Chart of Accounts

Acct. Number ASSETS

111 Cash
112 Petty Cash Fund
113 Accounts Receivable
114 Allowance for Bad Debts
115 Merchandise Inventory
116 Office Supplies
117 Prepaid Rent
118 Input Tax
120 Furnitures & Fixtures
121 Accum Deprn - Furn & Fixtures
122 Store Equipment
123 Accum Deprn - Store Equipment

LIABILITIES
200 Accounts Payable
201 Output Tax
202 VAT Payable
203 SSS Premium Payable
204 PhilHealth Premium Payable
205 Pag-ibig Premium Payable
206 Withholding Tax Payable

CAPITAL
300 JoyJean, Capital
301 JoyJean, Withdrawals
302 Income & Expense Summary

INCOME
400 Sales
401 Sales Discounts
402 Sales Returns & Allowances

COST
500 Purchases
501 Purchase Discounts
502 Purchase Returns & Allowances
503 Freight In/Transportation In

EXPENSES
504 Bad Debts
506 Depreciation Expense
507 Salaries & Wages
508 Taxes & Licenses
509 Freight Out
510 Utilities Expense
511 Supplies Used
512 Rent Expense
513 SSS Contribution
514 Philhealth Contribution
515 Pag-ibig Contribution
520 Miscellaneous Expense
 New Negros Enterprise
Post Closing Trial Balance
December 31,2016

Account Number Account Title Debit Credit

111 Cash in Bank PHP 214,000
112 Petty Cash Fund 1,000
113 Accounts Receivable 50,000
114 Allowance for Bad Debts PHP 4,000
115 Merchandise Inventory 180,000
116 Office Supplies 11,000
117 Prepaid Rent 20,000
120 Furnitures & Fixtures 230,000
121 Accum Deprn - Furn & Fixt 45,000
122 Store Equipment 160,000
123 Accum Deprn - Store Equipt 8,000
200 Accounts Payable 111,000
202 VAT Payable 21,000
203 SSS Premium Payable 3,242
204 Philhealth Premium Payable 900
205 Pag-ibig Premium Payable 1,000
206 Withholding Tax Payable 2,500
300 JoyJean, Capital _________ 669,358
Total PHP 866,000 PHP 866,000

Schedule of Accounts Receivable

Billy Company 25,000
Gale Company 10,000
Joy Enterprise 15,000
Total 50,000

Schedule of Accounts Payable

Agnes Corporation 76,000
Terry Company 35,000
Total 111,000
 NARRATIVE TRANSACTIONS DURING THE MONTH OF JANUARY 2017

3 Jan Issued check No. 5361 to City Govt. in payment of business permit and license amounting P14,850. This is covered by
Check Voucher No. 001.

6 Purchased merchandise on account from the following suppliers :

Supplier Term Charge Invoice #
Terry Company 10/15. 3610
Agnes Corp. n/30 1923
Total

8 Sold merchandise on account to the following customers :

Customer Term Charge Invoice #
Joy Enterprise 10/15, n/30 942
Gale Company n/30 943
Billy Company n/30 944
Total

9 Issued Check No. 5362 to MV Express in payment of freight and handling as per bill of lading in the amount of P3,45
This is covered by Check Voucher No. 002
Freight on shipment to customers
Freight on shipment from customers
Total

10 Issued Check No. 5363 payable to Social Security System (SSS) for the remittance of SSS
premium contribution for the month of December 2016. This is covered by Check Voucher No. 003.

10 Issued Check No. 5364 payable to Philhealth Insurance Corp. in the amount of
for the contribution for the month of December 2016. This is covered by Check Voucher No. 004.

10 Issued Check No. 5365 payable to Home Devt. Mutual Fund, for the remittance of Pag-ibig premium contribution for
the month of December 2016 covered by Check Voucher No. 005.

10 Issued Check No. 5366 payable to Bureau of Internal Revenue for the remittance of tax withheld from the
employees' salaries for the month of December 2016. This is covered by Check Voucher No. 006.

12 Issued credit memo No. 5 to Billy Company for returning the goods brought from us on account last January 8 amoun
including 12% VAT.

14 Issued debit memo No. 3 to Agnes Corp. for merchandise we brought on account last January 6 in the amount of
including 12% VAT.

