January 2020

1
2
3
5
8
11
15
19
29
30
Dr. Who invested P100,000 into the business.
Dr. Who paid P7,500 to city hall for a business permit.
Dr. Who purchased computer equipment amounting to P20,000 for the clinic
Dr. Who acquired furniture and fixture on account amounting toP15,000
Dr. Who borrowed P30,000 from the bank by signing a note.
Dr. Who rendered professional service to various patients and received P35,000 cash.
Dr. Who Professional Service to various patients. The total bill of these patients amounted to P21,000. These patients had
Dr. Who Collected P21,000 from various patients who owed him money in number 7 transaction.
Dr. Who paid P10,000 for Rent, P2,500 for utilities, and P15,000 for salaries of employees.
Dr. Who withdrew P3,000 from business for his personal use.
 Dr. Who Clinic
General Journal
January 31, 2020
Date Particular Debit Credit
2020
Jan 1 Cash P100,000
Dr. Who,Capital P100,000
To record initial investment

2 Taxes and License 7,500

Cash 7,500
To record business permit

3 Equipment-Computer 20,000
Cash 20,000
To record purchased of Computer

5 Furniture and Fixture 15,000

Accounts Payable 15,000
To record Furniture nad Fixture on account

8 Cash 30,000
Notes Payable 30,000
To record borrowed loan

11 Cash 35,000
Service Income 35,000
To record service rendered

15 Notes Receivable 21,000

Service Income 21,000
To record service rendered on account

19 Cash 21,000
Notes Receivable 21,000
To record cash collection from customers

29 Rent Expense 10,000

Utilities Expense 2,500
Salaries Expense 15,000
Cash 27,500
To record expense for the month

30 Dr. Who,Drawings 3,000

Cash 3,000
To record withdrawals
 Asset Liabilities Capital
Cash Accounts Payable Dr. Who, Capital
1 100,000 7,500 2 15,000 5
8 30,000 20,000 3
11 35,000 27,500 29
19 21,000 3,000 30 Notes Payable Dr. Who,Drawings
186,000 58,000 30,000 8 30 3,000
128,000

Note Receivable Service Income

15 21,000 21,000 19 31 56,000
0
Furniture and Fixture 56,000
5 15,000
Rent Expense
29 10,000
Equipment-Computer
3 20,000 Utilities Expense
29 2,500

Salaries Expense
29 15,000

Taxes and License

2 7,500

Asset Liabilities + Capital

163,000 45,000 118,000
Total Assets Total Equity
163,000 163,000
 Ledger
Dr. Who, Capital
100,000 1 Cash
Date Particulars Debit Credit
2020
Dr. Who,Drawings Jan. 1 initial investment 100,000
2 business permit 7,500
3 purchased of Computer 20,000
8 borrowed loan 30,000
Service Income 11 service rendered 35,000
35,000 11 19 cash collection from customers 21,000
21,000 15 29 expenses for the month 27,500
56,000 30 withdrawals 3,000
0
Rent Expense Notes Receivable
Date Particulars Debit Credit
2020
Utilities Expense Jan. 15 service rendered on account 21,000
19 cash collection from customers 21,000

Salaries Expense Furniture and Fixture

Date Particulars Debit Credit
2020
Taxes and License Jan. 5 Furniture nad Fixture on account 15,000

Equipment- Computer
Date Particulars Debit Credit
2020 Date
Jan. 3 To record purchased of Computer 20,000

Accounts Payable
Date Particulars Debit Credit
2020
Jan. 5 To record Furniture nad Fixture on account 15,000

Notes Payable
Date Particulars Debit Credit
2020
Jan. 8 borrowed loan 30,000

Dr. Who, Capital

Date Particulars Debit Credit
2020
 Jan. 1 To record initial investment 100,000
31 Income Summary 21,000
Close to drawings 3,000
Dr. Who,Drawings
Date Particulars Debit Credit
2020
Jan. 30 To record withdrawals 3,000
31 Closing entries 3,000
Service Income
Date Particulars Debit Credit
2020
Jan. 11 service rendered 35,000
15 service rendered on account 21,000
31 income summary 56,000

