MR.

RIZALINO
Date DESCRIPTION PR DR/DEBIT CR/CREDIT
2021

June 1 Cash 101 ₱300,000.00

Rizalino Capital 301 ₱300,000.00
Initial investment.

June 2 Purchases 401 ₱137,500.00

Cash 101 ₱137,500.00
Bought merchandise on cash basis.

June 3 Equipment 105 ₱36,000.00

Cash 101 ₱36,000.00
Bought equipment.

June 4 Cash 101 ₱6,000.00

Purchases Returns & Allowances 402 ₱6,000.00
Received refund for cash purchase on June 2.

June 5 Purchases 401 ₱136,500.00

Accounts Payable 201 ₱136,500.00
Allday, 2/10, n/30

June 7 Freight in 501 ₱2,100.00

Cash 101 ₱2,100.00
Freight, June 5

June 9 Cash 101 ₱139,700.00

Sales 410 ₱139,700.00
Sold merchandise

June 10 Accounts Receivable 102 ₱156,800.00

Sales 410 ₱156,800.00
Sold merchandise on account, n/30
June 11 Purchases 401 ₱134,700.00
Cash 101 ₱134,700.00
Bought merchandise on cash basis.

June 12 Sales Returns and Allowances 415 ₱10,800.00

Cash 101 ₱10,800.00
Refund for defective merchandise

June 13 Accounts Payable 201 ₱108,000.00

Cash 101 ₱108,000.00
Paid Allday for June 5 purchase.

June 14 Cash 101 ₱150,000.00

Notes payable 202 ₱150,000.00
BPI Notes payable

June 15 Salaries Expense 503 ₱18,000.00

Cash 101 ₱18,000.00
Paid salaries.

June 16 Purchases 401 ₱43,500.00

Accounts Payable 201 ₱43,500.00
Robinson, 2/10, n/30

June 18 Accounts Receivable 102 ₱30,500.00

Sales 410 ₱30,500.00
Sold merchandise on account, 2/10, n/30

June 19 Supplies 103 ₱2,100.00

Cash 101 ₱2,100.00
Bought supplies

June 22 Freight out 502 ₱1,500.00

Cash 101 ₱1,500.00
 Freight, June 18

June 23 Accounts Payable 201 ₱1,600.00

Purchases Returns & Allowances 402 ₱1,600.00
Robinson, merchandise returned.

June 26 Accounts Payable 201 ₱41,900.00

Purchase discount 403 ₱838.00
Cash 101 ₱41,062.00
Paid Robinson.

June 28 Rizalino Drawing 302 ₱36,000.00

Cash 101 ₱36,000.00
Withdraw cash for personal use.

June 29 Cash 101 ₱30,500.00

Accounts Receivable 102 ₱30,500.00
Collected from June 18 customer.

June 30 Advertising Expense 504 ₱9,200.00

Telephone Expense 505 ₱1,650.00
Rent 506 ₱20,000.00
Salaries Expense 503 ₱18,000.00
Cash 101 ₱48,850.00
Month-end expenses.

