NanE

Fizia
-fth
A. -custaquu
A
B
u3e dato in E8{,
p,228 -Arnounf of remmancc rdthin thc d[*cruud
Frdo.,
}s
Ure drlr ln E8-10,
p.
230
Fhd thc cclling pdcc,
cash diccoufit cnd thc rrnouil psld
qo
ea$
(h'tter
e lr
giyen oo an errnryle)
SoSIlB prlcr/ CsEr
a lnuois ddcd Oct. !8
b inYoie dd6d SGS. 2
c lnuoier datad &ly?
d iwoie dsiedAldl t0
c lnrooh* 66136ffi|27
Ure ffia in E8-8,
p.Z$l
Cornputc the asr*ont raehrcd by th6 oe0cr (ltaure
frc0ght o[ P10,000 wrr
paH lo a cotrtrron e*riw]
a for imoict deted !/1"......
b for irwoico tfficd 212 +4q >'^t
c for irwoicc defied U3
-H1LfuI.
/
Use data or.r E0-3.
g.2U
a tcl 6glrs ic
2ql,ooo_
c" Grs6 pfgfil
h
lll,ooo
,
b Net purdroses ls
?p!*ppg
_
{sec
p. 253) f, Tolai ogarating crpcnser is
J.g-99:--
c Totalgoods avallaUc for edo ig
J3,t4o e.
ltioi lntomo E
1@tu
d eod of gmods sold is ll
or&2
Use dela in E8-(,
p.
2G5 (prwidc the wn crdt lsttpr; httcr a b
$wn
rlr m cxrrph)
Srdlogr _
r/3
,
t
b
o
lo*mq_
d.
22.f2_
zhoea
./
e.
--F,L!L
z-
1o0,o06 / t.
_e*!_
F Use dale in P8'1. p.
2?t
(Requird:
fll-6n the btdcs; rlurnbcr t ir
$ua
cr en cranryh)
I
x,
3
Amoud oail
5(,S80
J*!
J!r,6t8:1
t?itia
79h,nA.
tt,stoXu.r
tt t-A1
A Cqt o{gnqqbmdre ir Pt"t00 tod Oc derired
pr
cefr of
grom poftt
ir
r@6-
_ -.
Cuc I
"
if CIF rcs ir bucd m sda: (e)
@ msi b lfue celliry
FrG? 3,!p_0)
UIH ir thc groru
W&_L"::
-TCBc
2
.
iNtP ffi.e lc b*led m cort (e) w{rm mt b ?trrc tdliry
ffice? _34g_
(b)
lt"Bd
ir the gmla prost-geg
E,
r
Sf;ltiuGgidb ir P,}O00 ceid
grorr profft r* ir frFi6.
--Gua i -.if
ffiir
3G,7oofauler: r Wbetis lta costofrnffchcndfisefu::J b. hownmrq"tr*o tlre
potc
mufiffi-:;g:'
H.?Olse
2 - if'fiI' il 3@6 of cqrt : u WhO ir tk eort of'merc&rndire? r,3ar b" how mmh ir &e
grusc proffit?*.1g]*
I
'rnne
Ti*dinry &te 6c foltowing d.afe for&e firreo*,rrE61
Btsirali4trvBmy i{WIH} I.{etrdec ?ffi,OOO
.
NetpDtlrzr* 3@,ffi0
(horr
profttree S6ofcdel
, ,
rr flia{C gof,do*vdl$le
fur ldc--- b. cort ef go*.t&
rdd
-'
---
s" Ilr!.dory i cod
:-
-:d
9rgro tro6t-'-
' '
D Ats dmforibe
. Metcder t.2d$,6Km
Netprcharm !$O0$ffi ,'
'''
cwt
e Total
goodr
avdhble frrde-_b. cortof goo& cold "
_
pro$t--.-
E Iffile61oay' dSrear-end of ABC Co,cpamyic ruIXlO. Netprfua for(he
rcriodil
mJ3e,000 md
I"
"Y-lfiffiffi"fft
:m"-r-T*,old
-
c. hrffiory dbe'"
--
.
sru*
pronr*j'
"'
F ADC Coeupxly mniddnr r uul& rry (or ggorr profit) of6G++rbeic coct Th oqfi5fi *etlitry d
e&miulirtrutive flpffirrr ileer&Be 30fb of edel. For &c
ycr 2008 cdes mriled to F96$Jm.
fr.
