EasyTrade Corporation

POST-CLOSING TRIAL BALANCE

As of March 31, 2019
Debit
Cash Php100,000.00
Accounts Receivable 12,500.00
Merchandise Inventory 50,000.00
Input VAT 6,000.00
Store Equipment 60,000.00
Accumulated Depreciation-Store Equipment
Office Equipment 40,500.00
Accumulated Depreciation-Office Equipment
Accounts Payable
Withholding Taxes Payable
Expanded Withholding Taxes Payable
SSS, PhilHealth, and Pag-IBIG Contributions Payable
Utilities Payable
Ordinary Share Capital, ₱100 par
Retained Earnings
Totals Php269,000.00
 Credit

Php4,000.00

2,700.00
15,000.00
400.00
250.00
2,775.00
1,900.00
150,000.00
91,975.00
Php269,000.00
 EasyTrade Corporation
WORKSHEET
For the month ended April 30, 2019
Trial Balance Adjustments
Account Titles Debit Credit Debit Credit
Cash Php87,250.00
Accounts Receivable 100,800.00
Merchandise Inventory 50,000.00
Input VAT 29,250.00
Store Equipment 60,000.00
Accumulated Depreciation-Store Equipment Php4,000.00 d) 500.00
Office Equipment 43,500.00
Accumulated Depreciation-Office Equipment 2,700.00 d) 362.50
Accounts Payable 39,200.00
Withholding Taxes Payable 400.00
Expanded Withholding Taxes Payable 250.00
SSS, PhilHealth, and Pag-IBIG Contributions Payable 1,025.00 b) 1,750.00
Output VAT 32,400.00
Utilities Payable -
Ordinary Share Capital, ₱100 par 150,000.00
Retained Earnings 91,975.00 c) 15,000.00
Sales 280,000.00
Sales Returns and Allowances 10,000.00
Sales Discounts 2,300.00
Purchases 200,000.00
Purchases Returns and Allowances 10,000.00
Purchase Discounts 900.00
Salaries Expense 24,000.00
Rent Expense 5,000.00
Supplies Expense 750.00
612,850.00 612,850.00
Utilities Expense a) 675.00
Utilities Payable a) 675.00
SSS, Philhealth, and Pagibig Contributions b) 1,750.00
Cash Dividends payable c) 15,000.00
Depreciation Expense- Store Equipment d) 500.00
Depreciation Expense-Office Equipment d) 362.50
18,287.50 18,287.50
Net Income
9
Statement of Comp. Income Statement of Financial Position
Debit Credit Debit Credit
87,250.00
100,800.00
50,000.00 60,000.00 60,000.00
29,250.00
60,000.00
4,500.00
43,500.00 -
3,062.50
39,200.00
400.00
250.00
2,775.00
32,400.00
-
- 150,000.00
76,975.00
280,000.00
10,000.00
2,300.00
200,000.00
10,000.00
900.00
24,000.00
5,000.00
750.00

675.00
 675.00
1,750.00
15,000.00
500.00
362.50
295,337.50 350,900.00 380,800.00 325,237.50
55,562.50 55,562.50
350,900.00 350,900.00 380,800.00 380,800.00
 EasyTrade Corporation
GENERAL JOURNAL

Date
PARTICULARS PR DEBIT
2019
April 04 Accounts Payable- Libra Co. 211 11,200.00
Purchase Returns and Allowances 512
Input VAT 118
RR 5860 for returns

06 Sales Returns and Allowances 412 10,000.00

Output VAT 218 1,200.00
Accounts Receivable- Indigo Co. 113
RR 001 for returns

ADJUSTING ENTRIES
30 Utilities Expense 532 175.00
Utilities Payable 215
April water consumption

30 Utilities Expense 532 500.00

Utilities Payable 215
April electricity usage

30 SSS, PhilHealth and Pag-ibig Contributions 523 1,750.00

SSS, PhilHealth and Pag-ibig Contributions Payable 214

30 Retained Earnings 312 15,000.00

Cash Dividends Payable 219
Declaration of Cash Dividends
39,825.00

EasyTrade Corporation
GENERAL JOURNAL

Date
PARTICULARS PR DEBIT
2019
April 30 Depreciation Expense- Store Equipment 541 500.00
Depreciation Expense- Office Equipment 512 362.5
Accumulated Depreciation- Store Equipment 121A
Accumulated Depreciation- Office Equipment 121B
Depreciation for April

CLOSING ENTRIES
30 Merchandise Inventory, end 115 60,000.00
Sales 411 280,000.00
Purchase Returns and Allowances 512 10,000.00
Purchases Discount 513 900.00
Income Summary 313
To establish inventory end and close nominal
 accounts with credit balances

