Ricardo Pangan Company

Worksheet
For the Month Ended Jan. 31, 2023
Unadjusted Trial Balance Adjustments Trial Balance Income Statement
No. Account Titles Debit Credit
110 Cash ### ###
120 Accounts Receivable 740,000.00 740,000.00
130 Merchandise Inventory 730,000.00 730,000.00 730,000.00 470,000.00
140 Prepaid Rent 90,000.00 30,000 60,000
150 Office Supplies 200,000.00 130,000 70,000
160 Office Equipment ### ###
165 Accumulated Depreciation 250,000.00 10,000 260,000
210 Notes Payable 570,000.00 570,000.00
220 Accounts Payable ### ###
230 Salaries Payable 90,000 90,000.00
VAT Payable 182,817.86 182,817.86
310 Pangan, Capital ### ###
320 Pangan, Withdrawals 100,000.00 100,000.00
330 Income Summary
410 Sales ### ### 2,821,428.57
420 Sales Returns and Allowances 30,000.00 30,000.00 30,000.00
430 Sales Discounts 10,357.14 10,357.14 10,357.14
510 Purchases ### ### 1,284,814.29
520 Purchases Returns and Allowances 10,000.00 10,000.00 10,000.00
530 Purchases Discounts 5,625.00 5,625.00 5,625.00
540 Transportation In 20,000.00 20,000.00 20,000.00
610 Salaries Expense 80,000.00 90,000 170,000.00 170,000.00
620 Rent Expense 30,000 30,000.00 30,000.00
630 Office Supplies Expense 130,000 130,000.00 130,000.00
640 Depreciation Expense 10,000 10,000.00 10,000.00
650 Interest Expense 10,000.00 10,000.00 10,000.00
### ### ### ### 2,425,171.43 3,307,053.57
881,882.15
3,307,053.57 3,307,053.57
 Balance Sheet

2,384,700.00
740,000.00
470,000.00
60,000.00
70,000.00
1,000,000.00
260,000.00
570,000.00
1,190,000.00
90,000.00
182,817.86
1,650,000.00
100,000.00

4,824,700.00 3,942,817.86
881,882.15
4,824,700.00 4,824,700.00
 Ricardo Pangan Company
Income Statement
For the Month Ended Jan. 31, 202
Net Sales
Gross Sales
Less: Sales Returns and Allowances
Sales Discounts
Net Sales
Cost of Sales
Merchandise Inventory, 1/1/2023
Purchases 1,284,814.29
Less: Purchases Returns and Allowances 10,000.00
Purchases Discounts 5,625.00 15,625.00
Net Purchases 1,269,189.29
Transportation In 20,000.00
Net Cost of Purchases
Goods Available for Sale
Less: Merchandise Inventory, 1/31/2023
Cost of Sales
Gross Profit
Operating Expenses
Salaries Expense
Rent Expense
Office Supplies Expense
Depreciation Expense
Interest Expense
Total Operating Expenses
Profit
 Ricardo Pangan Company
Income Statement
For the Month Ended Jan. 31, 2023

2,821,428.57
30,000.00
10,357.14 40,357.14
2,781,071.43

730,000.00

1,289,189.29
2,019,189.29
430,000.00
1,589,189.29
1,191,882.14
 GENERAL LEDGER

Cash (110) Accounts Receivable (120)

1/1 ₱ 240,000 ### 613,700 1/1 ₱ 210,000 ### 30,000
### CRJ35 2,758,400.00 1/30 SJ16 ₱ 1,420,000 1/30 CRJ35 860,000
2,998,400.00 613,700 ₱ 1,630,000 890,000
2,384,700.00 ₱ 740,000

Merchandise Inventory (130) Prepaid Rent (140)

1/1 ₱ 730,000 1/1 ₱ 90,000

Office Supplies (150) Office Equipment (160)

1/1 ₱ 160,000 1/1 ₱ 1,000,000
₱ 40,000
₱ 200,000

Accumulated Depreciation (165) Notes Payable (210)

1/1 ₱ 130,000

Accounts Payable (220) Salaries Payable (230)

300,000 130,000
10,000 1,370,000
310,000 1,500,000
1,190,000

Pangan, Capital (310) Pangan, Withdrawals (320)

1/1 ₱ 1,650,000
 Income Summary (330) Sales (410)
₱ 1,267,857
1,553,571.43
2,821,428.57

Sales Returns and Allowances (420) Sales Discounts (430)

30,000

Purchases (510) Purchases Returns and Allowances

1,223,214
61,600
1,284,814

Purchases Discounts Transportation In

Salaries Expense Rent Expense

Office Supplies Expense Depreciation Expense

Interest Expense VAT (240)

