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NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011

Date
Jan.

Description
3 WIP - Painting
Materials Inventory

PR
1105b
1106

3 WIP - Molding
Materials Inventory

1105a
1106

6,000.00

1101
4101
2107

268,800.00

5101
1104

120,000.00

5 Withholding Taxes Payable
Cash

2101
1101

9,525.00

5 Accounts Payable
Cash

2106
1101

25,000.00

6 WIP - Packaging
Materials Inventory

1105c
1106

2,394.00

8 WIP - Molding
WIP - Painting
WIP - Packaging
Applied Factory Overhead

1105a
1105b
1105c
5105

280.00
4,200.00
140.00

1101
4101
2107

56,448.00

5101
1105a
1105b
1105c

25,200.00

10 SSS, PhilHealth Payable
Cash

2103
1101

4,540.00

10 Pag IBIG Payable
Cash

2104
1101

2,200.00

10 Materials Inventory
VAT Payable
Cash

1106
2107
1101

18,630.00
2,235.60

10 Factory Overhead Control
Selling and Marketing Expense Control
Gen. and Admin. Expense Control
Cash

5104
5103
5102
1101

4,000.00
6,000.00
5,000.00

5 Cash
Sales
VAT Payable
Cost of Goods Sold
Finished Goods Inventory

8 Cash
Sales
VAT Payable
Cost of Goods Sold
WIP - Molding
WIP - Painting
WIP - Packaging

Debit
990.00

NOVELTY CRAFTS INC.
GENERAL JOURNAL
January 2011
10 Accounts Payable
Cash

2106
1101

60,000.00

10 Cash

1101
1103

70,000.00

1110
1101

4,800.00

1105b
1106

3,300.00

10 Prepaid Insurance
Cash

1110
1101

7,000.00

10 Accounts Receivable
Sales
VAT Payable

1103
4101
2107

13,440.00

5101
1104

6,000.00

11 Gen. and Admin. Expense Control
Cash

5102
1101

16,000.00

14 Accrued Expense Payable
Cash

2105
1101

5,400.00

14 Payroll

5106
1101

1,508.00

Cash

5106
1101

97,365.50

Cash

1105a
1105b
1105c
5104
5102
5103
5106

2,020.00
12,423.00
1,508.00
25,042.25
39,876.25
18,004.00

14 Materials Inventory
VAT Payable
Cash

1106
2107
1101

12,150.00
1,458.00

14 Selling and Marketing Expense Control
Cash

5103
1101

3,000.00

14 Cash

1101
1103

30,000.00

Accounts Receivable
10 Prepaid Insurance
Cash
10 WIP - Painting
Materials Inventory

Cost of Gooods Sold
Finished Goods Inventory

14 Payroll

14 WIP - Molding
WIP - Painting
WIP - Packaging
Factory Overhead Control
Gen. and Admin. Expense Control
Selling and Marketing Expense Control
Payroll

Accounts Receivable

NOVELTY CRAFTS INC.
GENERAL JOURNAL
January 2011
17 Accounts Receivable
Sales
VAT Payable

1103
4101
2107

8,064.00

Cost of Goods Sold
Finished Goods Inventory

5101
1104

3,600.00

17 Gen. and Admin. Expense Control
Selling and Marketing Expense Control
Factory Overhead Control
VAT Payable
Cash
Withholding Taxes Payable

5102
5103
5104
2107
1101
2101

4,000.00
2,000.00
14,000.00
2,400.00

18 Factory Supplies Inventory
Cash

1107
1101

4,500.00

18 Cash

1101
1103

13,440.00

1105a
1106

2,400.00

20 Selling and Marketing Expense Control
VAT Payable
Cash
Withholding Taxes Payable

5103
2107
1101
2101

15,000.00
1,800.00

21 Accounts Receivable
Sales
VAT Payable

1103
4101
2107

26,880.00

5101
1104

8,500.00

22 WIP - Painting
Materials Inventory

1105b
1106

1,320.00

22 WIP - Packaging
Materials Inventory

1105c
1106

3,420.00

24 WIP - Molding
WIP - Painting
WIP - Packaging
Applied Factory Overhead

1105a
1105b
1105c
5105

400.00
6,000.00
200.00

Accounts Receivable

20 WIP - Molding
Materials Inventory

Cost of Goods Sold
Finished Goods Inventory

Molding Materials Inventory 27 Cash 31 Payroll SSS.996.NOVELTY CRAFTS INC. and Admin.00 25 VAT Payable Cash 2107 1101 23.880.Packaging Factory Overhead Control Selling and Marketing Expense Control Gen.000.00 243. PhilHealth Payable Pag IBIG Payable Cash Accrued Payroll 31 Materials Inventory VAT Payable Cash 1106 2107 1101 4.75 18.212.00 Accounts Receivable 5106 2103 2104 1101 2108 4.00 14.212.00 31 Payroll 5106 2103 2104 2101 1101 99.050.00 5101 1104 12.00 24. PhilHealth Payable Pag IBIG Payable Withholding Taxes Payable Cash 31 WIP .00 25 Accounts Receivable Sales VAT Payable 1103 4101 2107 40.183.320.079.250.025.Molding WIP . Expense Control Payroll .320.Painting WIP .Molding WIP .443.750.00 1101 1103 26.262.00 486. GENERAL JOURNAL January 2011 24 Finished Goods Inventory WIP .00 1101 1103 40.000.00 25 Materials Inventory VAT Payable Cash 1106 2107 1101 2.Packaging 1104 1105a 1105b 1105c 36.75 39.00 1105a 1106 6.50 1105a 1105b 1105c 5104 5103 5102 4.040.Painting WIP .00 SSS.00 4.00 Cost of Goods Sold Finished Goods Inventory 27 Cash Accounts Receivable 27 WIP .

256.400.00 729.Packaging Materials Inventory 1105c 1106 1.Painting WIP .00 31 FOH Variances WIP .Molding WIP .075.NOVELTY CRAFTS INC.Painting WIP .Packaging 31 Materials Inventory VAT Payable Accounts Payable .400.00 31 Materials Inventory Materials Price Variance 1106 VA26 195.Packaging Applied Factory Overhead 1105a 1105b 1105c 5105 160.Molding Material Quantity Variance 1105a VA26 210.Molding WIP .Molding WIP .00 2.00 31 WIP .00 1101 4101 2107 32. GENERAL JOURNAL January 2011 31 WIP .Molding WIP .00 31 Cash Sales VAT Payable Cost of Goods Sold WIP .Painting VA26 1105a 1105b 303.00 80.00 5101 1105a 1105b 1105c 14.Painting VA26 1105a 1105b 120.00 31 WIP .00 31 Labor Qty/Efficiency Variance WIP .00 1106 2107 2106 6.368.

