Republic of the Philippines

BILIRAN PROVINCE STATE UNIVERSITY

ISO 9001: 2015 CERTIFIED

SCHOOL OF ARTS AND SCIENCES

Name: Wenibet Silvano Instructor: Mary Grace Turcolas

Year & Section: BSBA – FM 2H Subject: Advance Bookkeeping

Instruction:
Analyze the transactions given in the lesson.
Make T- account for each accounts and post amount of the transaction to its debit or credit.
Determine the balances of each account by subtracting the total debits to total credits.
Fill in below format of the balances. Assets must equal to Liabilities and Capital.
Answer questions below.

FOLLOWING THE ACCOUTING EQUATION

Assets = Liabilities + (Capital - Drawing + Revenue - Expenses)

Main Campus, P. Inocentes St., P.I. Garcia, Naval, Biliran Province, Philippines 6560
Tel. (053) 507-0014‫ ן‬Telefax. (053) 507-0014
SUC Level III-A (Per DBM-CHED Joint Circular #B dated June 21, 2007
Website: www.bipsu.edu.ph | Email: sas@bipsu.edu.ph | Facebook: www.facebook.com/iambipsusas

WoWBiPSU
 Republic of the Philippines
BILIRAN PROVINCE STATE UNIVERSITY
ISO 9001: 2015 CERTIFIED
Date Account Debit Credit
Aug. 1 Cash SCHOOL OF ₱ARTS AND
100,000.00SCIENCES
Capital ₱ 100,000.00

Aug. 2 Supplies ₱ 50,000.00

Cash ₱ 50,000.00

Aug. 5 Account Receivable ₱ 15,000.00

Service Revenue ₱ 15,000.00

Aug. 7 Cash ₱ 25,000.00

Service Revenue ₱ 25,000.00

Aug.16 Cash ₱ 15,000.00

Account Receivable ₱ 15,000.00

Aug.19 Equipment ₱ 55,000.00

Loan Payable Amount ₱ 55,000.00

Aug.20 Rent Expense ₱ 5,000.00

Utilities ₱ 3,000.00
Cash ₱ 8,000.00

Aug.20 Supplies Expense ₱ 11,000.00

Supplies ₱ 11,000.00

Cash Capital Supplies Account Receivable Service Revenue

100,000 50,000 100,000 50,000 11,000 15,000 15,000 15,000

25,000 8,000 25,000

15,000

140,000.0
0 58,000

Bal: Bal: Bal: Bal:

Bal: 100,000 39,000.00 0 40,000

82,000.00 (zero)
Main Campus, P. Inocentes St., P.I. Garcia, Naval, Biliran Province, Philippines 6560
Tel. (053) 507-0014‫ ן‬Telefax. (053) 507-0014
SUC Level III-A (Per DBM-CHED Joint Circular #B dated June 21, 2007
Website: www.bipsu.edu.ph | Email: sas@bipsu.edu.ph | Facebook: www.facebook.com/iambipsusas

WoWBiPSU
 Republic of the Philippines
BILIRAN PROVINCE STATE UNIVERSITY
ISO 9001: 2015 CERTIFIED

SCHOOL OF ARTS AND SCIENCES

Equipment Rent Expense Utilities Expense Supplies Expense Loan Payable

55,000 5,000 3,000 11,000 55,000

Bal: Bal: Bal: Bal: Bal:

55,000.00 5,000.00 3,000.00 11,000.00 55,000.00

VIC COMPUTER AND ELECTRONIC SERVICES

Trial Balance
August 20, 2023
Account Debit Credit
Cash 82,000
Capital 100,000
Supplies 39,000
Account Receivable 0
Service Revenue 40,000
Equipment 55,000
Rent Expense 5,000
Main Campus, P. Inocentes St., P.I. Garcia, Naval, Biliran Province, Philippines 6560
Tel. (053) 507-0014‫ ן‬Telefax. (053) 507-0014
SUC Level III-A (Per DBM-CHED Joint Circular #B dated June 21, 2007
Website: www.bipsu.edu.ph | Email: sas@bipsu.edu.ph | Facebook: www.facebook.com/iambipsusas

WoWBiPSU
 Republic of the Philippines
BILIRAN PROVINCE STATE UNIVERSITY
ISO 9001: 2015 CERTIFIED

SCHOOL OF ARTS AND SCIENCES

Utilities Expense 3,000
Supplies Expense 11,000
Loan Payable 55,000

Total 195,000 195,000

BALANCE SHEET

VIC COMPUTER AND ELECTRONIC SERVICES

Balance Sheet
For the Month ended Aug. 20, 2023
Assets
Current Assets
Cash ₱82,000.00
Supplies 39,000
Account Receivable 0
Rent Expense 5,000
Utilities Expense 3,000
Supplies Expense 11,000
Total Current Assets ₱ 140,000
Non- Current Assets
Service Revenue 0
Equipment 55,000
Total Non- Current Assets ₱ 55,000
Total Assets ₱ 195,000

Liabilities
Current Liabilities
Service Revenue ₱ 40,000
Loan Payable 55,000
Total Liabilities ₱ 95,000.00
Owner's Equity
Vic, Capital August 1, 2023 ₱100,000.00
Total
Liabilities and
Owner’s
Equity ₱ 195,000.00

Main Campus, P. Inocentes St., P.I. Garcia, Naval, Biliran Province, Philippines 6560
Tel. (053) 507-0014‫ ן‬Telefax. (053) 507-0014
SUC Level III-A (Per DBM-CHED Joint Circular #B dated June 21, 2007
Website: www.bipsu.edu.ph | Email: sas@bipsu.edu.ph | Facebook: www.facebook.com/iambipsusas

WoWBiPSU
 Republic of the Philippines
BILIRAN PROVINCE STATE UNIVERSITY
ISO 9001: 2015 CERTIFIED
How much is the total assets?
SCHOOL OF
Answer: ₱ 195,000.00 ARTS AND SCIENCES
How much is the total liabilities?
Answer: ₱ 95,000.00

How much is the total capital?

Answer: ₱100,000.00

INCOME STATEMENT

VIC COMPUTER AND ELECTRONIC SERVICES

Income Statement
For the Month ended Aug. 20, 2023

Service Revenue ₱40,000

Less: Expenses
Rent Expense ₱ 5,000.00
Utilities Expense ₱ 3,000.00
Supplies Expense ₱ 11,000.00
Total Expenses ₱19,000.00
Net Income ₱21,000.00

How much is the net income of Vic for the month of August ?
Answer: ₱21,000.00

Main Campus, P. Inocentes St., P.I. Garcia, Naval, Biliran Province, Philippines 6560
Tel. (053) 507-0014‫ ן‬Telefax. (053) 507-0014
SUC Level III-A (Per DBM-CHED Joint Circular #B dated June 21, 2007
Website: www.bipsu.edu.ph | Email: sas@bipsu.edu.ph | Facebook: www.facebook.com/iambipsusas

WoWBiPSU