Go - Kart Grocery Services

General Journal
For the Month of March 2020
Date Account Title and Explanation P.R. Debit
2020
Mar. 2 Advances to Riders 121 ₱ 50,000.00
Cash 110
Issued cash advance to riders

2 Cash 110 10,800.00

Advances to Riders 121
Service Fees 410
Due to Riders 230
Collected payment from customer

3 Due to Riders 230 1,400.00

Cash 110
Issued cash for rider's commission

3 Cash 110 5,200.00

Service Fees 410
Received cash from services

4 Supplies 140 1,800.00

Cash 110
Purchased supplies on cash

4 Cash 110 12,700.00

Advances to Riders 121
Service Fees 410
Due to Riders 230
Collected payment from customers

4 Due to Riders 230 1,550.00

Cash 110
Issued cash for commission

5 Cash 110 7,100.00

Service Fees 410
Received cash from services
 Go - Kart Grocery Services
General Journal
For the Month of March 2020
Date Account Title and Explanation P.R. Debit
2020
Mar. 14 Due to Riders 230 3,620.00
Cash 110
Issued cash for commission

14 Cash 110 16,300.00

Service Fees 410
Received cash from services

14 Cash 110 27,320.00

Advances to Riders 121
Liquidation of cash advance from riders

15 Advances to Riders 121 50,000.00

Cash 110
Issued cash advance to riders

15 Salaries Expense 510 18,000.00

Cash 110
Paid salaries expense

16 Cash 110 47,900.00

Advances to Riders 121
Service Fees 410
Due to Riders 230
Collected payment from customer

16 Due to Riders 230 6,890.00

Cash 110
Issued cash for commision - closing
Due to Riders account
17 Cash 110 20,900.00
Advances to riders 121
Liquidation of cash advance from riders
closing Advances to riders
 Go - Kart Grocery Services
General Journal
For the Month of March 2020
Date Account Title and Explanation P.R. Debit
2020
Mar. 22 Cash 110 6,128.00
Service Fees 410
Received cash from services rendered

Commission Expense 511 3,000.00

Cash 110
Paid for riders' commission

22 Supplies 140 12,100.00

Cash 110
Purchased supplies on cash

22 Accounts Payable 210 150,000.00

Cash 110
Purchase Discount
Paid purchased merchandise on account

22 Purchases 560 78,000.00

Accounts Payable 210
Purchased merchandise on account

23 Advertising and Promotion 570 19,820.00

Cash 110
Paid Advertisement expense

23 Accounts Payable 210 8,000.00

Purchase Returns & Allowances 562
Returned purchased merchandise on account

23 Cash 110 64,800.00

Sales Revenue 420
Received cash from sales

24 Cash 110 6,300.00

Services Fees 410
Received cash from services rendered
 Go - Kart Grocery Services
General Journal
For the Month of March 2020
Date Account Title and Explanation P.R. Debit
2020
Mar. 30 Commission Expense 511 2,250.00
Cash 110
Paid riders' commission

30 Cash 110 6,550.00

Accounts Receivable 120
Received initial payment from customer's account

30 Accounts Payable 210 57,600.00

Cash 110
Purchase Discount 561
Paid purchased merchandise on account

31 Cash 110 57,050.00

Sales Revenue 420
Received cash from sales

Cash 110 5,128.00

Services Fees 410
Received cash from services rendered

Commission Expense 511 2,700.00

Cash 110
Paid riders' commission

31 Katrina Go, Withdrawals 320 30,000.00

Cash 110
Owner's personal withdrawal
 J-1
Go - Kart Grocery Services
General Journal
For the Month of March 2020
Credit Date Account Title and Explanation P.R. Debit
2020
Mar. 5 Cash 110 34,700.00
₱ 50,000.00 Advances to Riders 121
Liquidation of cash advance from riders

6 Advances to Riders 121 50,000.00

7,200.00 Cash 110
2,200.00 Issued cash advance to riders
1,400.00
6 Cash 110 6,700.00
Service Fees 410
Received cash from services

1,400.00 9 Accounts Payable 210 ₱ 15,700.00

Cash 110
Paid accounts payable - installment

5,200.00 10 Cash 110 15,800.00

Advances to Riders 121
Service Fees 410
Due to Riders 230
1,800.00 Collected payment from customer

10 Due to Riders 230 2,680.00

Cash 110
8,100.00 Issued cash for rider's commission
3,050.00
1,550.00 11 Cash 110 7,125.00
Service Fees 410
Received cash from services