00 Selling and Marketing Expense Control Gen. Expense Control Factory Overhead Control Prepaid Insurance 5103 5102 5104 1110 58.000. Expense Control Income Tax Payable 5102 2102 86.00 31 Gen.198.52 .00 31 Selling and Marketing Expense Control Prepaid Insurance 5103 1110 200.00 31 Factory Overhead Control Factory Supplies 5104 1107 6. Expense Control Selling and Marketing Expense Control Factory Overhead Control Accum. GENERAL JOURNAL January 2011 Jan.17 31 Factory Overhead Control Accum. Expense Control Selling and Marketing Expense Control Factory Overhead Control SSS. and Admin. Expense Control 5102 Office Supplies 1108 250.33 316. and Admin.FF 5102 5103 5104 1202-A 2.NOVELTY CRAFTS INC.67 316. and Admin. ADJUSTING ENTRIES 31 Gen. PhilHealth Payable Pag IBIG Payable 5102 5103 5104 2103 2104 #REF! #REF! #REF! 31 WIP . Depreciation . and Admin.67 31 Factory Overhead Control Tools 5104 1203 41.00 31 Gen.533.ME 5104 1201-A 5.100.Molding Applied Factory Overhead 1105a 5105 400.67 31 Gen. Depreciation .33 29. and Admin.17 204.

71 14. Exp. GENERAL JOURNAL January 2011 CLOSING ENTRIES 31 Cost of Goods Sold 5101 Applied Factory Overhead 5105 Factory Overhead Control 5104 . 31 Sales 4101 Retained Earnings 3102 73.00 210. and Admin.NOVELTY CRAFTS INC.00 31 Cost of Goods Sold Material Quantity Variance Material Price Variance Labor Qty/Efficiency Variance FOH Variances 5101 VA26 VA26 VA26 VA26 18.00 31 Retained Earnings Cost of Goods Sold Gen. Control Selling and Mktg.211.035.400. Exp. Control 3102 5101 5102 5103 747.63 .00 948.00 195.260.

00 .000.800.00 120.00 6.NOVELTY CRAFTS INC.898.540.00 20.00 6.525.620.00 2.00 4.000.00 2.00 2.00 9.000.000.00 50.60 15.00 17.00 28.115.048.00 25.187.00 4.00 240. GENERAL JOURNAL January 2011 Credit 990.00 5.394.400.865.000.200.

00 .50 13.00 5.00 3.440.000.00 1.00 30.00 70.800.000.00 3.NOVELTY CRAFTS INC.00 7. GENERAL JOURNAL January 2011 60.00 12.873.00 97.00 16.00 6.000.000.000.50 98.00 1.400.508.000.300.000.365.608.00 4.000.

00 6.00 864.00 .00 4.880.200.500.00 13.000.500.600.050. GENERAL JOURNAL January 2011 7.400.00 21.320.00 3.420.000.00 2.00 8.440.00 1.400.00 1.600.00 2.00 3.NOVELTY CRAFTS INC.00 750.00 24.00 16.

450.70 100.000.835.20 104.NOVELTY CRAFTS INC.00 4.400.00 4.00 12.000.750.268.00 4.320.00 491.00 6.00 24.00 2.880.140.516.70 1.248.244.00 26.00 23.00 2.60 77.208. GENERAL JOURNAL January 2011 7.00 7.30 1.262.410.372.00 36.536.00 40.320.50 .00 13.

00 210.00 3.964.NOVELTY CRAFTS INC.780.800.00 1.804.368. GENERAL JOURNAL January 2011 2.00 28.00 195.456.00 2.00 9.640.00 .00 6.00 80.00 40.00 202.00 1.00 101.656.

GENERAL JOURNAL January 2011 250.198.67 5.NOVELTY CRAFTS INC.00 86.166.100.67 #REF! #REF! 400.52 .00 200.00 3.00 6.67 41.00 291.000.

71 197.503.400.295.71 948.47 65.842.00 120. GENERAL JOURNAL January 2011 87.865.00 303.00 483.NOVELTY CRAFTS INC.45 .

804. 1 Description Balance Date Jan.000.00 Temporary Investments Debit Date 550.251.164.320.803.00 10 32.839.00 10 30.880.00 Description 209. GENERAL LEDGER January 2011 Date Jan.880. 10 13. 5 268.00 5 56.064. 1 10 17 21 25 31 Description Balance 1.NOVELTY CRAFTS INC.695.00 10 40.000.320.000.440.00 Description Description . 1 3 8 10 14 18 27 27 31 Description Balance Cash Debit Date 109.00 10 13.00 Jan.00 10 26.071.256.00 18 26.00 10 11 14 14 14 14 14 17 18 20 25 25 31 31 31 647.440.00 10 70.00 27 40.40 Date Jan.100.00 27 550.800.00 Jan.000.448.00 14 8.00 Accounts Receivable Debit Date 613.00 1.

443. 8 990.00 Desctiption 82.040.00 31 12.000.00 4.00 210.00 Jan.00 6.00 10 17 21 25 31 453.Painting Debit Date 11.00 Adjusting Description Balance 4.00 24 280.00 WIP .300.000.000.020.00 Date Jan .Molding Debit Date 4. 5 36.450.00 14.300. 1 24 Description Balance Finished Goods Inventory Debit Date 417.00 31 3.977.300.266.00 Jan.400.780.644.320.00 160.200.190.487.00 31 2.00 31 400.00 Description .00 24 4.00 56. 8 6.00 31 2.400.423.00 WIP .00 Description 400.00 2.00 6.00 31 1.00 26.1 3 8 14 20 24 27 31 31 31 31 Date Jan.000.00 Jan.NOVELTY CRAFTS INC. GENERAL LEDGER January 2011 Date Jan. 1 3 8 10 14 22 24 31 Description Balance 10.

NOVELTY CRAFTS INC.
GENERAL LEDGER
January 2011

Date
Jan. 6
8
14
22
24
31
31
31

Description

WIP - Packaging
Debit
Date
2,394.00
Jan. 8
140.00
24
1,508.00
31
3,420.00
200.00
4,212.00
80.00
1,368.00
13,322.00

Description

4,628.00

Date
Jan. 1
10
14
25
31
31
31

Description
Balance

Materials Inventory
Debit
Date
11,784.00
Jan. 3
18,630.00
3
12,150.00
6
2,025.00
10
4,050.00
20
6,075.00
22
195.00
22
27
31
54,909.00

