PRACTICE TASK 1

DATE VALUE RECEIVED VALUE PARTED WITH

January Cash amounting Php500,000 was
01,2019 invested in the business.
January 04, Benefits provided by the insurance
2019 and the right to operate the business
by paying the necessary business
permit.
January Different kinds of Parlor Equipment
07,2019 amounting to Php185,000
January Purchase the needed Parlor Supplies
08,2019 amounting to Php75,000.
January Purchased shop furniture on account
10,2019 with Handsome Furniture Shop
amounting to Php88,000.
January Cash payment from customers
13,2019 amounting to Php15,000.
January The right to collect from Natalia Cruz
15,2019 the amount of Php50,000 for
wedding services rendered.
January Services rendered by the beautician
16,2019 and assistant amounting to Php8,500.
January Shop furniture purchased on account
18,2019 with Handsome Furniture Shop
amounting to Php88,000.
January Cash was received from Natalia Cruz
22,2019 amounting to Php50,000 for the
transaction #7.
January Cash amounting to Php36,000 was
25,2019 received from various customers.
January Benefits provided from the usage of
27,2019 utilities such as water, electricity,
cable, and internet connection
amounting to Php7,800.
January The right to use the shop is the value
28,2019 received with the rent amounting to
Php5,000.
January Services rendered by the beautician
30,2019 and assistant amounting to Php8,500.
To start the business, Ms. Beauty
invested Php500,000.
Cash payment for the insurance and
business permit received amounting to
Php21,500.
Cash payment of Php185,000 for the
purchase of Parlor Equipment.
Cash payment of Php75,000 for the
purchase of needed Parlor Supplies.
Obligation to pay since the purchase was
made on credit amounting to Php88,000.
Rendered services to cash customers
amounting to Php15,000.
Services rendered which provides
income to the business.
Cash payment for the services rendered
by the employees amounting to
Php8,500.
Partial payment of Php44,000 to
Handsome Furniture Shop for the table,
chairs, cabinets, and other furniture.
Cancellation of the right to collect from
Natalia Cruz amounting to Php50,000 for
the wedding services rendered.
Rendered services to various customers,
amounting to Php36,000.
Cash payment for the benefits received
amounting to Php7,800.
Cash payment of Php5,000 for the shop
rental.
Cash payment for the services rendered
by the employees amounting to
Php8,500.
PRACTICE TASK 2. 1
2019 Particulars PR Debit Credit
Jan 01 Beauty Siya, 5 0 0 0 0 0 -
Capital
Cash 5 0 0 0 0 0 -
To record the
initial investment.
04 Taxes and Licenses 9 5 0 0 -
Insurance Expenses 1 2 0 0 0 -
Cash 2 1 5 0 0 -
To record the
payment of
expenses.
07 Parlor Equipment 1 8 5 0 0 0 -
Cash 1 8 5 0 0 0 -
To record
purchase of
equipment.
08 Parlor Supplies 7 5 0 0 0 -
Expenses
Cash 7 5 0 0 0 -
To record
purchase of
supplies.
10 Furniture and 8 8 0 0 0 -
Fixtures
Accounts 8 8 0 0 0 -
Payable
To record credit
purchases.
13 Cash 1 5 0 0 0 -
Beauty Service 1 5 0 0 0 -
Income
To record
beauty services.
15 Notes Receivable 5 0 0 0 0 -
Beauty Service 5 0 0 0 0 -
Income
To record
beauty service on
account.
16 Salaries Expense 8 5 0 0 -
Cash 8 5 0 0 -
 To record
payment of
salaries.
18 Furniture and 4 4 0 0 0 -
Fixtures
Accounts 4 4 0 0 0 -
Payable
To record
partial payment for
the furniture.
22 Cash 5 0 0 0 0 -
Beauty Services 5 0 0 0 0 -
Income
To record beauty
services.
25 Cash 3 6 0 0 0 -
Beauty Services 3 6 0 0 0 -
Income
To record
beauty services.
27 Utilities Expense 7 8 0 0 -
Cash 7 8 0 0 -
To record
payment of
expenses.
28 Rent Expense 5 0 0 0 -
Cash 5 0 0 0 -
To record
payment of rent.
30 Salaries Expense 8 5 0 0 -
Cash 8 5 0 0 -
To record
payment of
salaries.
PRACTICE TASK 2.2
GENERAL LEDGER
CASH L-1
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Jan 13 1 5 0 0 0 - Jan 01 J-1 5 0 0 0 0 0 -