(;rtst
of goo& rotO .
-
b. grn*o profitj-': '
-
c. rdtiry ad cdm o,rp
":-:.--
d. tilec in*ome--
S Begiuing invemtory ofABC Cquy il P[20,GX}; [rrever, mmagcmeilt wdr tc lixd8 lmverlcry oat
hrclrl a yer-od to Ylfifl0. If aet rdec frr fu yer ile projectrd to bc Pl
Im,m
rsnd
p'ocl proflt
snou$ to 3@6 ofnct rder.
ft co@ue the uwurt of merchditc
pr.r*hroec &d Eitl renit in thc drrfuld c$d.irg invcdoflX
c
t
'
'
H On Mrrch 31,2(m9, fu utme imreffiory ofA-BC Cqry wc dcruqred by fire. Ih fullewiq in&xmUim war
sblained llom availuble recordr:
Irruentory,Jun l,!ffi9. f*o$m $de*"Jm. tr t+Mench31,2009..... 224P00
Flrchsel, ia- I to IdilGh 31,2&)9.,. 1r0,W fJrorl profittuaryrm ir 409t of coct
a Teal goo& wailable for lde
.---'--
b. cut of goodo lold
.:.
.
,e.
ion.emery s* Meth 31:E:'
d Arrun
ing
ttrat udmaged rod dm.g+d goodu cla be rold for P12"[D0, cr6nratcd fire lola L._]5,,
:
'
_,
4
t
,.
,
o 1,1.'ell
lvr,,
//
01
.cr
\
ABC Trading
Trial Bdtnce
f)ece*rbr 3t,2008
Dshil
Cash 20
Accountr receivable l@
Merchiurdi;e invenlory,
t
I
t
t'
O8
ffi
Furniture and equipnrent 150
Accunulated dcprn
-
fuin & equip
.A.ccsrurts payatrle
Cruz" capital
Cnu, drawing
,.SoJet
S:des rehlrru and allowulcet
/
Intcrest irrcortre
l\uchases ,
[i'eiglrt in
I'urchase discount
Salaries expelue
Rent expuise
Crsdil
(,&sins.cnuisr$"260)
i .ltderchan<iite Inventory. 126 l/ffi
Saie*
Interert incorue
huchase discount
Ineorne srurlmrry
D*preciation experue
Total
30
57
w)
All accountu have bem a{iwted ercept for
Merchmdire Invertory.
Merchandiee Inventorl' dDec.31" 2008 ir P10.
30
2 Inconie sunmary
MerchEndir e fuventory, l/lffi
Saler reo"trns md allowances
hrchases
Freight-irr
Salaries experue
Rent erpeure
Depreciatioo expense
200
l0
80
4
l0
iCI
702
3 Income Smmary
Cruz, drawiu
l0
400
t0
5
4 Cfttz" capital
Cnu, drawing
?u
ABC Trading
Port-Goring Trial Balmce
Decembr3l,2008
Dshi!
Cuh 2A
Aceoffis rcceivable l@
Itdcrruhmdine inventory l0
Fmnihlr and equipmed 150
rdconurdatcd depra
-
firn &equig
4{t2
423
60
1
zfi
10
BO
.10
t0
Accomtr
payable
Crua cryital
Total
23
23
Credit
2fr)
30
57
l9J
2m
ftr
n
ABC $tma $Ells o hrand of P0. Frr th$ rfl$nlh cf ,,hn ?00S, !0 w*tn d P2$,So0 wur p+"urdr*mor$. $u,ln6 &n ?#Sg,
ABC cold 7 urrilr al aullnrg prioo of P3S,G00 scoft" ln Fob. ?00{}, cut+{hff ll u*o d Fl!,0M a*dryctro
p{r{dtetod,
Al FGb. 28. an irruanlorycourt siro'+od thrn 2 rr$lts ramdn cn hrnd Selos prim fur Fob h fr3?,eX)0
fr
uni:.
