Bookkeeping Presentation

WELCOME
TO
BOOKKEEPING NCIII
BY: ROSELYN P GABON
TRAINER/ASSESSOR
OElements of accounts
ONormal balance
OAccounts title of each
elements
O8 accounting cycle
OFinancial statements
Elements of accounts
OASSET
OLIABILITIES
OOWNER’S EQUITY
OREVENUE
OEXPENSE
Normal balance
OASSET -DEBIT
OLIABILITIES -CREDIT
OOWNER’S EQUITY -CREDIT
OREVENUE - CREDIT
OEXPENSE -DEBIT
Accounts title of each elements
O ASSET
-Cash -Prepaid Expense
-Account Receivable -Land
-Notes Receivable -Table and Chair
-Office Supplies -Computer
-Equipment
-Building
LIABILITIES
O Accounts payable
O Notes payable
OWNER’S EQUITY
O Owner’s Equity
O Owner’s Withdrawal
O Net Income
REVENUE
O SALES
O Sales Income
O Service Revenue
EXPENSES
O Electric Expenses
O Water Bill
O Salary Expense
O Miscellaneous
8 accounting Process
O Journalizing with Explanation
O Ledger with Running Balance
O Trial Balance
O Income Statement/Statement of Comprehensive
Income
O Balance Sheet/Statement of Financial Position
O Cash Flow Statement
O Closing Entries
O Post Closing Trial Balance
Journalizing with Explanation
O Example:
Bought office equipment, P180,000.
Journal Entry:
Dr. Office Equipment P180,000

Cr. Cash P180,000
(to record office equipment)
Ledger with Running Balance
CASH RB
DATE TRANSACTION DEBIT CREDIT DEBIT CREDIT
A investment 120,000 120,000
B rent expenses 7,000 113,000
C bought supplies 3,640 109,360
F bought equipment 9,000 100,360
G Sales Commision 31,600 131960
H Expenses 1,480 130,480
I advertising expense 3,820 126,660
J rental expense 2,560 124,100
K withdrawal 10,300 113,800
Trial Balance
P EREZ, REALTY
TRIAL B ALANCE
JUNE,2 0 0 8
CODE ACCOUNT TITLE DEBIT CREDIT
ASSET
201 CASH 113,800.00
202 OFFICE SUPPLIES 3,640.00
203 OFFICE EQUIPMENT 62,000.00
LIABILITIES
204 ACCOUNT PAYABLE 53,000.00
OWNER'S EQUITY
205 PEREZ, CAPITAL 120,000.00

206 PEREZ,WITHDRAWAL 10,300.00
INCOME
207 REVENUE 31,600.00

EXPENSE
208 RENT EXPENSE 7,000.00
209 ADVERTISING EXPENSE 3,820.00
211 UTILITIES EXPENSE 1,480.00
TOTAL 204,600.00 204,600.00
Income Statement/Statement of Comprehensive Income
PEREZ, REALTY
INCOME STATEMENT
JUNE,20 0 8
REVENUE 31,600.00
EXPENSE
209 ADVERTISING EXPENSE 3,820.00
211 UTILITIES EXPENSE 1,480.00 14,860.00
TOTAL INCOME 16,740.00
Balance Sheet/Statement of
Financial Position
PEREZ, REALTY
INCOME STATEMENT
JUNE,2 0 0 8
ASSET
CASH 113,800.00
OFFICE SUPPLIES 3,640.00
OFFICE EQUIPMENT 62,000.00
TOTAL ASSESTS 179,440.00
LIABILITIES
ACCOUNT PAYABLE 53,000.00
OWNER'S EQUITY
PEREZ, CAPITAL 120,000.00
PEREZ,WITHDRAWAL 10,300.00
NETINCOME 16,740.00
TOTAL LIABILITIES & OWNER'S EQUITY 179,440.00
CASH FLOW STATEMENT
PEREZ,REALTY
CASH FLOW STATEMENT
AS JUNE 2008
OPERATING ACTIVITIES
Sales Commision 31,600.00
bought supplies 3,640
OPERATING EXPENSES 3,640.00 27,960.00
Expenses 7000
office rent 1,480
advertising expense 3,820
rental expense 2,560 14,860.00
TOTAL OPERATING ACTIVITIES 13,100.00
bought equipment 9,000 9,000.00

TOTAL FINANCING ACTIVITIES 9,000.0
INVESTMENT 120,000
WITHDRAWAL 10,300 109,700.00
TOTAL FINANCING ACTIVITIES 109,700.00
TOTAL 113,800.00
Closing Entries
O All the nominal accounts should be close at

the end of accounting period
-Revenue
-Expenses
Closing Entries
DATE TRANSACTION PR DEBIT CREDIT

Jun-30 INCOME SUMMARY 14,860.00
RENT EXPENSE 7,000.00
ADVERTISING EXPENSE 3,820.00
RENT EXPENSE 2,560.00
UTILITIES EXPENSE 1,480.00
(to closed operating expenses)
Jun-30 INCOME SUMMARY 10,300.00

PEREZ,WITHDRAWAL 10,300.00
(to closed withdrawal)
Jun-30 REVENUE 31,600.00

INCOME SUMMARY 31,600
(to closed reveneu accounts)
Post Closing Trial Balance
PEREZ, REALTY
po st cl o sing t r ia l b a l a nce
JUNE,2 0 0 8
CODE ACCOUNT TITLE DEBIT CREDIT
ASSET
201 CASH 113,800.00
202 OFFICE SUPPLIES 3,640.00
203 OFFICE EQUIPMENT 62,000.00
LIABILITIES
204 ACCOUNT PAYABLE 53,000.00
OWNER'S EQUITY
205 PEREZ, CAPITAL 126,440.00
TOTAL 179,440.00 179,440.00
TRANSACTION 1
Recording Transaction in a Financial Transaction
In June 2008, Rico Valdez established the business,
ZYX Co.. Transaction completed during the month
follow:
O June 1 Deposited P120,000 in a bank account for

the business and donated complete set of computer
for office supplies.
O June 2 Paid office rent for the month, P7,000.

O June 2 Purchase table and Chair , 35,000.
O June 3 Bought supplies consisting of stationery,
folders and other offices supplies, for cash,
P3,640.
O June 4 Bought office equipment on account from
Q&A Store P62,000.
O June 5 Received the bill from the Sales
Production for advertising, P3,820.
O June 6 Paid P9,000 to Q&A Store as part
payment on purchase of office equipment
recorded previously.
O June 7 Sales commissions, receiving cash P31,600.
O June 8 Received and paid bill for utilities, P1,480.
O June 9 Paid bill for advertising recorded previously,

P3,820.
O June 10 Paid rental expenses , P2,560.
O June 11 Valdez withdraw cash personal use,

P10,300.

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WELCOME

Dr. Office Equipment P180,000

205 PEREZ, CAPITAL 120,000.00

207 REVENUE 31,600.00

bought equipment 9,000 9,000.00

O All the nominal accounts should be close at

DATE TRANSACTION PR DEBIT CREDIT

Jun-30 INCOME SUMMARY 10,300.00

Jun-30 REVENUE 31,600.00

O June 1 Deposited P120,000 in a bank account for

O June 2 Paid office rent for the month, P7,000.

O June 8 Received and paid bill for utilities, P1,480.

O June 9 Paid bill for advertising recorded previously,

O June 10 Paid rental expenses , P2,560.

O June 11 Valdez withdraw cash personal use,

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