22 5 0 0 0 0 - 04 2 1 5 0 0 -

25 3 6 0 0 0 - 07 1 8 5 0 0 0 -

08 7 5 0 0 0 -

16 8 5 0 0 -

27 7 8 0 0 -

28 5 0 0 0 -

30 8 5 0 0 -

NOTES RECIEVABLE L1
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Jan 15 5 0 0 0 0 -

PARLOR EQUIPMENT
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Jan 07 1 8 5 0 0 0 -

FURNTIURES AND FIXTURES

Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Jan 10 8 8 0 0 0 -

18 4 4 0 0 0 -
 ACCOUNTS PAYABLE

Date Particula F Debit Amount Date Particula F Credit Amount

rs rs
Jan 10 8 8 0 0 0 -

18 4 4 0 0 0 -

BEAUTY SIYA/CAPITAL

Date Particula F Debit Amount Date Particula F Credit Amount

rs rs
Jan 01 5 0 0 0 0 0 -

BEAUTY SERVICE INCOME

Date Particula F Debit Amount Date Particula F Credit Amount

rs rs
Jan 13 1 5 0 0 0 -

15 5 0 0 0 0 -

22 5 0 0 0 0 -

25 3 6 0 0 0 -

TAXES AND LICENSES

Date Particula F Debit Amount Date Particula F Credit Amount

rs rs
Jan 04 9 5 0 0 -

INSURANCE EXPENSES

Date Particula F Debit Amount Date Particula F Credit Amount

rs rs
Jan 04 1 2 0 0 0 -

PARLOR SUPPLIES EXPENSES

Date Particula F Debit Amount Date Particula F Credit Amount

rs rs
Jan 08 7 5 0 0 0 -

SALARIES EXPENSES

Date Particula F Debit Amount Date Particula F Credit Amount

rs rs
Jan 16 8 5 0 0 -

30 8 5 0 0 -

UTILITIES EXPENSE

Date Particula F Debit Amount Date Particula F Credit Amount

rs rs
Jan 27 7 8 0 0 -

RENT EXPENSE

Date Particula F Debit Amount Date Particula F Credit Amount

rs rs
Jan 28 5 0 0 0 -
 Gandang Ganda Lang Parlor Shop
Trial Balance
January 30, 2019
Cash Php 101,000 811,300
Notes Receivable 50,000
Parlor Equipment 185,000
Furniture & Fixtures 132,000
Accounts Payable 132,000
Beauty Siya/ Capital 500,000
Beauty Service Income 151,000
Taxes and Licenses 9,500
Insurance Expense 12,000
Parlor Supplies Expense 75,000
Salaries Expense 17,000
Utilities Expense 7,800
Rent Expense 5,000
Php1,094,300 Php1,094,300
VII. Post Test A
DATE VALUE RECEIVED
February 1, 2020 Working capital of Php100,000.
February 2, 2020 Purchased laptop and printer for
office use on account with XYZ
Computer Shop, amounting to
Php57,500.
February 4, 2020 Purchased various office supplies
amounting to Php2,800.
February 6, 2020 Two units of filing cabinet, amounting
to Php9,000.
February 8, 2020 Received Php125,000 on account
from rendered services to CBN-ABS.
February 10, 2020 Various law books of the amount
Php33,000.
February 15, 2020 Cash payment from various
customers amounting to Php50,000.
February 18, 2020 Decrease in capital of Php25,000.
February 20, 2020 Purchased table and chairs,
Php25,000.
February 21, 2020 Benefits provided from the usage of
utilities such as telephone, light, and
water amounting to Php6,250.
February 23, 2020 Purchased laptop and printer from
XYZ Computer Shop, amounting to
Php57,500.
February 26, 2020 Collection from CBN-ABS, Php85,000.
February 27, 2020 The right to use the space of the
building is the value received. A rent
expense account was used to record
the transaction amounting to
Php8,000.
February 28, 2020 Legal services rendered by office
secretary and clerk, amounting to
Php15,000.
VII. Post Test A
VALUE PARTED WITH
Deposited cash in a bank for use as a
working capital, Php100,000.
Obligation to pay since the purchase
was made on credit amounting to
Php57,500.
Payment for various office supplies,
Php2,800.
Purchased cabinets from ABC Store
amounting to Php9,000 with unpaid
balance of Php2,500.
Right to collect from CBN-ABS
amounting to Php125,000 from
rendered legal services.
Payment for various law books,
Php33.000
Rendered legal services to various
customers amounting to Php50,000.
Cash withdrawal amounting to
Php25,000.
Cash payment of Php25,000 for the
table and chairs.
Cash payment for the benefits
received amounting to Php6,250.
Partial payment of Php42,500 to XYZ
Computer Shop in connection with
transaction #2, purchase of laptop and
printer amounting to Php57,500.
Rendered legal services to CBN-ABS.
Cash payment of Php8,000 for the use
of the building as a law firm.
Cash payment for the services
rendered by employees amounting to
Php15,000.
 2020 Particulars PR Debit Credit
Feb 1 Sarah Escudero, 1 0 0 0 0 0 -
Capital
Cash 1 0 0 0 0 0 -
To record initial
investment.
2 Accounts Payable 5 7 5 0 0 -
Cash 5 7 5 0 0 -
To record credit
purchases.
4 Office Supplies Expense 2 8 0 0 -
Cash 2 8 0 0 -
To record payment for
various office supplies.
6 Furniture and Fixtures 9 0 0 0 -
Accounts Payable 2 5 0 0 -
Cash 6 5 0 0 -
To record partial
payment to ABC Store.
8 Accounts Receivable 1 2 5 0 0 0 -
Legal Fees 1 2 5 0 0 0 -
To record account
receivable for rendered
legal services.
10 Law Books 3 3 0 0 0 -
Cash 3 3 0 0 0 -
To record purchase of
law books.
15 Cash 5 0 0 0 0 -
Legal Fees 5 0 0 0 0 -
To record rendered legal
services.
18 Sarah Escudero, 2 5 0 0 0 -
Drawing
Cash 2 5 0 0 0 -
To record cash
withdrawal of owner,
20 Furniture and Fixtures 2 5 0 0 0 -
Cash 2 5 0 0 0 -
 To record purchase of
furniture.
21 Utilities Expense 6 2 5 0 -
Cash 6 2 5 0 -
To record payment of
expenses.
23 Office Equipment 4 2 5 0 0 -
Cash 4 2 5 0 0 -
To record partial
payment to XYZ Computer
Shop
26 Accounts Receivable 8 5 0 0 0 -
Legal Fees 8 5 0 0 0 -
To record collection of
legal fees on account.
27 Rent Expense 8 0 0 0 -