13 Utilities Expense 540 4,800.00

1,550.00 Cash 110
Paid utitlities expense

14 Cash 110 21,880.00

7,100.00 Advances to Riders 121
Service Fees 410
 Due to Riders 230
Collected payment from customer

J-3
Go - Kart Grocery Services
General Journal
For the Month of March 2020
Credit Date Account Title and Explanation P.R. Debit
2020
Mar. 17 Purchases 560 ₱ 150,000.00
3,620.00 Accounts Payable 210
Purchased merchandise on account

17 Furniture and Fixtures 170 55,000.00

16,300.00 Cash 110
Purchased of furniture and fixtures on cash

18 Cash 110 22,500.00

27,320.00 Sales Revenue 420
Received cash from sales

18 Commission Expense 511 1,125.00

50,000.00 Cash 110
Paid for riders' commission

19 Cash 110 43,100.00

18,000.00 Sales Revenue 420
Received cash from sales

19 Cash 110 5,450.00

29,100.00 Service Fees 410
11,910.00 Received cash from services rendered
6,890.00
19 Commission Expense 511 2,155.00
Cash 110
Paid for riders' commission
6,890.00
19 Purchases 560 35,000.00
Cash 110
Purchased merchandise on cash
20,900.00
19 Utilities Expense 540 8,700.00
Cash 110
Paid utilities expense
 22 Cash 110 63,800.00
Sales Revenue 420
Received cash from sales

J-5
Go - Kart Grocery Services
General Journal
For the Month of March 2020
Credit Date Account Title and Explanation P.R. Debit
2020
24 Commission Expense 511 3,500.00
6,128.00 Cash 110
Paid riders' commission

24 Gasoline Expense 530 6,230.00

3,000.00 Cash 110
Paid gasoline expense

25 Accounts Receivable 120 13,100.00

12,100.00 Sales Revenue 420
Sold merchandise on account

25 Repairs and Maintenance 550 2,100.00

135,000.00 Cash 110
15,000.00 Paid repairs for motocycles

25 Purchases 560 57,600.00

Accounts Payable 210
78,000.00 Purchased merchandise on account

Freight - In 564 3,640.00

Cash 110
19,820.00 Paid freight in charges

27 Accounts Payable 210 70,000.00

Cash 110
8,000.00 Purchase Discount 561
Paid purchased merchandise on account

29 Salaries Expense 510 18,000.00

64,800.00 Cash 110
Paid salaries of staff

30 Cash 110 72,100.00

6,300.00 Sales Revenue 420
Received cash from sales
 Cash 110 6,800.00
Service Fees 410
Received cash from services rendered