TOTAL 1,572,550 1,572,550

Checking ₱0.00
SUBSIDIARY LEDGER OF MR. RIZALINO

ACCOUNT TITLE: CASH

ACCOUNT NUMBER: 101
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 1 Initial Investment GJ1 ₱300,000.00 ₱300,000.00
June 2 Merchandise GJ1 ₱137,500.00 ₱162,500.00
June 3 Equipment GJ1 ₱36,000.00 ₱126,500.00
June 4 Refund GJ1 ₱6,000.00 ₱132,500.00
June 7 Freight in GJ1 ₱2,100.00 ₱130,400.00
June 9 Sold merchandise GJ1 ₱139,700.00 ₱270,100.00
June 11 Merchandise GJ1 ₱134,700.00 ₱135,400.00
June 12 Refund for defective merchandise GJ1 ₱10,800.00 ₱124,600.00
June 13 Paid Allday GJ1 ₱108,000.00 ₱16,600.00
June 14 BPI - Notes Payable GJ1 ₱150,000.00 ₱166,600.00
June 15 Paid salaries GJ1 ₱18,000.00 ₱148,600.00
June 19 Supplies GJ1 ₱2,100.00 ₱146,500.00
June 22 Freight out GJ1 ₱1,500.00 ₱145,000.00
June 26 Paid Robinson GJ1 ₱41,062.00 ₱103,938.00
June 28 Withdrawal GJ1 ₱36,000.00 ₱67,938.00
June 29 Collection GJ1 ₱30,500.00 ₱98,438.00
June 30 Month-end expenses GJ1 ₱48,850.00 ₱49,588.00

ACCOUNT TITLE: ACCOUNTS RECEIVABLE

ACCOUNT NUMBER: 102
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 10 GJ1 ₱156,800.00 ₱156,800.00
June 18 GJ1 ₱30,500.00 ₱187,300.00
June 29 GJ1 ₱30,500.00 ₱156,800.00
ACCOUNT TITLE: MERCHANDISE INVENTORY
ACCOUNT NUMBER: 103
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 30 GJ1 ₱320,500.00 ₱320,500.00

ACCOUNT TITLE: SUPPLIES

ACCOUNT NUMBER: 104
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 19 GJ1 ₱2,100.00 ₱2,100.00

ACCOUNT TITLE: EQUIPMENT

ACCOUNT NUMBER: 105
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 3 GJ1 ₱36,000.00 ₱36,000.00
ACCOUNT TITLE: ACCOUNTS PAYABLE
ACCOUNT NUMBER: 201
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 5 GJ1 ₱136,500.00 ₱136,500.00
June 13 GJ1 ₱108,000.00 ₱28,500.00
June 16 GJ1 ₱43,500.00 ₱72,000.00
June 23 GJ1 ₱1,600.00 ₱70,400.00
June 26 GJ1 ₱41,900.00 ₱28,500.00

ACCOUNT TITLE: NOTES PAYABLE

ACCOUNT NUMBER: 202
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June14 GJ1 ₱150,000.00 ₱150,000.00

ACCOUNT TITLE: RIZALINO CAPITAL

ACCOUNT NUMBER: 301
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 1 GJ1 ₱300,000.00 ₱300,000.00
June 30 CE GJ1 ₱122,488.00 ₱422,488.00
June 30 CE GJ1 ₱36,000.00 ₱386,488.00

ACCOUNT TITLE: RIZALINO DRAWING

ACCOUNT NUMBER: 302
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 28 GJ1 ₱36,000.00 ₱36,000.00
June 30 CE GJ1 ₱36,000.00 ₱0.00

ACCOUNT TITLE: PURCHASES

ACCOUNT NUMBER: 401
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 2 GJ1 ₱137,500.00 ₱137,500.00
June 5 GJ1 ₱136,500.00 ₱274,000.00
June 11 GJ1 ₱134,700.00 ₱408,700.00
June 16 GJ1 ₱43,500.00 ₱452,200.00
June 30 CE GJ1 ₱452,200.00 ₱0.00

ACCOUNT TITLE: PURCHASES RETURNS AND ALLOWANCES

ACCOUNT NUMBER: 402
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 4 GJ1 ₱6,000.00 ₱6,000.00
June 23 GJ1 ₱1,600.00 ₱7,600.00
June 30 CE GJ1 ₱7,600.00 ₱0.00
ACCOUNT TITLE: PURCHASE DISCOUNT
ACCOUNT NUMBER: 403
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 26 GJ1 ₱838.00 ₱838.00
June 30 CE GJ1 ₱838.00 ₱0.00

