Professional Documents
Culture Documents
April 2024 FM
April 2024 FM
Recording of Transactions
April 1. Four partners, namely A, B, C, and D, formed clothes reselling business. Each partner invested a
capital of 80,000 pesos.
April 2. Application of permits and licenses.
DTI Permit 2,000
Mayor’s Permit 2,000
Barangay Business Clearance 200
BIR Registration 500
April 3. Leased a small commercial space and renovated it. The renovation amounted to 48,000 pesos.
April 4. Bought furnitures and fixtures for the commercial space.
Purchases Qty. Cost
Aircon 1 30,000
Clothing Rack 6 2,000
Sofa 1 12,000
Chair 2 1,260
April 5. Purchased electronics.
Purchases Qty. Cost
Desktop Computer 1 21,000
Thermal Printer 1 7,200
April 6. Purchased office supplies amounting to 5,000 pesos.
April 7. Paid installation of electricity (2,500), water (1,500), and internet connection (1,000)
April 8. Purchased 120 printed shirt amounting to 26,400 pesos and 60 basic shirts amounting to 9,000
pesos. 60% was paid in cash and the remaining will be paid next month.
April 11. Sold 20 printed shirts with a selling price of 420 pesos and 10 basic shirts with a selling price of
350 pesos. Half was paid on cash and the remaining will be paid next month.
April 12. Additional investment of 25,000 pesos for each partner.
April 30. Paid electricity bill amounting to 2,000, water bill amounting to 1,000 pesos, and internet fee of
1,000 pesos.
April 30. Paid the rent amounting to 8,000 pesos.
April 30. Paid salaries for two employees amounting to 10,000 pesos each.
Adjusting Entries:
April 30. Recorded the accumulated depreciation amounting to 2,240.
Journal Entries
Adjusting Entries
Closing Entries
Sale 11,900.00
Retained Earnings 11,900.00
Retained Earnings 54,840.00
Permit & License Expense 4,700.00
Installation Fee 5,000.00
Office Supplies 5,000.00
Cost of Goods Sold 5,900.00
Utilities Expense 4,000.00
Rent Expense 8,000.00
Salaries expense 20,000.00
Depreciation Expense 2,240.00
Print & Wear PH
Balance Sheet
For the Month Ended April 30, 2024
Asset
Cash 228,290.00
Renovation 47,200.00
Furnitures & Fixtures 55,550.00
Electronics 27,730.00
Inventory 29,500.00
Accounts Receivable 5,950.00 394,220.00
Liability
Accounts Payable 14,160.00
Wages Payable 3,000.00 17,160.00
Capital
Partners Capital
A Capital 105,000.00
B Capital 105,000.00
C Capital 105,000.00
D Capital 105,000.00 420,000.00
Retained Earning (42,940.00) 377,060.00
a = l + C
394,220.00 = 17,160.00 + 377,060.00
394,220.00 = 394,220.00
Print & Wear PH
Cash Flow
For the Month Ended April 30, 2024
Beginning Cash Balance
Cash Flow from Operating Activity
Net Income/Net Loss -42,940.00
Record Depreciation 2,240.00
Inventory -29,500.00
Accounts Receivable -5,950.00
Accounts Payable 14,160.00
Wages Payable 3,000.00 -58,990.00
Cash Flow from Investing Activity
Renovation (48,000.00)
Furnitures & Fixtures (56,520.00)
Electronics (28,200.00) -132,720.00
Cash Flow from Financing Activity
A Capital 105,000.00
B Capital 105,000.00
C Capital 105,000.00
D Capital 105,000.00 420,000.00
228,290.00
May 2024
Recording of Transactions
May 2. Sold 50 printed shirts with a selling price of 420 pesos and 30 basic shirts with a selling price of
350 pesos.
May 5. Paid Wages Payable (Employee and Employer’s Share)
EE ER
SSS 800 1,630
Pagibig 200 200
Philhealth 500 -
May 6. Purchased 100 printed shirt amounting to 220 pesos each and 20 basic shirts amounting to 150
pesos each. Half was paid on cash and the remaining will be paid next month
May 7. Sold 50 printed shirts with a selling price of 420 pesos and 30 basic shirts with a selling price of
350 pesos. Half was paid on cash and the remaining will be paid next month.
May 15. Paid the balance on the last purchase from the supplier last April 8.
May 16. Bought furnitures and fixtures for the commercial space.
Purchases Qty. Cost
Clothing Rack 3 2,000
May 18. Receive the remaining payment from sales last April 11.
May 20. Sold 70 printed shirts with a selling price of 420 pesos.
May 30. Paid electricity bill amounting to 2,500, water bill amounting to 1,000 pesos, and internet fee of
1,000 pesos.
