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COMPUTATION:
COMPUTATION:
160 - LAND
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
1 Initial Investment 1 500,000.00
170 - BUILDING
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
1 Initial Investment 1 800,000.00
180 - EQUIPMENT
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
3 Purchased in cash 1 60,000.00
410 - SALES
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
31 To close Sales 5 400,000.00 2017 Jan. 8 Sold Merchandise 1 200,000.00
21 Sold Merchandise 2 100,000.00
27 Sold Merchandise 3 100,000.00
Totals 400,000.00
Balance 0.00
510 - PURCHASES
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
7 Purchased Merchan 1 200,000.00 2017 Jan. 31 To close Purchases 5 400,000.00
20 Purchased Merchan 2 50,000.00
25 Purchased Merchan 3 150,000.00
Total 400,000.00
Balance 0.00
540 - FREIGHT IN
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
10 Paid freight charge 1 10,000.00 2017 Jan. 31 To close freight in 5 10,000.00
Balance 0.00
160 - LAND
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
1 Initial Investment 1 500,000.00
170 - BUILDING
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
1 Initial Investment 1 800,000.00
180 - EQUIPMENT
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
3 Purchased in cash 1 60,000.00
410 - SALES
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
2017 Jan.
31 To close Sales 5 400,000.00 2017 Jan. 8 Sold Merchandise 1 200,000.00
21 Sold Merchandise 2 100,000.00
27 Sold Merchandise 3 100,000.00
Totals 400,000.00
Balance 0.00
510 - PURCHASES
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
540 - FREIGHT IN
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
Note 3 - EXPENSES
Salaries Expense 20,000.00
Supplies Expense 20,000.00
Insurance Expense 1,000.00
Depreciation Expense Building 5,000.00
Depreciation Expense Equipment 1,000.00
Freight Out 10,000.00
Advertising Expense 5,000.00
Interest Expense 5,000.00
Bad Debts Expense 7,136.00
EXPENSES 74,136.00
PAPASA AKO COMPANY
STATEMENT OF CHANGES IN OWNER'S EQUITY
For the month ended January 31, 2017
ASSETS
Current Assets:
Cash 98,300.00
Accounts Receivable 30,000.00
Less: Allowance for Bad Debts 7,136.00 22,864.00
Merchandise Inventory 175,500.00
Office Supplies 10,000.00
Prepaid Insurance 2,000.00
Total Current Assets 308,664.00
LIABILITIES
Accounts Payable 50,000.00
Notes Payable 20,000.00
Salaries Payable 10,000.00
Total Liabilities 80,000.00
OWNER'S EQUITY
Papasa Ako, Capital (end) 1,582,664.00
Total Owner's Equity 1,582,664.00
TOTAL LIABILITIES AND OWNER'S EQUITY 1,662,664.00
PAPASA AKO COMPANY
INCOME STATEMENT
For the month ended January 31, 2017
Note 2 - EXPENSES
Salaries Expense 20,000.00
Supplies Expense 20,000.00
Insurance Expense 1,000.00
Depreciation Expense Building 5,000.00
Depreciation Expense Equipment 1,000.00
Freight Out 10,000.00
Advertising Expense 5,000.00
Interest Expense 5,000.00
Bad Debts Expense 7,136.00
EXPENSES 74,136.00
PAPASA AKO COMPANY
STATEMENT OF CHANGES IN OWNER'S EQUITY
For the month ended January 31, 2017
ASSETS
Current Assets:
Cash 98,300.00
Accounts Receivable 30,000.00
Less: Allowance for Bad Debts 7,136.00 22,864.00
Merchandise Inventory 175,500.00
Office Supplies 10,000.00
Prepaid Insurance 2,000.00
Total Current Assets 308,664.00
LIABILITIES
Accounts Payable 50,000.00
Notes Payable 20,000.00
Salaries Payable 10,000.00
Total Liabilities 80,000.00
OWNER'S EQUITY
Papasa Ako, Capital (end) 1,582,664.00
Total Owner's Equity 1,582,664.00
TOTAL LIABILITIES AND OWNER'S EQUITY 1,662,664.00