Mavic Enterprises

Post-Closing Trial Balance

December 31, 20X1
(In Philippine Peso)

Report Form
Assets
Currents Assets
Petty Cash Fund ₱ 5,000
Cash in Bank 146,400
Accounts Receivable (net of ₱12,000 allowance for bad debts) 163,000
Unused Supplies 135,000
Prepaid Insurance 2,000
Rental Deposit 150,000
Total of Current Assets 601,400

Noncurrent Assets
Office Equipment 70,000
Less: Accumulated Depreciation 65,500
Laboratory Equipment 400,000
Less: Accumulated Depreciation 395,000
Total Assets ₱ 1,061,900

Liabilities and Owner’s Equity

Current Liabilities
Expenses Payable ₱ 2,000
Accounts Payable 65,000
Loans Payable 100,000
Withholding Taxes Payable 14,500
SSS/EC Premiums Payable 4,900
HDMF Premiums Payable 2,000
PhilHealth Premiums Payable 3,500
Total of Current Liabilities 191,900

Owner’s Equity
Mavic Perez, Capital (net of ₱250,000 Mavic Perez for Drawings) 870,000
Total Liabilities and Owner’s Equity ₱ 1,061,900
 Mavic Enterprises
Post-Closing Trial Balance
December 31, 20X1
(In Philippine Peso)

Account Form

Assets Liabilities and Owner’s Equity

Currents Assets Current Liabilities
Petty Cash Fund ₱ 5,000 Expenses Payable ₱ 2,000
Cash in Bank 146,400 Accounts Payable 65,000
Accounts Receivable (net of ₱12,000 Loans Payable 100,000
allowance for bad debts) 163,000 Withholding Taxes Payable 14,500
Unused Supplies 135,000 SSS/EC Premiums Payable 4,900
Prepaid Insurance 2,000 HDMF Premiums Payable 2,000
Rental Deposit 150,000 PhilHealth Premiums Payable 3,500
Total of Current Assets 601,400 Total of Current Liabilities 191,900

Noncurrent Assets
Office Equipment 70,000 Owner’s Equity
Less: Accumulated Depreciation 65,500 Mavic Perez, Capital (net of ₱250,000 870,000
Mavic Perez for Drawings)
Laboratory Equipment 400,000
Less: Accumulated Depreciation 395,000
Total Assets ₱ 1,061,900 Total Liabilities and Owner’s Equity ₱ 1,061,900