FUNDAMENTALS OF ACCOUNTANCY

BUSINESS AND MANAGEMENT 1

Name of the Learner: ________________________________ Grade Level: _________
Section: ___________________________________________ Date: _______________

LEARNING ACTIVITY SHEET

Posting to the Ledger

Background Information for Learners

After journalizing, the next step in the accounting cycle is posting. Posting refers to the
procedure of transferring information in the journal to the ledger accounts. It is for this reason
that a ledger is the so-called “book of the final entry”. A ledger contains all the accounts
maintained by the business. It is used to accumulate and classify individual transactions from the
journal. The transactions recorded in the general journal are posted to the general ledger at the
end of each day, week or month depending on the needs of the business to update the account
balances.

Learning Competency:
Posts transactions in the ledger. (ABM_FABM11-IVa-d-31)

Activity 1
Directions/Instructions:
Based from the given general journal, post the transactions in the general ledger.
Mr. Vico started to started his own consultancy firm in June 2020. During the first month of his
business, he journalized the following transactions in the business’ General Journal.
GENERAL JOURNAL Page 1

Date Particulars Ref. Debit Credit

2020
June 1 Cash 200,000
Vico, Capital 200,000
To record owner’s initial investment

3 Office Equipment 25,000

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 Cash 25,000

To record the purchase of one

computer unit.

8 Accounts Receivable 15,000

Service Revenue 15,000
To record clients billed for services
rendered

15 Office Supplies 5,000

Accounts Payable 5,000
To record purchase of office supplies
on account

18 Cash 10,000
Service Revenue 10,000
To record cash received for services
rendered

23 Cash 5,000
Accounts Receivable 5,000

To record partial payment of client’s

account

28 Vico, Drawing 5,000

Cash 5,000

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 To record owner’s personal withdrawal

30 Salaries Expense 4000

Cash 4000
To record payment of secretary’s salary

Answer Sheet
GENERAL LEDGER
Account Title: CASH Account No. 101
Date Explanation Ref. Debit Credit Balance
2020

GENERAL LEDGER
Account Title: Accounts Receivable Account No. 102
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Office Supplies Account No. 103
Date Explanation Ref. Debit Credit Balance

120
 GENERAL LEDGER
Account Title: Office Equipment Account No. 104
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Accounts Payable Account No. 201
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Vico, Capital Account No. 301
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Vico, Drawing Account No. 302
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Service Revenue Account No. 401

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 Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Salaries and Wages Expense Account No. 501
Date Explanation Ref. Debit Credit Balance

Guide Question:
1. Differentiate general journal from a general ledger.
2. Is every transaction posted immediately to the ledger? Why or why not?

Rubric for Scoring:

SCORE 1 point each (post per date
and ending balance)
(per Ledger)
Post per date The student posted correctly
and completely the date,
explanation, reference number,
and both the amount in the
debit/credit column and in the
balance column.
Ending Balance The student computed the The student computed the
ending balance accurately.
0 point
The student posted erroneously
the date, explanation, reference
number, and/or both the amount
in the debit/credit column and
in the balance column.
ending balance inaccurately.

metry, M

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Activity 2
Directions/Instructions:
Journalize the business transactions of Coco Repair Shop and post the transactions in the General
Ledger.
Use the following account codes: Cash(101), Accounts Receivable (102), Repair Tools (103),
Repair Supplies (104), Prepaid Rent(105), Furniture and Fixtures (106), Service Equipment
(107),
Accounts Payable(201), Notes Payable (202), Cardo, Capital (301), Cardo, Drawing (302),
Service Revenue (401), Advertising Expense(501), Salaries Expense (502), Utilities Expense
(503), Taxes and Licenses (504), Rent Expense (505).

The company’s business transactions in June, the first month of operations, are described below:
TRANSACTIONS
June 2020
1 – Cardo opened an appliance repair shop he called “Coco Repair Shop”. He began
business by investing P100,000 cash, repair tools-40,000, repair supplies- 18,000 and a
truck -150,000.

