1.

INCOME STATEMENT:
KENPACHI GENERAL REPAIRS AND OTHER SERVICES
Income Statement
for the year ended December 31, 2020
(in Philippine Peso)

Service Revenue 1,076,000

Less: Miscellaneous Expense 4,500

Utilities Expense 6,000
Rent Expense 12,000
Doubtful Accounts Expense 8,500
Depreciation Expense 49,000
Supplies Expense 4,000 84,000

NET INCOME 992,000

2. STATEMENT IN CHANGES IN EQUITY:

KENPACHI GENERAL REPAIRS AND OTHER SERVICES
Income Statement
for the year ended December 31, 2020
(in Philippine Peso)

Kenpachi, Capital (beginning) 971,500

Add: Net Income 992,000

Kenpachi, Capital (ending) 1,963,500

3. STATEMENT OF FINANCIAL POSITION:
KENPACHI GENERAL REPAIRS AND OTHER SERVICES
Income Statement
as of December 31, 2020
(in Philippine Peso)

Assets

Cash 2,150,000
Accounts Receivable 70,000
Allowance for Doubtful Accounts (8,500)
Office Supplies 3,000
Prepaid Rent 36,000
Total Current Assets 2,250,000

Machinery and Equipment 310,000

Accumulated Depreciation – Machinery 31,000 279,000
and Equipment
Furniture and Fixtures 180,000
Accumulated Depreciation – Furniture 18,000 162,000
and Fixtures
Total Non-current Assets 441,000

TOTAL ASSETS 2,691,000

Liabilities
Accounts Payable 28,000
Notes Payable 700,000
Total Liabilities 728,000

Equity/Capital
Kenpachi, Capital 1,963,500

TOTAL LIABILITIES & CAPITAL 2,691,500

4. CLOSING ENTRIES:
Service Revenue 1,076,000
Income and Expense Summary 1,076,000

Income and Expense Summary 84,000

Miscellaneous Expense 4,500
Utilities Expense 6,000
Rent Expense 12,000
Doubtful Accounts Expense 8,500
Depreciation Expense 49,000
Supplies Expense 4,000

Income and Expense Summary 992,000

Kenpachi, Capital 992,000

5. POST-CLOSING TRIAL BALANCE:

KENPACHI GENERAL REPAIRS AND OTHER SERVICES
Post-closing Trial Balance
December 31, 2020

Particulars Debit Credit

Cash 2,150,000
Accounts Receivable 70,000
Allowance for Doubtful Accounts 8,500
Office Supplies 3,000
Prepaid Rent 36,000
Machinery and Equipment 310,000
Accumulated Depreciation – Machinery and 31,000
Equipment
Furniture and Fixtures 180,000
Accumulated Depreciation – Furniture and Fixture 18,000
Accounts Payable 28,000
Notes Payable 700,000
Kenpachi, Capital 1,963,500
2,749,000 2,749,000