Description

27,717.00

Date
Jan. 1
3

Description
Balance

Factory Supplies Inventory
Debit
Date
2,000.00
Jan. 31
4,500.00

Description
Adjusting

6,500.00

Date
Jan. 1

Description
Balance

Office Supplies Inventory
Debit
Date
2,750.00
Jan. 31

Description
Adjusting

NOVELTY CRAFTS INC.
GENERAL LEDGER
January 2011
Date
Jan. 1

Description
Balance

Date
Jan. 10
10

Description

Prepaid Rent
Debit
Date
15,000.00

Prepaid Insurance
Debit
Date
4,800.00
Jan. 31
7,000.00
31

Description

Description
Adjusting
Adjusting

11,800.00

Date
Jan. 1

Description
Balance

Date

Description

Date
Jan. 1

Description
Balance

Date

Description

Machinery and Equipment
Debit
Date
600,000.00

Description

Accumulated Depreciation - Machinery and Equipment
Debit
Date
Description
Jan. 1
Balance
31
Adjusting

Furniture and Fixtures
Debit
Date
380,000.00

Description

Accumulated Depreciation - Furniture and Fixtures
Debit
Date
Description
Jan. 1
Balance
31
Adjusting
Tools

Date
Jan. 1

Description
Balance

Debit
20,500.00

Date
Jan. 31

Description
Adjusting

NOVELTY CRAFTS INC.
GENERAL LEDGER
January 2011
Date
Jan. 1

Description
Balance

Rental Deposit
Debit
Date
70,000.00

Description

Date
Jan. 1

Description
Balance

Utilities Deposit
Debit
Date
25,000.00

Description

Date
Jan. 5

Description

Withholding Taxes Payable
Debit
Date
9,525.00
Jan. 1
17
20
31
9,525.00

Description
Balance

14,994.60

Date

Description

Income Taxes Payable
Debit
Date
Jan. 1
Jan. 31

Description
Balance
Adjusting
114,698.52

Date
Jan. 10

Description

SSS, PhilHealth Payable
Debit
Date
4,540.00
Jan. 1
31
31
4,540.00
31

Date
Jan. 10

Description

Pag IBIG Payable
Debit
Date
2,200.00
Jan. 1
31
31
2,200.00
31

Description
Balance

8,008.40
Adjusting

Description
Balance

1,500.00
Adjusting

544.00 Jan.458. GENERAL LEDGER January 2011 Date Jan.456.00 17 243. 1 60.60 Jan.60 Description Balance 38. 31 Description Balance 16. 14 Description Accrued Expense Payable Debit Date 5.011.000.00 25 729. 31 Date Description Debit Common Stock Date Jan.613.63 Jan. 31 Description Accrued Payroll Debit Date 1.00 5 2.397.00 Date Jan.00 Description Balance 25.000.00 Jan.00 8 1.800.40 Date Jan.00 31 85.NOVELTY CRAFTS INC.235. 31 Description Closing Retained Earnings Debit Date 747. 1 Description Balance Date Jan.00 31 32.248.262. 5 10 Description Accounts Payable Debit Date 25.554.00 Jan. 1 1. 1 Jan.00 Date Jan.37 .00 21 486. 10 14 17 20 25 25 31 31 Description VAT Payable Debit Date 2. 1 Jan.400.400.211.00 10 23. 31 Description Balance Closing Description 1.000.

31 Closing 16.198. 5 8 10 17 21 25 31 31 Description 948.00 Date Jan.71 18.00 Description Closing General and Administrative Expense Control Debit Date Description 5.71 104.533.00 Jan.52 .00 14.000.126.250.035.400. GENERAL LEDGER January 2011 Date Jan.00 39. 5 8 10 17 21 25 31 31 31 31 Description Date Jan.503.25 4.200.NOVELTY CRAFTS INC.750.000.00 Jan.500.000.00 12.00 3.000.00 73.400.876.33 4. 31 25.786. 31 Description Closing Sales Debit Date 948.00 8.400.000.00 Jan.600.00 39.00 6.17 2.00 29.25 Adjusting Adjusting Adjusting Adjusting Adjusting Cost of Goods Sold Debit Date 120. 10 11 14 17 31 Description 31 31 31 31 31 Closing Closing 483.00 250.000.00 220.70 86.

8 24 31 31 Date Jan.50 31 4. 31 Closing 3.000.33 316.226.67 8.67 3.000.996.00 Adjusting Description .75 Adjusting Adjusting Adjusting Adjusting Description 67.860.25 14.365.17 5.00 15. 10 14 14 17 20 31 31 31 31 31 Date Jan.00 24.508.00 2.407.67 41.00 99. 31 Description 62. 14 97.000. 14 14 31 31 Description Description Closing Payroll Debit Date 1.212.100.00 316.NOVELTY CRAFTS INC.00 18.183.00 Jan.000.00 18.00 Jan.00 Jan.260.183.00 58.083.00 Jan.75 200. 31 25.75 6.70 Factory Overhead Control Debit Date 4.082.20 Applied Factory Overhead Debit Date 14.00 Description 13.00 204.042.004. GENERAL LEDGER January 2011 Date Jan.000.00 Adjusting Adjusting Adjusting Adjusting Adjusting Adjusting Description Closing Selling and Marketing Expense Control Debit Date Description 6. 10 14 17 31 31 31 31 31 31 31 Date Jan.50 203.000.079.000.

00 25.508. GENERAL LEDGER January 2011 Credit 9.00 4.00 13.000.NOVELTY CRAFTS INC.000.000.440.00 16.00 4.00 60.880.00 .050.60 15.00 1.000.400.00 40.00 21.00 97.30 4.400.268.00 2.00 2.00 5.20 438.00 23.000.540.800.262.200.00 30.00 4.60 Credit Credit 70.035.00 20.525.536.00 26.00 3.500.365.00 180.835.000.000.000.50 13.00 16.00 77.608.00 7.865.320.372.00 2.640.

850.00 8.00 2.00 Credit 5.00 51.00 370.00 .000.00 202.000.964.00 101.115.00 15.000.00 7.00 12.600.NOVELTY CRAFTS INC.00 9. GENERAL LEDGER January 2011 Credit 120.187.00 40.410.500.00 220.750.843.486.00 Credit 17.00 6.450.00 3.780.00 80.00 24.

00 27. GENERAL LEDGER January 2011 Credit 2.00 1.00 3.400.694.100.00 1.192.000.00 4.320.00 8.394.300.00 6.00 Credit 990.140.00 .00 1.656.00 Credit 250.00 Credit 6.00 6.00 2.NOVELTY CRAFTS INC.00 2.420.898.00 3.368.000.

000.166. GENERAL LEDGER January 2011 Credit Credit 200.00 5.00 291.00 Credit Credit 220.67 Credit ent Credit 225.000.67 Credit 41.67 .NOVELTY CRAFTS INC.000.00 3.

548.198.60 24.52 Credit 4.877.516.00 1.70 12.000.700.200.00 100.00 . GENERAL LEDGER January 2011 Credit Credit Credit 9.00 13.500.540.525.00 3.519.NOVELTY CRAFTS INC.500.00 750.00 491.60 Credit 2.244.60 Credit 28.40 14.00 1.400.00 86.00 1.70 7.

