Practice Problem for Competency Exam (Project)

Trial Balance

Month of June

Debt Credit

Cash 1,689,850

Accounts receivable 393,400

Advances of employees 6,100

Prepaid rent 36,000

Prepaid interest

Store supplies 13,839

Rent Deposit 12,000

Office equipment 69,643

Furnitures and Fixtures 50,000

Delivery Van 150,000

Accounts payable 2,318,000

VAT Output 406,819

VAT Input 479,214

VAT payable

SSS/PHIC/HDMF payable 620

Withholding tax payable 2,805

Cutomers deposit 50,000

Notes Payable 205,000

Capital 500,000

Drawing 4,300

Sales 3,443,304

Sales disc. 54,214

Sales returns and allowances 12,500

Commission income 13,571

Purchases 3,974,018
Purchase discount 58,746

Purchase returns and allowances 12,277

Freight in 6,964

Freight out 1,500

Salaries expense 27,300

Taxes and licenses 8,300

Professional service expense 6,500

Light and water 5,000

Miscellaneous expense 10,500

Richelle Faith Company had the following data available for your recording:

Summary of Sales Invoices

Date SI no. Customers Items sold Amt. Terms

7/02 1 Walker Computers/access 345,000 COD

7/05 2 Ayla Co 40 sets comp./print 1,800,000 Less: 10%;2/5,n/30 FOB Dest

7/08 3 Brayt Co. 20 sets comp. 1,050,000 Less: 5%; 2/10,n/30 shipping pt

7/13 4 Retocado 2 sets comp. 75,000 Less:5% COD

7/18 5 NHS 30 sets comps/print 1,950,000 2/10,n/30 FOB shipping pt

7/23 6 Manabat 3 sets of comp/print 171,000 40% DP balance in 30 days

7/29 7 Lee 5 sets of comp. 487,500 2/10,n/30

7/30 8 Walker 2 comps & access 150,000 less: 5% COD

Summary of Official Receipts:

Date OR No. Particulars Amount

7/1/18 12001 Mr. Agullus 750,000 investment

10 12002 Ayla Co 1,574,370 full collection

 18 12003 Brayt Co. 982,050 full collection

18 12004 Thrilling 1,500 Refund for returned defective merchandise

23 12005 Anaven 22,800 Commission

28 12006 NHS 1,911,000 Full Collection

30 12007 UM Coop 75,000 down payment for merchandise to be delivered

Total

Total

Summary of Receiving Report:

Date RR # Supplier’s Name of Supplier Terms

Invoice #

7/11/1 1001 364533 Hi-tech Co. 15%,3/10, n/45 100 units comp&printer 3,450,000
8
FOB SP

11 1002 8133 Voltes 5 3/10,n/45 FOB Dest Comp. Accessories 376,350

12 1003 10265 Archer Co. COD Office supplies 23,250

17 1004 66572 Thrilling Enterprise COD 10 AVR 7,500

24 1005 364893 Hi- Tech 3/10,n/45 FOB Dest 80 comps 3,360,000

25 1006 11324 Metro App 2/5, n/30 2 office aircon 120,000

Total

Summary Of Journal Vouchers:

Date JV# DM/CMAmount Explanation

3 7-001 001 7,500 Returned MDSE from walker

5 7-002 002 22,500 Returned MDSE to Hi- Tech at list price

8 7-003 003 15,000 Granted allowance to Ayla Co. at list price

18 7-004 004 1,500 Returned defective item to Thrilling

27 7-005 005 3,000 Granted allowance for damage by metro app.

Summary of Check Issuances

Date CV# Payee Amount Remarks

July 1- 7-101 Mr. Aggulus 15,750 Reimbursement of miscellaneous expense

1 7-102 Aboitiz Shipping-non VAT 11,700 Payment of freight for merchandise bought

From Hi-tech FOB Shipping point

3 7-103 Walk In Customers 7,500 Merchandise returned from walker customers

Per sales invoice

3 7-104 DLPC 10,000 Payment for power and electricity bill.

4 7-105 DCWD 4,200 Payment of light and water

5 7-106 Allied Cargo (VAT) 2,250 Freight cost for the goods sold to Ayla Co. FOB
Destination

6 7-107 PHI Inc. 68,400 Payment of 6 months rent (54,000) and 2 months
deposit (18,0000) less 5% withholding tax.

8 7-108 Allied Cargo 4,500 Freight Cost for merchandise sold to Brayt Co. FOB
shipping point Freight prepaid.

9 7-109 High Tech 2,825,973.75 Full payment of account less returns and discounts
per RR.

12 7-110 Archer Co.(VAT) 23,250 Purchased various supplies for store use per RR

15 7-116 Payroll Master 20,850 Payment for Payroll July 16-31 less w/tax 120, SSS
480, PHIC 300, HDMF 150, Advances 600.

17 7-112 Trilling Enterprise 7,500 Payment for merchandise purchased from Thrilling
enterprise on July 17 per RR.

18 7-113 Voltes Five 365,059.50 Full payment of account less discounts

20 7-114 E. Trabahador 9,750 Emergency advances of employees

25 7-115 Mr. Agullus 6,450 For personal use

Data for adjustments assuming July is the end of its Fiscal year:

1. Depreciation for the year amounted to 22,000; 4,000 for the F and F and 15,000 for the Van and 3,000 for
the office equipment.
2. One month of rent prepaid expired.
3. 5% of net sales is provision for bad debts.
4. Accrued salaries expense amounted to 22,500.
5. Ending merchandise inventory equal to 48% of the COST of Goods available for sale.