Bookkeeping Practice Set

BASIC BOOKKEEPING PRACTICE SET
On January 1, 2021, 123 Corporation organized a new business engaged in merchandising. 123
Corporation uses monthly basis in the preparation of financial reports. Thus it adjusts and closes
its accounts every month.
1. It uses a straight-line method in the depreciation of its equipment at an annual rate of 10%.
2. It uses a periodic inventory system. Merchandise inventory at August 31, 2021 is P90,000.00.
3. Purchases of supplies are expensed outright.
Listed below are the July 31, 2021 balances of 123 Corporation.
Account Title Debit Credit

Cash 197,650.00
Accounts Receivable 11,200.00
Merchandise Inventory 73,125.00
Office Equipment 27,000.00
Accumulated Depreciation-Office Equipment 1,575.00
Machinery 90,000.00
Accumulated Depreciation-Machinery 5,250.00
Input VAT -
Accounts Payable 11,200.00
Utilities Payable 1,500.00
Govt Contributions Payable 4,750.00
EWT Payable -
Withholding Taxes Payable 3,200.00
Output VAT 1,500.00
Ordinary Share Capital 250,000.00
Retained Earnings 120,000.00
Totals 398,975.00 398,975.00
123 Corporation
CHART OF ACCOUNTS
Assets
Cash 110
Accounts Receivable 120
Merchandise Inventory 130
Office Equipment 140
Accumulated Depreciation-Office Equipment 145
Machinery 150
Accumulated Depreciation-Machinery 155
Input VAT 160
Liabilities
Accounts Payable 210
Utilities Payable 220
Govt Contributions Payable 230
EWT Payable 240
Withholding Taxes Payable 250
Cash Dividend Payable 260
Output VAT 270
Equity
Ordinary Share Capital 310
Retained Earnings 320
Income Summary 330
Income
Sales 410
Sales Returns 415
Sales Discounts and Allowances 416
Expenses
Purchases 510
Purchase Returns 515
Purchase Discounts and Allowances 516
Salaries Expenses 520
Govt Contributions Expenses 520
Depreciation Expense-Office Equipment 530
Depreciation Expense-Machinery 540
123 Corporation
SOURCE DOCUMENTS
123 Corporation 123 Corporation
Sold to Sold to
BBB Company Date 2-Aug-21 DDD Company Date 6-Aug-21
Marawi City Invoice No. 20210801 Marawi City Invoice No. 20210803
Lanao del Sur Lanao del Sur
SALES INVOICE SALES INVOICE
Description Total Description Total

Sale of goods on account, 2/10, n/30 25,000.00 Sale of goods on account, 2/10, n/30 37,500.00
Total Sales 25,000.00 Total Sales 37,500.00

Output VAT 3,000.00 Output VAT 4,500.00
Total Amount Due 28,000.00 Total Amount Due 42,000.00
Cash/C.O.D Cash/C.O.D
x
✓
On Account x
✓
On Account
By By
Authorized Signature Authorized Signature
123 Corporation 123 Corporation
Sold to Sold to
CCC Company Date 5-Aug-21 EEE Company Date 15-Aug-21

Sale of goods on account, 2/10, n/30 12,500.00 Cash sales 5,000.00

Output VAT 1,500.00 Output VAT 600.00
Cash/C.O.D x Cash/C.O.D
x
✓
On Account ✓
On Account
By By

XXX Company ZZZ Company
Sold to Sold to
123 Corporation Date 3-Aug-21 123 Corporation Date 18-Aug-21

Sale of goods on account, 2/10, n/30 7,500.00 Sale of goods on account, 2/10, n/30 3,750.00

Output VAT 900.00 Output VAT 450.00
Cash/C.O.D Cash/C.O.D
x
✓
On Account x
✓
On Account
By By
YYY Company HHH Company
Sold to Sold to
123 Corporation Date 4-Aug-21 123 Corporation Date 16-Aug-21

Sale of goods on account, 2/10, n/30 45,000.00 Cash sales 8,125.00

Output VAT 5,400.00 Output VAT 975.00
Cash/C.O.D x Cash/C.O.D
x
✓
On Account ✓
On Account
By By

RECEIVING REPORT 123 Corporation
Date: 8/9/21
R.R. No.: RR210801
Delivered by: DDD Company