00 864.804.356.00 6.00 3.00 21.440.144.000.248.00 71.00 Credit 23.00 Credit 1.00 2.00 .070.00 948.NOVELTY CRAFTS INC.456.756.00 4.320.00 110.880.00 Credit 1.400.554.163.00 1.00 28.00 Credit 103.00 Credit 1.00 6.00 1.411.800. GENERAL LEDGER January 2011 Credit 20.262.000.048.196.248.750.00 2.

923.000.71 Credit 197.00 550. GENERAL LEDGER January 2011 Credit 240.00 24.000.00 50.000.400.00 36.NOVELTY CRAFTS INC.000.00 7.00 28.800.97 .000.00 12.200.00 Credit 483.503.

600.295.45 Credit 87.50 104.00 Credit 98.620.71 Credit 4. GENERAL LEDGER January 2011 Credit 65.50 203.NOVELTY CRAFTS INC.00 2.00 6.873.082.00 400.640.208.00 .842.

083.Painting WIP . PhilHealth Payable Pag IBIG Payable Accrued Expense Payable Accounts Payable VAT Payable Accrued Payroll Common Stock Retained Earnings Sales Cost of Goods Sold Gen.00 82.000. TRIAL BALANCE January 2011 Cash Temporary Investments Accounts Receivable Finished Goods Inventory WIP .00 - 303.00 4.450.00 10.500.00 27.000.00 11.500.00 6.644.FF Tools Rental Deposit Utilities Deposit Withholding Tax Payable Income Tax Payable SSS.25 62.737.045.750.800.00 3.00 104. And Mktg.00 15.00 4. Expense Control Factory Overhead Control Applied Factory Overhead Payroll Material Price Variance Material Quantity Variance Labor Qty/Efficiency Variance FOH Variance TOTALS Debit 209.628.164.00 70.00 120.ME Furniture and Fixtures Accumulated Depreciation .071.75 67.40 550.00 600.Molding WIP .00 380.803.40 .717.780.000.Packaging Materials Inventory Factory Supplies Inventory Office Supplies Inventory Prepaid Rent Prepaid Insurance Machinery and Equipment Accumulated Depreciation .00 20.000.00 1.00 410.00 2.450.00 25.NOVELTY CRAFTS INC.126. and Adm.000.226. Expense Control Sell.000.

00 3.40 1.356.00 25.00 14.554.196.500.00 13.40 .737.00 8.00 948.400. TRIAL BALANCE January 2011 Credit 225.456.011.40 1.994.00 220.00 16.045.000.00 195.NOVELTY CRAFTS INC.00 38.000.500.000.00 210.860.00 1.60 28.008.000.

500.226.60 28.000.500.737.00 16.00 11.00 223.00 Income Statement Debit Credit 948.000.13 118.188.008.000.00 16.923.00 82.000.000.780.644.260.71 14.803.00 380.877.923.72 3.40 118.00 400.000.00 220.000.198.000.011.00 410.400.026.00 948.19 195.40 550.000.00 8.67 5.00 201.166.00 948.00 491.295. Expense Control Sell. And Mktg.129.00 303.994.045.797.00 210.000.717.164.356.00 120.00 4. PhilHealth Payable Pag IBIG Payable Accrued Expense Payable Accounts Payable VAT Payable Accrued Payroll Common Stock Retained Earnings Sales Cost of Goods Sold Gen.164.800.00 195. and Adm.00 1.52 14.458.456.00 .00 27.196.698.196.260.00 410.00 38.295.00 93.40 303.00 4.011. Expense Control Factory Overhead Control Applied Factory Overhead Payroll Material Price Variance Material Quantity Variance Labor Qty/Efficiency Variance FOH Variance Net Income (Loss) Totals Trial Balance Debit Credit 209.71 13.00 11.00 2.00 25.70 20.40 1.00 1.000.069.60 114.00 197.87 963.40 Debit Adjustments Credit 400.400.67 86.00 120.842.00 230.00 11.000.00 600.19 3.00 14.00 104.500.25 62.40 550.00 10.400.33 70.00 303.52 22.40 1.00 25.450.750.45 87.071.065.00 3.00 120.00 15.00 3.000.500.188.026.00 197.00 70.356.00 3.67 41.13 3.00 25.554.33 600.97 65.450.000.97 65.00 225.000.00 Adjusted Trial Balance Debit Credit 209.00 195.083.67 20.ME Furniture and Fixtures Accumulated Depreciation .00 2.00 14.Molding WIP .00 210.00 250.00 82.00 410.100.500.500.044.045.886.848.000.00 380.00 1.456.000.450.00 6.166.000.75 67.71 14.NOVELTY CRAFTS INC.860.758.803. WORKSHEET January 2011 Cash Temporary Investments Accounts Receivable Finished Goods Inventory WIP .848.00 963.00 20.FF Tools Rental Deposit Utilities Deposit Withholding Tax Payable Income Tax Payable SSS.Painting WIP .065.994.842.45 87.00 25.00 15.126.00 27.780.000.737.554.628.717.00 400.00 1.Packaging Materials Inventory Factory Supplies Inventory Office Supplies Inventory Prepaid Rent Prepaid Insurance Machinery and Equipment Accumulated Depreciation .00 3.60 1.00 38.071.00 6.00 4.00 210.308.450.628.00 4.00 1.000.000.450.

886.000.803.00 82.33 70.554.06 201.994.000.164.356.071.00 27.000.129.00 223.450.40 1.00 3.00 3.628.00 25.000. WORKSHEET January 2011 Balance Sheet Debit Credit 209.308.60 114.67 20.000.086.000.00 4.00 14.87 3.00 11.780.40 550.000.196.00 195.00 38.456.458.00 11.000.00 1.NOVELTY CRAFTS INC.06 .253.00 380.086.00 15.000.522.33 600.00 4.00 400.500.00 230.000.00 25.00 2.698.253.166.00 16.044.00 1.52 22.011.

00) (40.50 7 52.00 7 20.00 Quantity 14 140 72 7 OVERHEAD Unit Cost 20. Qty Std.00 990.00 7.00) 69.00 1.620.50 52.00 Total 707.00 7 342.00 3. 14 50.00 364.00 Total 280. C. C.00 210.00 140.00 3 330.00 8.800.660. Total 105 40.NOVELTY CRAFTS INC.00 4 330.00 1.00 Total 280.00 4.00 364.00 Quantity Variance Total Variance 210.00 140.00 (101.636.320. VARIANCE ANALYSIS January 2011 Job No. U.394.990.394.00 1.00) (101.00 7.00 11.00 20.676.00 STANDARD COSTS MATERIALS Total Variance Price Variance Std.800.00 20.00 11.070.00 2.50 50.00 7 342. U. C. 14 20.00 LABOR Std.00 OVERHEAD Std.50 70 50.00 1.777. U.00 3 330. Qty Std. Qty Std.50 140 50.00 20.00) (40.320.00 2.00 990.00) (40.00 2.070.00 140 20.00 8.50 50.00 210.00) (101.00 70 20.00 2.00 4. A1400 Department Molding Painting Painting Packaging Actual Output Total 2010 Molding Painting Painting Packaging ACTUAL COSTS MATERIALS Quantity Unit Cost Total 105 38.00 4 330.535.440.00 210.00 4.400.904.694.00 3.00 Total Molding Painting Painting Packaging Total Total 707.00 3.00 .200.00 Quantity 14 140 72 7 LABOR Unit Cost 50.