May 30. Paid the rent amounting to 8,000 pesos.
May 30. Paid salaries for two employees amounting to 10,000 pesos each.
Adjusting Entries:
May 30. Recorded the accumulated depreciation amounting to 2,340.
Journal Entries
Date Account Titles Debit Credit
02-May Cash 31,500.00
Sales 31,500.00
Cost of Goods Sold 15,500.00
Inventory 15,500.00
05-May Wages Payable 3,000.00
SSS Expense 3,260.00
Pagibig Expense 400.00
Cash 6,660.00
06-May Inventory 25,000.00
Cash 12,500.00
AP 12,500.00
07-May Cash 10,150.00
AR 10,150.00
Sales 20,300.00
Cost of Goods Sold 10,300.00
Inventory 10,300.00
15-May AP 14,160.00
Cash 14,160.00
16-May Furnitures and Fixtures 6,000.00
Cash 6,000.00
18-May Cash 4,950.00
AR 4,950.00
20-May Cash 29,400.00
Sales 29,400.00
Cost of Goods Sold 15,400.00
Inventory 15,400.00
30-May Utilities Expense 4,500.00
Cash 4,500.00
30-May Rent Expense 8,000.00
Cash 8,000.00
30-May Salaries Expense 20,000.00
Cash 17,000.00
Wages Payable 3,000.00
Adjusting Entries
Sales 81,200.00
Less: Cost of Good Sold (41,200.00)
Gross Profit 40,000.00
Less: Operating Expenses
SSS Expense 3,260.00
Pagibig Expense 400.00
Utilities Expense 4,500.00
Rent Expense 8,000.00
Salaries expense 20,000.00
Depreciation Expense 2,340.00
38,500.00
Income Before Tax 1,500.00
Less: Tax -
Net Gain 1,500.00
Closing Entries: Revenue/Expenses Account
April, 2024
Sale 81,200.00
Retained Earnings 81,200.00
Retained Earnings 79,700.00
SSS Expense 3,260.00
Pagibig Expense 400.00
Utilities Expense 4,500.00
Rent Expense 8,000.00
Salaries expense 20,000.00
Depreciation Expense 2,340.00
Cost of Good Sold 41,200.00
Asset
Cash 236,470.00
Renovation 46,400.00
Furnitures & Fixtures 60,480.00
Electronics 27,260.00
Inventory 13,300.00
Accounts Receivable 10,150.00 394,060.00
Liability
Accounts Payable 12,500.00
Wages Payable 3,000.00 15,500.00
Capital
Partners Capital
A Capital 105,000.00
B Capital 105,000.00
C Capital 105,000.00
D Capital 105,000.00 420,000.00
Retained Earning (41,440.00) 378,560.00
a = l + C
394,060.00 = 15,500 + 378,560
394,060.00 = 394,060.00
June 2024
Recording of Transactions
June 4. Sold 24 printed shirts with a selling price of 420 pesos and 20 basic shirts with a selling price of
350 pesos.
June 5. Paid Wages Payable (Employee and Employer’s Share
EE ER
SSS 800 1,630
Pagibig 200 200
Philhealth 500 -
June 6. Purchased 100 printed shirt amounting to 220 pesos each and 60 basic shirts amounting to 150
pesos each.
June 7. Sold 50 printed shirts with a selling price of 420 pesos and 30 basic shirts with a selling price of
350 pesos.
June 15. Paid the balance on the last purchase from the supplier last May 6.
June 18. Receive the remaining payment from sales last May 7.
June 19. Purchased 100 basic shirts amounting to 150 pesos each. Half was paid on cash and the
remaining will be paid next month.
June 20. Sold 70 printed shirts with a selling price of 420 pesos and 73 basic shirts with a selling price of
350 pesos.
June 30. Paid electricity bill amounting to 2,500, water bill amounting to 1,000 pesos, and internet fee of
1,000 pesos.
June 30. Paid the rent amounting to 8,000 pesos.
June 30. Paid salaries for two employees amounting to 10,000 pesos each.
Adjusting Entries:
June 30. Recorded the accumulated depreciation amounting to 2,340.
