Professional Documents
Culture Documents
Requirement: Prepare the adjusting entries, complete the 10-column worksheet and prepare the financial statements.
Using the ledger for capital, prepare the Statement of Changes in Equity. Use the ledger for Cash in
preparing the Statement of Cash Flows.
CASH Acct. No
Date Explanation JR Debit Date Explanation JR
Jan 1 Invested cash J-1 200,000.00 Jan 6 Payment of Utilities J-1
Apr 1 Advance payment from
customers J-2 200,000.00 May 26 Payment of repair maintenance J-2
June 30 Payment from customers on
account J-3 50,000.00 June 30 Paid prepaid insurance J-3
Aug 26 Collected from cash customers J-4 120,000.00 Sept 30 Withdraw for personal use J-4
Oct 1 Bought office equipment J-5
Nov 1 Bought office supplies J-6
570,000.00
404,850.00
a. At the end of the year the company billed its customers amounting to P114,000.00
b. The salaries of the employees were not paid amounting to P120,000.00
c. Office Supplies at the end of the period was P5,200.00
d. On June 30 the company paid insurance for 5 years. (Refer to Ledger dated June 30.)
e. Advance payment received from customers last April 1 was credited to Unearned Service Income,
the service already rendered as of the end of the year was P50,000.
f. The non current assets are depreciated for 5 years, the salvage value is 0. (Compute the
depreciation per asset) Note: For Building and Office Equipment, refer to ledger as the basis of
when to compute the depreciation. The Kitchen and dining Equipment was bought on June 30, 201
g. The Allowance for doubtful accounts were 1% based on unadjusted service income.
ems.
cision to
l statements.
dger for Cash in
105
Credit
5,600.00
2,550.00
25,000.00
32,000.00
80,000.00
20,000.00
165,150.00
305
Credit
ce Income,
he basis of
n June 30, 2016.
HINDIKANIYAMAHAL COMPANY
Income Statement
For the year ended of December 2016
Income
Service Income P
Expenses
_________________________ P
_________________________
_________________________
_________________________
_________________________
_________________________
_________________________
_________________________
_________________________
_________________________
Net Profit (Loss) for the period P
HINDIKANIYAMAHAL COMPANY
Statement of Changes in Owner's Equity
For the year ended of December 2016
Assets
Current Assets
_________________________ P
Accounts Receivable P
Allowance for doubtful accounts ( )
_________________________
_________________________
_________________________
Total Current Assets P
Liabilities
Current Liabilities
_________________________ P
_________________________
_________________________
Total Current Liabilities P
Owner's Equity
Umasa, Capital, 12/31/2016
TOTAL LIABILITIES AND OWNER'S EQUITY P
HINDIKANIYAMAHAL COMPANY
Statement of Cash Flows
As of December 31, 2016