ACCOUNT TITLE: SALES

ACCOUNT NUMBER: 410
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 9 GJ1 ₱139,700.00 ₱139,700.00
June 10 GJ1 ₱156,800.00 ₱296,500.00
June 18 GJ1 ₱30,500.00 ₱327,000.00
June 30 CE GJ1 ₱327,000.00 ₱0.00

ACCOUNT TITLE: SALES RETURNS AND ALLOWANCES

ACCOUNT NUMBER: 415
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 12 GJ1 ₱10,800.00 ₱10,800.00
June 30 CE GJ1 ₱10,800.00 ₱0.00
ACCOUNT TITLE: SALES DISCOUNTS
ACCOUNT NUMBER: 420
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT

ACCOUNT TITLE: FREIGHT IN

ACCOUNT NUMBER: 501
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 7 GJ1 ₱2,100.00 ₱2,100.00
June 30 CE GJ1 ₱2,100.00 ₱0.00

ACCOUNT TITLE: FREIGHT OUT

ACCOUNT NUMBER: 502
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 22 GJ1 ₱1,500.00 ₱1,500.00
June 30 CE GJ1 ₱1,500.00 ₱0.00
ACCOUNT TITLE: SALARIES EXPENSE
ACCOUNT NUMBER: 503
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 15 GJ1 ₱18,000.00 ₱18,000.00
June 30 GJ1 ₱18,000.00 ₱36,000.00
June 30 CE GJ1 ₱36,000.00 ₱0.00

ACCOUNT TITLE: ADVERTISING EXPENSE

ACCOUNT NUMBER: 504
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 30 GJ1 ₱9,200.00 ₱9,200.00
June 30 CE GJ1 ₱9,200.00 ₱0.00

ACCOUNT TITLE: TELEPHONE EXPENSE

ACCOUNT NUMBER: 505
BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 30 GJ1 ₱1,650.00 ₱1,650.00
June 30 CE GJ1 ₱1,650.00 ₱0.00

ACCOUNT TITLE: RENT EXPENSE

ACCOUNT NUMBER: 506
 BALANCE
DATE REMARKS REFERENCE DEBIT CREDIT
DEBIT CREDIT
June 30 GJ1 ₱20,000.00 ₱20,000.00
June 30 CE GJ1 ₱20,000.00 ₱0.00
 MR. RIZALINO
TRIAL BALANCE
JUNE 30, 2021
PR DESCRIPTION DR/DEBIT CR/CREDIT
101 Cash 49,588.00
102 Accounts Receivable 156,800.00
104 Supplies 2,100.00
105 Equipment 36,000.00
201 Accounts Payable 28,500.00
202 Notes Payable 150,000.00
301 Rizalino Capital 300,000.00
302 Rizalino Drawing 36,000.00
401 Purchases 452,200.00
402 Purchases Returns and Allowances 7,600.00
403 Purchase Discount 838.00
410 Sales 327,000.00
415 Sales Returns and Allowances 10,800.00
420 Sales Discount -
501 Freight In 2,100.00
502 Freight Out 1,500.00
503 Salaries Expense 36,000.00
504 Advertising Expense 9,200.00
505 Telephone Expense 1,650.00
506 Rent Expense 20,000.00

TOTAL ₱813,938.00 ₱813,938.00

 MR. RIZALINO'S MERCHANDISING
COST OF GOODS SOLD
JUNE 30, 2021
Merchandise Inventory June 1 -
Purchases 452,200.00
Purchases Returns and Allowances 7,600.00
Purchase Discount 838.00
Freight In 2,100.00
Merchandise Inventory End 320,500.00
COST OF GOODS SOLD 125,362.00
 MR. RIZALINO
INCOME STATEMENT
JUNE 30, 2021
SALES 327,000.00
Less: Sales Returns & allowances 10,800
Sales Discounts - 10,800.00
NET SALES 316,200.00
Less: Cost of Goods Sold 125,362.00
Gross Profit 190,838.00
Less: Operating Expenses
Freight Out 1,500.00
Advertising Expense 9,200
Salaries Expense 36,000
Telephone Expense 1,650
Rent Expense 20,000 68,350.00
NET PROFIT 122,488.00
 MR. RIZALINO
STATEMENT OF CHANGES IN OWNER'S EQUITY
JUNE 30, 2021