Address: Marawi City, Lanao del Sur
Contact details: 09123456789
Description Amount
Return of defective items 2,500.00
Total Amount 2,500.00

Output VAT 300.00
Net Sales Amount 2,800.00
Received by
Authorized Signature
RECEIVING REPORT YYY Company
Date: 8/9/21
R.R. No.: RR20210801
Delivered by: 123 Company

Address: Marawi City, Lanao del Sur
Contact details: 09965554699
Description Amount
Return of defective items 15,000.00
Total Amount 15,000.00

Input VAT 1,800.00
Net Sales Amount 16,800.00
Received by
Authorized Signature
IN SETTLEMENT OF THE FOLLOWING 123 Corporation
Invoice No. Amount
20210801 28,000.00 O.R. No. 1698001
OFFICIAL RECEIPT
Date: 8/8/21
BBB Company
Received from __________________________ with TIN ___________________
Marawi City, Lanao del Sur
and address at ______________________________________________________________
merchandising
engaged in the business style of ________________________________________________
Total Sales 28,000.00 the sum of pesos ____________________________________________________________
twenty-seven thousand five hundred pesos only
Discount 500.00 P27,500.00
______________________________________________________ (P ________________)
Payment Due 27,500.00 sales on account
in partial/full payment for _____________________________________________________.
FORM OF PAYMENT
CASH ✓ By:
CHECK
CHECK NO. Cashier/Authorized Representative

Invoice No. Amount
20210802 14,000.00 O.R. No. 1698002
OFFICIAL RECEIPT
Date: 8/10/21
CCC Company
and address at ______________________________________________________________
merchandising
thirteen thousand seven hundred fifty pesos only
Discount 250.00 ______________________________________________________ (P ________________) P13,750.00
Payment Due 13,750.00 in partial/full payment for _____________________________________________________.
sales on account
FORM OF PAYMENT
CASH ✓ By:
CHECK

Invoice No. Amount
20210704 11,200.00 O.R. No. 1698003
OFFICIAL RECEIPT
Date: 8/12/21
AAA Company
and address at ______________________________________________________________
merchandising
eleven thousand two hundred pesos only
Discount - P11,200.00
______________________________________________________ (P ________________)
Payment Due 11,200.00 sales on account
FORM OF PAYMENT
CASH ✓ By:
CHECK
Invoice No. Amount
20210804 5,600.00 O.R. No. 1698004
OFFICIAL RECEIPT
Date: 8/15/21
EEE Company
and address at ______________________________________________________________
merchandising
five thousand six hundred pesos only
Discount - P5,600.00
______________________________________________________ (P ________________)
Payment Due 5,600.00 cash sales
FORM OF PAYMENT
CASH ✓ By:
CHECK

Invoice No. Amount
20210803 39,200.00 O.R. No. 1698005
OFFICIAL RECEIPT
Date: 8/18/21
DDD Company
and address at ______________________________________________________________
merchandising
thirty-nine thousand two hundred pesos only
Discount - ______________________________________________________ (P ________________)
P39,200.00
Payment Due 39,200.00 in partial/full payment for _____________________________________________________.
sales on account
FORM OF PAYMENT
CASH ✓ By:
CHECK

Invoice No. Amount
O.R. No. 1698006
OFFICIAL RECEIPT
Date: 8/18/21
FFF Company
and address at ______________________________________________________________
merchandising
Total Sales - the sum of pesos ____________________________________________________________
forty thousand pesos only
Discount - ______________________________________________________P40,000.00(P ________________)
Payment Due - advances from customer
FORM OF PAYMENT
CASH ✓ By:
CHECK
123 Corporation Account Ending: 1266-555-44
CHECK VOUCHER Check No.: 1700100
Voucher No.: 2021-101-08-001
Date: 8/5/21
Pay to: LASURECO
Description Amount
Electricity bill for July 2021 1,000.00
TOTAL PAYMENT DUE 1,000.00
The sum of P one thousand pesos only
Payment Received By Payment Approved By

Voucher No.: 2021-101-08-002
Date: 8/5/21
Pay to: MARAWI CITY WATER DISTRICT
Description Amount
Water bill for July 2021 500.00
TOTAL PAYMENT DUE 500.00
The sum of P five hundred pesos only

