VAT: ₱82, 800.00

Issued by: FS Corporation Received By: Billy Issued by: FS Corporation Received By: Shan

Official Receipt No. 3005 Purchase Invoice No. 8001

Name of Customer: Jessa Date: April 27 Name of Customer: FS Corporation Date: April 2
Amount Paid: ₱921, 200.00 Amount Due: ₱33, 600.00

Payable: ₱940, 000.00 Goods: 30, 000.00

Discount: ₱18, 800.00 Input VAT: 3, 600.00
Terms: 2/15, n/30
Issued by: FS Corporation Received By: Jessa Issued By: Lotlot Received By: FS Corporation

Purchase Invoice No. 8002 Purchase Invoice No. 8003

Name of Customer: FS Corporation Date: April 18 Name of Customer: FS Corporation Date: April 28
Amount Due: ₱56, 000.00 Amount Due: ₱112, 000.00

Goods: ₱50, 000.00 Goods: ₱100, 000.00

Input VAT: ₱6, 000.00 Input VAT: ₱12, 000.00
Terms: 2/15, n/30
Issued By: Gina Received By: FS Corporation Issued By: Babet Received By: FS Corporation

Purchase Invoice No. 8004 Check Voucher No. 101 Check Number: 0541
Prepared By: JLBoyongan
 Name of Customer: FS Corporation Date: April 28 Paid To: Lucing Rents Date: April 7
Amount Due: ₱134, 960.00 Amount Paid: ₱100, 000.00

Goods: ₱120, 500.00 Rent for March: ₱100, 000.00

Input VAT: ₱14, 460.00
Issued By: FS Corporation Received By: Lucing
Issued By: Kikay Received By: FS Corporation Rents

Official Receipt No. 001 Official Receipt No. 002

Name of Customer: Lucing Rents Date: April 7 Name of Customer: Pitok Date: April 8
Amount Paid: ₱100, 000.00 Amount Paid: ₱100, 000.00

Cash : ₱100, 000.00 Goods Purchased : ₱50, 000.00

Input VAT : ₱6, 000.00

Issued by: Lucing Rents Received By: FS Corporation Issued by: Pitok Received By: FS Corporation

Check Voucher No. 102 Check Number: 0542 Check Voucher No. 103 Check Number: 0543
Paid To: Pitok Date: April 8 Paid To: Shareholders Date: April 10
Amount Paid: ₱100, 000.00 Amount Paid: ₱200, 000.00

Goods Purchased : ₱50, 000.00 Dividends Payable : ₱20, 000.00

Input VAT : ₱6, 000.00

Issued By: FS Corporation Received By: Pitok Issued By: FS Corporation Received By: Shareholders

Official Receipt No. 003 Official Receipt No. 004

Name of Customer: Shareholders Date: April 10 Name of Customer: BIR Date: April 12
Amount Paid: ₱200, 000.00 Amount Paid: ₱1, 500. 00

Dividends Payable : ₱20, 000.00 Withholding Tax Payable : ₱1, 500. 00

Issued by: Shareholders Received By: FS Corporation Issued by: BIR Received By: FS Corporation

Check Voucher No. 104 Check Number: 0544 Check Voucher No. 105 Check Number: 0545
Paid To: BIR Date: April 12 Paid To: Kindril Date: April 13
Amount Paid: ₱1, 500. 00 Amount Paid: ₱100, 800.00

Withholding Tax Payable : ₱1, 500. 00 Goods Purchased : ₱90, 000.00

Input VAT : ₱10, 800.00

Issued By: FS Corporation Received By: BIR Issued By: FS Corporation Received By: Kindril

Official Receipt No. 005 Official Receipt No. 006

Name of Customer: Kindril Date: April 13 Name of Customer: Employees Date: April 16
Amount Paid: ₱100, 800.00 Amount Paid: ₱97, 500.00

Goods Purchased : ₱90, 000.00 Paid Salaries : ₱97, 500.00

Input VAT : ₱10, 800.00

Issued by: Kindril Received By: FS Corporation Issued by: Employees Received By: FS Corporation

