Accounting For Sole Proprietorship ACTG121:

Simple Entry Business Analysis

OUR LADY OF FATIMA UNIVERSITY

Practice set and Examples

Mr. Tee Gook opened a new business. He named his business “Tee Gook
Funeral Services”.

The following are his transactions for the month of April 2021.

1. April 1, 2021 – Mr. Tee Gook invested P850,000 cash in his business.

2. April 2, 2021 – Mr. Tee Gook paid P15,000 cash for necessary business permits.

3. April 5, 2021 – Purchased Tables and Chairs to ABC Company for P39,000.
4. April 7, 2021 – Mr. Tee Gook is planning to buy 2 vehicles worth P200,000
each to be used as funeral cars by the business.

5. April 9, 2021 – Mr. Tee Gook borrowed P500, 000 cash from China Bank.

6. April 10, 2021 – Purchased Funeral Supplies to XYZ Company for P60,000.

7. April 11, 2021 – Mr. Tee Gook hired 4 new employees. Two employees as office
staff and 2 employees as funeral staff.

8. April 14, 2021 – Bought 2 vehicles in GHI Company worth P200,000 each to be
used as funeral cars by the business. He paid the 60% and the remaining
 balance is on account/credit.

9. April 14, 2021 – Mr. Tee Gook rendered funeral services to Mr. Lucky Chan for
P100,000.

10. April 15, 2021 – Paid the salaries of his 4 employees for P12,000 each.
11. April 18, 2021 – Mr. Tee Gook performed funeral services to Ms. Tina Li for
P280,000 on account/credit.

12. April 21, 2021 – Paid his account to GHI Company on April 14 transaction.

13. April 23, 2021 – Mr. Gook withdrew P150,000 cash for personal use.

14. April 26, 2021 – Received P100,000 from Ms. Tina Li as partial payment for
funeral service rendered last April 18, 2021

15. April 28, 2021 – Paid his 5 months rent in advance for P75,000
16. April 30, 2021 – Mr. Gook paid electric, water and telecommunication bill for
P80,000. He also paid P30,000 for an advertisement that was aired in radio.