J-7

Credit

2,250.00

6,550.00

54,720.00
2,880.00

57,050.00

5,128.00

2,700.00

30,000.00
 J-2

Credit

34,700.00

50,000.00

6,700.00

₱ 15,700.00

8,900.00
4,220.00
2,680.00

2,680.00

7,125.00

4,800.00

13,780.00
4,480.00
 3,620.00

J-4

Credit

₱ 150,000.00

55,000.00

22,500.00

1,125.00

43,100.00

5,450.00

2,155.00

35,000.00

8,700.00
 63,800.00

J-6

Credit

3,500.00

6,230.00

13,100.00

2,100.00

57,600.00

3,640.00

66,500.00
3,500.00

18,000.00

72,100.00
6,800.00
 Go - Kart Grocery Services
General Ledger
For the Month of March 2020
CASH
Date Particulars Ref
2020
Mar. Beginning Balance
Mar. 2 Issued cash for Cash Advance J-1
2 Collected Payment from customers J-1
3 Issued cash for commission J-1
3 Received payment from services J-1
4 Purchased supplies J-1
4 Collected Payment from customers J-1
4 Issued cash for commission J-1
5 Received payment from services J-1
5 Received cash from cash advance J-2
6 Issued cash for Cash Advance J-2
6 Received payment from services J-2
9 Paid installment due on motorcycles J-2
10 Collected Payment from customers J-2
10 Issued cash for commission J-2
11 Received payment from services J-2
13 Paid utilities expense J-2
14 Colledted Payment from customers J-2
14 Issued cash for commission J-3
14 Received payment from services J-3
14 Received cash from cash advance J-3
15 Issued cash for Cash Advance J-3
15 Paid salaries expense J-3
16 Collected Payment from customers J-3
16 Issued cash for commission - closing due to riders J-3
17 Collected remaining cash advance balance J-3
17 Purchased furniture and fixtures J-4
18 Received cash from sales J-4
18 Paid for riders' commission J-4
19 Received cash from sales J-4
19 Received cash from services J-4
19 Paid riders' commission J-4
19 Purchased merchandise on account J-4
19 Paid utilities expense J-4
22 Received cash from sales J-4
22 Received cash from services J-5
22 Paid riders' commission J-5
22 Purchased supplies J-5
22 Paid purchased merchandise on account J-5
23 Paid advertisement expense J-5
23 Received cash from sales J-5
 24 Received cash from services J-5
24 Paid riders' commission J-6
24 Paid gasoline expense J-6
25 Paid repairs and maintenance J-6
25 Paid freight-in charges J-6
27 Paid purchased merchandise on account J-6
29 Paid salaries expense J-6
30 Received cash from sales J-6
30 Received cash from services J-6
30 Paid riders' commission J-7
30 Received initial payment from customer J-7
30 Paid purchased merchandise on account J-7
31 Received cash from sales J-7
31 Received cash from services J-7
31 Paid riders' commission J-7
31 Owner's personal withdrawal J-7

ACCOUNTS RECEIVABLE
Date Particulars Ref
2020
Mar. Beginning Balance
25 Sold merchandise on account J-6
30 Received initial payment from customer J-7

ADVANCES TO RIDERS
Date Particulars Ref
2020
Mar. 2 Cash Advance to Rider J-1
2 Refund to Riders J-1
4 Refund to Riders J-1
5 Refund to Riders J-2
6 Cash Advance to Rider J-2
10 Refund to Riders J-2
14 Refund to Riders J-2
14 Refund to Riders J-3
15 Cash Advance to Rider J-3
16 Refund to Riders J-3
17 Refund to Riders - Closing the account J-3

MERCHANDISE INVENTORY
Date Particulars Ref
2020
Mar. 31 Ending Merchandise Inventory J-8
 Closing the merchandise inventory account J-9

SUPPLIES
Date Particulars Ref
2020
Mar. Beginning Balance
4 Purchase of Supplies J-1
22 Purchase of Supplies J-5

EQUIPMENT
Date Particulars Ref
2020
Mar. Beginning Balance

MOTORCYCLES
Date Particulars Ref
2020
Mar. Beginning Balance

FURNITURE AND FIXTURES

Date Particulars Ref
2020
17 Purchase of Furniture and Fixtures J-4

ACCUMULATED DEPRECIATION
Date Particulars Ref
2020
Mar. 5 Accumulated depreciation expense J-8
8 Accumulated depreciation expense J-8
17 Accumulated depreciation expense J-8

ACCOUNTS PAYABLE
Date Particulars Ref
2020
Mar. Beginning Balance
Mar. 9 Paid accounts payable for the installment on motorcycle J-2
17 Purchased merchandise on account J-4
22 Paid purchased merchandise on account J-5
22 Purchased merchandise on account J-5
23 Returned purchased merchandise on account J-5
25 Purchased merchandise on account J-6
27 Paid purchased merchandise on account J-6
30 Paid purchased merchandise on account J-7

UTILITIES PAYABLE
Date Particulars Ref

DUE TO RIDERS
Date Particulars Ref
2020
Mar. 2 Comission Due to Riders J-1
3 Paid Commission Due to Riders J-1
4 Comission Due to Riders J-1
4 Paid Commission Due to Riders J-1
10 Comission Due to Riders J-2
10 Paid Commission Due to Riders J-2
14 Comission Due to Riders J-2
14 Paid Commission Due to Riders J-3
16 Comission Due to Riders J-3
16 Paid Comission Due to Riders - Closing the Account J-3

TAXES PAYABLE
Date Particulars Ref

KATRINA GO, CAPITAL

Date Particulars Ref
2020
Mar. Beginning Balance
Closing the Income Summary account J-9
Closing the withdrawal account J-9
 KATRINA GO, WITHDRAWAL
Date Particulars Ref
2020
Mar. 31 Owner's personal withdrawal J-7
Closing the withdrawal account J-9

INCOME SUMMARY
Date Particulars Ref
2020
Mar.31 Income Summary - Credit Balances J-9
Income Summary - Debit Balances J-9
Closing the Income Summary account J-9