Prepared By: JLBoyongan

 Check Voucher No. 107 Check Number: 0547 Official Receipt No. 007
Paid To: BIR Date: April 17 Name of Customer: BIR Date: April 17
Amount Paid: ₱1, 500. 00 Amount Paid: ₱1, 500. 00

Expanded Withholding Tax Payable : ₱1, 500. 00 Expanded Withholding Tax Payable : ₱1, 500. 00

Issued By: FS Corporation Received By: BIR Issued by: BIR Received By: FS Corporation

Official Receipt No. 008 Check Voucher No. 108 Check Number: 0548
Name of Customer: Lotlot Date: April 19 Paid To: Lotlot Date: April 19
Amount Paid: ₱33, 600.00 Amount Paid: 33, 600.00

Accounts Payable : ₱33, 600.00 Accounts Payable : ₱33, 600.00

Discount : ₱672.00 Discount : ₱672.00

Issued by: Lotlot Received By: FS Corporation Issued By: FS Corporation Received By: Lotlot

Check Voucher No. 109 Check Number: 0549 Official Receipt No. 009
Paid To: Social Office Date: April 25 Name of Customer: Social Office Date: April 25
Amount Paid: ₱10, 000. 00 Amount Paid: ₱10, 000. 00

SSS, PhilHealth, Pag-ibig Payable : ₱10, 000. 00 SSS, PhilHealth, Pag-ibig Payable : ₱10, 000. 00

Issued By: FS Corporation Received By: Social

Office Issued by: Social Office Received By: FS Corporation
Official Receipt No. 010 Check Voucher No. 110 Check Number: 0550
Name of Customer: Gina Date: April 26 Paid To: Gina Date: April 26
Amount Paid: ₱54, 880.00 Amount Paid: ₱54, 880.00

Accounts Payable : ₱54, 880.00 Accounts Payable : ₱54, 880.00

Discount : ₱1, 120.00 Discount : ₱1, 120.00

Issued by: Gina Received By: FS Corporation Issued By: FS Corporation Received By: Gina

Check Voucher No. 111 Check Number: 0551 Official Receipt No. 011
Paid To: Devon Date: April 26 Name of Customer: Devon Date: April 26
Amount Paid: ₱10, 710.00 Amount Paid: ₱10, 710.00

Returns : ₱10, 500.00 Discount : ₱210.00 Returns : ₱10, 500.00 Discount : ₱210.00
Total Refunds : ₱10, 710.00 Total Refunds : ₱10, 710.00

Issued By: FS Corporation Received By: Devon Issued by: Devon Received By: FS Corporation

Official Receipt No. 012 Check Voucher No. 112 Check Number: 0552
Name of Customer: Beteco Date: April 26 Paid To: Beteco Date: April 27
Amount Paid: ₱10, 000. 00 Amount Paid: ₱10, 000. 00

Utilities Payable : ₱10, 000. 00 Utilities Payable : ₱10, 000. 00

Issued by: Beteco Received By: FS Corporation Issued By: FS Corporation Received By: Beteco

Check Voucher No. 106 Check Number: 0546 Payroll Summary

Paid To: Employees Date: April 16 For the Period: April 1-15 Pay Date: April 16
Amount Paid: ₱97, 500.00
Gross Salaries : ₱100, 000.00
Paid Salaries : ₱97, 500.00 SSS, PhilHealth, Pag-ibig Contribution
Employees : ₱2, 000.00 Employers : ₱3,000.00
Issued By: FS Corporation Received By: Employees Withholding Tax : ₱500.00
Payroll Summary Purchase Invoice No. 8007
For the Period: April 16-30 Pay Date: April 31 Name of Customer: FS Corporation Date: April 01
Prepared By: JLBoyongan
 Amount Due: ₱10, 200.00
Gross Salaries : ₱100, 000.00
SSS, PhilHealth, Pag-ibig Contribution Supplies: ₱10, 000.00
Employees : ₱2, 000.00 Employers : ₱3,000.00 Input VAT: ₱200.00
Withholding Tax : ₱500.00 Issued By: Pure Received By: FS Corporation

