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Lucky Charm Mini Mart

The document shows accounting entries for various income, expense, asset and liability accounts of Lucky Charm Mini Mart for the period ended December 31. Key figures include total sales of ₱850,000, merchandise inventory ending balance of ₱137,520, accumulated depreciation expenses of ₱5,880 and Janus capital balance of ₱449,685. Adjustments were made for inventory, bad debts, depreciation and other accounts to calculate adjusted balances for financial reporting.

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509 views10 pages

Lucky Charm Mini Mart

The document shows accounting entries for various income, expense, asset and liability accounts of Lucky Charm Mini Mart for the period ended December 31. Key figures include total sales of ₱850,000, merchandise inventory ending balance of ₱137,520, accumulated depreciation expenses of ₱5,880 and Janus capital balance of ₱449,685. Adjustments were made for inventory, bad debts, depreciation and other accounts to calculate adjusted balances for financial reporting.

Uploaded by

kimsangra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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a. Income Summary ₱ 96,500.

00
Merchandise Inventory, Beginning ₱ 96,500.00

Merchandse Inventory, Ending ₱ 137,520.00


Income Summary ₱ 137,520.00

b. Bade Debts Expense ₱ 4,162.40


Allowance for Bad Debts ₱ 4,162.40

c. Prepaid Rent ₱ 5,887.50


Rent Expense ₱ 5,887.50

d. Commission Income ₱ 3,440.00


Unearned Income ₱ 3,440.00

e. Cash on hand ₱ 2,845.00


Dividend Income ₱ 2,845.00

f. Accrued Interest Receivable ₱ 360.90


Interest Income ₱ 360.90

g. Interest Expense ₱ 225.67


Accrued Interest Payable ₱ 225.67

h. Prepaid Advertisement ₱ 3,045.00


Advertisement Expense ₱ 3,045.00

i. Depreciation Expense ₱ 3,000.00


Accumulated Depreciation —Equipment ₱ 3,000.00

j. Depreciation Expense ₱ 2,880.00


Accumulated Depreciation—Building ₱ 2,880.00
CASH ON HAND CASH IN BANK
₱ 12,640.00 ₱ 23,750.00
₱ 2,845.00
₱ 15,485.00