SERVICE FEES
Date Particulars Ref
2020
Mar. 2 Earned from services rendered J-1
3 Earned from services rendered J-1
4 Earned from services rendered J-1
5 Earned from services rendered J-1
6 Earned from services rendered J-2
10 Earned from services rendered J-2
11 Earned from services rendered J-2
14 Earned from services rendered J-2
14 Earned from services rendered J-3
16 Earned from services rendered J-3
19 Received cash from services rendered J-4
22 Received cash from services rendered J-5
24 Received cash from services rendered J-5
30 Received cash from services rendered J-6
31 Received cash from services rendered J-7
Closing the service fees account J-9

SALES REVEUNUE
Date Particulars Ref
2020
Mar. 18 Received cash from sales J-4
19 Received cash from sales J-4
22 Received cash from sales J-4
23 Received cash from sales J-5
 25 Received cash from sales J-6
30 Received cash from sales J-6
31 Received cash from sales J-7
Closing the sales revenue account J-9

SALES DISCOUNT
Date Particulars Ref

SALES RETURN AND ALLOWANCES

Date Particulars Ref

SALARIES EXPENSE
Date Particulars Ref
2020
Mar. 15 Paid Salaries J-3
29 Paid Salaries J-6
Closing the Salaries Expense Account J-9

COMMISSION EXPENSE
Date Particulars Ref
2020
Mar. 18 Paid riders' commission J-4
19 Paid riders' commission J-4
22 Paid riders' commission J-5
24 Paid riders' commission J-6
30 Paid riders' commission J-7
31 Paid riders' commission J-7
Closing the Commission Expense Account J-9

PROFESSIONAL FEES
Date Particulars Ref

EMPLOYEE BENEFITS
Date Particulars Ref
 SUPPLIES EXPENSE
Date Particulars Ref

GASOLINE EXPENSE
Date Particulars Ref
2020
Mar. 24 Payment of Gasoline J-6
Closing the Gasoline Expense account J-9

UTITLITIES EXPENSE
Date Particulars Ref
2020
Mar. 13 Payment of Utilities J-2
19 Payment of Utilities J-4
Closing the Utilities Expense account J-9

REPAIRS AND MAINTENANCE

Date Particulars Ref
2020
Mar. 25 Payment of Repairs and Maintenance J-6
Closing the Repairs and Maintenance account J-9

PURCHASES
Date Particulars Ref
2020
Mar. 17 Purchase of merchandise J-4
19 Purchase of merchandise J-4
22 Purchase of merchandise J-5
25 Purchase of merchandise J-6
Closing the Purchases account J-9

PURCHASE DISCOUNTS
Date Particulars Ref
2020
22 Earned purchase discount J-5
27 Earned purchase discount J-6
30 Earned purchase discount J-7
Closing the Purchase Discounts account J-9

PURCHASE RETURN & ALLOWANCES

Date Particulars Ref
2020
 23 Returned purchased merchandise J-5
Closing the Purchase Return & Allowances account

DEPRECIATION EXPENSE
Date Particulars Ref
2020
Mar. 5 Depreciation Expense J-8
8 Depreciation Expense J-8
17 Depreciation Expense J-8
Closing the Depreciation Expense account J-9

FREIGHT - IN
Date Particulars Ref
2020
Mar. 25 Paid Freight - In charges J-6
Closing the Freight - In account

ADVERTISING AND PROMOTIONS

Date Particulars Ref
2020
Mar. 23 Payment of Advertising and Promotiion J-5
Closing the Advertising and Promotions account J-9

