Cholo Pascual

General Journal
Date P Particulars Debit Credit
R
01-Sep Cash
50,000.00
Mr. Pascual, Capital
50,000.00
To record initial investment

02-Sep Rent Expense

8,000.00
Cash
8,000.00
to record payment of rent for September

02-Sep Supplies
7,000.00
Accounts Payable
7,000.00
To record purchase supplies

03-Sep Office Equipment

75,000.00
cash
37,000.00
Accounts Payable
To record acquisition of office equipment

07-Sep Cash
50,000.00
Consulting Revenue
50,000.00
To record consulting service

08-Sep Accounts Payable

7,200.00
Cash
7,200.00
To record payment for Purchase of
supplies

14-Sep Salaries expense

6,000.00
Cash
 6,000.00
To record payment of assistant’s salaries

28-Sep Salaries expense

6,000.00
Cash
6,000.00
To record payments of assitant;s salaries

30-Sep Accounts Receivable

48,000.00
Consulting Revenue
48,000.00
To record consultancy services on account

31-sep Pascual Withdrawals

12,000.00
Cash
12,000.00
To record withdrawal

31-sep Salaries Expense

1,800.00
Accrued Expense
1,800.00
To record accrual of salaries

31-sep Depreciation Expense

800.00
Accumulated depreciation
800.00
To record depreciation for the month
 Cholo Pascual, tax consultancy
General Ledger

CASH             ACCT NO.

101
Date Item PR Debit (P) Date Item P Credit (P)
R
01-Sep Pascual Initial GJ 02- September Rent  
Capital 1 50,000.00 Sep 8,000.00
07-Sep Consulting Services   02- Acquisition of  
50,000.00 Sep Office 37,000.00
Equipment
        08- Payment of  
Sep supplies 7,200.00
        14- Payment of  
Sep salaries 6,000.00
        28- Payment of  
Sep salaries 6,000.00
      31- Pascual  
sep Withdrawals 12,000.00
Total     Total  
100,000.0 76,200.00
0
Ending Balance          
23,800.00
               

Accounts             ACCT NO.

Receivable 120
Date Item PR Debit (P) Date Item P Credit (P)
R
30-Sep Consultancy          
services on 48,000.00
account
               

Supplies             ACCT NO.

130
Date Item PR Debit (P) Date Item P Credit (P)
R
02-Sep Purchase of          
supplies 7,200.00
               
               
  
Office Equipment         P ACCT NO.
R 140
Date Item PR Debit (P) Date Item   Credit (P)
03-Sep Acquisition of          
Office Equipment 75,000.00
 
Accumulate           P ACCT NO.
d R 145
Depreciation
Date Item PR Debit (P) Date Item   Credit (P)
    31- Depreciation for  
sep the month 800.00
             
 
Accounts           P ACCT NO.
Payable R 210
Date Item PR Debit (P) Date Item   Credit (P)
2019
08-Sep Payment of GJ 02- Purchase of  
supplies 1 7,200.00 Sep supplies 7,200.00
        03- Acquisition of
Sep office 38,000.00
Equipment
  Total   7,200.00   Total   45,200.00
          Ending Balance  
38,000.00
               

Salaries Payable           ACCT

NO.220
Date Item PR Debit(P) Date Item P Credit(P)
R
               
               
               

Pascual Capital           ACCT NO.

310
Date Item PR Debit(P) Date Item P Credit(P)
R
        01- Pacual Initial   50,000.00
Sep Capital
               
               
Pascual Withdrawals           ACCT
NO.320
Date Item PR Debit(P) date Item P Credit(P)
R
31-sep Pascual   12,000.00        
Withdrawals
               
               

Consulting Revenue           ACCT

NO.410
Date Item PR Debit(P) Date Item P Credit(P)
R
        07- Consulting   50,000.00
Sep Services
        30- Consulting   48,000.00
Sep services on
account
          Total   98,000.00
               
               

Salaries Expenses           ACCT

NO.510
Date Item PR Debit(P) Date Item P Credit(P)
R
14-Sep payment of salaries   6,000.00        
28-Sep payment of salaries   6,000.00        
31-sep Accrual of salaries   1,800.00        
  Total   13,800.00        
               

Supplies expense           ACCT NO.

520
Date Item PR Debit(P) Date Item P Credit(P)
R
               
               

Rent expense           ACCT NO.

 530
Date Item PR Debit(P) Date Item P Credit(P)
R
02-Sep September rent   8,000.00        
               
               

Depreciation Expense           ACCT

NO.540
Date Item PR Debit(P) Date Item P Credit(P)
R
31-sep Depreciation for   800        
the month
               
               

Income Summary           ACCT NO.

550
Date Item PR Debit(P) Date Item P Credit(P)
R
               
               

Accrued Expense           ACCT NO.

550
Date Item PR Debit(P) Date Item P Credit(P)
R
        31- Accrual of   1,800.00
Sep salaries
               
               
 Cholo Pascual
STATEMENT OF COMPREHENSIVE INCOME
For the Month Sept 2017

Sales 98,000.00
less: Cost of Sales 7,200.00
Purchases 4,700.00 2,500.00
Ending Inventory 95,500.00
Gross Income

Less: Operating Expenses

Salaries Espenses 13,800.00
Rent Expense 8,000.00
Depreciation Expense 800.00 22,600.00

Net Income 72,900.00

Cholo Pascual
Statement of Financial Position
For the month of September 2017
Assets
Current Assets
Cash 23,000.00
Accounts Receivable 48,000.00
Merchandise Inventory 4,700.00
Office Equipment 75,000.00
Less : Accumulated Depreciation 800.00 74,200.00
Total Assets 150,700.00

Liabilities
Accrued Expenses 1,800.00
Accounts Payable 38,000.00
Total Liabilities 39,800.00

Equity 50,000.00
Pascual Capital 12,000.00
Less Pascual Withdrawal
38,000.00

Net Income 72,900.00

Total Liabilities and equity 150,700.00

 Cholo Pascual
CASH FLOW STATEMENT
For the Month of 2017
Cash flows from Operating Activities
Net Income 72,900.00
Add back: Depreciation expense 800

73,700.00
Increase in trade and other receivable -Net (48,000.00)
Increase in trade and other payables (38,000.00)
 
Net cash generated by Operating Activities (12,000.00)
 

Flows from Investing Activities

Amount of proceeds from sale of property
an equipment
 
 
Cash flows from Financing Activities
Paid Loan from a Bank
 
 

Net Increase in cash and cash equipments (12,300.00)

Cash, September 1, 2020 23,800.00
Cash, December 31,2020 11,500.00