30 Income Summary 313 295,337.50

Merchandise Inventory, beg. 115
Sales Returns and Allowances 412
Sales Discount 413
Purchases 511
Salaries Expense 522
Rent Expense 531
Supplies Expense 533
SSS, PhilHealth, Pag-ibig Contributions 523
Utilities Expense 532
Depreciation Expense-Store Equipment 541
Depreciation Expense-Office Equipment 542
To close inventory beginning and nominal accounts
with debit balances

Date
PARTICULARS PR DEBIT
2019
CLOSING ENTRIES
April 30 Income Summary 411 55,562.50
Retained Earnings 512
To close net income to retained earnings.
page 1
CREDIT

10,000.00
1,200.00

11,200.00

Balance + new acquisition

175.00 105,090.00 10,509.00 875.75

500.00 280,000.00 8,400.00

1,750.00

15,000.00

39,825.00

page 2
CREDIT

500.00
362.5

350,900.00
 50,000.00
10,000.00
2300
200000
24,000.00
5000
750
1,750.00
675.00
500.00
362.50

page 3
CREDIT

111,125.00
55,562.50
 EasyTrade Corporation
SALES JOURNAL

Date Invoice Sales Output VAT

2019 No. Accounts Debited PR Credit Credit
April 3 101 Indigo Enterprises Php75,000.00 Php9,000.00
10 102 Mars Co. 50,000.00 6,000.00
20 103 Jupiter Corp. 90,000.00 10,800.00

Total Php215,000.00 Php25,800.00

(411) (218)
 Page 1

Accounts
Receivable
Debit
Php84,000.00
56,000.00
100,800.00

Php240,800.00
(113)
 EasyTrade Corporation
CASH RECEIPTS JOURNAL

Accounts
Date OR Invoice Receivable Sales Output VAT
2019 No. No. Accounts Credited PR Credit Credit Credit
April 8 2001 COD Happy Trading √ 65,000.00 7,800.00
11 2002 101 Indigo Corp. √ 72,800.00
20 2003 102 Mars Co. √ 56,000.00
22 2004 098 Galaxy Co. √ 12,500.00

Total 141,300.00 65,000.00 7,800.00

(113) (411) (218)
 Page 1

Sales
Discount Cash
Debit Debit
72,800.00
1,300.00 71,500.00
1,000.00 55,000.00
12,500.00

2,300.00 211,800.00
(413) (111)
 Easy Trade Corporation
PURCHASES JOURNAL
Page 1

Accounts
Date Invoice Purchases Input VAT Payable
2019 No. Accounts Credited PR Debit Debit Credit
April 01 1848 Libra Co. √ 60,000.00 7,200.00 67,200.00
05 2996 Scorpio Co. √ 90,000.00 10,800.00 100,800.00
08 56664 Taurus Co. √ 35,000.00 4,200.00 39,200.00

Total 185,000.00 22,200.00 207,200.00

(511) (118) (211)
 Hannahans' Accounting Services
CASH DISBURSEMENTS JOURNAL
Page 1
SSS,PH,PAG-
Check Salaries IBIG Withholding Accounts Purchase
Date Voucher Check Sundry Expense PAYABLE Tax Payable Payable Discount Cash
Debit Debit Debit
2019 No. No. Accounts Debited PR (Credit) Debit (Credit) (Credit) Debit Credit Credit
April 3 13001 5001 Supplies Expense 533 750.00
Input VAT 118 90.00 840.00
5 13002 5002 Office Equiipment 122 3,000.00
Input VAT 118 360.00 3,360.00
5 13003 5003 Rent Expense 531 5,000.00
Expanded W/holding Tax 213 (250.00) 4,750.00
10 13004 5004 BIR √ 400.00 400.00
Expanded W/holding Tax √ 250.00 250.00
10 13005 5005 SSS,PhilHealth, Pag-ibig √ 2,775.00 2,775.00
10 13006 5006 Utilities Payable 215 400.00 400.00
10 13007 5007 Utilities Payable 215 1,500.00 1,500.00
15 13008 5008 Payroll √ 12,000.00 (475.00) 11,525.00
16 13009 5009 Sagittarius Co. √ 15,000.00 15,000.00
20 13010 5010 Scorpio Co. √ 100,800.00 900.00 99,900.00
25 13011 5011 Purchases 511 15,000.00
Input VAT 118 1,800.00 16,800.00
30 13012 5012 Libra Co. √ 56,000.00 56,000.00
30 13013 5013 Payroll √ 12,000.00 (550.00) (400.00) 11,050.00
Total 27,900.00 24,000.00 1,750.00 - 171,800.00 900.00 224,550.00
(√) (512) (214) (√) (118) (√) (111)
 EasyTrade Corporation
GENERAL LEDGERS
Account: CASH 111 Account: ACCOUNTS RECEIVABLE 113
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
April 1 Beg. Balance √ 100,000.00 April 1 Beg. Balance √ 12,500.00
30 CRJ1 211,800.00 311,800.00 6 GJ1 11,200.00 1,300.00
30 CDJ1 224,550.00 87,250.00 30 SJ1 240,800.00 242,100.00
30 CRJ1 141,300.00 100,800.00