16 Sold merchandise in cash to the following customers :

Customers Cash Invoice #
Kristy Mart 757
 Dudz Commercial 758

17 Issued Check No. 5367 and 5368 in the amount of P100,800 and P44,800, respectively for
merchandise purchased in cash. The payment are covered by CV#007 & CV#008.
Supplier Cash Invoice #
Tonton Superstore 5014
James Merchandising 9632

19 Received cash refund amounting P2,240 (including VAT) from Tonton Superstore for shipping
defective merchandise. The company issued Official Receipt No. 092 for the said refund.

20 Issued check No. 5369 to Joyjean, representing her withdrawals for P10,000 per CV#009.

20 Issued check No. 5370 to Terry Company (Supplier) in payment of purchases last Jan. 6, net of
discount availed and 12% VAT. This is covered by CV#010.

21 Issued Official Receipt No.093 to Joy Enterprise in the amount of P representing collection,
net if discount on sales last Jan.8.

24 Issued check No. 5371 to BIR in the total amount of P23,500 for payment of VAT payable and
Withholding tax payable. This is covered by CV#011.

27 Issued the following checks for the payment of utility bills :

Payee Check #
CENECO 5372
BACIWA 5373
PLDT 5374

30 Issued check No. 5375 in the amount of P27,283 for net payment of payroll. The check is made in
the name of the Cashier as per CV#015, as follows.
Gross Salaries (Office P17,000 & Marketing P15,000)
Less : Withholding Tax
SSS Premium Contribution
Philhealth Premium Contribution
Pag-ibig Premium Contribution
Net Pay

Additional Data for Adjustments :

a.) VAT during the month has to be closed and VAT payable is to be set up. The VAT will be remitted to the BIR on the 10
b.) Provision for bad debts is estimated at 2% of net sales.
c.) Prepaid rent at the end of January of the year is P15,000.
d.) Depreciation of Furniture and Fixtures of P3,800 and Store Equipment of P2,500 during the month were not recorded.
e.) Supplies inventory at the end of January is estimated at P8,000.
f.) Employer share in the payroll is to be recorded as follow:
SSS & EC Premium 1,975
Phil-Health Prem 450
Pag-ibig Prem Cont 500
Total 2,925
g.) Merchandise Inventory ending is estimated at P253,000.
h.) Acquisition of add'l Store Equipment on account P80,000 was not recorded. Jenny Trading Corp. issued supplier invo
No. 1065, dated January 30, FOB shipping point, term n/30.
i) Total cash salesof P134,000 including 12% VAT were not recorded.
j) Collection of accounts receivable of P5,400 was recorded as credit accounts payable, P4,500.
IMPORTANT NOTE: For purpose of illustrating the complete acctg cycle, the month of January as given in the
illustrations above is presumed to be the last month of the current year.
ng P14,850. This is covered by

Cost VAT Amount

120,000 14,400 134,400
18,000 2,160 20,160
138,000 16,560 154,560

Amount VAT Amount

80,000 9,600 89,600
35,000 4,200 39,200
40,000 4,800 44,800
155,000 18,600 173,600

ading in the amount of P3,450.

2,450
1,000
3,450

P3,242

P900

big premium contribution for

P1,000

withheld from the

P2,500

account last January 8 amounting

P3,360

uary 6 in the amount of

P1,120

Amount VAT Total

90,000 10,800 100,800
 25,000 3,000 28,000
115,000 13,800 128,800

Amount VAT Total

90,000 10,800 100,800
40,000 4,800 44,800
130,000 15,600 145,600

CRJ

Item CV# Amount

Electricity 012 1,400
Water 013 1,300
Telephone 014 2,100

32,000
2,500
1,267
450
500 4,717
27,283

remitted to the BIR on the 10th day of the following month.

the month were not recorded.

ng Corp. issued supplier invoice

January as given in the

New Negros Enterprise
Purchase Journal
January 1-31,2018

Credit Debit
Date Cash Invoice # Customer Name PR Accounts Payable Purchases Input Tax
6-Jan 3610 Terry Company 134,400 120,000 14,400
1923 Agnes Corp. 20,160 18,000 2,160

