Adjusted Trial

Account Title Trial Balance Adjustment Income statement

balance
Debit Credit Debit Credit Debit Credit Debit
Cash 247,670 247,670
Accounts
4,500 1,000 5,500
receivable
Supplies 1,480 340 1,140
Prepaid
1,200 360 840
Insurance

Office equipment 23,200 23,200

Accumulated
Depreciation-
100 100
Office
Equipment
Service Vehicle 1,100,000 1,100,000
Accumulated
Depreciation- 3,000 3,000
Service Vehicle
Accounts
24,770 24,770
payable
Notes payable 450,000 450,000
Rui, Capital 900,000 900,000
Rui, Drawings 500 500
Service revenue 17,900 1,000 18,900
Salaries expense 9,400 9,400 9,400
Rent expense 4,000 4,000 4,000
Utilities expense 220 220 220
Maintenance
450 450 450
expense
Miscellaneous
50 50 50
Expense
TOTAL 1,392,670 1,392,670
Adjustments:
Interest expense 500 500 500
Interest payable 500 500
Supplies expense 340 340 340

Insurance
360 360 360
expense
Depreciation
expense- Office 100 100 100
Equipment
Depreciation
expense- Service 3,000 3,000 3,000
Vehicle
Accumulated
Dep
5,300 5,300 1,397,270 1,397,270 18,420
Net income 480
18,900
Income statement Balance sheet
Credit Debit Credit
247,670
5,500
1,140
840

23,200

100

1,100,000

3,000

24,770
450,000
900,000
500
18,900

500
18,900 1,378,850 1,378,370
480
18,900 1,378,850 1,378,850
 Rui Transport
Statement of Profit or Loss
For the month ended. Jan 31, 2019

Revenue:
Service revenue 18,900

Operating Expenses:
Salaries expense 9,400
Rent expense 4,000
Utilities expense 220
Maintenance expense 450
Miscellaneous Expense 50
Interest expense 500
Supplies expense 340
Insurance expense 360
Depreciation expense- Office Equipment 100
Depreciation expense- Service Vehicle 3,000
Total Operating Expenses 18,420
Net Income 480
 Rui Company
Statement of Profit or Loss
For the Month Ended January 31, 2019

Notes
Revenue:
Service Revenue (2,3,10) P 18,900.00
Other Income 0.00
Total Income P 18,900.00

Expenses:
Operating Expenses (2,3,11) P 18,420.00
Income Before Tax 480.00
Income Tax Expense (2,3) 0.00
Net Income P 480.00
Loss
ry 31, 2019
 Rui Company
Statement of Financial Position
As of January 31, 2019

ASSETS

Notes 2015
Current Assets:
Cash (2, 3, 4) P 247,670.00
Trade and Other Receivables (2, 3, 5) 5,500.00
Other Current Assets (2, 3, 6) 1,980.00
255,150.00

Non-Current Assets:
Property and Equipment (2, 3, 7) 1,120,100.00

Total Assets P 1,375,250.00

LIABILITIES & OWNER'S EQUITY

Current Liabilities:
Trade and Other Payables (2, 3, 8) P 25,270.00

Non-Current Liabilities:
Long-term Borrowings (2, 3, 9) P 450,000.00

Total Liabilities 475,270.00

Owner's Equity:
Rui, Capital (2, 3) 899,980.00

Total Liabilities and Owner's Equity P 1,375,250.00

 Rui Company
Statement of Changes in Owner's Equity
For the Month Ended January 31, 2019

Rui, Capital - January 1 P 450,000.00

Add: Additional Investment 450,000.00
Add: Net Income 480.00
Total 900,480.00
Less: Rui, Drawings 500.00
Rui, Capital - January 31 P 899,980.00
 Rui Company
Statement of Cash Flows
For the Month Ended January 31, 2019

Cash Flows from Operating Activities:

Cash received for services rendered P 650.00
Collection of accounts receivables 15,000.00
Payment for salaries (9,400.00)
Payment for rent (4,000.00)
Payment for utilities (220.00)
Payment for maintenace of trucks (450.00)
Payment for insurance (600.00)
Payment for miscellaneous (50.00)
Net Cash from Operating Activities P 930.00

Cash Flows from Investing Activities:

Cash Payment for Acquisition of Service Vehicle 400,000.00
Cash Used in Investing Activities (400,000.00)

Cash Flow from Financing Activities:

Owner's Contribution P 450,000.00
Cash Withdrawal (500.00)
Bank Borrowing 150,000.00
Net Cash from Financing Activities P 599,500.00