Account: MERCHANDISE INVENTORY 115 Account: INPUT VAT 118

Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
April 1 Beg. Balance √ 50,000.00 April 1 Beg. Balance √ 6,000.00
30 invty end GJ1 60,000.00 110,000.00 3 CDJ1 90.00 6,090.00
beg,invty GJ2 50,000.00 60,000.00 4 GJ1 1,200.00 4,890.00
5 CDJ1 360.00 5,250.00
25 CDJ1 1800 7,050.00
30 PJ1 22,200.00 29,250.00

Account: STORE EQUIPMENT 121 Account: ACCUMULATED DEPRECIATION-STORE EQUIPMEN 121A

Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
April 1 Beg. Balance √ 60,000.00 April 1 Beg. Balance √ 4,000.00
30 GJ2 500.00 4,500.00

Account: OFFICE EQUIPMENT 122 Account: ACCUMULATED DEPRECIATION-OFFICE EQUIPMENT 122A

Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
April 1 Beg. Balance √ 40,500.00 April 1 Beg. Balance 2,700.00
30 CDJ1 3,000.00 43,500.00 30 GJ2 362.50 3,062.50
 Hannahans' Accounting Ser
GENERAL LEDGER
Account: ACCOUNTS PAYBLE 211
Date Item PR Debit Credit Balance
April 1 √ 15,000.00
4 GJ1 11,200.00 3,800.00
30 PJ1 207,200.00 211,000.00
30 CDJ2 171,800.00 39,200.00

Account: EXPANDED WITHHOLDING TAXES PAYABLE 213

Date Item PR Debit Credit Balance
April 1 √ 250.00
30 CDJ 1 250.00 500.00

Account: UTILITIES PAYABLE 215

Date Item PR Debit Credit Balance
April 1 √ 1,900.00
10 CDJ1 400.00 1,500.00
10 CDJ1 1,500.00 -
30 GJ1 175.00 175.00
30 GJ1 500.00 675.00

Account: CASH DIVIDENDS PAYABLE 219

Date Item PR Debit Credit Balance
April 30 adjusting entry GJ1 15,000.00 15,000.00
- 15,000.00
ans' Accounting Services
GENERAL LEDGER
Account: WITHHOLDING TAXES PAYBLE 212
Date Item PR Debit Credit Balance
April 1 √ 400.00
30 CDJ1 - 400.00

Account: SSS,PH AND PAG-IBIG PAYABLE 214

Date Item PR Debit Credit Balance
April 1 √ 2,775.00
30 CDJ1 1,750.00 1,025.00
30 adjusting entry GJ1 1,750.00 2,775.00

Account: OUTPUT VAT 218

Date Item PR Debit Credit Balance
April 6 GJ1 1,200.00 (1,200.00)
30 SJ1 25,800.00 24,600.00
30 CRJ1 7,800.00 32,400.00
- -

Account: ORDINARY SHARE CAPITAL, 100 par 311

Date Item PR Debit Credit Balance
April 1 √ 150,000.00
- 150,000.00
- 150,000.00
 Hannahans' Accounting Servi
GENERAL LEDGER
Account: RETAINED EARNINGS 312
Date Item PR Debit Credit Balance
April 1 √ 91,975.00
30 adjusting entry GJ1 15,000.00 76,975.00
30 GJ2 55,562.50 132,537.50

Account: SALES 411

Date Item PR Debit Credit Balance
April 30 SJ1 - 215,000.00 215,000.00
30 CRJ1 65,000.00 280,000.00
30 GJ2 280,000.00 -

Account: SALES DISCOUNT 413

Date Item PR Debit Credit Balance
April 30 CRJ1 2,300.00 2,300.00
30 GJ2 2,300.00 -

Account: PURCHASE RETURNS AND ALLOWANCES 512

Date Item PR Debit Credit Balance
April 4 GJ1 10,000.00 10,000.00
30 GJ2 10,000.00 -
ans' Accounting Services
GENERAL LEDGER
Account: INCOME SUMMARY 313
Date Item PR Debit Credit Balance
April 30 GJ2 350,900.00 350,900.00
30 GJ2 295,337.50 - 55,562.50
30 GJ2 55,562.50 -