(Use tha iCesl cosl pricrs [o assig* velue to merdtandiee {nvemtoty at thc *nd
}
nith credtt ienns of ?/10, 1130. The eecourd wle peid o$ .bt!. $?
r lnvolae
prlcc ls
-,"
r:::- b. caatr dl*enun!
(lf eny)
-=-_--G.
&tnour{ peld-5a ,.
OnJan?7,2t}00,/Croldgrooristolsetsn {irrF!SS,600,cr?4iltenrso[3/tCI, l/15.n/l]S. lssl*npcidinfuflonFob.?
a oash diecoi,lnU salet dlscount
i , -' b. anmsul colledrd *n lvfay t4
_ .:
On .fuly3. ABC sold merc-hnndise to XYil for P80,000. Terwm; 2{1S, lItr$, ni30.
On .fuFy 8, ABC lssu*d crodh rnonno to XYZ fur dlmrrarim
granled #n d*floalfus rrrtrcfiandise, F?,S{}S.
On $ly ,6, ABC colleded XIB actour* in $uH.
a arnounl subJed tc dlccount
:-,-
-_
h. meh eiiscounU salos diucounf
-.iS:y(.-
u. eenoml cniledod
'-
-:--
On lvlor 4, 2008, F,80
purdrased rmerSlandire fnrrn XYI irr the earounl af F4?,7$8. .Utrtl,Ec$rt, nls0, ffiC rstttlned
cornagud nrorcharadiua irwoiocd ot P2,SS0 to XIZ and poid ltt ac*ount h frdt on Aprii tr0, 200S.
a emousi subjed to dtscount 4*,
-"":
b. cash dfuctru*U
pmdla,se dttesrrftt
-L...;::
e. amas(
PM-]..
;jZ.
F On ivlay l, ABC bougltl goods frorn XYI hr P245,&S0. A 20% tradc dlscount eme gflar*sd end thc tctnna
olthe
trrdm3e$iar
At$. n/3S. XYZ prcpeid frGitdfr m{ o[P!0.&Ml tftagaa&flctoABO (orpenca of AEC.]
Om Mry t0, ABC rcturnod P20,S00 ae dufltiiuo md pdd ths balano on Ntry f 5.
, emoufil subjed to cssh rXi'sma.qslt ic
^E-][
b"
p*rdrme dhooffitt
Jfu--s.
totsf smoffid
Bsi{, J9*lg
G ABC purdracad goods for PX00,S#dL Temrr: 20% d{$on prymeril and tho bolamco on tsmiu G{ 2/10,n/}0.
AEC paid in fullyrilhin dicco'Jflt peried,
I c. td*l
-"''
,:'":
-
l
H On 'ri
/i': '-r'i-\''rlr'('
0n b&rmo
(i
''
it is the policy of SC not to
$rril
discowd ur pertid pelmrmt, lxingvff if the he{cflrs, ffi ats$ psid $rithin thc dsootrt
pcriod r fu{ dlecowil lt
6fucn
lndudrtg thc dstounl oa padlal pa3nrnt.
a ornounl subjed to dboount
J1;-
b. tdee dixcornl
-j;-
i. erflrxrrtl eolleded m May t5**,:
! On May 25, ABC *old nrorrAundlsa ofl &ffi*urd lo XYZ for P100,000 plus 12% VAT, ?10, ,id$O. XYZ
Fdd
iis armunt in $uilruithin tlrc discoiff?t pcriod.
a emt uubjorr te! diss$ufit
l. '1 -h
e*Cr discourd
-
-,
-
. ncd ot&flptit ltrr
1;['
d" errtorrrl enhdsd ,
.
;
tlm
tvioy 3, /tBC ssld rncrdrendisc la XYZ on accou':t termr of 5/10,n/J$ for P? 1,200 h&ldve of t2% VAT.
On htay,$,
)(VZ,
r*i..rrnrd P?,0G0 plur t 2% VAT rtorth of dofttlhrc mardlrsrdloc"
On Msy t X:HYZ scttled hiE enrlsorrmt in $n$1.
e rnil suhjed to diacuunt
f
,-1"
-b
cesh diecout{ 'l'
.,..
c. nd odpr.fr tax
', ,;
,
d" oriwrrd c6$odod
g-
On Feb.4 Jran Gr,.c, the cninstr, roithdmvr nnerdlsn'dbe wtkB Fl0,tX)0 fur pemonol wc. Mqrdrsdis? h frG|n$
roltl a[ Pl5,Oii0.