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 2 –Rented space and paid two months rent in advance, P10,000.
3 – Paid P2, 500 for newspaper advertising announcing the opening of his shop.
5 – Purchased office tables and chairs and filing cabinets from Martin’s Furniture on
account, P20,500.
9 – Completed repair work for Ms. Alyanna on account, P3,500.
10 – Cardo orders 5 boxes of repair supplies from the hardware at P250 per box.
12 – Completed repair work for Mr. Hipolito P 4,300. Accepted P 2,000 cash and a
promise to pay the balance after ten days.
15 – Paid the wages of the shop helper, 3, 000.
18 – Paid one-half of the account due to Martin’s Furniture and issued a promissory note
for the other half.
22 – Ms. Alyanna paid her account in full.
24 – Withdrew cash for P5,000 for personal use.
26- Received P30,000 from various customers for repair service rendered.
29- Paid the monthly electricity bill and water bill, P 2,300 and P 600, respectively.
30- Paid taxes for P2, 000.
30- Paid the wages of the shop helper P 3, 000.
Answer Sheet
GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance
2020

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 GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

125
 GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

126
 GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

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 GENERAL LEDGER
Account Title: Account No.
Date Explanation Ref. Debit Credit Balance

Guide Question:
1. What are the advantages of the use of a ledger?
2. What are the steps in posting from the Journal to the Ledger?

Rubrics for Scoring:

SCORE 1 point each (post per date 0 point
and ending balance)
(per Account)
Post per date The student posted correctly The student posted
and completely the date, erroneously the date,
explanation, reference number, explanation, reference number,
and both the amount in the and/or both the amount
debit/credit column and in the in the debit/credit column and
balance column. in the balance column.
Ending Balance The student computed the
ending balance accurately.

Activity 3
Directions/Instructions:
Journalize the business transactions of TMAC Audit Firm and post the transactions in the
General Ledger.
Miss Minchin decided to put up an audit firm called “TMAC Audit Firm”. Below are the
transactions for the month of June.

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June
2020
1
Miss Minchin invested P300,000 cash in the business.

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 2 Paid P10,000 to city hall for a business permit.
3 Purchased table and chairs, P22,000 and office equipment for P28,000 from
Venus Home Furniture and Equipment on credit
3 Paid P2,500 cash to a local newspaper for advertising the opening of the audit
firm.
4 Paid Insular Life Insurance Co. P15,000 for one-year insurance of the firm.
5 Rendered audit services to Mrs. Sarah Garcia P21,000 on account.
8 Purchased office supplies from Tess Variety Store on credit P10,200.
10 Billed Mr. Bong Sy on account for P25,000.
11 Paid P20, 000 to Venus Home Furniture and Equipment as partial settlement of
the account.
12 Borrowed P100,000 from BDO Unibank.
15 Paid Tess Variety Store the full amount due to it.
17 Paid the monthly rent of the space P5,000.
18 Paid the salary of the secretary, P4,000.
22 Collected P5, 000 from Mrs. Sarah Garcia as partial settlement of her account.
23 Received P16,500 from various clients for the services rendered.
25 Paid the electricity, water and telephone bills for the month amounting to
P3,200, P800, and P 1,200, respectively.
26 Purchased additional office equipment for P30, 000, paying P5,000 and issuing
a note for the remaining P25,000.
28 Withdrew P8, 000 for personal use.
30 Paid the salary of the secretary, P4,000.
30 Paid taxes for P1,500.

TMAC Audit Firm uses the following chart of accounts:

TMAC AUDIT FIRM
CHART OF ACCOUNTS
ASSETS REVENUE
101 Cash 401 Service Revenue
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102 Accounts Receivable
103 Office Supplies EXPENSES
104 Prepaid Insurance 501 Taxes and Licenses Expense
105 Office Equipment 502 Advertising Expense
106 Furnitures and Fixtures 503 Rent Expense
504 Salaries Expense
LIABILITIES 505 Utility Expense
201 Accounts Payable
202 Notes Payable
203 Loan Payable

CAPITAL
301 Minchin, Capital
302 Minchin, Drawing

Answer Sheet

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Guide Question:
1. What are the essential parts of the General Ledger? Discuss 2.
Compute the total amount of the following:
a. Total Assets
b. Total Liabilities
c. Total Owner’s Equity
d. Total Revenue
e. Total Expenses

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