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QUIZ NO.

36
ORDOÑA, Jan Anthony H.
BASACCT-AOA

SCORE ______
March 26, 2010

Candle-Light was opened on July 1 by Maribel Lopez with a total investment of P250,000 of which
P50,000 was in the form of candles and lamps and P200,000 in cash.
July 2 Purchased scented candles from Pax Candles, P7,500. Terms: P2,500 down balance
2/10,n/30.
3 Purchased capiz shell decors from Divisoria Capiz Crafts distributor, P10,000.
Term: 3% eom, n/30. FOB Shipping Point, Freight Collect.
4 Freight on capiz shipment paid in cash, P750.
5 Cash sales amounted to P15,000.
7 Sold to Manuela Shopping Mart goods costing P9,000.
Terms: 4,000 down, balance 2/5, 1/10, n/30.
8 Purchased office supplies from National Bookstore, P1,500. Terms: COD
10 Returned part of candles purchased from Pax which were found unsatisfactory,
P500.
12 A customer returned merchandise and was given a cash refund of P220.
13 The account of Manuela was collected.
15 Paid salaries in cash to office clerk, P2,500 and store helper, P3,500.
17 Delivered goods to Kulasa Scents, P14,000. Terms: COD.
18 Paid Divisoria Capiz Crafts P5,000 less the corresponding dicsount.
19 Marivic Peňa, a friend, bought goods with a list price of P5,500. Terms: 1% and 2%
trade discounts, balance 2/10,n/30. FOB Shipping Point. Freight prepaid for Peňa
P500.
20 Paid Pax Candles in full of account.
25 Collected 20% from Marivic.
31 Paid 3% percentage tax on net sales.
Required:
a. Journalize the above transactions completed during the month. The firm is non-VAT registered.
Input and Output Tax should not be recorded although all purchases and freight are VAT
inclusive.
b. Post to selected T accounts. Post to the Accounts Receivable and Accounts Payable ledgers. Post
to the subsidiary ledgers and prove the Accounts Receivable and Accounts Payable balances.
c. Prepare a properly classified income statement assuming that inventory at the end of the month
was P43,500.

1

000 15.336.000 5.500 3.167.500 2.500 5.000 Credit 250.Date 1 2 3 4 5 7 8 10 12 13 15 17 18 19 20 25 31 Accounts and Explanations Cash Merchandise Inventory Capital Purchases Cash Accounts Payable Purchases Accounts Payable Freight In Cash Cash Sales Cash Accounts Receivable Sales Office Supplies Expense Cash Accounts Payable Purchases Returns & Allowances Sales Returns & Allowances Cash Cash Sales Discount Accounts Receivable Office Salaries Sales Salaries Cash Cash Sales Accounts Payable Cash Purchase Discount Accounts Receivable Sales Accounts Receivable Cash Accounts Payable Cash Cash Accounts Receivable Sales Tax Expense Cash F Debit 200.98 1.000 9.291.950 50 5.500 4.000 5.167.000 14.500 500 500 220 220 4.000 10.336.000 2.000 7.000 10.500 6.500 1.000 50.000 1.98 2 .000 4850 150 5.000 14.22 1.500 1.291.000 4.000 750 750 15.22 1.1 500 500 4.1 5.

836.000 5.167.1 1. 1/10.000 5.88 Credit Balance 5.500 0 Supplier: Divisoria Capiz Crafts Date Particulars July 3 3/eom.000 Balance 5. n/30 July 18 Partial Payment Ref Debit 5.22 4. n/30 July 10 Purchases Returns & Allowances July 20 Fully Paid Ref Debit 500 4.000 10.000 0 Credit Balance Customer: Marivic Peña Date Particulars July 19 1% & 2% trade discounts.000 5.1 5836.500 4. n/30 July 13 Fully Paid Ref Debit Credit 5.668. n/30 July 25 Paid 20% Ref Debit 5.000 Supplier: Pax Candles Date Particulars July 2 2/10.000 Credit Balance 10. balance 2/10.000 3 .Subsidiary ledgers: Customer: Manuela Shopping Mart Date Particulars July 7 2/5.

336.000 14.T Accounts: Purchases 7.000 5.1 Capital 250.500 Freight In 750 10.88 Sales Discount 50 Sales Returns & Allowances 220 Accounts Payable 500 5.836.000 4.000 10.000 Sales Salaries 3.000 Purchase Discount 150 Purchase Returns & Allowances 500 Accounts Receivable 5.500 10.1 43.000 500 1.1 6.336.000 9.167.22 4.000 5.167.500 4 .1 5.500 Office Supplies Expense 1.000 5.22 10.668.000 Sales 15.500 Merchandise Inventory 50.500 Office Salaries 2.000 15.000 17.000 5.336.

500 500 220 50 150 2.950 500 14.000 17.24 50.98 217.336.850 4.291.98 22.167.22 4.000 4.000 1.22 239.500 1.1 4.986. 2008 Cash Merchandise Inventory Capital Purchases Accounts Payable Freight In Sales Accounts Receivable Office Supplies Expense Purchases Returns & Allowances Sales Returns & Allowances Sales Discount Purchase Discount Office Salaries Sales Salaries Sales Tax Expense 217.668.500 200.24 Candle-Light Trial Balance July 31.88 1.000 6.500 3.000 4.98 298.500 750 1.005.500 5.Sales Tax Expense 1.005.1 4 298.000 250.000 220 15.291.117.986.000 750 43.98 Cash 2.291.111.500 1.1 5 .

500 750 18.966.291.500 1.100 18.000 10.600 43.066.500 Office Supplies Expense 1.500 4.100 3.500 Other Expenses 1.291.1 Less Operating Expenses 7.98 6 .000 7.066.500 4.600 67.1 Schedule 2 & 3) Less Operating Expenses: Selling Expenses Sales Salaries 3.336.966. July 1 Add Net Cost of Purchases Purchases Add Freight In Total Cost of Goods Delivered Less Purchases Returns & Allowances 500 Purchase Discount 150 Total Goods Available For Sale Less Ending Inventory.500 Operating Expenses Less Other Expenses: Sales Tax Expense Gross Profit 18.1 3.Candle-Light Income Statement For the month ended July 31.500 24.12 43.1 Less: Cost of Sales 24.1 24.500 Administrative Expenses Office Saleries 2.966.12 Schedules: Sales Less Sales Returns & Allowances 220 Sales Discount 50 Net Sales Schedule 1) Mechandise Inventory.066.000 17.174.100 Gross Profit 18.1 50. 2008 Net Sales Cost of Sales Gross Profit Selling Expenses Administrative Expenses Net Income (Schedule 1) (Schedule 2) (Schedule 3) 43.174.250 650 17.98 Net Income 10.1 270 43. July 31 Cost of Sales Net Sales 43.