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FINAL ACCCOB1 Worktext Chapter 1 STUDENT COPY Joseph Landscaping and Plant Store SEPTEMBER 2022
FINAL ACCCOB1 Worktext Chapter 1 STUDENT COPY Joseph Landscaping and Plant Store SEPTEMBER 2022
Trial Balance
November 30, 2019
20,000
10,000
15,000
800
30,000
70,000
1,200
500
20,000
1,000
50,000
5,000
5,000
10,000
14,500
8,000
500
49,000
9,500
1,000
50,000
15,000
Account P/R Date Debit Credit
95,000.00
85,000.00
84,200.00
99,200.00
119,200.00
118,000.00
168,000.00
163,000.00
158,000.00
143,500.00
192,500.00
183,000.00
198,000.00
10,000.00
100,000.00
95,000.00
110,000.00
160,000.00
159,000.00
110,000.00
109,000.00
159,000.00
144,000.00
20,000.00
17,800.00
10,500.00
15,500.00
15,000.00
25,000.00
24,500.00
400,000.00
440,000.00
220,000.00
120,000.00
(37,000.00)
(52,000.00)
(51,500.00)
(46,500.00)
(56,500.00)
(42,000.00)
(41,500.00)
(32,000.00)
(12,000.00)
(5,600.00)
(200,000.00)
(842,950.00)
(862,950.00)
10,000.00
18,000.00
(140,000.00)
(170,000.00)
(220,000.00)
(776,850.00)
(796,850.00)
(866,850.00)
(916,850.00)
15,000.00
12,500.00
13,500.00
14,500.00
325,000.00
350,000.00
370,000.00
(10,000.00)
(14,700.00)
(15,200.00)
(23,200.00)
6,850.00
7,650.00
9,500.00
10,700.00
194,000.00
28,450.00
26,000.00
16,750.00
11,550.00
12,400.00
6,400.00
(7,000.00)
(57,600.00)
(50,000.00)
(44,000.00)
Joseph Landscaping And Plant Store
Trial Balance
December 31, 2019
Account Title Debit Credit
Cash in Bank 198,000
Petty Cash Fund 10,000
Financial Assets at Fair Value through Profit or Loss 100,000
Accounts Receivable 144,000
Allowance for Doubtful Accounts 7,000
Notes Receivable 20,000
Merchandise Inventory, January 1 17,800
Office Supplies on Hand 15,500
Store Supplies on Hand 24,500
Land 400,000
Buildings 440,000
Accumulated Depreciation-Building 57,600
Equipment 220,000
Accumulated Depreciation-Equipment 50,000
Furniture and Fixture 120,000
Accumulated Depreciation – Furniture 44,000
Accounts Payable 32,000
Notes Payable 12,000
Withholding Taxes Payable 5,600
Mortgage Payable 200,000
Joseph de Jesus, Capital 862,950
Joseph de Jesus, Drawing 18,000
Service Income 220,000
Sales 916,850
Sales Discounts 15,000
Sales Returns and Allowances 14,500
Purchases 370,000
Purchases Discounts 10,000
Purchases Returns and Allowances 23,200
Freight in 7,650
Freight out 10,700
Salaries and Wages Expense 194,000
Insurance Expense 28,450
Utilities Expense 26,000
Repairs and Maintenance Expense 16,750
SSS, Philhealth, and Pag-ibig Expense 11,550
Miscellaneous Expense 12,400
Interest Expense 6,400
Totals 2,441,200 2,441,200
DATE PARTICULARS P/R DEBIT CREDIT
200 200
200 200
7,200 7,200
330 330
28,580 28,580
4,520 4,520
75,800 75,800
4,950
Note
Net sales revenue (1)
Cost of sales (2)
Gross profit
Operating expenses:
Administrative expenses (3)
Distribution expenses (4)
Operating Profit
Net Interest Expense (5)
Net income
ASSETS
Current Assets
Cash (6) 208,000
Financial Assets at Fair Value through Profit or Loss 100,000
Accounts Receivable- Net Realizable Value (7) 132,480
Notes Receivable 20,000
Interest Receivable 200
Merchandise Inventory 12,850
Office and Store Supplies on Hand 11,420
Non-Current Assets:
Property, Plant and Equipment (7) 952,600
Total Assets
Non-Current Liabilities:
Notes Payable 12000
Mortgage Payable 200000
Total Liabilities
Note 1
Sales Revenue 916,850
Service Income 220,000
Total sales revenue and Service Income 1,136,850
less: Sales Returns and Allowances -14,500
less: Sales Discounts -15,000
Net sales revenue and Service Income P 1,107,350
Note 2
Merchandise Inventory, January 1 P 17,800
Purchases 370,000
add: Freight In 7,650
less: Purchase Returns and Allowances (23,200)
less: Purchase Discounts (10,000)
Total Goods Available for Sale P 362,250
less: Merchandise Inventory, Dec 31 (12,850)
Cost of Goods Sold P 349,400
Note 3
Salaries and Wages Expense P 194,000
Insurance Expense 28,450
Utilities Expense 33,200
Repairs and Maintenance Expense 16,750
SSS, Philhealth, and Pag-ibig Expense 11,550
Miscellaneous Expense 12,400
Store and Office Supplies Expense 28,580
Doubtful accounts expense 4,520
Depreciation Expense 75,800
Total administrative expenses P 405,250
Note 4
Freight out P 10,700
Total distribution expenses P 10,700
Note 5:
Cash in Bank 198,000
Petty Cash Fund 10,000
Cash 208,000
Note 6:
Interest Expense 6,730
Interest Income 200
Interest Expense, net of interest income 6,530
Note 6:
Accounts Receivable 144,000
less: Allowance for Doubtful Accounts -11,520
Accounts Receivable- Net Realizable Value 132,480
Note 7:
Land 400,000
Buildings 440,000
Less: Accumulated Depreciation-Building (86,400)
Equipment 220,000
Less: Accumulated Depreciation-Equipment (75,000)
Furniture and Fixture 120,000
Accumulated Depreciation – Furniture (66,000)
Property, Plant and Equipment 952,600
P 1,107,350
-349,400
P 757,950
-P 405,250
-P 10,700
P 342,000
-P 6,530
P 335,470 -
P 842,950
P 20,000
-P 18,000
P 335,470
P 1,180,420
484,950
952,600
1,437,550
45,130
212,000
257,130
P 1,180,420
1,180,420
1,437,550 -
Joseph Landscaping and Plants Store
Statement of Cash Flows
For the year month December 31, 2019
* Movements of cash from Dec 1 - Dec 31, 2019
* using Direct Method
Outflow:
Payments for purchases of merchandise 41,000
Payments for purchases of supplies 5,000 46,000
Dec. 31
Joseph de Jesus, Capital 18,000
Joseph de Jesus, Drawing 18000
Close Drawing account to Capital account.