Beginning Capital
Less: Drawing

Add: Net Income

ENDING CAPITAL
TY

300,000.00
36,000
264,000
122,488
₱386,488.00
 MR. RIZALINO
STATEMENT OF FINANCIAL POSITION
JUNE 30, 2021
ASSETS
Current Assets
Cash & cash Equivalents ₱49,588.00
Receivables 156,800.00
Inventories 320,500.00
Prepaid Expenses 2,100.00
Tota Current Assets 528,988.00
Non Current Assets
Property, Plant & Equipments 36,000.00
Total Non Current Assets 36,000.00
TOTAL ASSETS ₱564,988.00
LIABILITIES
Current Liabilities
Accounts Payable ₱28,500.00
Non Current Liabilities
Notes Payable 150,000.00
TOTAL LIABILITIES 178,500.00
OWNER'S EQUITY
Mr. Rizalino Capital ₱386,488.00
TOTAL OWNER'S EQUITY 386,488.00
TOTAL LIABILITIES & OWNER'S EQUITY ₱564,988.00

Checking ₱0.00
 MR. RIZALINO
STATEMENT OF CASH FLOW
JUNE 30, 2021
Cash Flow from Operating Activities Dates
Cash Received
Sales 139,700.00 9
Receivables from Collection 30,500.00 29
Refund from Purchases 6,000.00 176,200.00 4
Payment for
Supplies 2,100.00
Freight on Sold Goods 1,500.00
Goods Bought 421,262.00 2/11/13/26
Opex (Operating Expenses) 66,850.00 15/30
Refund to Customer 10,800.00 12
Freight on Purchases 2,100.00 504,612 7
Net Cash Flow from Operating Activities - 328,412.00
Cash Flow from Investing Activities
Equipments Bought 36,000.00 - 364,412 3
Cash Flow from Financing Activities
Initial Investment 300,000.00 1
Borrowing 150,000.00 14
Drawing 36,000.00 28
Net Cash Flow from Financing Activities 414,000.00
Cash Balance June 30, 2021 ₱49,588

Cash balance ₱49,588.00

Checking ₱1.00
 MR. RIZALINO
CLOSING ENTRY
JANUARY 2019 PARTICULARS PR DEBIT CREDIT

31 Sales 410 327,000

Income Summary 601 316,200
Sales Returns & allowances 415 10,800
Sales Discount 420 -

31 Merchandise Inventoy End 103 320,500

Purchase Return & allowances 402 7,600
Purchase Discounts 403 838
Income Summary 601 125,362
Purchases 401 452,200
Freight In 501 2,100

31 Income Summary & Expense 601 68,350

Freight Out 502 1,500
Advertising Expense 504 9,200
Salaries Expense 503 36,000
Telephone Expense 505 1,650
Rent Expense 506 20,000
To close expense account

31 Income Summary & Expense 601 122,488

Mr. Rizalino Capital 301 122,488
To close profit to capital

31 Mr. Rizalino Capital 301 36,000

Mr. Rizalino Drawing 302 36,000
To close withdrawal account

TOTAL 1,008,138 1,008,138

Nominal Account
Drawing
Service Income
Expenses
Profit
 MR. RIZALINO
POST-CLOSING TRIAL BALANCE
JUNE 30, 2021
PR DESCRIPTION DR/DEBIT CR/CREDIT
101 Cash 49,588
102 Accounts Receivable 156,800
102 Merchandise Inventory 320,500
104 Supplies 2,100
105 Equipment 36,000
201 Accounts Payable 28,500
202 Notes Payable 150,000
301 Rizalino Capital 386,488
TOTAL 564,988 564,988