Ars Periodic To Financial Position

Landingin, Elisa T.
ABM 12 : St. Laura

POSTING LEDGER & TRIAL BALANCE : 1ST PRACTICE ACTIVITY
ARS MERCHANDISING : PERIODIC SYSTEM INVENTORY
ASSET
CASH 110
DATE EXPLANATION Ref DEBIT CREDIT BALANCE
June 1 INITIAL INVESTMENT GJ-01 P50000- P5000-

2 PURCHASE OF EQUIPMENT GJ-01 P9000- 41000-
3 PURCHASE OF SUPPLIES GJ-01 1000- 40000-

5 PAYMENT OF FREIGHT OUT GJ-01 500- 39500-
10 PURCHASE OF MERCHANDISE GJ-01 14210- 25290-

11 SALES OF MERCHANDISE GJ-01 14700- 3990-
12 PURCHASE OF MERCHANDISE GJ-01 15000 24990-

13 PAYMENT TO SALARIES GJ-01 1500- 23490
14 MONEY BORROWED GJ-02 22000- 45490-
17 REFUND FROM SUPPLIER GJ-02 1000- 46490-
21 PAYMENT OF FREIGHT IN GJ-02 900- 45590-
22 SALES OF MERCHANDISE GJ-02 15000- 60590-
25 PURCHASE OF MERCHANDISE GJ-02 15000- 45590-
26 PAYMENT TO SUPPLIER GJ-02 11760- 33830-
27 WITHDRAWAL GJ-02 2018- 31812-
28 REFUND TO CUSTOMER GJ-02 500- 31312-
30 PAYMENT IN SALARY, UTILITIES, GJ-03 7100- 24212-
RENT AND ADVERTISING
DEBIT P24212-
ACCOUNTS RECEIVABLE 120
DATE Ref DEBIT CREDIT BALANCE
June 4 GJ-01 P15000- P15000-

11 GJ-01 P15000- 0-
29 GJ-02 15000- 15000-
DEBIT P15000-
SUPPLIES 140
June 3 GJ-01 P1000- P1000-

DEBIT P1000-
EQUIPMENT 150
June 2 GJ-01 P9000- P9000-

DEBIT P9000-
LIABILITIES
ACCOUNTS PAYABLE 210
June 2 GJ-01 P15000- P15000-

6 GJ-01 P500- 14500-
10 GJ-01 P14500- 0
20 GJ-02 P12000 12000-
26 GJ-02 P12000- 0
CREDIT 0
NOTES PAYABLE 220
June 2 GJ-01 P22000-

CREDIT P22000-
EQUITY
ARS, CAPITAL 310
June 1 GJ-01 P50000-

CREDIT P50000-
ARS, DRAWINGS 320
June 27 GJ-02 P2018- P2018-

DEBIT P2018-
INCOME
SALES 410
June 4 GJ-01 P15000- P15000-

22 GJ-02 P15000- 30000-
29 GJ-02 P15000- 45000-
CREDIT P45000-
SALES DISCOUNT 420
June 11 GJ-01 P300- P300-

DEBIT P300-
SALES RETURN AND ALLOWANCES 430
June 28 GJ-02 P500- P500-

DEBIT P500-
EXPENSES
PURCHASES 510
June 2 GJ-01 P15000- P15000-

12 GJ-01 15000- 30000-
20 GJ-02 12000- 42000-
25 GJ-02 15000- 57000-
DEBIT P57000-
PURCHASE DISCOUNT 520
June 10 GJ-01 P290- P290-