1,242.86 152,142.86
146,785.71 46,071.43
8,400 675.00
140,357.14
156,428.57 339,246.43
182,817.86

495,675.00
 Date Account Title and Explanation P.R. Debit Credit
2023
Jan. 9 Purchase Returns and Allowances ₱ 10,000
Accounts Payable-T. Arenas Company ₱ 10,000

24 Sales Returns and Allowances ₱ 30,000

Accounts Receivable-G. Sevidal ₱ 30,000
 SALES JOURNAL
Debit Credit
Post. Accounts
Date Invoice No. Account Debited Ref. Receivable Sales Output VAT
2023
Jan. 2 316 B. Bandonell / ₱ 240,000 214,285.71 25,714.29
8 317 G. Sevidal / 310,000 276,785.71 33,214.29
13 318 M. Cerda / 130,000 116,071.43 13,928.57
18 319 R. Loyola / 460,000 410,714.29 49,285.71
23 320 B. Bandonell / 110,000 98,214.29 11,785.71
29 321 M. Cerda / 170,000 151,785.71 18,214.29
₱1,420,000 1,267,857.14 152,142.86
 CASH RECEIPTS JOURNAL
Debits Credits
Sales Output Accounts Other Accounts
O.R. Discounts VAT Receivable
Date No. Description Cash Sales Account Title PR Amount
2023
Jan. 4 R. Loyola 205,800.00 3,750.00 450.00 210,000
5 Cash Sales 430,000.00 383,928.57 Output VAT 46,071.43
10 B. Bandonell 235,200.00 4,285.71 514.29 240,000
22 M. Cerda 127,400.00 2,321.43 278.57 130,000
25 G. Sevidal 280,000.00 280,000
27 First Morayta Bank 170,000.00 Notes Payable 170,000
30 Cash Sales 1,310,000.00 ### Output VAT ###
2,758,400.00 10,357.14 1,242.86 860,000 ### ###
 ACCOUNTS RECEIVABLE
SUBSIDIARY LEDGER

R. Loyola B. Bandonell
1/1 ₱ 210,000 1/4 ₱ 210,000 1/2 ₱ 240,000 1/10 ₱ 240,000
1/18 460,000 1/23 110,000
₱ 670,000 ₱ 210,000 ₱ 350,000 ₱ 240,000
₱ 460,000 ₱ 110,000
G. Sevidal M. Cerda
1/8 ₱ 310,000 ### 30,000 1/13 ₱ 130,000 1/22 130,000
### 280,000 ### 170,000
₱ 310,000 310,000 ₱ 300,000 130,000
₱ 170,000
 PURCHASES JOURNAL
Credits Debits
Accounts Purchases Office Other Accounts
R.R. Payable Supllies Input VAT
Date No. Account Credited PR Account Title PR
2023
Jan. 3 1 T. Arenas Company 90,000 80,357.14 9,642.86
11 2 L. Viray Company 120,000 107,142.86 12,857.14
17 3 E. Samonte Company 190,000 169,642.86 20,357.14
25 4 A. Branzaga Company 340,000 303,571.43 36,428.57
28 5 L. Viray Company 270,000 241,071.43 28,928.57
30 6 T. Arenas Company 360,000 321,428.57 38,571.43
1,370,000 1,223,214 146,786
counts
Amount
 CASH DISBURSEMENTS JOURNAL
Credits Debits
Purchases Input VAT Accounts Other Accounts
Ck. Discounts Payable
Date No. Description Cash Purchases Account Title PR
2023
Jan. 7 83 E. Samonte Company 126,100 3,482.14 417.86 130,000
11 84 T. Arenas Company 77,600 2,142.86 257.14 80,000
12 85 Purchased Merchandise 70,000 61,600 Input VAT
14 86 Paid Interest 10,000 Insurance Expense
15 87 Paid Employees 80,000 Salaries Expense
19 88 Pangan, Withdrawal 100,000 Pangan, Withdrawal
21 89 Purchased Office Supplies 40,000 Office Supplies
22 90 Paid Freight In 20,000 Transportation In
26 91 E. Samonte Company 90,000 90,000
613,700 5,625.00 675.00 300,000 61,600
Accounts
Amount

8,400
10,000
80,000
100,000
40,000
20,000

258,400
 ACCOUNTS PAYABLE
SUBSIDIARY LEDGER

T. Arenas Company E. Samonte

1/9 ₱ 90,000 1/1 ₱ 90,000 1/7 130,000 1/1 ₱ 130,000
1/11 80,000 1/9 80,000 1/17 190,000

L. Viray Company L. Viray Company

1/11 ₱ 120,000 1/11 ₱ 120,000

L. Viray Company L. Viray Company

1/11 ₱ 120,000 1/11 ₱ 120,000