Journal Entries
Date Account Titles Debit Credit
04- June Cash 17,080.00
Sales 17,080.00
Cost of Goods Sold 8,280.00
Inventory 8,280.00
05- June Wages Payable 3,000.00
SSS Expense 3,260.00
Pagibig Expense 400.00
Cash 6,660.00
06- June Inventory 31,000.00
Cash 31,000.00
07- June Cash 17,500.00
Sales 17,500.00
Cost of Goods Sold 7,500.00
Inventory 7,500.00
15- June AP 12,500.00
Cash 12,500.00
18- June Cash 10,150.00
AR 10,150.00
19- June Inventory 15,000.00
Cash 7,500.00
AP 7,500.00
20- June Cash 54,950.00
Sales 54,950.00
Cost of Goods Sold 26,350.00
Inventory 26,350.00
30- June Utilities Expense 4,500.00
Cash 4,500.00
30- June Rent Expense 8,000.00
Cash 8,000.00
30- June Salaries Expense 20,000.00
Cash 17,000.00
Wages Payable 3,000.00
Adjusting Entries
Date Account Titles Debit Credit
30-June Accumulated Depreciation 2,340.00
Renovation 800.00
Furnitures & Fixtures 1,070.00
Electronics 470.00
Depreciation Expense 2,340.00
Accumulated Depreciation 2,340.00
Sales 89,530.00
Less: Cost of Good Sold (42,130.00)
Gross Profit 47,400.00
Less: Operating Expenses
SSS Expense 3,260.00
Pagibig Expense 400.00
Utilities Expense 4,500.00
Rent Expense 8,000.00
Salaries expense 20,000.00
Depreciation Expense 2,340.00
38,500.00
Income Before Tax 8,900.00
Less: Tax -
Net Gain 8,900.00
Closing Entries
Sale 89,530.00
Retained Earnings 89,530.00
Retained Earnings 80,630.00
SSS Expense 3,260.00
Pagibig Expense 400.00
Utilities Expense 4,500.00
Rent Expense 8,000.00
Salaries expense 20,000.00
Depreciation Expense 2,340.00
Cost of Good Sold 42,130.00
Asset
Cash 248,990.00
Renovation 45,600.00
Furnitures & Fixtures 59,410.00
Electronics 26,790.00
Inventory 17,170.00 397,960.00
Liability
Accounts Payable 7,500.00
Wages Payable 3,000.00 10,500.00
Capital
Partners Capital
A Capital 105,000.00
B Capital 105,000.00
C Capital 105,000.00
D Capital 105,000.00 420,000.00
Retained Earning (32,540.00) 387,460.00
a = l + C
397,960.00 = 10,500.00 + 387,460.00
397,960.00 = 397,960.00
July 2024
Recording of Transactions
July 4. Sold 30 printed shirts with a selling price of 420 pesos and 30 basic shirts with a selling price of
350 pesos.
July 5. Paid Wages Payable (Employee and Employer’s Share
EE ER
SSS 800 1,630
Pagibig 200 200
Philhealth 500 -
July 6. Purchased 120 printed shirt amounting to 220 pesos each and 200 basic shirts amounting to 150
pesos each. 20% will be paid next month and the remaining will be paid in cash.
July 7. Sold 95 printed shirts with a selling price of 420 pesos and 127 basic shirts with a selling price of
350 pesos.
July 15. Paid the balance on the last purchase from the supplier last June 6.
July 30. Paid electricity bill amounting to 2,500, water bill amounting to 1,000 pesos, and internet fee of
1,000 pesos.
July 30. Paid the rent amounting to 8,000 pesos.
July 30. Paid salaries for two employees amounting to 10,000 pesos each.
Adjusting Entries:
July 30. Recorded the accumulated depreciation amounting to 2,340.
Journal Entries
Sales 107,450.00
Less: Cost of Good Sold (51,050.00)
Gross Profit 56,400.00
Less: Operating Expenses
SSS Expense 3,260.00
Pagibig Expense 400.00
Utilities Expense 4,500.00
Rent Expense 8,000.00
Salaries expense 20,000.00
Depreciation Expense 2,340.00
38,500.00
Income Before Tax 17,900.00
Less: Tax -
Net Gain 17,900.00
Sale 107,450.00
Retained Earnings 107,450.00
Retained Earnings 89,550.00
SSS Expense 3,260.00
Pagibig Expense 400.00
Utilities Expense 4,500.00
Rent Expense 8,000.00
Salaries expense 20,000.00
Depreciation Expense 2,340.00
Cost of Good Sold 51,050.00
Asset
Cash 267,660.00
Renovation 44,800.00
Furnitures & Fixtures 58,340.00
Electronics 26,320.00
Inventory 22,520.00 419,640.00
Liability
Accounts Payable 11,280.00
Wages Payable 3,000.00 14,280.00
Capital
Partners Capital
A Capital 105,000.00
B Capital 105,000.00
C Capital 105,000.00
D Capital 105,000.00 420,000.00
Retained Earning (14,640.00) 405,360.00
a = l + C
419,640.00 = 14,280.00 + 405,360.00
419,640.00 = 419,640.00