Voucher No.: 2021-101-08-003
Date: 8/6/21
Pay to: NVM COMPANY
Description Amount
Equipment 7,500.00
Less: Expanded Withholding Tax 500.00
The sum of P seven thousand pesos only

Voucher No.: 2021-101-08-004
Date: 8/6/21
Pay to: PHILIPPINE HEALTH INSURANCE CORPORATION
Description Amount
Philhealth Contributions for the month of July 2021
Employees' Share 375.00
Employer's Share 375.00
TOTAL PAYMENT DUE 750.00
The sum of P seven hundred fifty pesos only

Voucher No.: 2021-101-08-005
Date: 8/6/21
Pay to: SOCIAL SECURITY SYSTEM
Description Amount
SSS Contributions for the month of July 2021
Employees' Share 1,350.00
The sum of P two thousand two hundred fifty pesos only

Voucher No.: 2021-101-08-006
Date: 8/6/21
Pay to: PAG-IBIG CORPORATION
Description Amount
Pag-IBIG Contributions for the month of July 2021
Employees' Share 1,000.00
The sum of P one thousand seven hundred fifty pesos only

Voucher No.: 2021-101-08-007
Date: 8/6/21
Pay to: BUREAU OF INTERNAL REVENUE
Description Amount
Remittance of taxes withheld on July 2021.
Withholding taxes payable 3,200.00
The sum of P three thousand two hundred pesos only

Voucher No.: 2021-101-08-008
Date: 8/11/21
Pay to: XXX COMPANY
Description Amount
Payment of accounts payable. 8,400.00
Less: Purchase discount 150.00
The sum of P eight thousand two hundred fifty pesos only

Voucher No.: 2021-101-08-009
Date: 8/11/21
Pay to: YYY COMPANY
Description Amount
Less: Purchase discount 600.00
The sum of P thirty-three thousand pesos only

Voucher No.: 2021-101-08-010
Date: 8/12/21
Pay to: WWW COMPANY
Description Amount
Less: Purchase discount -
The sum of P eleven thousand two hundred pesos only

Voucher No.: 2021-101-08-011
Date: 8/15/21
Pay to: PAYROLL
Description Amount
Salaries for August 1-15, 2021 17,500.00
Less: PhilHealth Contribution - Employee Share 187.50
SSS Contribution - Employee Share 450.00
Pag-IBIG Contribution - Employee Share 375.00
Withholding Taxes 1,750.00
The sum of P fourteen thousand seven hundred thirty-seven pesos and fifty
centavos only

Voucher No.: 2021-101-08-012
Date: 8/16/21
Pay to: HHH COMPANY
Description Amount
Cash purchase 9,100.00
Input VAT 975.00
The sum of P eight thousand one hundred twenty-five pesos only

Voucher No.: 2021-101-08-013
Date: 8/15/21
Pay to: PAYROLL
Description Amount
Salaries for August 16-31, 2021 17,500.00
Less: PhilHealth Contribution - Employee Share 187.50
SSS Contribution - Employee Share 450.00
Pag-IBIG Contribution - Employee Share 375.00
Withholding Taxes 1,750.00
The sum of P fourteen thousand seven hundred thirty-seven pesos and fifty
centavos only

123 Corporation
PAYROLL
August 1-15, 2021
Deductions
PhilHealth SSS Pag-IBIG Withholding Total
Basic Pay Contributions Contributions Contributions Tax Deductions Net Pay
17,500.00 187.50 450.00 375.00 1,750.00 2,762.50 14,737.50
Prepared by Approved by
PAYROLL OFFICER CEO
123 Corporation
PAYROLL
August 16-31, 2021
Deductions
PhilHealth SSS Pag-IBIG Withholding Total
Basic Pay Contributions Contributions Contributions Tax Deductions Net Pay
17,500.00 187.50 450.00 375.00 1,750.00 2,762.50 14,737.50
Prepared by Approved by
PAYROLL OFFICER CEO

LASURECO
ELECTRICITY BILL
123 Corporation
Customer No. 111111111

Account Number 222222222
Service Address 456 Sample Rd., Marawi City Lanao del Sur
This account is based on an estimated meter reading

Electricity account summary: August 1, 2021 - August 31, 2021
Total electricity bill 1,150.00
MARAWI CITY WATER DISTRICT

