Jude Company

Post Closing Trial Balance

November 30,2018

550 Cash 318,750.00

600 Accounts Receivable 262,500.00
650 Merchandise Inventory 912,500.00
700 Prepaid Rent 112,500.00
750 Office Supplies 200,000.00
800 Input Tax 37,500.00
1050 Office Equipment 1,250,000.00
1100 Accum Depreciation - Office Equipment 312,500.00
1150 Building 2,625,000.00
1200 Accum Depreciation - Building 525,000.00
1550 Notes Payable - Current 500,000.00
1600 Accounts Payable 162,500.00
1650 Output Tax 56,250.00
1690 VAT Payable
1700 Salaries Payable
1705 Pag-ibig Payable
1710 SSS Payable
1715 Withholding Tax Payable
1720 Philhealth Payable
1750 Notes Payable - Non current 850,000.00
2050 Charmaine, Capital 3,312,500.00
2100 Charmaine, Withdrawals
2550 Income Summary
2600 Sales
2650 Purchases
2665 Freight-In
2700 Salaries Expense
2750 Rent Expense
2800 Office Supplies Expense
2850 Depreciation Expense
2900 Interest Expense
5,718,750.00 5,718,750.00

Additional Information:
1 All credit sales and purchases are 3/20, n/40. The shipping terms for sales and purchases is FOB Shipping
2 The accounts receivable of P262,500 is related to a sale to Peter on November 28,2018. The accounts pa
balance of P162,500 is attributable to a purchase on November 29,2018 from Luke.
3 All sales, purchase, rent and freight are inclusive of VAT. Assume all customers are VAT Registered.
Round off decimal places for VAT to the nearest whole number.
4 As mandated by law, the payor shall withheld 5% of gross rent.
5 The company is using periodic inventory system and records all the sales and purchases using net method
6 Income tax is 30%
and purchases is FOB Shipping Point
mber 28,2018. The accounts payable

mers are VAT Registered.

nd purchases using net method.
The following transactions transpired during the year.
On the beginning of the month, Jude invested two computers to the business. The cost
of purchasing the computers 2 years ago is P70,000. The fair value of the computers today is P45,000.

Sales on Account
Dec. 2 Sold merchandise on credit to Matthew, P600,000. Invoice no. 316
Dec. 8 Sold merchandise on account to John, P900,000. Invoice no. 317
Dec. 18 Sold merchandise on account to Peter, P580,000. Invoice no. 319
Dec. 23 Sold merchandise on credit to Matthew, P380,000. Invoice no. 320

Purchases on Account
Dec. 3 Purchased merchandise on account from Mark Company, P50,000. Invoice no. 18931
Dec. 11 Purchased merchandise on account from Titus Company, P200,000. Invoice no. 98108
Dec. 17 Purchased merchandise on account from Luke Company, P90,000. Invoice no. 74191
Dec. 25 Purchased merchandise on account from Paul Company, P250,000. Invoice no. 13401
Dec. 28 Purchased merchandise on account from Titus Company, P240,000. Invoice no. 41510
Dec. 30 Purchased merchandise on account from Mark Company, P220,000. Invoice no. 1231

Cash Receipts
ness. The cost
rs today is P45,000.

ce no. 18931
oice no. 98108
ce no. 74191
oice no. 13401
oice no. 41510
oice no. 1231