DEPRECIATION EXPENSE
Date Particulars Ref

TAXES AND LICENSES

Date Particulars Ref
ervices
er
rch 2020
Account No. 110
Debit Credit Balance

₱ 179,800.00 ₱ 179,800.00
₱ 50,000.00 129,800.00
10,800.00 140,600.00
1,400.00 139,200.00
5,200.00 144,400.00
1,800.00 142,600.00
12,700.00 155,300.00
1,550.00 153,750.00
7,100.00 160,850.00
34,700.00 195,550.00
50,000.00 145,550.00
6,700.00 152,250.00
15,750.00 136,500.00
15,800.00 152,300.00
2,680.00 149,620.00
7,125.00 156,745.00
4,800.00 151,945.00
21,880.00 173,825.00
3,620.00 170,205.00
16,300.00 186,505.00
27,320.00 213,825.00
50,000.00 163,825.00
18,000.00 145,825.00
47,900.00 193,725.00
6,890.00 186,835.00
20,900.00 ₱ 207,735.00
55,000.00 152,735.00
22,500.00 175,235.00
1,125.00 174,110.00
43,100.00 217,210.00
5,450.00 222,660.00
2,155.00 220,505.00
35,000.00 185,505.00
8,700.00 176,805.00
63,800.00 240,605.00
6,128.00 246,733.00
3,000.00 243,733.00
12,100.00 231,633.00
135,000.00 96,633.00
19,820.00 76,813.00
64,800.00 141,613.00
 6,300.00 147,913.00
3,500.00 144,413.00
6,230.00 138,183.00
2,100.00 136,083.00
3,640.00 132,443.00
66,500.00 65,943.00
18,000.00 47,943.00
72,100.00 120,043.00
6,800.00 126,843.00
2,250.00 124,593.00
6,550.00 131,143.00
54,720.00 76,423.00
57,050.00 133,473.00
5,128.00 138,601.00
2,700.00 135,901.00
30,000.00 ₱ 105,901.00

Account No. 120

Debit Credit Balance

₱ 9,300.00 ₱ 9,300.00
13,100.00 22,400.00
₱ 6,550.00 ₱ 15,850.00

Account No. 121

Debit Credit Balance

₱ 50,000.00 ₱ 50,000.00
₱ 7,200.00 42,800.00
8,100.00 34,700.00
34,700.00 0
50,000.00 50,000.00
8,900.00 41,100.00
13,780.00 27,320.00
27,320.00 0
50,000.00 50,000.00
29,100.00 20,900.00
20,900.00 ₱ -

Account No. 130

Debit Credit Balance

₱ 163,500.00 ₱ 163,500.00
 ₱ 163,500.00 ₱ -

Account No. 140

Debit Credit Balance

₱ 3,678.00 ₱ 3,678.00
1,800.00 ₱ 5,478.00
12,100.00 ₱ 17,578.00

Account No. 150

Debit Credit Balance

₱ 59,000.00 ₱ 59,000.00

Account No. 160

Debit Credit Balance

₱ 320,000.00 ₱ 320,000.00

Account No. 170

Debit Credit Balance

₱ 55,000.00 ₱ 55,000.00

Account No. 190

Debit Credit Balance

₱ 2,700.00 ₱ 2,700.00
12,000.00 14,700.00
850.00 ₱ 15,550.00

Account No. 210

Debit Credit Balance
 ₱ 79,400.00 ₱ 79,400.00
₱ 15,750.00 ₱ 63,650.00
150,000.00 213,650.00
150,000.00 63,650.00
78,000.00 141,650.00
8,000.00 133,650.00
57,600.00 191,250.00
70,000.00 121,250.00
57,600.00 ₱ 63,650.00

Account No. 220

Debit Credit Balance

Account No. 230

Debit Credit Balance

₱ 1,400.00 ₱ 1,400.00
₱ 1,400.00 0.00
1,550.00 1,550.00
1,550.00 0.00
2,680.00 2,680.00
2,680.00 0.00
3,620.00 3,620.00
3,620.00 0.00
6,890.00 6,890.00
6,890.00 ₱ -

Account No. 240

Debit Credit Balance

Account No. 310

Debit Credit Balance

₱ 492,378.00 ₱ 492,378.00
195,251.00 687,629.00
₱ 30,000.00 ₱ 657,629.00
 Account No. 320
Debit Credit Balance

₱ 30,000.00 ₱ 30,000.00
₱ 30,000.00 ₱ -

Account No. 330

Debit Credit Balance

₱ 627,421.00 ₱ 627,421.00
₱ 432,170.00 195,251.00
195,251.00 ₱ -

Account No. 410

Debit Credit Balance

₱ 2,200.00 ₱ 2,200.00
5,200.00 7,400.00
3,050.00 10,450.00
7,100.00 17,550.00
6,700.00 24,250.00
4,220.00 28,470.00
7,125.00 35,595.00
4,480.00 40,075.00
16,300.00 56,375.00
11,910.00 ₱ 68,285.00
5,450.00 73,735.00
6,128.00 79,863.00
6,300.00 86,163.00
6,800.00 92,963.00
5,128.00 ₱ 98,091.00
₱ 98,091.00 ₱ -

Account No. 420

Debit Credit Balance

₱ 22,500.00 ₱ 22,500.00
43,100.00 65,600.00
63,800.00 129,400.00
64,800.00 194,200.00
 13,100.00 207,300.00
72,100.00 279,400.00
57,050.00 ₱ 336,450.00
₱ 336,450.00 ₱ -

