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    4 views13 pages

    Acc Mod 5 Activity 4 Perez

    Uploaded by

    Kenneth Perez

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 13

    SELLER - B Company

    Periodic Inventory System


    Apr. 1 Accounts Receivable - Tim Traders ₱ 27,000.00
    Freight-out ₱ 1,900.00
    Sales ₱ 27,000.00
    Cash ₱ 1,900.00

    Apr. 5 Accounts Receivable - Elmo Merchandising ₱ 120,000.00


    Sales ₱ 120,000.00

    Apr. 6 Sales Returns and Allowances ₱ 4,000.00


    Accounts Receivable - Tim Traders ₱ 4,000.00

    Apr. 9 Accounts Receivable - Arc Grocers ₱ 57,000.00


    Sales ₱ 57,000.00

    Apr. 10 Cash ₱ 22,540.00


    Sales Discount ₱ 460.00
    Accounts Receivable - Tim Traders ₱ 23,000.00

    Apr. 12 Freight-out ₱ 1,200.00


    Cash ₱ 1,200.00

    Apr. 15 Cash ₱ 30,000.00


    Sales ₱ 30,000.00

    Apr. 18 Cash ₱ 46,560.00


    Sales Discount ₱ 1,440.00
    Accounts Receivable - Elmo Merchandising ₱ 48,000.00

    Apr. 19 Cash ₱ 55,860.00


    Sales Discount ₱ 1,140.00
    Accounts Receivable ₱ 57,000.00
    Apr. 25 Cash ₱ 72,000.00
    Accounts Receivable - Elmo Merchandising ₱ 72,000.00

    BUYER - B Company
    Periodic Inventory System
    Apr. 3 Purchases ₱ 22,000.00
    Freight-in ₱ 1,500.00
    Accounts Payable - DL Farm ₱ 22,000.00
    Cash ₱ 1,500.00

    Apr. 8 Accounts Payable - DL Farm ₱ 5,000.00


    Purchases Returns and Allowances ₱ 5,000.00

    Apr. 9 Purchases ₱ 75,000.00


    Freight-in ₱ 2,000.00
    Accounts Payable - MIX Trading ₱ 77,000.00

    Apr. 13 Accounts Payable - DL Farm ₱ 17,000.00


    Purchase Discounts ₱ 340.00
    Cash ₱ 16,660.00

    Apr. 16 Purchases ₱ 50,000.00


    Accounts Payable - BO Gum Store ₱ 49,200.00
    Cash ₱ 800.00

    Apr. 17 Computer ₱ 45,000.00


    Delivery Expense ₱ 500.00
    Cash ₱ 45,500.00

    Apr. 19 Accounts Payable - Mix Trading ₱ 77,000.00


    Purchase Discounts ₱ 2,250.00
    Cash ₱ 74,750.00

    Apr. 20 Purchase ₱ 83,000.00


    Accounts Payable - Goods R Us ₱ 83,000.00

    Apr. 21 No Entry

    Apr. 22 Purchases ₱ 33,000.00


    Cash ₱ 33,000.00

    Apr. 25 Accounts Payable - BO Gum ₱ 49,200.00


    Purchase Discounts ₱ 1,000.00
    Cash ₱ 48,200.00
    SELLER - B Company
    Perpetual Inventory System
    Apr. 1 Accounts Receivable - Tim Traders ₱ 27,000.00
    Freight-out ₱ 1,900.00
    Sales ₱ 27,000.00
    Cash ₱ 1,900.00

    Cost of Sales ₱ 22,500.00


    Merchandise Inventory ₱ 22,500.00

    Apr. 5 Accounts Receivable - Elmo Merchandising ₱ 120,000.00


    Sales ₱ 120,000.00

    Cost of Sales ₱ 100,000.00


    Merchandise Inventory ₱ 100,000.00

    Apr. 6 Sales Returns and Allowances ₱ 4,000.00


    Accounts Receivable - Tim Traders ₱ 4,000.00
    Merchandise Inventory ₱ 3,333.00
    Cost of Sales ₱ 3,333.00

    Apr. 9 Accounts Receivable - Arc Grocers ₱ 57,000.00


    Sales ₱ 57,000.00
    Cost of Sales ₱ 47,500.00
    Merchandise Inventory ₱ 47,500.00