Net Increase (Decrease) in Cash Balance 200,430.00

Add: Cash Balance - January 1 47,240.00
Cash Balance - December 31 P 247,670.00
-
Note 4 - Cash
This account consists of the following:
Cash in Bank 47,240.00
Cash on Hand P 200,430.00
247,670.00

Note 5 - Trade and Other Receivables

Accounts receivable is determined to be collectible.
Accounts Receivable P 5,500.00

Note 6 - Other Current Assets

This account consists of the following:
Prepaid Insurance P 1,140.00
Office Supplies 840.00
P 1,980.00

Note 7 - Property and Equipment

This is computed as follows:
Beginning Bal. Additions Disposals Ending Bal.
Office Equipment P 11,600.00 P 11,600.00 P - P 23,200.00
Service Vehicle 550,000 550,000.00 - 1,100,000.00
Total 561,600.00 561,600.00 - 1,123,200.00
Less: Accumulated
Depreciation 3,100.00 - 3,100.00
Carrying Amount P 561,600.00 P 558,500.00 P - P 1,120,100.00

Note 8 - Trade and Other Payables

This account consists of the following:
Accounts Payable P 24,770.00
Interest Payable P 500.00
25,270.00

Note 9 - Long -term Borrowings

This account consists of the following:
Notes Payable P 450,000

Note 10 - Revenues
This account consists of the following:
Service Revenue P 450,000

Note 11- Operating Expenses

This nominal account consists of the following:
Salaries expense P 9,400
Rent expense 4,000
Utilities expense 220
Maintenance
450
expense
Miscellaneous
50
expense
Interest expense 500
Supplies expense 340
Insurance expense 360
Depreciation
expense- Office 100
Equipment
Depreciation
expense- Service 3,000
Vehicle
P 18,420.00
Date Description Debit Credit
2003 Cash
Jan.1 Yimer Capital 450,000 450,000
To record investment by owner
Truck
2 Cash 300,000 300,000
Purchase of trucks
Cash
4 Service Income 650 650
Cash received from customers
Prepaid Insurance
11 Cash 600 600
Purchase of insurance policy
Accounts Receivable
20 Service Income 2,650 2,650
Provision of service
Truck Expense
21 Cash 450 450
Cash paid to repaint truck
Supplies
21 Accounts Payable 740 740
Purchase of supplies of account
Office Equipment
22 Accounts Payable 11,600 11,600
Purchase of equipment
Truck
Cash 100,000
23 250,000
Notes Payable 150,000
Purchase of truck
Accounts Receivable
23 Service Income 14,600 14,600
Provision of service on account
Cash
25 Accounts Receivable 15,000 15,000
Collection of cash
Drawings
27 Cash 500 500
Owner withdrawals
Salary Expense
28 Cash 9,400 9,400
Payment of salary
 Utilities Expense
30 Cash 220 220
Payment for telephone, electricity
Miscellaneous Expenses
30 Cash 50 50
Payment for various expenses
Rent Expense
31 Cash 4,000 4,000
Payment of Rent
GENERAL LEDGER

Account: Cash Account: Office Equipment

Date Description Ref Debit Credit Balance Date Description Ref

Beg Beg
Owner cont. 450 000
Vehicle 300 000

Account: Accounts Receivable Account: Service Vehicle

Date Description Ref Debit Credit Balance Date Description Ref

Beg Beg
Vehicle

Account: Supplies Account: Accounts Payable

Date Description Ref Debit Credit Balance Date Description Ref

Beg Beg

Account: Prepaid Insurance Account: Notes Payable

Date Description Ref Debit Credit Balance Date Description Ref

Beg Beg
Account: Cash Account: Cash

Date Description Ref Debit Credit Balance Date Description Ref

Beg Beg
 Account: Rui, Capital

Debit Credit Balance Date Description Ref Debit Credit Balance

Beg
Owner cont. 450 000

Account: Rui, Drawings

Debit Credit Balance Date Description Ref Debit Credit Balance

Beg
300 000

Account: Maintenance Expense

Debit Credit Balance Date Description Ref Debit Credit Balance

Beg

Account: Cash

Debit Credit Balance Date Description Ref Debit Credit Balance

Beg
 Account: Cash

Debit Credit Balance Date Description Ref Debit Credit Balance

Beg
Trial Balance w/o beg. Balance
Account
Trial Balance
Title
Debit Credit
Cash 200,430
Accounts
receivable 2,250
Supplies 740
Prepaid
Insurance 600
Office
equipment 11,600
Truck 550,000
Accounts
payable 12,340
Notes
payable 300,000
Yimer
Capital 450,000
Yimer
drawing 500
Service
17,900
income
Salary
expense 9,400
Rent
expense 4,000
Utilities
expense 220

Maintenan
ce expense 450

Miscellane
ous 50
Expense
780,240 780,240