, ,. .,] J ,
a the smourTt of &'aring i*d- b. ihe awourl rffisd h
j_*_
c. ttw t-il-
,
-
,P,EG Mantla purclrasod rr!8n*ralldlro {ho{n X\fZ Ccbu, P2 },0O0. Tawru: 2fl0,n4}0, byUoa.,
Tramsputalion cost of PXl.fi!0 was paid to o mmrtoa cryrier. i.,,
.
I
i. Datarnllne thc lmqrmfl of lhclgMJn (lf efiy) and lhs srlouril peid ts XYZ mdcr thc hU6uh0 sl*pphg tmtt:
a F0B desiinEtio*. c.
b FCI8 shlpghg pol
,rd.
ABi.] Mnmila sold merchandige to XYA Oc&u, P1@,000. T Traupoilrfion
cont of P5,CIO.wm prld lo a commofi enbr.
Deiermirre lhc ernou$ of freigrt.out (ll aDfi ild thc mrount cof,sded fom XYZ rndcr the ffiflrhg CieDinS tcrm;
a FOB dGstkution, frclgN rrqpil-2;.'):y- c. FOB &dhdbo, frol$il collod
--d-15-'
b id. he(;M colled
.
-;:-.J,c:
d, FOts d*Srine
pfu*,
A& ntsry r{ Dec. 3t, 2008 lr uailrod d P'500,000 ba*ed on
on harrd. The follry*ing ilerrs erc in tmnel 8t ths. 3t, 2008 efid sc,e $d irt*dcd lrl FS00,ffiS:
I
t,.
K
L
i...
lr.'
M
. )t
(i'
''
H
.,.o
,o
L'
("' o
lvirrdundlm
purdtecod tllll h tr*na[ (of$Dpod FOB thhphg
folnl].....
25,CI00
Men{'iandise
purdrased still ilr transiq (shifped FOB de$inCion).. ...... , 30.ffi0
Mer$randise sold ttlil in traneli
trhbpcd
FOB eNpptng poinl), ril cost.. 26,0fl0
tr{err}rundire cold still in trsnsil
(shryWed
FOB dcctit!f,liort}, d tpsl. . . . .
"
8$,CIt}0
Y T'1-T:::T1 lY'gY:1fLTff :i';,,',P
ie
-giL-
a
i'
Cuut o$goods sold:
i
'*-*-
i
-
'
-,
I
lret
uE tTtgflIlt EtEs lr9r uE ,Ilqxn l'Eto I
l+rn,
u"3gpg
fr"o.
as. aoos
I
i
,*ro,
-;-::j
I
n,, r, ir,t:.
i
,;+;:-.
1
-l"J.LJ:it
*
on Jiln. 7 Aac pufftlesed
merdlatidlco r,rlth a ll$ pP,re of Ft?5,01!0 srr{rlgtt te 20% &&d l0% trade dsrsudr,
with credit tennc of ?J10, r/30. The ectourd wm pefd on
"bn.
iT
a lruolaa prlm ls
_,3;:i--."*.
b. caetr dl*couni
{lf
any}
*2y
",_*e.
amouril pdd_::.
# Ctn .hn 2e, 2t30CI, 480 sold groutis
tu ltetsn frir Ir!$t1,000" cr*rli! tunns of 3/10, t/tS^ r:/3S. lsg{pn
frid
in fufl m Fgb. ?
a cash discounlr sales dlscuunt
:.-l_^
b. alttou*i enllqrctci sfl lk{ey 14
:;_ ,-*
n On
'bly3,
ABC sold mers'hondisE to XYd for P$0,0G0. Tenne: 2/tG, tlt$, nt30.
On .fuS18, ffiC lsstt+d crodit mo*"ra lo ,\YE for dlmruauue grarued ary d*fee{fua mrrc*rand{ae, Fp,$fi{}.
On
"tuly
t6, ABC colleded X]? account in fuH.