    Apr. 10 Cash ₱ 22,540.00


    Sales Discount ₱ 460.00
    Accounts Receivable - Tim Traders ₱ 23,000.00

    Apr. 12 Freight-out ₱ 1,200.00


    Cash ₱ 1,200.00

    Apr. 15 Cash ₱ 30,000.00


    Sales ₱ 30,000.00
    Cost of Sales ₱ 25,000.00
    Merchandise Inventory ₱ 25,000.00

    Apr. 18 Cash ₱ 46,560.00


    Sales Discount ₱ 1,440.00
    Accounts Receivable - Elmo Merchandising ₱ 48,000.00

    Apr. 19 Cash ₱ 55,860.00


    Sales Discount ₱ 1,140.00
    Accounts Receivable ₱ 57,000.00
    Apr. 25 Cash ₱ 72,000.00
    Accounts Receivable - Elmo Merchandising ₱ 72,000.00

    BUYER - B Company
    Perpetual Inventory System
    Apr. 3 Merchandise Inventory ₱ 23,500.00
    Accounts Payable - DL Farm ₱ 22,000.00
    Cash ₱ 1,500.00

    Apr. 8 Accounts Payable - DL Farm ₱ 5,000.00


    Merchandise Inventory ₱ 5,000.00

    Apr. 9 Merchandise Inventory ₱ 77,000.00


    Accounts Payable - MIX Trading ₱ 77,000.00

    Apr. 13 Accounts Payable - DL Farm ₱ 17,000.00


    Merchandise Inventory ₱ 340.00
    Cash ₱ 16,660.00

    Apr. 16 Merchandise Inventory ₱ 50,000.00


    Accounts Payable - BO Gum Store ₱ 49,200.00
    Cash ₱ 800.00

    Apr. 17 Computer ₱ 45,000.00


    Delivery Expense ₱ 500.00
    Cash ₱ 45,500.00

    Apr. 19 Accounts Payable - Mix Trading ₱ 77,000.00


    Merchandise Inventory ₱ 2,250.00
    Cash ₱ 74,750.00

    Apr. 20 Merchandise Inventory ₱ 83,000.00


    Accounts Payable - Goods R Us ₱ 83,000.00

    Apr. 21 No Entry

    Apr. 22 Merchandising Inventory ₱ 33,000.00


    Cash ₱ 33,000.00

    Apr. 25 Accounts Payable - BO Gum ₱ 49,200.00


    Merchandise Inventory ₱ 1,000.00
    Cash ₱ 48,200.00
    Problem 2
    Case 1 Case 2 Case 3

    Sales ₱ 200,000.00 ₱ 300,000.00 ₱ 85,000.00


    Beginning inventory ₱ 50,000.00 ₱ 50,000.00 ₱ 5,000.00
    Purchases ₱ 150,000.00 ₱ 200,000.00 ₱ 100,000.00
    Freight - in ₱ 5,000.00 ₱ 5,000.00 ₱ 10,000.00
    Purchase Discount ₱ 2,000.00 ₱ 2,000.00 ₱ 5,000.00
    Goods available for sale ₱ 203,000.00 ₱ 253,000.00 ₱ 110,000.00
    Ending inventory ₱ 53,000.00 ₱ 36,000.00 ₱ 75,000.00
    Gross profit ₱ 50,000.00 ₱ 83,000.00 ₱ 50,000.00
    Operating expenses ₱ 20,000.00 ₱ 110,000.00 ₱ 25,000.00
    Net operating income (loss) ₱ 30,000.00 -₱ 27,000.00 ₱ 25,000.00

    Problem 3
    2010 2011 2012
    Net Sales ₱ 224,000.00 ₱ 250,000.00 ₱ 290,500.00
    Inventory Beginning ₱ 72,000.00 ₱ 45,000.00 ₱ 133,000.00
    Net Cost of Purchases ₱ 95,000.00 ₱ 203,000.00 ₱ 72,500.00
    Goods Available for Sale ₱ 167,000.00 ₱ 248,000.00 ₱ 351,000.00
    Merchandise Inventory, End ₱ 45,000.00 ₱ 133,000.00 ₱ 145,500.00
    Cost of Goods Sold ₱ 122,000.00 ₱ 115,000.00 ₱ 205,500.00
    Gross Profit ₱ 102,000.00 ₱ 135,000.00 ₱ 85,000.00
    Case 4