Account No. 421

Debit Credit Balance

Account No. 422

Debit Credit Balance

Account No. 510

Debit Credit Balance

₱ 18,000.00 ₱ 18,000.00
18,000.00 ₱ 36,000.00
₱ 36,000.00 ₱ -

Account No. 511

Debit Credit Balance

₱ 1,125.00 ₱ 1,125.00
2,155.00 3,280.00
3,000.00 6,280.00
3,500.00 9,780.00
2,250.00 12,030.00
2,700.00 ₱ 14,730.00
₱ 14,730.00 ₱ -

Account No. 512

Debit Credit Balance

Account No. 513

Debit Credit Balance
 Account No. 520
Debit Credit Balance

Account No. 530

Debit Credit Balance

₱ 6,230.00 ₱ 6,230.00
₱ 6,230.00 ₱ -

Account No. 540

Debit Credit Balance

₱ 4,800.00 ₱ 4,800.00
8,700.00 ₱ 13,500.00
₱ 13,500.00 ₱ -

Account No. 550

Debit Credit Balance

₱ 2,100.00 ₱ 2,100.00
₱ 2,100.00 ₱ -

Account No. 560

Debit Credit Balance

₱ 150,000.00 ₱ 150,000.00
35,000.00 185,000.00
78,000.00 263,000.00
57,600.00 ₱ 320,600.00
₱ 320,600.00 ₱ -

Account No. 561

Debit Credit Balance

₱ 15,000.00 ₱ 15,000.00
3,500.00 18,500.00
2,880.00 ₱ 21,380.00
₱ 21,380.00 ₱ -

Account No. 562

Debit Credit Balance
 ₱ 8,000.00 ₱ 8,000.00
₱ 8,000.00 ₱ -

Account No. 563

Debit Credit Balance

₱ 2,700.00 ₱ 2,700.00
12,000.00 14,700.00
850.00 ₱ 15,550.00
₱ 15,550.00 ₱ -

Account No. 564

Debit Credit Balance

₱ 3,640.00 ₱ 3,640.00
₱ 3,640.00 ₱ -

Account No. 570

Debit Credit Balance

₱ 19,820.00 ₱ 19,820.00
₱ 19,820.00 ₱ -

Account No. 580

Debit Credit Balance

Account No. 590

Debit Credit Balance
 Go - Kart Grocery Services
ADJUSTING ENTRIES
FOR THE MONTH OF MARCH 2020
Date Account Title and Explanation P.R.
2020
Mar. 5 Depreciation Expense 563
Accumulated Depreciaton - Equipment 190
Depreciation Expense

Mar. 8 Depreciation Expense 563

Accumulated Depreciation - Motorcycles 190
Depreciation Expense

Mar. 17 Depreciation Expense 563

Accumulated Depreciation - Furnitures & Fixtures 190
Depreciation Expense

Mar. 31 Merchandise Inventory, End 130

Income Summary 330

Establishing beginning balance of merchandise inventory and to

deduct it from goods available for sale in income summary
 J-8
s

2020
Debit Credit

₱ 2,700.00
₱ 2,700.00

12,000.00
12,000.00

850.00
850.00

163,500.00
163,500.00
 GO - KART GROCERY SERVICES
TRIAL BALANCE
AS OF MARCH 17,2020
Cash 207,735.00
Accounts Receivable 9,300.00
Supplies 5,478.00
Equipment 59,000.00
Motorcycles 320,000.00
Accounts Payable 63,650.00
Due to Riders 0.00
Katrina, Go Capital 492,378.00
Service Fees 68,285.00
Salaries Expense 18,000.00
Utilities Expense 4,800.00
₱ 624,313.00 ₱ 624,313.00
 GO - KART GROCERY SERVICES
INCOME STATEMENT
AS OF MARCH 17,2020
Revenues
Service Fees ₱ 68,285.00
₱ 68,285.00
Expenses
Salaries Expense ₱ 18,000.00
Utilities Expense 4,800.00
₱ 22,800.00
Profit ₱ 45,485.00
 GO - KART GROCERY SERVICES
STATEMENT OF CHANGES IN EQUITY
AS OF MARCH 17,2020
Katrina Go, Capital Mar. 01,2020 ₱ 492,378.00
Add: Profit ₱ 45,485.00
Total ₱ 537,863.00
Less: Katrina Go, Withdrawal ₱ -
Katrina Go, Capital Mar. 17,2020 ₱ 537,863.00
 GO - KART GROCERY SERVICES
STATEMENT OF FINANCIAL POSITION
AS OF MARCH 17,2020
ASSETS
Current Assets
Cash ₱ 207,735.00
Accounts Receivable 9,300.00
Supplies 5,478.00
Total Current Asset
Property and Equipment
Equipment ₱ 59,000.00
Less: Accumulated Depreciation - Equipment ₱ - 59,000.00
Motorcycles 320,000.00
Less: Accumulated Depreciation - Motorcycles 0.00 320,000.00
Total Asset
LIABILITIES
Current Liabilities
Accounts Payable ₱ 63,650.00
Due to Riders ₱ -
Total Current Liabilities
OWNER'S EQUITY
Katrina Go, Capital March 17,2020 ₱ 537,863.00
Total Liabilities and Owner's Equity
₱ 222,513.00