00 10 342.00 300.420.00 10 20. A1401 Department Molding Painting Packaging Actual Output Total Molding Painting Packaging ACTUAL COSTS MATERIALS Quantity Unit Cost Total 150 38.00 6.00 200.00 300.720.00 OVERHEAD Std.00 Quantity Variance Total Variance 300.00 20. C.000.00 16.00 6.00 12.600.00 Total 400.680. 20 20.00 12.300. U.00 6.00 10 330.00 6.010.00 200.50 50.00 20.50 300 50.00 15.50 52.00 520.00 16.00 3.150.300.00 Total 1.000.00 3.00 300 20.NOVELTY CRAFTS INC.680. C.50 10 52. Total 150 40.00 Quantity 20 300 10 OVERHEAD Unit Cost 20.00 5.420.00 Total Molding Painting Packaging Total Total 1.700. Qty Std.00 STANDARD COSTS MATERIALS Total Variance Price Variance Std.00 Total 400.600. U.010. 20 50.00 6. C.00 520.00 Quantity 20 300 10 LABOR Unit Cost 50.00 .00 300.00 10 342.150. Qty Std.00 15. VARIANCE ANALYSIS January 2011 Job No.000.00 3. U.00 3.00 LABOR Std.00 10 330.420. Qty Std.

00 1.00 6.00 4 20.00 Total 404.00 20.00) (202. 8 50. C.368.00 Total 160.00 80. Qty OVERHEAD Std. C.00 1.50 52.400.00 2. U.00 Total 606.00 STANDARD COSTS MATERIALS Total Variance Price Variance Std.400.00 Quantity 12 120 4 OVERHEAD Unit Cost 20. C.00 20. U.00) (80.00 120 20.00 Std. VARIANCE ANALYSIS January 2011 Job No. Qty Std.00 2.00) (30.00 208.50 50.00 (30.00) 4 330.00 1.400. Qty LABOR Std.00) Total Molding Painting Packaging Quantity 12 120 4 LABOR Unit Cost 50.00 (202.00 208. Total 60 40.00) (202.430.00 6.NOVELTY CRAFTS INC.00 Std. 8 20.320.50 2.00 4 342.060.00 80. U.50 120 50.00 1.50 4 52.00 4 342.00 Total 240.00) .00 4 330.00) (80. A1402 Department Molding Painting Packaging Actual Output ACTUAL COSTS MATERIALS Quantity Unit Cost Total 60 40.00) (80.00 Quantity Variance Total Variance (30.368.00 2.00) Total Molding Painting Packaging Total (312.320.060.

00 Total Quantity Molding Painting Painting Packaging Total OVERHEAD Unit Cost OVERHEAD Std. A1403 Department Molding Painting Painting Packaging Actual Output ACTUAL COSTS MATERIALS Quantity Unit Cost Total 150 40. U. Qty Total 1. Total Quantity Variance Total Variance (75. U.00 6.50 Total 1.00) .00 LABOR Std.50 Total Std. Total 150 40. C. VARIANCE ANALYSIS January 2011 Job No. C.50 6. Qty Std.00 STANDARD COSTS MATERIALS Total Variance Price Variance Std. Qty Std. U.010.000.075.00) (75. C.00) Total Quantity 20 Molding Painting Painting Packaging LABOR Unit Cost 50.00 (75.010. 20 50.NOVELTY CRAFTS INC.

00) (101.00) OVERHEAD Efficiency Rate Variance Variance (40.00 210.00) (303.00) 57.00 (202.NOVELTY CRAFTS INC.00) (40.00 210.00 300.00 .00) (120.00 A1401 300.00) Total Variance F(UF) 69.00) A1403 (75. VARIANCE ANALYSIS January 2011 A1400 Job Numbers 2010 2011 Total MATERIALS Price Quantity Variance Variance 210.00) (80.00) Total per cost sheet Total per book Difference 195.00 A1402 (30.00) (312.00 LABOR Efficiency Rate Variance Variance (101.

00 10. Benhur 31-Dec Cruz.990 Total Cost 1.00 Total Cost (Actual) 8. Cartney Total Cost Packaging Department Date Worker 6-Jan de Leon.535.00 2.394.00 Total Cost 3.00 364. Arnold Total Costs Painting Department Date Worker 31-Dec Baluyut.777. Cartney 8-Jan Baluyut.00 .50 212 From 6-Jan To 6-Jan Hours 7 Total Cost 707.00 2.535. 1542 Measure kls Quantity 105 Unit Cost 38 105 MRS No.00 3. JOB ORDER COST SHEET Customer Jenny Santos Job Description Model A . Quantity Date Ordered 20-Dec-10 Date Started 20-Dec-10 Date Needed Date Completed DIRECT MATERIALS USED Molding Department Date 20-Dec resins Items Total Costs Painting Department Date Items 20-Dec paint 3-Jan paint Total Costs Packaging Department Date Items 6-Jan set of boxes MRS No.320 990 2.310.424.00 Rate 50.00 4.706.212.00 From 20-Dec To 21-Dec Hours 14 Rate 50.50 14 From 22-Dec 22-Dec 3-Jan 3-Jan To 29-Dec 29-Dec 8-Jan 5-Jan Hours 70 70 48 24 707.00 Total Cost 364.394 8.990.00 2.394.200.310 Unit Cost 342 7 Total Cost 2.00 1. Dandee Total Cost TOTAL DIRECT LABOR COSTS Materials Molding Actual Budget 3.694.50 50.00 11. Benhur 5-Jan Cruz.00 Rate 52.394 2.990 Unit Cost 330 330 7 MRS No.50 50.NOVELTY CRAFTS INC.00 7 SUMMARY OF COSTS Painting Packaging Actual Budget Actual Budget 2.694 DIRECT LABOR USED Molding Department Date Worker 31-Dec Aguas.50 50. 1543 1545 Measure gals gals Quantity 4 3 3.00 2. 1547 Measure pcs Total Costs TOTAL MATERIAL COSTS Quantity 7 Total Cost 3.310.Debutante Angel 4" Job No.