Cash 8 0 0 0 -
To record payment of
rent.
28 Salary Expense 1 5 0 0 0 -
Cash 1 5 0 0 0 -
To record payment of
salaries.

VII. Post Test B

 GENERAL LEDGER
CASH
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 15 5 0 0 0 0 - Feb 01 1 0 0 0 0 0 -
02 5 7 5 0 0 -
04 2 8 0 0 -
06 6 5 0 0 -
10 3 3 0 0 0 -
18 2 5 0 0 0 -
20 2 5 0 0 0 -
21 6 2 5 0 -
23 4 2 5 0 0 -
27 8 0 0 0 -
28 1 5 0 0 0 -
Accounts Receivable
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 08 1 2 5 0 0 0 -
26 8 5 0 0 0 -
Law Books
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 10 3 3 0 0 0 -
Furniture and Fixtures
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 06 9 0 0 0 -
20 2 5 0 0 0 -
Office Equipment
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 23 4 2 5 0 0 -
Accounts Payable
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 02 5 7 5 0 0 -

06 - 2 5 0 0 -

Sarah Escudero, Capital

Date Particula F Debit Amount Date Particula F Credit Amount
 rs rs
Feb 01 1 0 0 0 0 0 -

Sarah Escudero, Drawing

Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 18 2 5 0 0 0 -

Legal Fees
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 08 1 2 5 0 0 0 -

15 5 0 0 0 0 -

26 8 5 0 0 0 -

Office Supplies Expense

Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 04 2 8 0 0 -

Utilities Expense
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 21 6 2 5 0 -

Rent Expense
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 27 5 0 0 0 -

Salary Expense
Date Particula F Debit Amount Date Particula F Credit Amount
rs rs
Feb 28 1 5 0 0 0 -

Escudero Law Firm

 Trial Balance
February 28. 2020

Cash Php 50,000 321,550

Accounts Receivable 210,000
Law Books 33,000
Furniture and Fixtures 34,000
Office Equipment 42,500
Accounts Payable 57,500
-2,500
Sarah Escudero, Capital 100,000
Sarah Escudero, Drawing 25,000
Legal Fees 260,000
Office Supplies Expense 2,800
Utilities Expense 6,250
Rent Expense 8,000
Salary Expense 15,000
581,550 581,550