₱379,000.00
₱ 601,513.00

₱ 63,650.00

₱ 601,513.00
 GO - KART GROCERY SERVICES
TRIAL BALANCE
MARCH 31, 2020
No. Account Title Debit
110 Cash 105,901.00
120 Accounts Receivable 15,850.00
140 Supplies 17,578.00
150 Equipment 59,000.00
190 Accumulated Depreciation - Equipment
170 Furniture & Fixtures 55,000.00
190 Accumulated Depreciation - Furn. & Fix.
160 Motorcycles 320,000.00
190 Accumulated Depreciation - Motorcycles
210 Accounts Payable
320 Katrina, Go Withdrawal 30,000.00
330 Katrina, Go Capital
410 Service Fees
420 Sales Revenue
560 Purchases 320,600.00
562 Purchases Returns & Allowances
561 Purchase Discount
564 Freight - In 3,640.00
510 Salaries Expense 36,000.00
511 Commission Expense 14,730.00
530 Gasoline Expense 6,230.00
540 Utilities Expense 13,500.00
550 Repairs and Maintenance 2,100.00
570 Advertising and Promotion 19,820.00
563 Depreciation Expense - Equipment 2,700.00
563 Depreciation Expense - Motorcycles 12,000.00
563 Depreciation Expense - Furn. & Fix. 850.00
₱ 1,035,499.00
 Credit

2,700.00

850.00

12,000.00
63,650.00

492,378.00
98,091.00
336,450.00

8,000.00
21,380.00

₱ 1,035,499.00
 GO - KART GROCERY SERVICES
INCOME STATEMENT
FOR THE MONTH ENDED MARCH 2020
Net Sales
Sales Revenue
Less: Sales Return & Allowances
Sales Discount

Net Sales
Cost of Sales
Purchases
Less: Purchase Return & Allowances ₱ 8,000.00
Purchases Discount 21,380.00
Net Purchases
Freight - In
Net Cost of Purchases
Goods Available for Sale
Less: Merchandise Inventory, 3/31,2020
Cost of Sales
Gross Profit
Other Operating Income ( Service Fees)

Operating Expenses
Selling Expenses
Commission Expense
Total Selling Expenses
Administrative Expenses
Salaries Expense
Gasoline Expense
Utilities Expense
Repairs and Maintenance
Advertising and Promotions
Depreciation Expense - Equipment
Depreciation Expense - Motorcycles
Depreciation Expense - Furnitures & Furnitures
Total Administrative Expenses
Total Operating Expenses
Operating Profit
Finance Cost

Profit
RT GROCERY SERVICES
OME STATEMENT
ONTH ENDED MARCH 2020

₱ 336,450.00
₱ -
₱ -

₱ 336,450.00

₱ 320,600.00

29,380.00
291,220.00
3,640.00
294,860.00
294,860.00
₱ 163,500.00
₱ 131,360.00
₱ 205,090.00
₱ 98,091.00 ₱ 303,181.00