154,560 138,000 16,560

Input Tax
New Negros Enterprise
Sales Journal
January 1-31, 2018

Debit Credit
Date Cash Invoice # Customer Name PR Accounts Receivable Output Tax
8-Jan 942 Joy Enterprise 89,600 9,600
943 Gale Company 39,200 4,200
944 Billy Company 44,800 4,800

173,600 18,600
Sales
80,000
35,000
40,000

155,000
Name : Eloim Lumauag
CASH DISBURSEMENT JOURNAL
January 1-31,2018

Credit
Check Cash to
Date Payee Explanation Voucher Check # Bank Purchases
3-Jan Bacolod City Govt. Business permit 001 5361 14,850
9 MV Express Freight & handling 002 5362 3,450

10 SSS Prem. Contribution 003 5363 3,242

10 Philhealth Prem. Contribution 004 5364 900
10 Pag-ibig Prem. Contribution 005 5365 1,000
10 BIR Withholding Tax 006 5366 2,500
17 Tonton Superstore Purchases 007 5367 100,800 90,000
17 James Merchandising Purchases 008 5368 44,800 40,000
20 Joyjean Withdrawals 009 5369 10,000
20 Terry Company Payments 010 5370 120,960
24 BIR Payments 011 5371 23,500

27 CENECO Electricity Bill 012 5372 1,400

27 BACIWA Water Bill 013 5373 1,300
27 PLDT Telephone Bill 014 5374 2,100
30 Cashier Payroll 015 5375 27,283

358,085 130,000
111 500
 Debit
VAT Accounts SUNDRIES
Input Tax Payable Account Title PR Debit Credit
Taxes & Licenses 14,850
Freight in/ Transportation In 1,000
Freight Out 2,450
SSS Premium Payable 3,242
Philhealth Prem. Payable 900
Pag-ibig Prem. Payable 1,000
Withholding Tax Payable 2,500
10,800
4,800
Joyjean, Withdrawals 10,000
-1,440 134,400 Purchase Discounts 12,000
VAT Payable 21,000
Withholding Tax Payable 2,500
Utilities Expense 1,400
Utilities Expense 1,300
Utilities Expense 2,100
Salaries & Wages 32,000
Withholding Tax Payable -2,500
SSS Premium Contribution -1,267
Philhealth Premium Contribution -450
Pag-ibig Premium Contribution -500

14,160 134,400 91,525 12,000

118 200 Ö Ö`
New Negros Enterprise
Cash Receipts Journal
January 1-31,2018

Credit Debit
Date Customer OR # Output Tax Sales Cash in Bank
16-jan Kristy Mart 757 10,800 90,000 100,800
Dudz Commercial 758 3,000 25,000 28,000
Jan-19 Tonton Superstore 092 2,240

21-Jan Joy Enterprise 093 80,640

13,800 115,000 211,680

 SUNDRIES
Account Title PR Debit Credit

Purchase Discounts and Allowances 2,000

Input Tax 240
Account Receivable 89,600
New Negros Enterprise
General Journal
Jan. 1-31,2017

Date Account Title Debit Credit

12 No entry

14 No entry

21 Cash 81,600
Sales Discount 8,000
Accounts Receivable 89,600
Account Title :Cash in Bank Account Number 111
Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP 214,000
Jan 31 Disbursements CDJ-1 358,085
31 Total Receipts CRJ-1 211,680
67,595

Account Title :Petty Cash Fund Account Number 112

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP 1,000

PHP 1,000

Account Title :Accounts Receivable Account Number 113

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP 50,000
Jan 21 Collection CRJ-1 89,600
31 Sales SJ-1 173,600
PHP 134,000

Account Title :Allowance for Bad Debts Account Number 114

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP 4,000
Jan 31 Adjustments AJE

PHP 4,000

Account Title :Merchandise Inventory Account Number 115

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 180,000
Account Title :Office Supplies Account Number 116
Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP 11,000

Account Title :Prepaid Rent Account Number 117

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP 20,000

Account Title :Input Tax Account Number 118

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP -

Jan 31 Sales Return CRJ-1 240

31 Payment CDJ-1 14,160
31 Purchaes PJ-1 16,560
30,480
31 Adjustments AJE-1 30,480
0

Account Title :Furnitures & Fixtures Account Number 120

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP 230,000

Account Title :Accum Deprn - Furn & Fixt Account Number 121
 Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP 45,000