WATER BILL
123 Corporation
Customer No. 555555555

Account Number 777777777
Service Address 456 Sample Rd., Marawi City Lanao del Sur
This account is based on an estimated meter reading

Water account summary: August 1, 2021 - August 31, 2021
Total water bill 525.00

GENERAL JOURNAL
Date Account Title and Description Ref Debit Credit

GENERAL JOURNAL

GENERAL JOURNAL

SALES JOURNAL
Date Particulars Ref Accounts Output VAT Sales

Receivable Cr. Cr.
Dr.
PURCHASES JOURNAL
Date Particulars Ref Purchases Input VAT Accounts

Dr. Dr. Payable
Cr.
CASH RECEIPTS JOURNAL
Date Particulars Ref Account Sundry Output VAT Sales Accounts Cash
Cr./(Dr.) Cr. Cr. Receivable Dr.
Cr.
Totals
CASH DISBURSEMENTS JOURNAL
Date Particulars Ref Account Sundry Input VAT Purchases Accounts Cash
Dr./(Cr.) Dr. Dr. Payable Cr.
Dr.
Totals
GENERAL LEDGER GENERAL LEDGER
Account Title: CASH Account Code: 110 Account Title: MERCHANDISE INVENTORY Account Code: 130
Date Particulars Ref Debit Credit Balance Date Particulars Ref Debit Credit Balance
GENERAL LEDGER
Account Title: OFFICE EQUIPMENT Account Code: 140

Date Particulars Ref Debit Credit Balance
Account Title: ACCOUNTS RECEIVABLE Account Code: 120 Account Title: ACCUM. DEP'N - OFFICE EQUIPMENT Account Code: 145
Account Title: MACHINERY Account Code: 150 Account Title: ACCOUNTS PAYABLE Account Code: 210
Account Title: ACCUM. DEP'N - MACHINERY Account Code: 155 Account Title: UTILITIES PAYABLE Account Code: 220
Account Title: INPUT VAT Account Code: 160 Account Title: GOVT. CONTRIBUTIONS PAYABLE Account Code: 230
Account Title: EXPANDED WITHHOLDING TAXES PAYABLE Account Code: 240 Account Title: OUTPUT VAT Account Code: 270
Account Title: WITHHOLDING TAXES PAYABLE Account Code: 250 Account Title: ORDINARY SHARE CAPITAL Account Code: 310
Account Title: CASH DIVIDENDS PAYABLE Account Code: 260 Account Title: RETAINED EARNINGS Account Code: 320
Account Title: SALES Account Code: 410 Account Title: PURCHASES Account Code: 510
Account Title: SALES RETURNS Account Code: 415 Account Title: PURCHASE RETURNS Account Code: 515
Account Title: SALES DISCOUNTS AND ALLOWANCES Account Code: 416 Account Title: PURCHASE DISCOUNTS AND ALLOWANCES Account Code: 516
Account Title: SALARIES EXPENSES Account Code: 520 Account Title: DEPRECIATION EXPENSE-MACHINERY Account Code: 550
Account Title: GOVERNMENT CONTRIBUTIONS EXPENSES Account Code: 530 Account Title: Account Code:
Account Title: DEPRECIATION EXPENSE-OFFICE EQUIPMENT Account Code: 540 Account Title: Account Code:
SUBSIDIARY LEDGER SUBSIDIARY LEDGER
Account Title: ACCOUNTS RECEIVABLE Account of: AAA Company Account Title: ACCOUNTS RECEIVABLE Account of: DDD Company
Account Title: ACCOUNTS RECEIVABLE Account of: BBB Company Account Title: ACCOUNTS RECEIVABLE Account of:
Account Title: ACCOUNTS RECEIVABLE Account of: CCC Company Account Title: ACCOUNTS RECEIVABLE Account of:
Account Title: ACCOUNTS PAYABLE Account of: WWW Company Account Title: ACCOUNTS PAYABLE Account of: ZZZ Company
Account Title: ACCOUNTS PAYABLE Account of: XXX Company Account Title: ACCOUNTS PAYABLE Account of:
Account Title: ACCOUNTS PAYABLE Account of: YYY Company Account Title: ACCOUNTS PAYABLE Account of:
WORKSHEET
Statement of Financial Statement of Financial

