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November 1 Ms. Hanie Joy started to put up a merchandising store and opening an account to
BDO Gensan worth Php 950,000. It registered the merchandising store with the
Department of Trade and Industry under the trade name “HANIEVON
MERCHANDISING”.
HANIEVON MERCHANDISING
CHART OF ACCOUNTS
USE FOR FINANCIAL STATEMENTS PREPARATION
SUPPLIES 120
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
4 Purchase of Supplies J1 24,000 24,000
PERPETUAL METHOD
EQUIPMENT 150
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
2 Purchase of Equipment J1 65,000 65,000
SALES 401
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
5 Sales on account J1 280,000 280,000
23 Collection from cash sales J2 220,000 500,000
30 Sales on account J2 360,000 860,000
30 Closing of Net Sales J4 860,000 0
HANIEVON MERCHANDISING
PRELIMINARY TRIAL BALANCE
NOVEMBER 30, 2016
HANIEVON MERCHANDISING
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE MONTH ENDED NOVEMBER 30, 2016
HANIEVON MERCHANDISING
STATEMENT OF CHANGES IN OWNER’S EQUITY
FOR THE MONTH ENDED NOVEMBER 30, 2016
ASSETS
CASH & CASH EQUIVALENTS Php 1,005,400.00
RECEIVABLES 360,000.00
INVENTORIES 14,000.00
PREPAID EXPENSES 24,000.00
PROPERTY, PLANT AND EQUIPMENT 65,000.00
TOTAL ASSETS Php 1,468,400.00
LIABILITIES
ACCOUNTS PAYABLE Php 50,000.00
NOTES PAYABLE 323,000.00
TOTAL LIABILITIES Php 373,000.00
OWNER’S EQUITY
HANEI, CAPITAL 1,095,400.00
TOTAL LIABILITIES AND OWNER’S EQUITY Php 1,468,400.00
HANIEVON MERCHANDISING
POST CLOSING TRIAL BALANCE
NOVEMBER 30, 2016
HANIEVON MERCHANDISING
STATEMENT OF CASH FLOWS
FOR THE MONTH ENDED NOVEMBER 30, 2016
SUPPLIES 120
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
4 Purchase of Supplies J1 24,000 24,000
EQUIPMENT 150
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
2 Purchase of Equipment J1 65,000 65,000
SALES 401
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
5 Sales on account J1 280,000 280,000
23 Collection from cash sales J2 220,000 500,000
30 Sales on account J2 360,000 860,000
30 Closing of Net Sales J3 860,000 0
PURCHASES 502
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
3 Purchase of Merchandise J1 227,000 227,000
14 Purchase of Merchandise J1 150,000 377,000
18 Purchase of Merchandise J2 78,000 455,000
26 Purchase of Merchandise J2 240,000 695,000
30 Closing of Net Purchases J3 695,000 0
FREIGHT IN 505
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
20 Payment of freight charge J2 2,000 2,000
30 Closing of Net Purchases J3 2,000 0
HANIEVON MERCHANDISING
PRELIMINARY TRIAL BALANCE
NOVEMBER 30, 2016
HANIEVON MERCHANDISING
STATEMENT OF COST OF GOODS SOLD
FOR THE MONTH ENDED NOVEMBER 30, 2016
HANIEVON MERCHANDISING
STATEMENT OF CHANGES IN OWNER’S EQUITY
FOR THE MONTH ENDED NOVEMBER 30, 2016
ASSETS
CASH & CASH EQUIVALENTS Php 1,005,400.00
RECEIVABLES 360,000.00
INVENTORIES 35,000.00
PREPAID EXPENSES 24,000.00
PROPERTY, PLANT AND EQUIPMENT 65,000.00
TOTAL ASSETS Php 1,489,400.00
LIABILITIES
ACCOUNTS PAYABLE Php 50,000.00
NOTES PAYABLE 323,000.00
TOTAL LIABILITIES Php 373,000.00
OWNER’S EQUITY
HANEI, CAPITAL 1,116,400.00
TOTAL LIABILITIES AND OWNER’S EQUITY Php 1,489,400.00
HANIEVON MERCHANDISING
POST CLOSING TRIAL BALANCE
NOVEMBER 30, 2016