Return Report No. 0501 Return Report No. 1020

Name of Customer: FS Corporation Date: April 24 Name of Customer: Richelle Date: April 29
Amount of Credit Issued: ₱30, 000.00 Amount of Credit Issued: ₱10, 200.00

Return: ₱29, 400.00 Return: ₱10, 000.00

Input VAT: ₱600.00 Input VAT: ₱200.00

Issued By: FS Corporation Received By: Gina Issued By: FS Corporation Received By: Richelle

Statement of Account Statement of Account

For the Period: March 25 to April 25 For the Period: April

Name of Client: FS Corporation Date: April 30 Name of Client: FS Corporation Date: April 30
Water and Electricity : ₱9, 800.00 Rent : ₱92, 000.00
Input VAT : ₱200.00 Expanded Withholding Tax : ₱8, 000.00

Issued By: Beteco Received By: FS Corporation Issued By: Lucing Rents Received By: FS Corporation
Check No. 03331 Check No. 0251
Paid to the Order of : FS Corporation Paid to the Order of : FS Corporation
The Amount of : One Hundred Sixty Eight Thousand The Amount of : Twenty one Thousand Nine Hundred
Pesos Only I ₱136, 000.00 Fifty Thousand Pesos Only I ₱21, 952.00

Issued By: Devon Date: April 5 Issued By: Joan Date: April 9

Check No. 1271 Check No. 03331

Paid to the Order of : FS Corporation Paid to the Order of : FS Corporation
The Amount of : Three Hundred Ninety Two Thousand The Amount of : Seven Hundred Seventy Two Thousand
Pesos Only I ₱136, 000.00 Eight Hundred Pesos Only I ₱136, 000.00

Issued By: Billy Date: April 11 Issued By: Shan Date: April 22

Check No. 03331

Paid to the Order of : FS Corporation
The Amount of : Nine Hundred Twenty One Thousand In your output, Attach the First Page.
Two Hundred Pesos Only I ₱136, 000.00
You only have 4 hours to complete the whole cycle.
Issued By: Jessa Date: April 27

Prepared By: JLBoyongan

Sales Journal
Sales Output VAT Accounts
Date Receivable
Invoice
Accounts Debited PR
No.
2021 Credit Credit Debit

Total:
( ) ( ) ( )

Purchases Journal
Date Purchases Input VAT Accounts Payable
Invoice No. Accounts Credited PR
2020 Debit Debit Credit

Total:
( ) ( ) ( )

Cash Receipt Journal

Accounts
Official Receipt

Date Sales
Sales Output VAT Cash & Cash
Accounts

Receivable
Credited
Invoice

Discount
No.

No.

PR Equivalents
2020
Credit Credit Credit Debit
Debit

Total:
( ) ( ) ( ) ( ) ( )

Prepared By: JLBoyongan

 Date
2020

Check Voucher No.

Prepared By: JLBoyongan

Check No.

Total:
Cash Disbursement Journal

OR No.

Accounts Debited
PR

Sundry

Debit / (Credit)

Salaries Expenses

(
) Debit

SSS, PH, Pag-ibig

(

Payable
)

Debit/(Credit

W. Tax Payable
(
)

Debit/(Credit

Accounts Payable
(
)

Debit

Purchase Discount
(
)

Credit

Cash
(
)

Credit
 FS CORPORATION
General Journal
In Php
Page 1
Date Particulars PR Debit Credit

FS CORPORATION
General Journal for Adjusting Entries
In Php
Page 2
Date Particulars PR Debit Credit
Prepared By: JLBoyongan
Prepared By: JLBoyongan
 FS CORPORATION
Worksheet
(In Php)

Statement of
Unadjusted Trial Statement of
Adjustments Financial
Balance Financial Position
Performance
Debit Credit Debit Credit Debit Credit Debit Credit

Prepared By: JLBoyongan