50 20 From 10-Jan 10-Jan 10-Jan 25-Jan-11 Total Cost 1.00 6.256.00 2.50 50.00 - Job No.060.00 280.50 50.00 280.00 17.898.NOVELTY CRAFTS INC.060.150.Cupid Angel 4" Date Ordered Date Started 364.00 Remarks Customer For Stock Job Description Model A .00 5.00 4.977. 1551 Measure kls Measure gals Measure pcs Total Costs TOTAL MATERIAL COSTS DIRECT LABOR USED Molding Department Date Worker 5-Jan Aguas.00 Rate 50.131. Arnold 22-Jan Baluyut.898.115.660. 1546 MRS No.00 210.010.00 10.00 . Benhur 22-Jan Cruz.00 11.420 3.00 25. JOB ORDER COST SHEET Labor Overhead Total Costs Variances F(UF) Contract Price 707.00 17.706.00 4.300 Total Cost 3.187.00 140.00 (141. A1401 Quantity 300 pcs Date Needed Date Completed 5-Jan-11 DIRECT MATERIALS USED Molding Department Date Items 3-Jan resins Total Costs Painting Department Date Items 10-Jan paints Total Costs Packaging Department Date Items 22-Jan set of boxes MRS No.700 Total Cost 3.605.00 1.00 4.700 5.030.420 Rate 50.00) 364.00 140.00 6. Cartney Total Cost Quantity 150 Unit Cost 38 150 38 Quantity 10 Unit Cost 330 10 330 Quantity 10 Unit Cost 342 10 From 3-Jan To 5-Jan Hours 20 To 15-Jan 22-Jan 22-Jan Hours 60 120 120 300 Total Cost 5.00 10.300 3. 1548 MRS No.50 Total Cost 3.420 12.00 707.00 2.00 4.240.200.00 15.777.010. Arnold Total Costs Painting Department Date Worker 15-Jan Aguas.

00 1.420.00 1.00 Total Cost 1.118.00 1.368.00 Hours 10 10 Total Costs Painting Department Date Items 22-Jan paints Total Costs Packaging Department Date Items 31-Jan set of boxes Date Needed Date Completed MRS No. Dandee From 22-Jan To 24-Jan Total Cost TOTAL DIRECT LABOR COSTS Materials Labor Overhead Total Costs Variances F(UF) Contract Price Molding Actual Budget 5.00 Job No.00 16.00 200.140.140.00 200.00 520.00 24.430.00 4 Total Costs TOTAL MATERIAL COSTS DIRECT LABOR USED Molding Department Date Total Cost (Actual) 12.00 To Hours Total Cost 2.00 400.320.010.110.00 15.00 520. 1553 Measure pcs Quantity 4 Unit Cost 330.00 15.00 7.00 6. 1550 Measure gals Quantity 4 MRS No.00 6.00 4.680.00 400.300.000.00 6.00 4 From 5-Feb-11 2. JOB ORDER COST SHEET Packaging Department Date Worker 24-Jan de Leon.00 24.450.000.00 Unit Cost 342.00 4.680.50 60 MRS No.00 SUMMARY OF COSTS Painting Packaging Actual Budget Actual Budget 3. 1549 Measure kls Worker Quantity 60 Unit Cost 40.420.368.00 7.450.00 5. A1402 Quantity 120 pcs 20-Jan-11 20-Jan-11 DIRECT MATERIALS USED Molding Department Date Items 20-Jan resins Total Cost 520.00 Remarks Customer Bobby Roberts Job Description Model A .NOVELTY CRAFTS INC.Bride and Groom Date Ordered Date Started Rate 52.00 3.00 Rate Total Cost .00 Total Cost 1.150.00 6.410.430.010.300.00 300.420.00 16.00 520.150.600.00 35.700.000.00 1.320.00 3.00 3.700.

00 1.656.780.00 2.00 9.50 12 Total Cost TOTAL DIRECT LABOR COSTS Molding Actual Budget 2.00 Hours 8 56 56 Rate 50.712.00 Job No.00 6.00 9.00 Total Costs Painting Department Date Items MRS No.00) 12 Total Cost (Actual) 5. Benhur 31-Jan Cruz.00 208.368.00 80.00 Total Cost 208.400.00 (312.00 14.00 2.656.00 4 208.00 80. Arnold Total Costs Painting Department Date Worker 22-Jan Aguas.00 160. Dandee 20-Jan 21-Jan Materials Labor Overhead Total Costs Variances F(UF) Contract Price From 22-Jan 24-Jan 24-Jan From 24-Jan To 22-Jan 31-Jan 31-Jan 606.50 50.00 6. Measure Quantity Unit Cost Total Cost Total Costs Packaging Department .320.075.00 1.50 Total Cost 6.430. A1403 Quantity 300 pcs Date Needed Date Completed 27-Jan-11 10-Feb-11 DIRECT MATERIALS USED Molding Department Date Items 27-Jan resins MRS No. 1552 Measure kls Quantity 150 Unit Cost 40.320.060.Baby Jesus Date Ordered Date Started 50.400.874.828.50 50.00 240.964. Arnold 31-Jan Baluyut.00 2.00 3.00 2.060.00 2. JOB ORDER COST SHEET 21-Jan Aguas.00 606.00 SUMMARY OF COSTS Painting Packaging Actual Budget Actual Budget 1.50 Total Cost 404.00 1.00 2.00 404.00 1.00 1.060.00 2.00 120 50.828. Cartney Total Cost Packaging Department Date Worker 24-Jan de Leon.00 6.874.780.00 To 24-Jan 606.50 6.00 6.118.368.NOVELTY CRAFTS INC.720.276.400.00 208.00 Remarks Customer For Stock Job Description Model A .00 Hours 4 Rate 52.

00 Total Costs Painting Department Date Worker From To Hours Rate Total Cost Total Cost Packaging Department Date Worker From To Hours Rate Total Cost Total Costs TOTAL MATERIAL COSTS Total Cost TOTAL DIRECT LABOR COSTS Molding Actual Budget Materials Labor Overhead Total Costs Variances F(UF) Contract Price SUMMARY OF COSTS Painting Packaging Actual Budget Actual Budget Remarks Total Cost (Actual) . Arnold From 27-Jan To 29-Jan Hours 20 Rate 50. JOB ORDER COST SHEET Date Items MRS No.NOVELTY CRAFTS INC.50 Total Cost 1. Measure Quantity Unit Cost Total Cost DIRECT LABOR USED Molding Department Date Worker 29-Jan Aguas.010.

NOVELTY CRAFTS INC.904. JOB ORDER COST SHEET A1400 210 pcs 8-Jan-11 Total Cost (Budget) 8.00 .

NOVELTY CRAFTS INC.00 25.200.00 69.620. JOB ORDER COST SHEET 11.00 4.676.00 .

JOB ORDER COST SHEET Total Cost (Budget) 12.00 6.NOVELTY CRAFTS INC.00 36.00 300.00 .680.600.000.720.00 16.