    ₱ 500,000.00
    ₱ 150,000.00
    ₱ 350,000.00
    ₱ 10,000.00
    ₱ 5,000.00
    ₱ 505,000.00
    ₱ 25,000.00
    ₱ 20,000.00
    ₱ 60,000.00
    -₱ 40,000.00

    2013 2014
    ₱ 435,000.00 ₱ 575,000.00
    ₱ 145,500.00 ₱ 122,000.00
    ₱ 297,500.00 ₱ 304,000.00
    ₱ 443,000.00 ₱ 426,000.00
    ₱ 122,000.00 ₱ 125,000.00
    ₱ 321,000.00 ₱ 301,000.00
    ₱ 114,000.00 ₱ 274,000.00
    Sales xx
    Sales Discount xx
    Sales Returns and Allowances xx (xx)
    Net Sales xx
    Less: COGS
    Beg. Invent xx
    Purchases xx
    Purchase Discount (xx)
    Purchase Returns and Allowances (xx)
    Net Purchase xx
    Freight -in xx
    Total Cost of Purchase xx
    Goods Available for Sale xx
    Less: Ending Inventory (xx)
    Cost of Good Sold xx
    Gross Profit xx
    Less: Operating expense xx
    Net Profit before tax xx
    Income Tax (xx)
    Net Profit after Tax xx
    PEREZ, KENNETH M. 1103

    Periodic Inventory System


    Apr. 1 Accounts Receivable - Tim Traders ₱ 27,000.00
    Freight-out ₱ 1,900.00
    Sales
    Cash

    Apr. 5 Accounts Receivable - Elmo Merchandising ₱ 120,000.00


    Sales

    Apr. 6 Sales Returns and Allowances ₱ 4,000.00


    Accounts Receivable - Tim Traders

    Apr. 9 Accounts Receivable - Arc Grocers ₱ 57,000.00


    Sales

    Apr. 10 Cash ₱ 22,540.00


    Sales Discount ₱ 460.00
    Accounts Receivable - Tim Traders

    Apr. 12 Freight-out ₱ 1,200.00


    Cash

    Apr. 15 Cash ₱ 30,000.00


    Sales

    Apr. 18 Cash ₱ 46,560.00


    Sales Discount
    Accounts Receivable - Elmo Merchandising

    Apr. 19 Cash ₱ 55,860.00


    Sales Discount ₱ 1,140.00
    Accounts Receivable
    Apr. 25 Cash ₱ 72,000.00
    Accounts Receivable - Elmo Merchandising

    BUYE

    Periodic Inventory System


    Apr. 3 Purchases ₱ 22,000.00
    Freight-in ₱ 1,500.00
    Accounts Payable - DL Farm
    Cash

    Apr. 8 Accounts Payable - DL Farm ₱ 5,000.00


    Purchases Returns and Allowances

    Apr. 9 Purchases ₱ 75,000.00


    Freight-in ₱ 2,000.00
    Accounts Payable - MIX Trading

    Apr. 13 Accounts Payable - DL Farm ₱ 17,000.00


    Purchase Discounts
    Cash

    Apr. 16 Purchases ₱ 50,000.00


    Accounts Payable - BO Gum Store
    Cash

    Apr. 17 Computer ₱ 45,000.00


    Delivery Expense ₱ 500.00
    Cash

    Apr. 19 Accounts Payable - Mix Trading ₱ 77,000.00


    Purchase Discounts
    Cash

    Apr. 20 Purchase ₱ 83,000.00


    Accounts Payable - Goods R Us

    Apr. 21 No Entry

    Apr. 22 Purchases ₱ 33,000.00


    Cash

    Apr. 25 Accounts Payable - BO Gum ₱ 49,200.00


    Purchase Discounts
    Cash
    SELLER - B Company
    Perpetual Inventory System
    Apr. 1 Accounts Receivable - Tim Traders ₱ 27,000.00
    Freight-out ₱ 1,900.00
    ₱ 27,000.00 Sales
    ₱ 1,900.00 Cash