Rent Expense
Date Particulars Debit Credit
2020
Jan. 29 Rent expense 10,000
31 Income Summary 10,000

Utilities Expense
Date Particulars Debit Credit
2020
Jan. 29 Utilities Expense 2,500
31 Income Summary 2,500
Salaries Expense
Date Particulars Debit Credit
2020
Jan. 29 Salaries Expense 15,000
31 Income Summary 15,000
Taxes and License
Date Particulars Debit Credit
Jan. 2 business permit P7500
31 Income Summary 7,500

Income Summary
Date Particulars Debit Credit
2020
Jan. 31 Income Summary for closing entries 56,000
Income Summary 35,000
Income Summary 21,000
Balance

100,000
92,500
72,500
102,500
137,500
158,500
131,000
128,000

Balance

21,000
-

Balance

15,000

Balance

20,000

Balance

15,000

Balance

30,000

Balance
 100,000
121,000
P118,000

Balance

3,000
0

Balance

35,000
56,000
0

Balance

10,000
0

Balance

2,500
0

Balance

15,000
0

Balance
P7500
0

Balance

56,000
21,000
0
 Dr. Who Clinic
Trial Balance
For the month of January 31,2020

Debit Credit
Cash P128,000
Notes Receivable
Furniture and Fixture 15,000
Equipment 20,000
Accounts Payable P15,000
Notes Payable 30,000
Dr. Who Capital 100,000
Dr. Who,Drawings 3,000
Service Income 56,000
Rent Expense 10,000
Utitlities Expense 2,500
Salaries Expense 15,000
Taxes and License 7,500
Total P201,000 P201,000
 Dr. Who Clinic
Balance Sheet/ Statement of Financial Position
Januart 31,2020

Asset
Current Asset
Cash P128,000
Notes Receivable
Total Current Asset P128,000
Non-Current Asset
Furniture and Fixture P15,000
Equipment 20,000
Total Non-Current Asset P35,000
Total Assets P163,000

Liabilities and Capital

Liabilities

Accounts Payable P15,000

Notes Payable 30,000
Total Liabilities P45,000

Dr. Who Capital 118,000

Total Liabilities and Capital P163,000
 Dr. Who Clinic
Income Statement
January 31,2020

Service Income P56,000

Less :
Rent Expense P10,000
Utitlities Expense 2,500
Salaries Expense 15,000
Taxes and License 7,500
Total Expense P35,000
Net Income P21,000
 Dr. Who Clinic
Statement of Owner's Equity
January 31,2020

Beginning Capital January 1, 2020 P100,000

Net Income 21,000
Total P121,000
Less :
Withdrawal 3,000
Ending Capital January 31,2020 P118,000
 Dr. Who Clinic
Statement of Cash Flow
As of January 31,2020

Cash Flow from Operating Activities

Cash received from customers 56,000
Cash paid for operating expense -35,000
Net Cash Generated from Operating Activities P21,000
Cash Flow from Investing Activities
Cash paid for Purchase of Furniture and Fixture -20,000
Net Cash Generated from Investing Activities -20,000
Cash Flow from Financing Activities
Investment of the Owner P100,000
Proceeds from bank loan 30,000
Withdrawal -3,000
Net Cash Generated from Financing Activities 127,000
Net Increase/Decrease in Cash P128,000
Cash Beginning 0
Cash End P128,000
Date Particular Debit Credit
2020
Jan 31 Service Income 56,000
Income Summary 56,000
to close income account

Income Summary 35,000

Rent Expense 10,000
Utitlities Expense 2,500
Salaries Expense 15,000
Taxes and License 7,500
to close all expense account for
the month of January,2020

Income Summary 21,000

Dr. Who Capital 21,000
To close the net income for the month of January

Dr. Who Capital 3,000

Dr. Who Drawings 3,000
to close Dr. Who Drawing

29
 Dr. Who Clinic
Post Closing-Trial Balance
For the month of January 31,2020
Debit Credit
Cash P128,000
Notes Receivable
Furniture and Fixture 15,000
Equipment 20,000
Accounts Payable P15,000
Notes Payable 30,000
Dr. Who Capital 118,000
Total P163,000 P163,000