26 GJ-02 P240- 530-
CREDIT P530-
PURCHASE RETURNS AND ALLOWANCES 530
June 6 GJ-01 P500- P500-

17 GJ-02 P1000- 1500-
CREDIT P1500-
TRANSPORTATION IN 540
June 21 GJ-02 P900- P900-

DEBIT P900-
TRANSPORTATION OUT 550
June 5 GJ-01 P500- P500-

DEBIT P500-
RENT EXPENSE 560
June 30 GJ-02 P3500- P3500-

DEBIT P3500-
SALARIES EXPENSE 570
June 23 GJ-02 P1500- P1500-

30 GJ-02 1000- 1000-
DEBIT P2500-
UTILITIES EXPENSE 580
June 30 GJ-02 P600 P600-

DEBIT P600-
ADVERTISING EXPENSE 590
June 30 GJ-02 P2000 P2000-

DEBIT P2000-
ARS MERCHANDISING
Trial Balance
June 30, 2016
Account Account Titles Debit Credit
number
110 Cash P24212
120 Accounts receivable 15000
140 Supplies 1000
150 Equipment 9000
210 Accounts payable -
220 Notes payable P22000
310 ARS, capital 50000
320 ARS, drawing 2018
410 Sales 45000
420 Sales discount 300
430 Sales return and allowances 500
510 Purchase 57000
520 Purchase discount 530
530 Purchase returns and 1500
allowances
540 Transportation in 900
550 Transportation out 500
560 Rent expense 3500
570 Salaries expense 2500
580 Utilities expense 600
590 Advertising expense 2000
P119030 P119030
Financial statements
ARS Merchandising
Cost of Good Sold
For the month ended June 30, 2016
Merchandise Inventory, June 1 -
Purchases 57,000-
Less: Purchase Returns and Allowances 1,500-
Purchase Discount 530-
Freight in 900-
Less: Merchandise Inventory Ending 25,000-
Cost of Good Sold P30,870.00
ARS Merchandising
Statement of Performance
Sales 45,000-
Less: Sales Return and Allowance 500-
Sales discount 300-- (800-)
Net Sales P44,200-
Less : Cost of Good Sold (30,870-)
Gross Profit P13,330-
Less: Operating Expenses
Transportation Out 500-
Rent Expense 3,500
Salaries Expense 2,500-
Utilities Expense 600-
Advertising Expense 2,000- (9,100-)
Net Income P4,230.00
ARS Merchandising
Statement of Changes in Equity
JADE, Capital , June 1 -
Add: Investment 50,000-
Add : Net Income 4,230-
Less : ARS, Drawing 2,018-
Increase in Capital 2,212-
JADE, Capital, June 30 P52,212.00
ARS Merchandising
Statement of Financial Position
June 30, 2016
ASSETS
Current Assets :
Cash and cash Equivalents 24,212-
Receivable 15,000-
Inventories 25,000-
Supplies 1,000-
Total Current Assets 65,212-
Non Current Asset:

Equipment 9,000-
Total Non Current Assets 9,000-
TOTAL ASSETS 74,212.00
LIABILITIES
Current Liabilities:
Accounts Payable -
Non Current Liabilities:

Notes Payable 22,000-
TOTAL LIABILITIES 22,000-
OWNER’S EQUITY
ARS, Capital 52,212-
TOTAL LIABILITIES AND OWNER’S EQUITY 74,212.00

Ars Periodic To Financial Position

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Landingin, Elisa T.

ABM 12 : St. Laura

ARS MERCHANDISING : PERIODIC SYSTEM INVENTORY

DATE EXPLANATION Ref DEBIT CREDIT BALANCE

June 1 INITIAL INVESTMENT GJ-01 P50000- P5000-

3 PURCHASE OF SUPPLIES GJ-01 1000- 40000-

10 PURCHASE OF MERCHANDISE GJ-01 14210- 25290-

12 PURCHASE OF MERCHANDISE GJ-01 15000 24990-

ACCOUNTS RECEIVABLE 120

DATE Ref DEBIT CREDIT BALANCE

June 4 GJ-01 P15000- P15000-

29 GJ-02 15000- 15000-

DATE Ref DEBIT CREDIT BALANCE

June 3 GJ-01 P1000- P1000-

DATE Ref DEBIT CREDIT BALANCE

June 2 GJ-01 P9000- P9000-

ACCOUNTS PAYABLE 210

DATE Ref DEBIT CREDIT BALANCE

June 2 GJ-01 P15000- P15000-

NOTES PAYABLE 220

DATE Ref DEBIT CREDIT BALANCE

June 2 GJ-01 P22000-

ARS, CAPITAL 310

DATE Ref DEBIT CREDIT BALANCE

June 1 GJ-01 P50000-

ARS, DRAWINGS 320

DATE Ref DEBIT CREDIT BALANCE

June 27 GJ-02 P2018- P2018-

DATE Ref DEBIT CREDIT BALANCE

June 4 GJ-01 P15000- P15000-

SALES DISCOUNT 420

DATE Ref DEBIT CREDIT BALANCE

June 11 GJ-01 P300- P300-

SALES RETURN AND ALLOWANCES 430

DATE Ref DEBIT CREDIT BALANCE

June 28 GJ-02 P500- P500-

DATE Ref DEBIT CREDIT BALANCE

June 2 GJ-01 P15000- P15000-

PURCHASE DISCOUNT 520

DATE Ref DEBIT CREDIT BALANCE

June 10 GJ-01 P290- P290-

PURCHASE RETURNS AND ALLOWANCES 530

DATE Ref DEBIT CREDIT BALANCE

June 6 GJ-01 P500- P500-

DATE Ref DEBIT CREDIT BALANCE

June 21 GJ-02 P900- P900-

TRANSPORTATION OUT 550

DATE Ref DEBIT CREDIT BALANCE

June 5 GJ-01 P500- P500-

DATE Ref DEBIT CREDIT BALANCE

June 30 GJ-02 P3500- P3500-

SALARIES EXPENSE 570

DATE Ref DEBIT CREDIT BALANCE

June 23 GJ-02 P1500- P1500-

UTILITIES EXPENSE 580

DATE Ref DEBIT CREDIT BALANCE

June 30 GJ-02 P600 P600-

ADVERTISING EXPENSE 590

DATE Ref DEBIT CREDIT BALANCE