,a enRo#ml subjed to diccouot jj:,*-"-
h. e,erh cliscounU stlos discauftt
_i[j::l]
u. cffnormt cafiedod
--.^.:
t-
E On Mar 4, 2009, FS{i
FurcfraEed
rnerdra*rtiise trurn XYI in ttge r,mourt ef F4?,?$0, .UlU,HOM,
r}rSS. ABS re,tuilxed
ilmagsd mcrchondisa irwolcud et P2,0&0 to X!? md pafui its actou{tt ln ft*t onAgrti t0, 400fr.
a amounl
T+,icn
to disoount {",
r:*
b. cOch rkcoras# prdrase
dhcsu'S
_L;:j
c. erfiNlr* pdd
_
ja'
F On May l, ABC borigld
$oodg
frorn XYZ fu $r245,&SCI. A ?0% tratJo diseionrftt 6$as g,redsd ,end thr toffimr
of lhe purdnse
hr&r Al5, n/3t. HYZ gnepeid frcigfit cost of Pt0.@{S $argces{c toABC (erpernc of AEC}
Om Mry t0,ABC rotur-osd P20,080 as dehdiuc ud paH ths bCmoc on Mry tS.
r amouril subjed to cash diswumt is
EA
h"
ffilrdrme
dismur*
:fr,:,*e.lotnf
*rnorrei psi{,
_ffi-
G ABC ptxdlacod gondr for Ft00,{}(}il. Ternrr: 20% d$u'on prymcril and Bho balamco CIfl tca31rs of Zt@,nrcO.
-
AEC paid in fullyrithin drccorr$t perind.
I emounl subicd to cash rlleoerxt tl
lI--
b. purdnm dircmnt
__
-_
-
a. tdal &,mouru. paH
";rr-::'j-"
H OnMqyr'l,ffiCsoldteXlZhrPtS0,000:7!$i;nlt6. 1t'vr'iL
i
;;-,;'5 ..'.'ru'c'^i
$n
Mqg r0, ABC prld fll00,0{Xl, rstur**d P20,00S as dGfodhre rnd pdd thr b&nco om Mcy 15"
L'' ''
tt is tltc policyolA8C
not to grrril discorxd on prrtid pryntcmt, horrurvcr if tire beicnc+ ir at*o
frdd
],rnffin thc &oqrrl
pcriod a fufl dlsconsil l* grlvcn
lnc8udhg thc dscorffi on prtld pepr$!t.
a ar*ounl rubjed to dircouni r'..;-
b. fr*es discouril ,.
.:.J-.
r, arsftxrr?l cofieded on Msy l$_;r;.;
I On May 25, AtsC sold nor$tencilca Do fi<x*urd to ){,'!? f'or F100,000 phrc 12% VAT, ?/10, n130. XYI plutd
its aqmuml 1n $ulllniltdn t$le dism{rfi! period"
e effifl eubjed te d.i s*dr dleoutd
:-_-
c. rret a*tptt tel cssod*d
!:__-L.
J
rln
tt{oy }, Ar.3C soid
VZ on acconr*ffi-r of 5/10,ri/3CI isr
pe
t f A% VAT.
Op
\@y $, |''fZ
rol urntd P3,000 plut i ?% VAT worth of dcfudhrc ruteru*lendlao"
-
;''.'-
Cn May I 1; X\.f sdtled his ac(orrffr im tult.
a ert rubied io dircoud
-ri"1:_6
cesh dhco*mf, '/'
_
c. nci acp4 tax
.
d
_L=
K On Feb.4 Jlan Cna, the .Ful?t', euilhdrss merdlo?rdi3s cost},rg P10,00r0 fur perco*cl
h h#W
sold d P|5,0i.0.
a lhe amount of &atmg is-b.: h. thc reunl &bi8sd il c.
grc
mcprrrl
gldiled
6-l'--
--'
L ABC M.nlh pur#asod
rnordrendiro flom XVZ Cc&u, P280,000. T*mr: 2/10,D4)0, to bo trantporlC byboat*
Tramspofielioncostof
F20.fi!0u*aspaldtooconrnoncry*er.
i,,.,. r
, .,,iDc
ni.' '
LE
h
MAS
mfi s[P5,000.wt prld lo a contnort ad.r.