    Cost of Sales ₱ 22,500.00


    Merchandise Inventory

    Apr. 5 Accounts Receivable - Elmo Merchandising ₱ 120,000.00


    ₱ 120,000.00 Sales

    Cost of Sales ₱ 100,000.00


    Merchandise Inventory

    Apr. 6 Sales Returns and Allowances ₱ 4,000.00


    ₱ 4,000.00 Accounts Receivable - Tim Traders
    Merchandise Inventory ₱ 3,333.00
    Cost of Sales

    Apr. 9 Accounts Receivable - Arc Grocers ₱ 57,000.00


    ₱ 57,000.00 Sales
    Cost of Sales ₱ 47,500.00
    Merchandise Inventory

    Apr. 10 Cash ₱ 22,540.00


    Sales Discount ₱ 460.00
    ₱ 23,000.00 Accounts Receivable - Tim Traders

    Apr. 12 Freight-out ₱ 1,200.00


    ₱ 1,200.00 Cash

    Apr. 15 Cash ₱ 30,000.00


    ₱ 30,000.00 Sales
    Cost of Sales ₱ 25,000.00
    Merchandise Inventory

    Apr. 18 Cash ₱ 46,560.00


    ₱ 1,440.00 Sales Discount
    ₱ 48,000.00 Accounts Receivable - Elmo Merchandising

    Apr. 19 Cash ₱ 55,860.00


    Sales Discount ₱ 1,140.00
    ₱ 57,000.00 Accounts Receivable
    Apr. 25 Cash ₱ 72,000.00
    ₱ 72,000.00 Accounts Receivable - Elmo Merchandising

    BUYER - B Company

    Perpetual Inventory System


    Apr. 3 Merchandise Inventory ₱ 23,500.00
    Accounts Payable - DL Farm
    ₱ 22,000.00 Cash
    ₱ 1,500.00

    Apr. 8 Accounts Payable - DL Farm ₱ 5,000.00


    ₱ 5,000.00 Merchandise Inventory

    Apr. 9 Merchandise Inventory ₱ 77,000.00


    Accounts Payable - MIX Trading
    ₱ 77,000.00

    Apr. 13 Accounts Payable - DL Farm ₱ 17,000.00


    ₱ 340.00 Merchandise Inventory
    ₱ 16,660.00 Cash

    Apr. 16 Merchandise Inventory ₱ 50,000.00


    ₱ 49,200.00 Accounts Payable - BO Gum Store
    ₱ 800.00 Cash

    Apr. 17 Computer ₱ 45,000.00


    Delivery Expense ₱ 500.00
    ₱ 45,500.00 Cash

    Apr. 19 Accounts Payable - Mix Trading ₱ 77,000.00


    ₱ 2,250.00 Merchandise Inventory
    ₱ 74,750.00 Cash

    Apr. 20 Merchandise Inventory ₱ 83,000.00


    ₱ 83,000.00 Accounts Payable - Goods R Us

    Apr. 21 No Entry

    Apr. 22 Merchandising Inventory ₱ 33,000.00


    ₱ 33,000.00 Cash

    Apr. 25 Accounts Payable - BO Gum ₱ 49,200.00


    ₱ 1,000.00 Merchandise Inventory
    ₱ 48,200.00 Cash
    ₱ 27,000.00
    ₱ 1,900.00

    ₱ 22,500.00

    ₱ 120,000.00

    ₱ 100,000.00

    ₱ 4,000.00

    ₱ 3,333.00

    ₱ 57,000.00

    ₱ 47,500.00

    ₱ 23,000.00

    ₱ 1,200.00

    ₱ 30,000.00

    ₱ 25,000.00

    ₱ 1,440.00
    ₱ 48,000.00

    ₱ 57,000.00
    ₱ 72,000.00

    ₱ 22,000.00
    ₱ 1,500.00

    ₱ 5,000.00

    ₱ 77,000.00

    ₱ 340.00
    ₱ 16,660.00

    ₱ 49,200.00
    ₱ 800.00

    ₱ 45,500.00

    ₱ 2,250.00
    ₱ 74,750.00

    ₱ 83,000.00

    ₱ 33,000.00

    ₱ 1,000.00
    ₱ 48,200.00

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