CHART OF ACCOUNTS

Account No. Account Title Description

CURRENT ASSSETS

Cash on Hand It includes revolving/petty cash fund and undeposited collections that are still on hand
100-01
Cash in Bank Bank deposits either savings, time deposits or checking deposits
100-02
Accounts Receivable Amount owed to the company by the customers through performing service.
100-03
Allowance for Uncollectible These are reserves or allowance for uncollectible accounts from customers. This a contra-
100-031 Accounts asset account of Accounts Receivable
Amounts owed to the company by customers evidenced by a written promise of
Notes Receivable customer to pay a certain amount of money a specified time as payment for services
100-04 rendered.
These cash advances extended to its employees either for liquidation of expenses or
Advances to Employees
100-05 deduction from salary
Items such as bond paper, folders, fasteners, ballpens, envelopes, and other supplies used
Office Supplies
100-06 in the office
Items such as bond paper, folders, fasteners, ballpens, envelopes, and other supplies used
Store Supplies
100-07 in the stores

Prepaid Insurance Insurance policy premium paid in advance by the company

100-08
Prepaid Taxes Taxes, permits and licenses paid in advance to the government
100-09
Prepaid Advertising These are advance payment or deposits intended for advertisements of the company
100-10
These are normally rental payments of office or stores equivalent to 3 or 6 months paid in
Prepaid Rent
100-11 advance by the company to the lessor.

NON-CURRENT ASSSETS

Items such as airconditioning unit, computer and printer, check writer, typewriter,
101-01 Office Equipment
laptops, communication equipt, electric fan, cash registers, etc.
Accumulated Depreciation - This is a contra-asset account of the office equipment, for the amortization of its cost over
101-011
OE useful years.

101-02 Delivery Vehicle Vehicle used to platform delivery of goods or merchadises to customers

Accumulated Depreciation - This is a contra-asset account of the delivery equipment, for the amortization of its cost
101-021
DV over useful years

101-03 Furniture & Fixtures Items such as filing cabinets, office chairs and tables, computer table, etc

Accumulated Depreciation - This is a contra-asset account of the Furniture & Fixtures, for the amortization of its cost
101-031
F&F over useful years

101-04 Land Land used in the business

101-05 Building Building used in the business

Accumulated Depreciation - This is a contra-asset account of the Building, for the amortization of its cost over useful
101-051
Bldg years

101-06 Service Vehicle Official Vehicle used as service car for officers and employees

This is a contra-asset account of the Service Vehicle, for the amortization of its cost over
101-061 Accumulated Depreciation - SV
useful years

CURRENT LIABILITES

200-01 Accounts Payable Amounts owed to suppliers for the purchase of goods and services

Amount received from customer in advance either as deposit or downpayment for

200-02 Unearned Income
performing service that has not yet performed
 200-03 Witholding Tax Payable Amount witheld as taxes from salaries of officers and employees for remittance to the BIR

Amount of contribution by employees deducted from their salary including employer

200-04 SSS Premium Payable
share for remittance to SSS
Amount of contribution by employees deducted from their salary including employer
200-05 Philhealth Premium Payable
share for remittance to Philhealth
Amount of contribution by employees deducted from their salary including employer
200-06 Pag-ibig Premium Payable
share for remittance to HDMF
This amount represents the tax added to the service revenues being billed to customers,
200-07 Vat Payable
be it cash or on account

NON-CURRENT LIABILITIES

Amounts owed by the company to creditors for items purchased as evidenced by a

200-08 Notes Payable written promissory note to pay the debt in a specified period normally longer than one
year
Amount owed to creditors or banks and other financial institutions for amount borrowed
200-09 Loans payable
normally for a longer period of time

CAPITAL ACCOUNTS

These are contributions of the owner to the business, either in cash or non-cash assets like
300 Capital
equipment, vehicles, furnitures, etc

301 Drawings These are amounts withdrawn by the owner for personal use

REVENUE/INCOME ACCOUNTS

These are the amounts earned by performing or delivering of services to customers, either
400-01 Service Revenue
in cash or on account.

400-02 Interest Income These are the amount of interest earned from bank deposits or other form of investments

These are gain in selling shares held as investment or gain in selling equipment, vehicles
400-03 Gain on Sale of Assets
or furnitures

EXPENSE ACCOUNTS

600-01 Advertising Expense The cost of advertising

600-02 Taxes & Licenses These are permits, licenses and taxes paid to the government

600-03 Rent Expense This is the rental cost of the space occupied by the business

These are insurance cost premium paid for equipment, building, furnitures and
600-04 Insurance Expense
employees

600-05 Light & Water Expense The amount of electricity and water

600-06 Office Supplies Expense The cost of office supplies consumed during the period

600-07 Salaries, Wages & Benefits The amount of salaries and benefits incurred for the period

The amount of gasoline consumed by officers and employees during official business
600-08 Gasoline Expenses
travel/trips and gasoline incurred by delivery trucks and service vehicles
Interests Expense or Finance These are finance cost charged by banks or other financial institutions or creditors for the
600-09
Costs loan availments.

600-10 Representation Expenses Cost of entertaining a client in relation to business functions

These are expenses incurred for the repairs and maintenance of transportation and other
600-11 Repairs & Maintenance
equipment and furnitures of the company
These are amortization costs of capitalized non-current assets over estimated life of the
600-12 Depreciation Expense
assets
These are telephone, cellphone, internet and other form of communications incurred by
600-13 Communication Expenses
the company
600-14 Transportation Expenses These are fares or transportation costs incurred by employees

600-15 Miscellaneous Expenses This will be used for expenses that cannot be classified in the above accounts