088. JOB ORDER COST SHEET Total Cost (Budget) 5.400.640.00 2.00 14.NOVELTY CRAFTS INC.672.00 6.00 (312.00) .

NOVELTY CRAFTS INC. JOB ORDER COST SHEET Total Cost (Budget) .

000. Lopez.00 5.00 99.500.250.25 126.00 10.00 4.00 15.00 1 50.252. L.000.00 5.252.500.00 9.00 5.00 125.500. P. B.00 18. R.50 Hours Amount Total Gross Pay Wtax SSS PhilHealth Wtax SSS PhilHealth 7.883.00 1. B.252.00 404. K.00 15.00 5. Lopez.252.00 5.00 333.250. Cruz.00 7.K.500.378. M.00 Basic Pay Hours 18.201. A.252.000.00 125.00 5. Aguas.00 5. Baluyut.000.00 5.75 5.25 1.00 125. J.000.250.00 483.00 15. Cruz. S.00 404.00 Late/Absences Amount 2 126.00 125.67 500.25 7.250.00 Basic Pay 18.00 500.500. Perez.378.252.500.00 7.25 126.00 400. L.25 5.500.00 5.NOVELTY CRAFTS INC.50 5. Junio.31.00 125.750.000.70 350. Kay.640.50 729.00 404.00 125.00 366.235.500.504.00 404.500.000.50 1.00 10.K.000. C. Gonzales.252.70 18.000.388.388.00 7.000.00 5.00 125. M.70 5.00 366.00 5. Ruiz.60 125.00 404.33 13.00 Hours Late/Absences Amount 2 126. 2011 Overtime Days Present Santos.00 9. S. J.00 7.00 7.00 5.25 6.00 404.00 125.P Vasquez.75 1.P Vasquez.00 125.252.00 10.500.00 125.500.996.000.500.000.00 5.25 2 2 2 4 126.252.00 125.00 9.500. Aguas.25 252.25 5. Perez.00 5.00 . Valdez.000.00 9. M.000.500. R.376.00 5.00 11.249. Mayo.00 5.00 7.00 15.15.252.500. K.00 5.00 404.244.00 500.00 18. R.00 125.500.000.00 404. Ruiz.563.00 404.00 7.250.848. 16 .30 350. R.000.378.766.000.00 404.500.640.30 350. Gonzales.250.000.00 5.00 15.75 6. 1 .00 5.50 Total Gross Pay 18.70 400. R. Serrano.00 11.000.250.466.500. 2011 Overtime Days Present Santos.25 10 22 22 631. A.00 5.252. Serrano.974.17 2.000. A.00 5.000.00 5.00 5. Valdez. Kay.500.00 125. Mayo. Junio. TOTAL Rate 36.25 5.50 Period Covered: JAN. M.00 10.00 366.93 1.252.00 7. TOTAL Rate 36.00 4.00 15.00 7. Baluyut.00 5.00 404.00 5.00 7. A.00 7.25 5.252.00 500. C. P. PAYROLL Period Covered: JAN.00 404.252.00 5.75 Hours Amount 8 500. R.

Ruiz.00 5.500.25 5. S.949.250.500.00 10.000. M. A. B.000.500.00 7. Perez.500.50 2 126.00 7. A.00 9.00 9.00 5.848.00 7.00 5.640. Aguas. J.00 7.388. P.00 404.500.00 10.640.25 252.00 15. Aguas.250.25 2 2 4 126.00 5.K.00 5.00 5.75 39.25 6. Junio.443.00 5.75 Total Amount 18.00 5. R. Valdez.00 4.00 18.252. Valdez.50 5.000.545.00 9. A.00 11. Lopez.376.00 5.25 429.00 404. Kay.000. M.50 5.00 Gross Pay 18. Baluyut. TOTAL Gross Pay Work in Process Work in Process 5.00 9.00 Overtime Pay Hours Amount 2 10 22 22 126.00 5.000.974.250.00 7.00 404. Baluyut.363.00 4.00 15. J.000.25 5.000.50 25. L. Mayo. Mayo.00 5.000.00 7.500.183. R. B.876.00 404.000. C. L.00 5. Lopez.00 5.00 404.00 5.00 5.500.000. A. R.483.252.00 . K.25 631.00 7.500.000.00 5.000.000.250.00 5.500.00 5.500.00 5. R. Cruz.500.00 404.00 9. Gonzales.00 404.00 5.00 7.883.25 18.00 18.00 24.042. and Admin Control 18.25 126.500.00 10.00 4.000.500.000.00 6. and Admin Control 18.00 6.500.00 5.00 15.250.949.000.25 277.00 7.252.25 36.00 Overtime Pay Hours Amount Total Amount 2 126.000.75 1.500.378.75 6.201.378.252.75 5.00 15. Junio.00 Rate Santos.500.00 7.252.252.500. C.50 5.757.00 126.00 7.00 5.250.252.00 18.00 11.000.25 5.252.00 404. K.NOVELTY CRAFTS INC.00 18.363.00 5.00 7.500.500.250.504.388. Serrano.252.000.500.378.00 15.P Vasquez.00 429.00 14. M.00 10. TOTAL 36. Ruiz.00 15.00 404. R.250.00 7. Cruz.500.K.504.00 404.252.00 5.00 5.000.P Vasquez.00 7. R.00 7.25 Factory Overhead Control 39. Perez.00 5. Serrano.000. Kay.250.00 404.000. Gonzales.25 4.500.75 277.00 5. M.252.126.250.252.00 404.000.000.00 5.25 7.25 429.00 Factory Overhead Control Gen.00 9. PAYROLL Rate Santos. S.75 5.25 1.000.000.252. P.000.00 5.00 7.252.500.201.25 Gen.25 5.00 4.000.00 7.

00 100.025.504.50 97. PAYROLL Pag IBIG Total Deduction Net Pay 18.00 100.07 4.30 77.908.67 5.00 100.00 2.55 6.000.25 5.675.00 9.00 100.00 4.00 100.NOVELTY CRAFTS INC.250.70 Net Pay 10.70 575.00 625.00 7.25 5.400.50 Pag IBIG 100.960.376.50 4.00 1.825.500.039.03 4.00 100.83 6.00 5.500.50 2.25 4.20 .015.00 Total Deduction 7.00 100.75 4.25 5.00 7.30 575.378.211.00 5.643.974.803.045.500.500.00 5.00 100.000.00 1.015.291.174.835.75 6.00 100.30 4.378.675.252.00 5.00 591.70 625.454.17 2.00 100.00 100.25 7.00 591.33 591.365.97 575.00 5.93 558.974.00 100.00 100.660.288.00 5.00 6.20 4.252.

