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    apolsoft
    The document shows a trial balance for Abad with assets of P120,850 consisting of cash, accounts receivable, notes receivable, and office furniture. Liabilities include accounts payable and notes payable totaling P47,000. Proprietorship includes capital contributions and drawings as well as net income of P13,850, resulting in total proprietorship of P73,850. The trial balance confirms that assets equal the sum of liabilities and proprietorship.

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    Presentation 1

    Uploaded by

    apolsoft
    36 views2 pages
    The document shows a trial balance for Abad with assets of P120,850 consisting of cash, accounts receivable, notes receivable, and office furniture. Liabilities include accounts payable and notes payable totaling P47,000. Proprietorship includes capital contributions and drawings as well as net income of P13,850, resulting in total proprietorship of P73,850. The trial balance confirms that assets equal the sum of liabilities and proprietorship.

    Original Description:

    Balance Sheet

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    The document shows a trial balance for Abad with assets of P120,850 consisting of cash, accounts receivable, notes receivable, and office furniture. Liabilities include accounts payable and notes payable totaling P47,000. Proprietorship includes capital contributions and drawings as well as net income of P13,850, resulting in total proprietorship of P73,850. The trial balance confirms that assets equal the sum of liabilities and proprietorship.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    36 views2 pages

    Presentation 1

    Uploaded by

    apolsoft
    The document shows a trial balance for Abad with assets of P120,850 consisting of cash, accounts receivable, notes receivable, and office furniture. Liabilities include accounts payable and notes payable totaling P47,000. Proprietorship includes capital contributions and drawings as well as net income of P13,850, resulting in total proprietorship of P73,850. The trial balance confirms that assets equal the sum of liabilities and proprietorship.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    No.

    Assets Liabilities Proprietorship


    Account Titles Amount Account Titles Amount Account Titles Amount
    1 Cash 50,000.00 Abad, Capital 50,000.00
    2 Cash (4,500.00) Rent Expense (4,500.00)
    3 Accounts Payable 1,500.00 Supplies Expense (1,500.00)
    4 Office Furniture 18,000.00 Accounts Payable 18,000.00
    5 Cash 6,000.00 Commission Income 6,000.00
    6 Accounts Payable 2,500.00 Advertising Expense (2,500.00)
    7 Cash (3,800.00) Salary Expense (3,800.00)
    8 Accounts Receivable 21,000.00 Commission Income 21,000.00
    9 Cash 11,000.00
    Accounts Receivable (11,000.00)
    10 Notes Receivable 10,000.00
    Accounts Receivable (10,000.00)
    11 Cash (850.00) Telephone &Telegram (850.00)
    12 Cash 25,000.00 Notes Payable 25,000.00
    13 Cash (5,000.00) Abad, Drawing (5,000.00)
    14 Notes Payable 1,500.00
    Accounts Payable (1,500.00)
    15 Cash 15,000.00 Abad, Capital 15,000.00
    P 120,850.00 P 47,000.00 P 73,850.00

    Asset= Liabilities + Proprietorship

    120,850.00= 47,000.00 + 73,850.00

    120,850.00=120,850.00
    No. ASSETS LIABILITIES PROPRIETORSHIP
    Accounts Notes Account Expenses Account
    Cash Office Furniture Notes Payable Net Capital Revenues Expenses
    Receivable Receivable Payable Title
    1 P 50,000.00 P 50,000.00
    2 (4,500.00) (4,500.00) Rent Expense
    3 P 1,500.00 (1,500.00) Supplies Expense
    4 18,000.00 18,000.00
    5 6,000.00 6,000.00
    6 2,500.00 (2,500.00) Advertising Expense
    7 (3,800.00) (3,800.00) Salary Expense
    8 P 21,000.00 21,000.00
    9 11,000.00 (11,000.00)
    10 (10,000.00) 10,000.00
    11 (850.00) (850.00) Telephone and
    Telegram
    12 25,000.00 P 25,000.00
    13 5,000.00 (5,000.00)
    14 (1,500.00) P 1,500.00
    15 15,000.00 15,000.00
    P 92,850.00 P 10,000.00 P 18,000.00 P 20,500.00 P 26,000.00 P 60,000.00 P 27,000.00 (P
    13,150.00)
    P 120,850.00 P 47,000.00 P 73,850.00

    Note:

    a. Net capital is obtained as follows:


    Abad, Capital ………………………………. P 65,000.00
    Less: Abad, Drawing…………………….. 5,000.00 c. Total Proprietorship may be shown as follows:
    Net Capital ………………………………… P 60,000.00 Net Capital ………………………………….. P 60,000.00
    Add- Net Income for the month ….. 13,850.00
    b. Net Income for the month may be determine as follows: Total Proprietorship …………………….. P 73,850.00
    Total Revenues ………………………….. P 27,000.00
    Less: Total Expenses ………………….. 13,150.00 d. Income Statement and balance sheet will discuss later.
    Net Income for the period …………. 13,850.00

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