Account Title :Store Equipment Account Number 122

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 160,000

Account Title :Accum Deprn -Store Equipment Account Number 123

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 8,000

Account Title :Accounts Payable Account Number 200

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance PHP 111,000
Jan
31 Disbursements CDJ-1 134,400
31 Purchases PJ-2 154,560
131,160

Account Title :Output Tax Account Number 201

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0

31 Sales SJ-1 17,640

31 Sales CRJ-1 13,800

31,440
Account Title :VAT Payable Account Number 202
Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 21,000
Jan 24 Payments CDJ-1 21,000

Account Title :SSS Premium Payable Account Number 203

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 3,242
Jan 10 Prem. Contribution CDJ-1 3,242
31 1,267

1,267

Account Title :PhilHealth Premium Payable Account Number 204

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 900
Jan 10 Prem. Contribution 900
450

450

Account Title :Pag-ibig Premium Payable Account Number 205

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 1000
Jan 10 Prem. Contribution 1,000
500

500

Account Title :Withholding Tax Payable Account Number 206

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 10 BIR Withholding TaxCDJ-1 2,500
24 Payments CDJ-1 2,500
30 Payroll CDJ-1 -2,500
2,500
Account Title :JoyJean, Capital Account Number 300
Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 669,358

Account Title :JoyJean, Withdrawals Account Number 301

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 20 Cash Withdrawal 10,000
10,000

Account Title :Income & Expense Summary Account Number 302

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0

Account Title :Sales Account Number 400

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 8 Sales SJ-1 155,000
31 Total Sales CRJ-1 115,000
270,000

Account Title :Sales Discounts Account Number 401

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 21 GJ-1 8,000
8,000
Account Title :Sales Returns & Allowances Account Number 402
Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 12 Cash Refund GJ-1 0
0

Account Title :Purchases Account Number 500

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
6 Purchases PJ-1 138,000
17 Purchases CDJ-1 130,000
268,000

Account Title :Purchase Discounts Account Number 501

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
31 Disbursements CDJ-1 12,000
12,000

Account Title :Purchase Returns & Allowances Account Number 502

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 14 Purchase Returns GJ-1 0
19 Sales Returns CRJ-1 2,000
2,000

Account Title :Freight In/Transportation In Account Number 503

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 9 Freight & handling 1,000
1,000

Account Title :Bad Debts Account Number 504

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0

Account Title :Depreciation Expense Account Number 506

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0

Account Title :Salaries & Wages Account Number 507

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 30 Payroll 32,000
32,000

Account Title :Taxes & Licenses Account Number 508

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 3 Business permit 14,850
14,850

Account Title :Freight Out Account Number 509

 Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 9 Freight & handling 2,450
2,450

Account Title :Utilities Expense Account Number 510

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 27 Electricity Bill 1,400
27 Water Bill 1,300
27 Telephone Bill 2,100
4,800

Account Title :Supplies Used Account Number 511

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0

Account Title :Rent Expense Account Number 512

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0

Account Title :SSS Contribution Account Number 513

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 30 Payroll -1,267
Account Title :Philhealth Contribution Account Number 514
Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 30 Payroll -450

Account Title :Pag-ibig Contribution Account Number 515

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
Jan 30 Payroll -500

Account Title :Miscellaneous Expense Account Number 520

Date Item/Explanation PR Debit Credit Balance
Dec 31 Beginning balance 0
 New Negros Enterprise
Trial Balance
As of December 31,2017

