HOW’S YOUR LONG

BREAK?
I hope that you are now ready for the two-week
Review.
 General Journal
Closing Entries
April 30, 2018
04/30 Sales P45, 300.00  
Purchase Returns 800.00
Purchase Discounts 312.00  
Income Summary   P46, 412.00
To close nominal accounts with credit balances to income summary.
04/30 41, 804.00  
Income Summary  
Purchases 56, 800.00
Sales Returns 900.00
Sales Discounts 304.00
Salaries Expense 3, 000.00
All Expenses 1, 000.00
To close nominal accounts with debit balances to income summary. 400.00
04/30 Income Summary P4, 608.00  
Retained Earnings P4, 608.00
To close income summary account representing net income to owner’s capital account.

If Net Loss: Dr Retained Earnings

Cr Income Summary
In a Partnership Form of Business:
Aside from the provided entries earlier, record a closing entry for the
Partner’s Drawings

A, Capital
A, Drawing

B, Capital
B, Capital
 CLOSING VAT
Output VAT Output VAT
Input VAT OR Prepaid VAT
VAT Payable Input VAT

When Posting this in your Ledger, Input VAT and Output VAT should be
closed as ZERO.

TAKE NOTE: If there’s no ledger for VAT controlling Account, you can offset
VAT by using the above stated entry.
PROCEED TO Your Ledgers and
Post the Closing Entries.
All should be dated the END OF THE MONTH
 In your Retained Earnings Ledger,
you will post the closing entry of the
Income Summary.
 YOUR INCOME SUMMARY
SHOULD BE
AUTOMATICALLY CLOSED
WHEN POSTING ALL ENTRIES
OF THE ACCOUNT
Php0.00
₱0.00
 AFTER CLODING ALL YOUR
NOMINAL ACCOUNTS IN YOUR
LEDGER, Prepare now your Post
Closing Trial Balance
 HERE ARE SOME THINGS THAT YOU NEED TO
KEEP CHECKING FOR BALANCING:
• Your total shareholders’ equity on your Statement of shareholders Equity
should be equivalent to your RETAINED EARNINGS plus the PAID-IN
CAPITAL.
• Your Total Assets should be the same with your Total Ending Balance of the
Post-Closing Trial Balance.
• Your Income Summary Closed To your Retained Earnings represents your
Net Income or Net Loss so it should be of the same amount with your Net
on Income Statement.
 IMPORTANT REMINDERS
Since you already completed your accounting cycle, take note of the
following BEFORE YOU SUBMIT YOUR OUTPUTS to the Assessor.
 Make sure that you did not miss any Peso Sign as to where it should be
appropriated.
 Make sure that you never missed your complete presentation of every
amount (Php2, 000.00 OR ₱20, 000.00)
 Double Rule every Final Amount
 For your NOMINAL ACCOUNTS, the ENDING BALANCE after closing
entry will be the DOUBLE LINED AMOUNT.
 THAT YOUR ANSWERS ARE CORRECT  :-D
 WEDNESDAY TO FRIDAY
• Bring your Scissor
• Bring your Calculator
• Bring your Pencil or Ball Pen
• Bring your Printed Worksheets and Activity (Source Documents)
• Do not Cut yet your Activity (Source Documents)
Module Printing Will Start
REVIEW 1: Timed: 4 Hours for the per Set Tomorrow So We Cannot
Print Your Activities
Servicing (Wednesday) Anymore. Maybe Next
Merchandising (Thursday) week, We Can Print The 2nd
Sets.

CHECKING 1: FRIDAY with Ma’am Jellian

 WHILE YOU ARE REVIEWING
FOR THE APPLICATION SETS
(WHOLE ACCOUNTING CYCLE),
Review your notes for the Written Test (30 items)
of your National Assessment