ALLOWANCE FOR BAD DEBTS NOTES RECEIVABLE


₱ 3,920.00 ₱ 18,000.00
₱ 4,162.40
₱ 8,082.40

PREPAID INSURANCE EQUIPMENT


₱ 6,400.00 ₱ 42,000.00

ACCUMULATED DEPRECIATION-BLDG. ACCOUNTS PAYABLE


₱ 14,400.00 ₱ 36,200.00
₱ 2,880.00
₱ 17,280.00

JANUS, CAPITAL JANUS, DRAWING


₱ 449,685.00 ₱ 14,750.00

SALES DISCOUNTS PURCHASES


₱ 3,950.00 ₱ 587,495.00

FREIGHT-IN INTEREST INCOME


₱ 13,250.00 ₱ 3,200.00
₱ 360.90
₱ 3,560.90

RENT EXPENSE REPAIRS AND MAINTENANCE


₱ 15,700.00 ₱ 5,887.50 ₱ 6,300.00
₱ 9,812.50

ADVERTISING EXPENSE MISCELLANEOUS EXPENSE


₱ 4,060.00 ₱ 3,045.00 ₱ 6,475.00
₱ 1,015.00

MERCHANDISE INVENTORY, END BAD DEBTS EXPENSE


₱ 137,520.00 ₱ 4,162.40

DIVIDEND INCOME ACCRUED INTEREST RECEIVABLE


₱ 2,845.00 ₱ 360.90

DEPRECIATION EXPENSE
₱ 3,000.00
₱ 2,880.00
₱ 5,880.00
MARKETABLE SECURITIES ACCOUNTS RECEIVABLE
₱ 15,000.00 ₱ 458,000.00

MERCHANDISE INVENTORY, BEG. UNUSED SUPPLIES


₱ 96,500.00 ₱ 96,500.00 ₱ 7,980.00
₱ -

ACCUMULATED DEPRECIATION-EQUIP'T. BUILDING


₱ 8,750.00 ₱ 75,000.00
₱ 3,000.00
₱ 11,750.00

NOTES PAYABLE BANK LOAN-PNB


₱ 16,300.00 ₱ 35,000.00

SALES SALES RETURNS & ALLOWANCES


₱ 850,000.00 ₱ 13,570.00

PURCHASE RETURNS & ALLOWANCES PURCHASE DISCOUNTS


₱ 23,625.00 ₱ 14,980.00

COMMISISION INCOME TAXES AND LICENSES


₱ 3,440.00 ₱ 6,450.00 ₱ 12,450.00
₱ 3,010.00

INTEREST EXPENSE LIGHT AND WATER


₱ 4,950.00 ₱ 5,690.00
₱ 225.67
₱ 5,175.67

SALARIES AND WAGES INCOME SUMMARY


₱ 18,600.00 ₱ 96,500.00 ₱ 137,520.00
PREPAID RENT UNEARNED COMMISSION INCOME
₱ 5,887.50 ₱ 3,440.00

ACCRUED INTEREST PAYABLE PREPAID ADVERTISEMENT


₱ 225.67 ₱ 3,045.00
LUCKY CHARM MINI MART
WORKSHEET
FOR THE PERIOD ENDED DECEMBER 31, XXXX
UNADJUSTED TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT SCOE BALANCE SHEET
ACCOUNT TITLES
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
Cash on Hand ₱ 12,640.00 ₱ 2,845.00 ₱ 15,485.00 ₱ 15,485.00
Cash in Bank ₱ 23,750.00 ₱ 23,750.00 ₱ 23,750.00
Marketable Securities ₱ 15,000.00 ₱ 15,000.00 ₱ 15,000.00
Accounts Receivable ₱ 458,000.00 ₱ 458,000.00 ₱ 458,000.00
Allowance for Bad Debts ₱ 3,920.00 ₱ 4,162.40 ₱ 8,082.40 ₱ 8,082.40
Notes Receivable ₱ 18,000.00 ₱ 18,000.00 ₱ 18,000.00
Merchandise Inventory ₱ 96,500.00 ₱ 137,520.00 ₱ 96,500.00 ₱ 137,520.00 ₱ 137,520.00
Unused Supplies ₱ 7,980.00 ₱ 7,980.00 ₱ 7,980.00
Prepaid Insurance ₱ 6,400.00 ₱ 6,400.00 ₱ 6,400.00
Equipment ₱ 42,000.00 ₱ 42,000.00 ₱ 42,000.00
Accumulated Depreciation-Equipment ₱ 8,750.00 ₱ 3,000.00 ₱ 11,750.00 ₱ 11,750.00
Building ₱ 75,000.00 ₱ 75,000.00 ₱ 75,000.00
Accumulated Depreciation-Building ₱ 14,400.00 ₱ 2,880.00 ₱ 17,280.00 ₱ 17,280.00
Accounts Payable ₱ 36,200.00 ₱ 36,200.00 ₱ 36,200.00
Notes Payable ₱ 16,300.00 ₱ 16,300.00 ₱ 16,300.00
Bank Loan-PNB ₱ 35,000.00 ₱ 35,000.00 ₱ 35,000.00
Janus, Capital,Beginning ₱ 449,685.00 ₱ 449,685.00 ₱ 449,685.00
Janus,Drawing ₱ 14,750.00 ₱ 14,750.00 ₱ 14,750.00
Sales ₱ 850,000.00 ₱ 850,000.00 ₱ 850,000.00
Sales Returns & Allowances ₱ 13,570.00 ₱ 13,570.00 ₱ 13,570.00
Sales Discounts ₱ 3,950.00 ₱ 3,950.00 ₱ 3,950.00
Purchases ₱ 587,495.00 ₱ 587,495.00
Purchase Returns & Allowances ₱ 23,625.00 ₱ 23,625.00
Purchase Discounts ₱ 14,980.00 ₱ 14,980.00
Freight-in ₱ 13,250.00 ₱ 13,250.00
Interest Income ₱ 3,200.00 ₱ 360.90 ₱ 3,560.90 ₱ 3,560.90
Commission Income ₱ 6,450.00 ₱ 3,440.00 ₱ 3,010.00 ₱ 3,010.00
Taxes and Licenses ₱ 12,450.00 ₱ 12,450.00 ₱ 12,450.00
Rent Expense ₱ 15,700.00 ₱ 5,887.50 ₱ 9,812.50 ₱ 9,812.50
Repairs and Maintenance ₱ 6,300.00 ₱ 6,300.00 ₱ 6,300.00
Interest Expense ₱ 4,950.00 ₱ 225.67 ₱ 5,175.67 ₱ 5,175.67
Light and Water ₱ 5,690.00 ₱ 5,690.00 ₱ 5,690.00
Advertising Expense ₱ 4,060.00 ₱ 3,045.00 ₱ 1,015.00 ₱ 1,015.00
Miscellaneous Expense ₱ 6,475.00 ₱ 6,475.00 ₱ 6,475.00
Salaries and Wages ₱ 18,600.00 ₱ 18,600.00 ₱ 18,600.00
TOTAL ₱ 1,462,510.00 ₱ 1,462,510.00
Income Summary ₱ 96,500.00 ₱ 137,520.00 ₱ 96,500.00 ₱ 137,520.00
Bad Debts Expense ₱ 4,162.40 ₱ 4,162.40 ₱ 4,162.40
Prepaid Rent ₱ 5,887.50 ₱ 5,887.50 ₱ 5,887.50
Unearned Income ₱ 3,440.00 ₱ 3,440.00 ₱ 3,440.00
Dividend Income ₱ 2,845.00 ₱ 2,845.00 ₱ 2,845.00
Accrued Interest Receivable ₱ 360.90 ₱ 360.90 ₱ 360.90
Accrued Interest Payable ₱ 225.67 ₱ 225.67 ₱ 225.67
Prepaid Advertisement ₱ 3,045.00 ₱ 3,045.00 ₱ 3,045.00
Depreciation expense ₱ 5,880.00 ₱ 5,880.00 ₱ 5,880.00
TOTAL ₱ 259,866.47 ₱ 259,866.47 ₱ 1,613,503.97 ₱ 1,613,503.97
Cost of Goods Sold ₱ 521,120.00
₱ 614,200.57 ₱ 859,415.90
Net Income ₱ 245,215.33 ₱ 245,215.33
₱ 859,415.90 ₱ 859,415.90 ₱ 14,750.00 ₱ 694,900.33
Janus, Capital,Ending ₱ 680,150.33 ₱ 680,150.33
₱ 694,900.33 ₱ 694,900.33 ₱ 808,428.40 ₱ 808,428.40
LUCKY CHARM MINI MART
COST OF GOODS SOLD
FOR THE PERIOD ENDED DECEMBER 31, XXXX