1r'
'-'
Determ
mtouf, @Sodcd Fom XYZ under the ffilr.ing Ciet*!ff tcml;
'
a FO
c. FOB drChdbn,
ffi&il
6lloct
-_L ,
\ t, J
t
b fOB dtipplng poird.
frrcig0t @lled
.
.
.:..-?,
i.
' d. FOts drippirE pdtd, hdghi', prapsid
r;-g;
H AHC Conpant's icuentutyd Dec. 3i,20681r ua&rad d P'50CI,000 be*ed on edud md of medlosdfae
nn harrd. The follorywing llen'rr arc ier trsosil d Dca. 31, 2{108 md orc noA inddcd h FSr00,000:
! ., ,t
o l,itrdundlso pulrdtasod tlH h tronsf, (sf*pgod FOB thhpftrg potnt).....
25,008
'
(r
Merdiandise purdrased
still in transit
{Ehipped
FoB desindion)...,...., 00,CI00
o l$ercfiandise sqld rilll in tran*i (rhgpcd
FOB stdpp{mE polnt), s{ cost.. AS,0$S
(,\''n o Merchcndige cold still in trancil (ohWee
fOB dcatinalaont, * rpd......
ge,(ht}0
r Tl",c concd amount o[ lm*cntoryof /i8C d D*c. 31, 2008 le
_g_LL.__
0 Tl,re foltw]ng datfr ref;des to AEG Trndirg for thc par 2$08:
H*i Satras.. 250,000
tlrrci'icndrre irr+*riory, beg.... 1?0,00S
Frelgtrl |n.....
"...-....
.
Purdrase relums, dlwl & fiscul
5,00s
40,m0
trt$,000
.
Pirrchrrcr. ?&0,000 Groes proflt
a. tirl ptrrch;r:es
lf1-_
b.'fotai gtods mailob{e for mle-l!]_
e
^;ri
C. Co* of goaJr sdd i
t,1t;d
[werilcry,"r|-i1
b,,
'Rizia
,q
.
fu'leTuio /-AC
Ui?holtiJA[ fx'<Ai+/-o,' I
Q.@tAnJ.
ABG sotd goods t0 X Co. lor P5,000, 210, rU30
]Y r<+ sat.t
C^ct
crtrc}p.c.c)
t rror+
,r Z X nc, ,alas
\^Jt!h VF,;f
Accounls Receivable 5,800
OtiPtd tal -r ticillity
salcs
c"o()
Selcs rclurns and allry{ancts
Output tax
Aeounts recciuable
Cash
Ssles discount
Orrtptfi tax
accounts Rectivable
7ct,
A
{
I
Accounts Re,leivable
Salcs
Cash
Sales diseounl
aooounts Receivable
5,000
5,000
3,020
80
t,000
Purdrases
lnput tar
Accounts palable
Accounls receivable
Sales
Ou(put lax
Otdput Tar
lnput tar
VAT Papble
VAT Fayable
Cash
1,000
t20
1,120
a,390.40
80
9.80
4,480
500
500
000
5,000
2 X Co. rcturned goodr worth Pt,000 betnuce lhe goods were nol es ordered.
Salcs rclums and allowanes 1,000
Accourris reueilable
3 ABC colleded horn X Co in fullwilhln discount period
4,000
4 ABC pdd LBC Truct<ing for fteighl on goods dcliuored lo X Co, P500
(frd
cLz4!',
n
a*'1e*.,-)
5 ABC bought goods from lsetan, list price ol Pl5,000 subjed lo lrade discount of 20%, credil lerms ot5i/10,nA}0
Pulrdtases
po,rno v.r]
!2,000
Accounts papblc 12,000
Freighl+ut(orDcliueryFrpensc) 500
Cash
Freigirlout (or Delivery Expcnse)
Cash
Accounts papblc
Purdtase discounl
input tar
Ca;h
Pwdtases
lnput tar
Accounts papble
..