201.25 18.252.500.75 .500.00 5.252.50 5.00 18.079.NOVELTY CRAFTS INC. Control 7. Control 7.00 Selling and Mktg.378.00 5. PAYROLL Selling and Mktg.004.00 5.

00 150 40. MATERIALS STOCK CARD January 2011 NAME OF ITEM: RESINS Date P. No.50 40.00 150 38.00 150 0 300 240 290 140 240 390 38.50 40.50 40.00 5.00 5.00 12.690.50 Total 11.00 11.50 40.00 3.50 40.700.O.990.075.720.025.00 15.00 .700.00 9.00 60 40.00 Quantity ISSUED Unit Cost Total 45 105 38.795.00 5.710.670.00 38.00 9. 1-Dec Beginning balance 15-Dec 1540 20-Dec 1542 1-Jan Beginning balance 3-Jan 1546 14-Jan 1201 20-Jan 1549 25-Jan 1202 27-Jan 1552 31-Jan 1203 31 1204 Quantity RECEIVED Unit Cost Total 300 40.50 2. MRS No.400.00 100 150 40.150.00 50 40.00 1.00 38.430.NOVELTY CRAFTS INC.00 5.00 6.50 4.150.00 40.745.50 40.00 BALANCE Quantity Unit Cost 300 38.050.00 255 38.720.700.075.00 150 38.50 12.50 2.50 6.00 9.

290.00 6 330.00 330.00 990.00 Total ISSUED Unit Cost Quantity Total 3 4 330.00 6 3 18 8 4 330. MATERIALS STOCK CARD January 2011 NAME OF ITEM: PAINTS Date P.00 .300.00 3.00 Total 4.00 990. 1-Dec Beginning balance 16-Dec 1541 20-Dec 1543 1-Jan Beginning balance 3-Jan 1545 10-Jan 1200 10-Jan 1548 22-Jan Quantity 15 RECEIVED Unit Cost 330.320. No.00 330.320.00 3 330.00 1.00 5.00 1.00 330.00 3.NOVELTY CRAFTS INC.00 990.00 2. MRS No.320.00 10 330.00 1.00 BALANCE Quantity Unit Cost 13 330.00 330.00 330.300.00 1.640.O.950.940.980.00 330.00 1.980.00 4.00 10 4 330.

00 342.00 1.00 3.O.00 15.104. MRS No.00 11.00 1. No.420.00 4.602.00 342.104.00 342.970.00 4.710. 1-Dec Beginning balance 22-Dec 1544 1-Jan Beginning balance 6-Jan 10-Jan 22-Jan 31-Jan Quantity 40 RECEIVED Unit Cost 342.00 10 4 342.00 Quantity 15 12 BALANCE Unit Cost 342.00 13.390.00 7 342.394.00 342.00 1.680.00 2. MATERIALS STOCK CARD January 2011 NAME OF ITEM: BOXES Date P.NOVELTY CRAFTS INC.00 12 5 45 35 31 342.00 10.368.00 Total ISSUED Unit Cost Quantity Total 3 342.00 Total 5.00 .130.00 342.00 342.026.

780.40 TOTAL Stockholder's Equity: Authorized 10.00 25.717.456. 10.628.00 Pag IBIG Payable 3.NOVELTY CRAFTS INC.000.044.00 15.40 550.554.000.00 230.000.308. Statement of Financial Position As of January 31.000.33 70.00 LIABILITIES AND SHAREHOLDER'S EQUITY Current Liabilities: Income Tax Payable 114.52 Withholding Taxes Payable 14.00 223.071.000 shares at P 100 par.000.000 shares issued and outstanding 1. 2011 ASSETS Current Assets: Cash Temporary Investments Accounts Receivables Finished Goods Inventory WIP .00 400.67 370.00 4.000.450.485.011.00 82.397.000.000.00 156.000.00 Retained Earnings 1.000.698.00 Accrued Expense Payable 16.000.00 11.33 20. PhilHealth Payable 22.803.00 11.458.87 TOTAL Total Liabilities and Stockholder's Equity .500.00 380.00 VAT Payable 38.164.00 2.00 27.166.Painting WIP .994.33 600.00 1.60 SSS.886.833.00 4.00 Accounts Payable 25.Molding WIP .Packaging Materials Inventory Factory Supplies Office Supplies Prepaid Insurance Prepaid Rent TOTAL Fixed Assets: Machinery and Equipment Less: Accumulated Depreciation Furniture and Fixtures Less: Accumulated Depreciation Tools TOTAL Other Assets: Rental Deposit Utilities Deposit TOTAL Total Assets 209.

66 95.086.633.633.794.00 2. 2011 1. Statement of Financial Position As of January 31.990.485.NOVELTY CRAFTS INC.87 2.73 547.000.291.600.39 Y 235.086.39 .397.52 2.

129.126.000. STATEMENT OF INCOME AND RETAINED EARNINGS For the month ended January 31.52 201.000.00 29.33 3.71 464.386. ending balance 948. PhilHealth Contributions Pag IBIG Contributions Insurance Expense Advertising Expenses Total Total Operating Expenses Net income before income taxes Less: Income taxes Net income to Retained Earnings Retained Earnings.00 5.45 177. beginning Retained Earnings.00 4.00 483.00 258.725.90 287.NOVELTY CRAFTS INC.45 17.198.533.000.33 111.397.000.00 79.842.485.896.29 4.39 86. 2011 Sales Less: Cost of Goods Sold Gross Profit Less: Operating Expenses General and Administrative Expense Control: Rent Expense Salaries and Wages Taxes and Licenses SSS.567.000.00 250.356.87 1.083.328.87 .70 300.196.400. PhilHealth Contributions Pag IBIG Contributions Office Supplies Expense Utilities Expense Donations and Contributions Insurance Expense Depreciation Expenses Total Selling and Marketing Expense Control: Rent Expense Depreciation Expenses Office Supplies Expense Utilities Expense Salaries and Wages SSS.67 6.503.00 65.000.25 16.883.75 2.00 36.00 316.00 1.17 2.70 400.

200.800.00 54.260.664.200.00) 68.00 27. 2011 Materials used: Inventory.714.522. ending Direct materials used Direct labor Prime Cost Add: Factory Overhead Applied (Standard) Add (Less): Variances UF(F) Total manufacturing costs Add: WIP.00 54.00 158. beginning Total cost to account for Less: WIP.00 27.452. STATEMENT OF COST OF GOODS MANUFACTURED AND SOLD (MODEL A) For the month ended January 31.784.00 27.NOVELRTY CRAFTS INC.167.00 .00 20.885.472.400. beginning Add: Net purchases Available for use Less: Inventory.00 (39.00 42.00 85.052.00 14. ending Cost of goods sold 11.00 61.600.192.00 64.00 154. beginning Total cost of goods available for sale Less: Finished good inventory.00 16.930.00 219. ending Total cost of goods manufactured Add: Finished goods inventory.