Account Number Account Title Debit Credit

111 Cash in Bank PHP 67,595
112 Petty Cash Fund 1,000
113 Accounts Receivable 134,000
114 Allowance for Bad Debts 4000
115 Merchandise Inventory 180,000
116 Office Supplies 11,000
117 Prepaid Rent 20,000
118 Input Tax 30,480
120 Furnitures & Fixtures 230000
121 Accum Deprn - Furn & Fixtures 45000
122 Store Equipment 160,000
123 Accum Deprn - Store Equipment 8,000
200 Accounts Payable 131,160
201 Output Tax 31,440
202 VAT Payable 0
203 SSS Premium Payable 1,267
204 PhilHealth Premium Payable 450
205 Pag-ibig Premium Payable 500
206 Withholding Tax Payable 2,500
300 JoyJean, Capital 669,358
301 JoyJean, Withdrawals 10,000
302 Income & Expense Summary 0
400 Sales 270,000
401 Sales Discounts 8000
402 Sales Returns & Allowances 0
500 Purchases 268,000
501 Purchase Discounts 12000
502 Purchase Returns & Allowances 2,000
503 Freight In/Transportation In 1,000
504 Bad Debts 0
506 Depreciation Expense 0
507 Salaries & Wages 32,000
508 Taxes & Licenses 14,850
509 Freight Out 2,450
510 Utilities Expense 4,800
513 SSS Contribution 0
514 Philhealth Contribution 0
515 Pag-ibig Contribution 0
Total PHP 1,175,175 1,177,675
2,500
 New Negros Enterprise
Adjusting Journal Entries
31-Jan-18

Account Title Debit Credit

a) Output Tax 31,440
Input tax 30,480
VAT Payable 960

b) Bad Debts 1,161

Allowance for Bad Debts 1,161

c) Rent Expense 5,000

Prepaid Rent 5,000

d1) Depreciation Expense 3,800

Accum. Depr'n - Furn. & Fixtures 3,800

d2) Depreciation Expense 2,500

Accum. Depr'n - Store Equipment 2,500

e) Supplies Used 3,000

Office Supplies 3,000

f) SSS & EC Contribution 1,975

PH Contribution 450
Pag-ibig 500
SSS & EC Payable 1,975
PH Premium Payable 450
Pag-ibig Premium Payable 500

g1) Merchandise Inventory (END) 253,000

Income and Expense Summary 253,000

g2) Income Summary 180,000

Merchandise Inventory (BEG) 180,000

h) Store Equipment 80,000

Accounts Payable 80,000

i) Cash 134,000
Output tax 16,128
Sales 117,872
j) Accounts Payable 4,500
Cash 900
Accounts Receivable 5,400

702,226 702,226
`
269,226
 TRIAL BALANCE ADJUSTMENTS
Account NAccount Title Debit Credit Debit
111 Cash in Bank PHP 67,595 i/j 134,900
112 Petty Cash Fund 1,000
113 Accounts Receivable 134,000 j.
114 Allowance for Bad Debts 4000 b.
115 Merchandise Inventory 180,000
116 Office Supplies 11,000 e.
117 Prepaid Rent 20,000 c.
118 Input Tax 30,480 a.
120 Furnitures & Fixtures 230,000
121 Accum Deprn - Furn & Fixtures 45000 c.
122 Store Equipment 160,000 h. 80,000
123 Accum Deprn - Store Equipment 8,000 d.
200 Accounts Payable 131,160 j. 4,500 h.
201 Output Tax 31,440 a. 31,440 i.
202 VAT Payable 0 a.
203 SSS Premium Payable 1,267 f.
204 PhilHealth Premium Payable 450 f.
205 Pag-ibig Premium Payable 500 f.
206 Withholding Tax Payable 0
300 JoyJean, Capital 669,358
301 JoyJean, Withdrawals 10,000
302 Income & Expense Summary 0
400 Sales 270,000 i.
401 Sales Discounts 8000
402 Sales Returns & Allowances 0
500 Purchases 268,000
501 Purchase Discounts 12000
502 Purchase Returns & Allowances 2,000
503 Freight In/Transportation In 1,000
504 Bad Debts 0 b. 1,161
506 Depreciation Expense 0 c/d 6,300
507 Salaries & Wages 32,000
508 Taxes & Licenses 14,850
509 Freight Out 2,450
510 Utilities Expense 4,800
511 Supplies Used 0 e. 3,000
512 Rent Expense 0 c. 5,000
513 SSS Contribution f. 1,975
514 Philhealth Contribution f. 450
515 Pag-ibig Contribution f. 500
Total PHP 1,175,175 1,175,175 269,226
Net Income -
 New Negros Enterprise
WORKSHEET
Jan. 31,2017

JUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT

Credit Debit Credit Debit Credit
PHP 202,495
1,000
5,400 128,600
1,161 5,161
180,000 180,000 253,000
3,000 8,000
5,000 15,000
30,480 0
230,000
3,800 48,800
240,000
2,500 10,500
80,000 206,660
16,128 16,128
960 960
1,975 3,242
450 900
500 1,000
0
669,358
10,000
0
117,872 387,872 387,872
8000 8000
0 0
268,000 268,000
12000 12000
2,000 2,000
1,000 1,000
1,161 1,161
6,300 6,300
32,000 32,000
14,850 14,850
2,450 2,450
4,800 4,800
3,000 3,000
5,000 5,000
1,975 1,975
450 450
 500 500
269,226 1364581 1364581 529,486
125,386
654,872 654,872
BALANCE SHEET
Debit Credit
PHP 202,495
1,000
128,600
5,161
253,000
8,000
15,000
0
230,000
48,800
240,000
10,500
206,660
16,128
960
3,242
900
1,000
0
784,744

0
PHP 1,078,095 1078095
 New Negros Enterprise
Statement of Comprehensive Income
For the month ended January 31,2017

Gross Sales 387,872

less : Sales Discounts -8000
Sales Returns & Allowances 0 -8000
Net Sales 379,872

Merchandise Inventory, BEG 180,000

add : Purchases 268,000
less : Purchase Discounts -12000
Purchase Returns & Allowances -2,000
Net Purchases 254,000
Freight In/Transportation In 1,000
Total Goods Available for Sale 435,000
less : Merchandise Inventory. END -253,000
COST OF GOODS SOLD: 182,000
Gross Profit 197,872
Salaries & Wages 32,000
Taxes & Licenses 14,850
Depreciation Expense 6,300
Rent Expense 5,000
Utilities Expense 4,800
Supplies Used 3,000
Freight Out 2,450
Bad Debts 1,161
SSS Contribution 1,975
Pag-ibig Contribution 500
Philhealth Contribution 450
TOTAL OPERATING EXPENSE 72,486
NET INCOME 125,386

STATEMENT OF CHANGES IN OWNERS EQUITY

FOR THE MONTH ENDED JANUARY 31, 2017

JoyJean, Capital 669,358

ADD ADDT'L INVESTMENT 0
NET INCOME 125,386
TOTAL 794744
LESS WITHDRAWALS -10,000
JoyJean, Capital(END) 784744
 New Negros Enterprise
Statement of Financial Position
January 31,2017

ASSETS:
Current Assets:
Cash in Bank 202495
Accounts Receivable 128,600
Allowance for Bad Debts -5,161
Merchandise Inventory 253,000
Office Supplies 8,000
Prepaid Rent 15,000
Petty Cash Fund 1,000
Total Current Assets 602934
Non-current Asstes:
Store Equipment 240,000
Accum Deprn - Store Equipment -10,500 229,500
Furnitures & Fixtures 230,000
Accum Deprn - Furn & Fixtures -48,800 181200
Total Non-current Assets 410,700
Total Assets 1,013,634

LIABILITIES & EQUITY

Current Liabilities:
Accounts Payable 206,660
Output Tax 16,128
VAT Payable 960
SSS Premium Payable 3,242
PhilHealth Premium Payable 900
Pag-ibig Premium Payable 1,000
Withholding Tax Payable 0
Total Liabilities 228,890
Owners Equity:
JoyJean, Capital(END) 784744
TOTAL LIABILITIES & OWNERS EQUITY 1,013,634
 New Jeanjoy Enterprises
CASH FLOW STATEMENT
For the Year Ended Jan. 31, 2016

Cash Flows from Operating Activities:

Receipts from:
Cash Sales 128,800
Refund 2,240
Collection 80,640
Total Cash Receipts: 211,680

Payments of:
Busines Permit (Payment of Business 14,850
Freight & Handling 3,450
SSS Prem. Contribution 3,242
Phil. Health Prem. Contribution 900
Pag-ibig Prem. Contribution 1,000
BIR Remittance 2,500
Cash Payment 120,960
Purchases 145,600
Electricity Bill 1,400
Water Bill 1,300
Telephone Bill 2,100
Payroll 27,283
Total Payments: 324,585
Net Cash Used in Operating Activities -112,905

Cash from Financing Activities:

Jean B. , Withdrawals -10,000
Net Cash Used in Financing Activities: -10,000
Decrease in Cash -122,905
Cash Balance, Beginning -55,310
Cash Balance, END 67,595