Account: SALES RETURNS AND ALLOWANCES 412

Date Item PR Debit Credit Balance
April 6 GJ1 10,000.00 - 10,000.00
30 GJ2 - 10,000.00 -

Account: PURCHASES 511

Date Item PR Debit Credit Balance
April 25 PJ1 15,000.00 15,000.00
30 PJ1 185,000.00 200,000.00
30 GJ2 200,000.00 -

Account: PURCHASE DISCOUNT 513

Date Item PR Debit Credit Balance
April 30 CDJ1 900.00 900.00
30 GJ2 900.00 -
 EasyTrade Corporation
GENERAL LEDGER
Account: SALARIES EXPENSE 522
Date Item PR Debit Credit Balance
April 30 CDJ1 24,000.00 24,000.00
30 GJ2 24,000.00 -

Account: RENT EXPENSE 531

Date Item PR Debit Credit Balance
April 5 CDJ2 5,000.00 5,000.00
30 GJ2 - 5,000.00 -

Account: SUPPLIES EXPENSE 533

Date Item PR Debit Credit Balance
April 30 CDJ1 750.00 750.00
30 GJ2 750.00 -
yTrade Corporation
ENERAL LEDGER
Account: SSS,PH AND PAG-IBIG CONTRIBUTIONS 523
Date Item PR Debit Credit Balance
April 30 adjusting entry GJ1 1,750.00 1,750.00
30 GJ2 1,750.00 -

Account: UTILITIES EXPENSE 532

Date Item PR Debit Credit Balance
April 30 adjusting entry-water GJ1 175.00 175.00
30 adjusting entry-electricit GJ1 500.00 - 675.00
30 GJ2 675.00 -

Account: TRANSPORTATION EXPENSE 534

Date Item PR Debit Credit Balance
April GJ1 - -
30 GJ2 - -
 EasyTrade Corporation
GENERAL LEDGER
Account: DEPRECIATION EXPENSE-STORE EQPT. 541
Date Item PR Debit Credit Balance
April 30 adjusting entry GJ2 500.00 500.00
30 GJ2 500.00 -

Account: MISCELLANEOUS EXPENSE 551

Date Item PR Debit Credit Balance
-
-
-
yTrade Corporation
ENERAL LEDGER
Account: DEPRECIATION EXPENSE -OFFICE EQPT. 542
Date Item PR Debit Credit Balance
April 30 adjusting entry GJ2 362.50 362.50
30 GJ2 362.50 -

Account: INCOME TAX EXPENSE 561

Date Item PR Debit Credit Balance
-
- -
 EasyTrade Corporation
ACCOUNTS RECEIVABLE SUBSIDIARY
Account: MARS COMPANY
Date Item PR Debit Credit Balance
April 10 2/10,n/30 SJ1 56,000.00 56,000.00
20 CRJ1 56,000.00 -

Account: JUPITER CO.

Date Item PR Debit Credit Balance
April 15 2/10,n/30 SJ1 100,800.00 100,800.00
yTrade Corporation
CEIVABLE SUBSIDIARY LEDGER
Account: INDIGO CO.
Date Item PR Debit Credit Balance
April 3 2/10,n/30 SJ1 84,000.00 84,000.00
6 RR 7001 GJ1 11,200.00 72,800.00
11 crj1 72,800.00 -

Account: GALAXY CO.

Date Item PR Debit Credit Balance
April 1 Bal-Inv.5004 √ 12,500.00
22 12,500.00 -
 EasyTrade Corporation
ACCOUNTS PAYABLE SUBSIDIARY L
Account: LIBRA CO.
Date Item PR Debit Credit Balance
April 1 2/10, n/30 PJ1 67,200.00 67,200.00
4 GJ1 11,200.00 56,000.00
30 CPJ1 56,000.00 -

Account: PISCES CO.

Date Item PR Debit Credit Balance
yTrade Corporation
AYABLE SUBSIDIARY LEDGER
Account: TAURUS CO.
Date Item PR Debit Credit Balance
April 8 n/30 PJ1 39,200.00 39,200.00

Account: SAGITTARIUS CO.