qq<*c.t t
freight on goods purchased
fronr lsctan, P300 (FOB shipping polnt) ri/o v"t
300 Freigh! in
Cash
oA
t2,000
l,u0
13,440
300
300
500
80.00
10,040
I12,000
300,000
30,000
,2,000
24,000
2t1,000
E ABC paid
DHL for
Freight in
Castr 300
7 ABC retumed goods worth P2,00C fount! lo be defediue, rectived ,
660,f
rn"rrr-olorn lsitan for same omounl,
Acmunts payabto 2,000
i
,q:courrrsl}iH-ef o<A)m<nt- 1e 2,210
Purctase re!ums and allnaances 2,000
ABC paid the srnounl oavetl to
Accounts papblc
Purchasc dilcount
Cash
lsetarr in iull r.lilhin discounl period
10,000
..Qh.,{ - 3t Purdrased goods on accounl, P100,000
. plus t2o;b VAT. n/30
Jan. l-31 Sales on a*:counl. P338.000 indusive
of 12vo
'UAT
Jan. 31 To close lnput tar and output tar and
sel up VAT Payeble (Output tar
>
lnpul tar
or Prepaid Tar (lf lnpul tar
>
output tar)
Feb. 15 Paid VAT P4mblcr
Input lsr
ac*6se1 l. Og<
rL,;.,trn
?40
Purchase returns and allelancas
in etrotJJcn?,000
I1,200
500
0.500
I
100,[00
'!
2,( 00
336,r 00
38,000
2/t,000
C t Purdrascd of Produrt X, 1,000 unhs at F100 pcr unlt or
2 Paid freigtrl on purdrases, Pt0,000
3 During thc pcrlod: Sold 050 unlts el Pl50 pcr unit
4 End of the period'
A*iual counl of Produd X is P40 units
flcdodic
lnYcntorv slrslom
P100,000.
(Et P1t0 per unii)
Pamctual lnvcntoru ndcm
t Furdrascs
Acoounls papblc
2 Freight in
Carh
$ Aecounts receivable
Salcs
No enlry for cosl of goodr cold
.l00,{t00
t00,000
t0,000
10,000
14?,500
r42,500
Merchandise imentory
Acconnts papble
Merdrandise inventory
Cash
Ar+ounts receiYable
Salcs
Gest of good sold
100,000
,0,000
t42,500
10+,500
100,000
10,000
t.12,500
104,500
t
"t00
4 Merdtandise irwenlory, end
,1,400
iact a0 cnndt
q+ld
t05.600
Mcrdtrndisc lruentory
lnventoryshorlage 1.t00
Msrcfiandlse lmrcntory
7
I
sabs
--i*ry'-
X Co. returned goods worth P{,fi10 beceuse lhe goods were nol Es ordered.
Sales returns and allunances t,000
Aceounts nec*iaable t,000
3 ABC colleded fiorn X Co in fuityellhin discouril period
3,S20
8t)
4,000
4 ABC prid LBC Trucking for freigtrl on goods dcliuarad lo X Oo, P500
(fr6
dt-Afrlaa-r-i c"r,)
Cash
Sales discount
'ecffiunts
Recsivable
Fraight+ut (or Dcliuory Erpensc) 5S0
Cash 500
Selor rctums and alluruancrs
0ntput tar
Aceounts recai'*ablE
CIash
$ales discount
Output tar
accounls Receivable
Freightoul
{or
Delivcry Erperse)
Cash
Accounts papblc
Purdrase discount
lnpul tar
Cash
5,000
1,000
,20
1,120
4,391.40
80
8"00
4J80
500
5m
5 ABC bought
goods
from lstafi, list pricc of F15,000 subied lo lrade discount of 20%, credit temrs of 5/l0,n80
Purcfiases
fo,onov.r]
12,000
|
Purdrases
Amunts papblc t2,000
|
lnput tar
t2,000
1,1'4@
13,{40
500
00.00
10,640
I12,000
300,000
38,000
,2,000
24,000
24,000
'0
Accoirnls papble
qss@
it
ABC paid DttL tur freight on goods purdrased
ffom lsetan, P300 (FOB shipping polrit) r,i/o
v"t
Freight in 300
|
Freight in 300
Cash 300
I
Cash
c*4
Purctase returns and sllaflonces 2,000 input tax
ec.*6se l.a7<
,a-,.)rn
Zd,
Purdrase returns and atlerancas
in ettoucna!,969
ABC paid the ernoilm cred lo
Amunts papblc
Purchase discount
Cash
lselan in fuliwilhin discouttt period
i 0,000 I t,200
7 ABC retumed goods worth lr2.00C found lo be defediue, reeived ,
6fur
*"GD"rn lsitan for same arnouil.