Beginning Merchandise Inventory ₱ 96,500.00


Add: Purchases ₱ 587,495.00
Less: Purchase Discounts ₱ 14,980.00
Purchase Returns and Allowances ₱ 23,625.00 ₱ 38,605.00 ₱ 548,890.00
Add: Freight-in ₱ 13,250.00
Total Goods Available for Sale ₱ 658,640.00
Less: Ending Merchandise Inventory ₱ 137,520.00
Cost of Goods Sold ₱ 521,120.00
LUCKY CHARM MINI MART
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE PERIOD ENDED DECEMBER 31, XXXX

Gross Sales ₱ 850,000.00


Less: Sales Discounts ₱ 3,950.00
Sales Returns and Allowances ₱ 13,570.00 ₱ 17,520.00
Net Sales ₱ 832,480.00
Less: Cost of Goods Sold ₱ 521,120.00
Gross Profit ₱ 311,360.00
Add: Interest Income ₱ 3,560.90
Commission Income ₱ 3,010.00
Dividend Income ₱ 2,845.00 ₱ 9,415.90
TOTAL INCOME ₱ 320,775.90
Less: Taxes and Licenses ₱ 12,450.00
Rent Expense ₱ 9,812.50
Repairs and Maintenance ₱ 6,300.00
Interest Expense ₱ 5,175.67
Light and Water ₱ 5,690.00
Advertising Expense ₱ 1,015.00
Miscellaneous Expense ₱ 6,475.00
Salaries and Wages ₱ 18,600.00
Bad Debts Expense ₱ 4,162.40
Depreciation expense ₱ 5,880.00 ₱ 75,560.57
NET INCOME ₱ 245,215.33
LUCKY CHARM MINI MART
STATEMENT OF CHANGES IN OWNER'S EQUITY
FOR THE PERIOD ENDED DECEMBER 31, XXXX

Janus, Capital, Beginning ₱ 449,685.00


Add: Net Income ₱ 245,215.33
Total ₱ 694,900.33
Less: Janus, Drawing ₱ 14,750.00
Janus, Capital, Ending ₱ 680,150.33
LUCKY CHARM MINI MART
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, XXXX

Current Assets
Cash on Hand ₱ 15,485.00
Cash in Bank ₱ 23,750.00
Marketable Securities ₱ 15,000.00
Accounts Receivable ₱ 458,000.00
Allowance for Bad Debts ₱ 8,082.40 ₱ 449,917.60
Notes Receivable ₱ 18,000.00
Merchandise Inventory ₱ 137,520.00
Unused Supplies ₱ 7,980.00
Prepaid Insurance ₱ 6,400.00
Prepaid Rent ₱ 5,887.50
Prepaid Advertisement ₱ 3,045.00
Accrued Interest Receivable ₱ 360.90
TOTAL CURRENT ASSETS ₱ 683,346.00

Non Current Assets


Equipment ₱ 42,000.00
Accumulated Depreciation-Equipment ₱ 11,750.00 ₱ 30,250.00
Building ₱ 75,000.00
Accumulated Depreciation-Building ₱ 17,280.00 ₱ 57,720.00
TOTAL NON CURRENT ASSETS ₱ 87,970.00
TOTAL ASSETS ₱ 771,316.00

Current Liabilities
Accounts Payable ₱ 36,200.00
Notes Payable ₱ 16,300.00
Bank Loan-PNB ₱ 35,000.00
Accrued Interest Payable ₱ 225.67
Unearned Income ₱ 3,440.00
TOTAL CURRENT LIABILITIES ₱ 91,165.67

Non Current Liabilities ₱ -


TOTAL LIABILITIES ₱ 91,165.67
Janus, Capital, Ending ₱ 680,150.33
TOTAL LIABILITIES AND CAPITAL ₱ 771,316.00

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