₱ 14,730.00
₱ 14,730.00

₱ 36,000.00
6,230.00
13,500.00
2,100.00
19,820.00
2,700.00
12,000.00
850.00
₱ 93,200.00
₱ 107,930.00
₱ 195,251.00
₱ -
₱ 195,251.00
 GO - KART GROCERY SERVICES
STATEMENT OF CHANGES IN EQUITY
FOR THE MONTH ENDED MARCH 2020
Katrina Go, Owner's Equity, Mar. 1, 2020 ₱ 492,378.00
Add: Profit 195,251.00
Total ₱ 687,629.00
Less: Withdrawal -30,000.00
Katrina Go, Owner's Equity, Mar. 31, 2020 ₱ 657,629.00
 GO - KART GROCERY
STATEMENT OF FINANCIAL POSITION
MARCH 31, 2020
ASSET
Current Asset
Cash ₱ 105,901.00
Accounts Receivable 15,850.00
Merchandise Inventory 163,500.00
Supplies 17,578.00
Total Current Asset
Property and Equipment
Equipment ₱ 59,000.00
Less: Accumulated Depreciation -2,700.00 ₱ 56,300.00
Motorcycles 320,000.00
Less: Accumulated Depreciation -12,000.00 308,000.00
Furnitures & Fixtures 55,000.00
Less: Accumulated Depreciation -850.00 54,150.00
Total Asset
LIABILITIES
Current Liabilities
Accounts Payable 63,650.00
Total Liabilities
OWNER'S EQUITY
Katrina Go, Capital March 31, 2020 657,629.00
Total Liabilities and Owner's Equity
₱ 302,829.00

₱ 418,450.00
₱ 721,279.00

₱ 63,650.00

₱ 721,279.00
 GO - KART GROCERY
DEPRECIATION SCH
Fixed Assets Cost Salvage Value Depreciable Value
Equipment ₱ 59,000.00 ₱ 5,000.00 ₱ 54,000.00
Motorcycle ₱ 320,000.00 ₱ 80,000.00 ₱ 240,000.00
Furnitures & Fixtures ₱ 55,000.00 ₱ 14,200.00 ₱ 40,800.00
Total ₱ 434,000.00 ₱ 99,200.00 ₱ 334,800.00
 GO - KART GROCERY SERVICES
DEPRECIATION SCHEDULE
Useful Life (Years) Annual Depreciation Monthly Depreciation No. Months Depreciation
5 ₱ 10,800.00 ₱ 900.00 3
5 ₱ 48,000.00 ₱ 4,000.00 3
4 ₱ 10,200.00 ₱ 850.00 1
14 ₱ 69,000.00 ₱ 5,750.00 7
 Depreciation Expense
₱ 2,700.00
₱ 12,000.00
₱ 850.00
₱ 15,550.00
 GO - KART GROCERY SERVICES
CLOSING ENTRIES
FOR THE MONTH OF MARCH 31,2020
Date Account Titles and Explanation P.R.
2020
Mar. 31 Merchandise Inventory, End 130
Sales Revenue 420
Services Fees 410
Purchase Returns & Allowances 562
Purchase Discount 561
Income Summary 330
Closing temporary accounts with credit balances and to
establish the ending merchandise account

Mar. 31 Income Summary 330

Purchases 560
Freight - In 564
Salaries Expense 510
Commission Expense 511
Gasoline Expense 530
Utilities Expense 540
Repairs and Maintenance 550
Advertising and Promotions 570
Depreciation Expense - Equipment 563
Depreciation Expense - Motorcycles 563
Depreciation Expense - Furnitures & Furnitures 563
Closing temporary accounts with debit balances

Mar. 31 Income Summary 330

Katrina Go, Capital 310
Closing the income summary account

Mar. 31 Katrina Go, Capital 310

Katrina Go, Withdrawal 320
Closing the withdrawal account
 J-9
ERVICES
ES
CH 31,2020
Debit Credit

₱ 163,500.00
336,450.00
98,091.00
8,000.00
21,380.00
₱ 627,421.00

432,170.00
320,600.00
3,640.00
36,000.00
14,730.00
6,230.00
13,500.00
2,100.00
19,820.00
2,700.00
12,000.00
850.00

195,251.00
195,251.00

30,000.00
30,000.00
 GO - KART GROCERY SERVICES
POST - CLOSING TRIAL BALANCE
MARCH 31, 2020
Cash 105,901.00
Accounts Receivable 15,850.00
Merchandise Inventory 163,500.00
Supplies 17,578.00
Equipment 59,000.00
Accumulated Depreciation - Equipment
Motorcycles 320,000.00
Accumulated Depreciation - Motorcycles
Furnitures & Fixtures 55,000.00
Accumulated Depreciation - Furnitures & Fixtures
Accounts Payable
Katrina Go, Capital

₱ 736,829.00
E

2,700.00

12,000.00

850.00
63,650.00
657,629.00

₱ 736,829.00