Trial Balance Adjustments Performance Position
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit
Cash
Accounts Receivable
Merchandise Inventory
Office Equipment
Accumulated Depreciation-Office Equipment
Machinery
Accumulated Depreciation-Machinery
Input VAT
Accounts Payable
Utilities Payable
Govt Contributions Payable
EWT Payable
Withholding Taxes Payable
Cash Dividend Payable
Output VAT
Ordinary Share Capital
Retained Earnings
Income Summary
Sales
Sales Returns
Sales Discounts and Allowances
Purchases
Purchase Returns
Purchase Discounts and Allowances
Salaries Expenses
Govt Contributions Expenses
Depreciation Expense-Office Equipment
Depreciation Expense-Machinery
TOTALS
123 Corporation
POST-CLOSING TRIAL BALANCE
Trial Balance
Account Titles Debit Credit
Cash
Accounts Receivable
Merchandise Inventory
Office Equipment
Accumulated Depreciation-Office Equipment
Machinery
Accumulated Depreciation-Machinery
Input VAT
Accounts Payable
Utilities Payable
Govt Contributions Payable
EWT Payable
Withholding Taxes Payable
Cash Dividend Payable
Output VAT
Ordinary Share Capital
Retained Earnings
TOTALS

Bookkeeping Practice Set

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Bookkeeping Practice Set

Uploaded by

Copyright:

Available Formats

BASIC BOOKKEEPING PRACTICE SET

Account Title Debit Credit

SALES INVOICE SALES INVOICE

Description Total Description Total

Total Sales 25,000.00 Total Sales 37,500.00

Authorized Signature Authorized Signature

123 Corporation 123 Corporation

SALES INVOICE SALES INVOICE

Description Total Description Total

Total Sales 12,500.00 Total Sales 5,000.00

Authorized Signature Authorized Signature

SALES INVOICE SALES INVOICE

Description Total Description Total

Total Sales 7,500.00 Total Sales 3,750.00

Authorized Signature Authorized Signature

YYY Company HHH Company

SALES INVOICE SALES INVOICE

Description Total Description Total

Total Sales 45,000.00 Total Sales 8,125.00

Authorized Signature Authorized Signature

Delivered by: DDD Company

Total Amount 2,500.00

RECEIVING REPORT YYY Company

Delivered by: 123 Company

Total Amount 15,000.00

IN SETTLEMENT OF THE FOLLOWING 123 Corporation

IN SETTLEMENT OF THE FOLLOWING 123 Corporation

IN SETTLEMENT OF THE FOLLOWING 123 Corporation

IN SETTLEMENT OF THE FOLLOWING 123 Corporation

Pay to: LASURECO

TOTAL PAYMENT DUE 1,000.00

The sum of P one thousand pesos only

Payment Received By Payment Approved By

123 Corporation Account Ending: 1266-555-44

Pay to: MARAWI CITY WATER DISTRICT

TOTAL PAYMENT DUE 500.00

The sum of P five hundred pesos only

Payment Received By Payment Approved By

123 Corporation Account Ending: 1266-555-44

Pay to: NVM COMPANY

TOTAL PAYMENT DUE 7,000.00

The sum of P seven thousand pesos only

Payment Received By Payment Approved By

Pay to: PHILIPPINE HEALTH INSURANCE CORPORATION

The sum of P seven hundred fifty pesos only

Payment Received By Payment Approved By

123 Corporation Account Ending: 1266-555-44

Pay to: SOCIAL SECURITY SYSTEM

The sum of P two thousand two hundred fifty pesos only

Payment Received By Payment Approved By

123 Corporation Account Ending: 1266-555-44

Pay to: PAG-IBIG CORPORATION

The sum of P one thousand seven hundred fifty pesos only

Payment Received By Payment Approved By

Pay to: BUREAU OF INTERNAL REVENUE

TOTAL PAYMENT DUE 3,200.00

The sum of P three thousand two hundred pesos only

Payment Received By Payment Approved By

123 Corporation Account Ending: 1266-555-44

Pay to: XXX COMPANY

TOTAL PAYMENT DUE 8,250.00

The sum of P eight thousand two hundred fifty pesos only

Payment Received By Payment Approved By

123 Corporation Account Ending: 1266-555-44