Date Item PR Debit Credit Balance
April 1 Bal-Inv 1475 √ 15,000.00
16 CDJ1 15,000.00 -
 EasyTrade Corporation
ACCOUNTS PAYABLE SUBSIDIARY L
Account: SCORPIO CO.
Date Item PR Debit Credit Balance
April 5 PJ1 100,800.00 100,800.00
20 CDJ1 100,800.00 -

Account:
Date Item PR Debit Credit Balance
yTrade Corporation
AYABLE SUBSIDIARY LEDGER
Account:
Date Item PR Debit Credit Balance

Account:
Date Item PR Debit Credit Balance
 EasyTrade Corporation
Statement of Comprehensive Income
For the month ended April 30, 2019

Sales ₱280,000.00
Sales Returns & Allowances (10,000.00)
Sales Discount (2,300.00)
Net Sales ₱267,700.00
Purchases ₱200,000.00
Purchase Returns and Allowances (10,000.00)
Purchase Discount (900.00)
Net Purchases 189,100.00
Merchandise Inventory, beg. 50,000.00
Merchandise Inventory, end (60,000.00)
Cost of Goods Sold 179,100.00
Gross Profit ₱88,600.00

Salaries Expense ₱ 24,000.00

SSS, PhilHealth, and Pag-IBIG
Contributions 1,750.00
Rent Expense 5,000.00
Utilities Expense 675.00
Supplies Expense 750.00
Transportation Expense
Depreciation Expense-Store
Equipment 500.00
Depreciation Expense-Office
Equipment 362.50
Miscellaneous Expense

Total Expenses 33,037.50

NET INCOME (LOSS) ₱55,562.50
 EasyTrade Corporation
Statement of Changes in Shareholders' Equity
For the month ended April 30, 2019

Beginning Shareholders' Capital Php150,000.00 Php150,000.00

Retained Earnings 147,537.50 147,537.50
Dividends (15,000.00) (15,000.00)
Ending shareholders' Capital Php282,537.50 Php282,537.50
 EasyTrade Corporation
Statement of Financial Position
April 30, 2019

ASSETS
Cash 87,250.00
Accounts Receivable 100,800.00
Merchandise Inventory 60,000.00

Total Current Assets 248,050.00

Store Equipment ₱60,000.00
Accumulated Depreciation-Store Equipment 4,500.00 ₱55,500.00

Office Equipment 43,500.00

Accumulated Depreciation-Office Equipment 3,062.50 40,437.50
Total Non-Current Assets 95,937.50
TOTAL ASSETS 343,987.50

LIABILITIES
Accounts Payable 39,200.00
Withholding Taxes Payable 150.00
Expanded Withholding Taxes Payable 500.00
SSS, PhilHealth, and Pag-IBIG
Contributions Payable 2,775.00
Utilities Payable 675.00
Output VAT 3,150.00
Cash Dividends Payable 15,000.00
TOTAL LIABILITIES 61,450.00

SHAREHOLDERS' EQUITY
Ordinary Share Capital, ₱100 par 150,000.00
Retained Earnings 132,537.50
TOTAL SHAREHOLDERS' EQUITY 282,537.50
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 343,987.50
-
 EasyTrade Corporation
Statement of Cash Flows
For the month ended April 30, 2019

CASH-IN ACTIVITIES
Cash Sales ₱72,800.00
Collection of Accounts Receivable 139,000.00

Total Cash-in

CASH-OUT ACTIVITIES
Purchase of supplies 840.00
Purchase of Office Equipment 3,360.00
Payment of rent 4,750.00
Remittance of withholding tax 400.00
Remittance of SSS, Philhealth and
Pag-ibig Contributions 2,775.00
Payment of accrued utilities 1,900.00
Payroll April 1-15 11,525.00
Payment of accounts 170,900.00
Cash purchases 16,800.00
Payroll April 16-30 11,050.00
Total Cash-out

Net increase (decrease)

Add; Cash balance, September 1

CASH BALANCE, April 30

9

₱211,800.00

224,300.00

-₱12,500.00
100,000.00

₱87,500.00
 EasyTrade Corporation
Post-Closing Trial Balance
April 30, 2019

Account Titles Debit Credit

Cash 87,250.00
Accounts Receivable 100,800.00
Merchandise Inventory 60,000.00
Input VAT 29,250.00
Store Equipment 60,000.00
Accumulated Depreciation-Store Equipment 4,500.00
Office Equipment 43,500.00
Accumulated Depreciation-Office Equipment 3,062.50
Accounts Payable 39,200.00
Withholding Taxes Payable 400.00
Expanded Withholding Taxes Payable 250.00
SSS, Philhealth and Pag-ibig Contributions Payable 2,775.00
Output VAT 32,400.00
Utilities Payable 675.00
Cash Dividends Payable 15,000.00
Ordinary Share Capital 150,000.00
Retained Earnings 132,537.50
Totals 380,800.00 380,800.00