Exercise No.

5: Preparation of
the Worksheet
Introduction
With so many adjustments to gather and analyze, a worksheet is needed to gather and “workout”
the adjustments. A worksheet is a columnar paper where the first two columns are provided for
the trial balance, which is the starting point for the preparation of the financial statements. The
next two columns are for the adjustments and from which adjusted balances are determined.
From the adjusted balances, the income statement and the statement of financial position are
prepared. A ten-column worksheet has the following money columns.

Trial Balance Adjustments Adjusted Trial Income Financial

Balance Statement Position
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

Learning Outcomes
1. Prepare a 10 column worksheet

Materials
Online: Laptop or a cellphone, calculator, 10 column worksheet
Modular: Black Ballpen answer sheet provided, calculator,10 column worksheet

Procedure

From Exercise No. 4, Diana Margallo Interior Decorator. Prepare the following:
a. A 10 column worksheet for the year ended December 31, 2019, Use a separate 10 column
worksheet (available in schools supplies stores)
b. Using the worksheet as a guide, prepare the financial statements
 Diana Margallo, Interior Decorator
Income Statement
For the year ended, December 31, 2019
Revenues:
Php.
Expenses:

Php.
Net Income Php.

Diana Margallo, Interior Decorator

Statement of Owner’s Equity

For the year ended, December 31, 2019

Margallo, Capital Jan. 1 Php.

Add: Net Income

Total

Less: Margallo Drawings

Margallo, Capital Dec. 31 Php.

 Diana Margallo, Interior Decorator
Statement of Financial Position
December 31, 2019
ASSETS
Current Assets:
Php.

_________________ ________________
Non-Current Assets:

Php.

_________________ ________________
Total Assets Php.
LIABILITIES AND OWNER’S EQUITY
Current Liabilities:
Php.

_________________ _________________
Total Liabilities

Owner’s Equity: Php. _________________

Total Liabilities & Owner’s Equity Php.
Guide questions and instructions on how to prepare and submit
the laboratory
Submit outputs thru the VSUEE Student Portal saved in PDF File with the following filename
SURNAME_OfferingNum_Output Number Example: POLIQUIT_MGMT101aD034_Output No_1