Accountsfapblo 2,000
i
accounrs-iffiocumca* 4e 2,210
500
0,5s0
.)t.t
l
'8.
't
Jirt.A;31
Furdtased
goods ftn as@urTl, P|00,000
, :, ;' ptus 1296 VAT, n,130
'.fai.
f -f f Sales on occaunt, P336,000 indusiue
of l2% \lAT
Jan. 31 To close lnpul lax and outtput tax and
set up VAT Payable (Output tar
>
Inpul tar
or Prepaid Tar (lf lnput tar
>
output tar)
Feb. 15 Paid VAT P4able
Purdrases
lnput tar
Acmunts payable
Acmunts receivable
Sa!es
0u{put tax
Oulput T'ar
Itrpul iar
VAT Fapble
VAT Fayable
Cash
100,[;00
12,C00
33G,(r00
30,('00
24,000
C tr Purdrascd of Produd X, 1,000 unlls rt F100 pcr unlt or P!00,000.
2 Paid fieighl on
purdraseg, Pl0,000
3 Durinplho porlod: $old 050 unlts rl Pl50 par unit
{ End of the period: Ar*ual count of Frodud X is P40 unils
(rt PX 10 per unil}
P_oAsdiq
lnveltqgswltlp
t Furrdrascs
Accounts payablc
2 Freight in
Oarh
S Amunts reccivable
$alcs
No entry for cost of goods cold
4 Merdandise inuentory, end
Cosl of goods sold
Furdroses
Froight ln
tG0,000
100,000
tr0,000
10,000
14a,500
142,50{)
,1,400
t05,600
100,000
10,000
Pcmclual lnYcntorv setcm
Merdrandise invenlory
Accountt paPblc
Merdrandisc irwentory
Cash
Ar*ourts recciYable
Salas
Oesl of good sold
Mcrdtrndiso iruenlory
lruentoryshorlrge
Merdtandlca lnucnloty
Cost of good *old
lnvanlory ehortago
r00,000
,0,000
142,500
i0{,500
!,t00
1,100
100,000
10,000
tt[2,500
104,500
t,t00
l,to0
Ngme
Ririo
ich /1 ' &rstag.rld
$edion
l-Act
umilure snd
lS*tes ciis,:tuil
iFrulaht-in
I-.-r----
Itrpn-ddniuP$S.-p*U.?.ilI00s-me-milcdd0-@d[000r,)
UEe-{r'&{ire6slrbp-m[hd Jar
Tr&tldad eo"
.
v1turffi
Fo,s ths
lnar
endcd [hc. 31, 2008 (a'-"
i.f,oral
I
rSalaries
Het irrr.lr.re
Nel lslcc.
Less: Cos! of goods so|d...........
Grmr profit.........
Add: ltffcrurl kxsflio
Total inomc
Lcsc: Operdhg arp.
lfilcrwl crp.
0{st hmmG
Trhld.d Conntry
HBffiJ s,trternenl
Tririfid Coqpqy
lronr $aomqU
For lho
trcr
endcd Dcc. 31, flm
ir)
3aal
3087
G75
u-t8
Trinidad $unp*ry
8d*rrca Shmil
Deoembsr 3!; ?{mB
&rEtr
To*d tunercl tsselt. ?:?
-
TdC non+pnr*ml esp,etg..., . .
".-:3-
Toltl ntrds
-2t:3
Tdd errffil !lab$thr.......
".
A Tri$drd, ct$d.........,...
Tdd &lobi&Jaa and Egtl8y.....
,25
frlo{o! Far6rf+fi**a"Z
fl
/
,--t4rv'**it't
c,l-4- frtsffv'{'*l**s' hf
ar
.l)q2
I
q*lt
Fm tha yrm cndod Dec. 31. 2(n8