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    Princess Dress Shop

    Uploaded by

    Kram Olegna Anagerg
    The document records transactions from December 1-31 for Princess Dress Shop. It shows increases and decreases to cash from purchases, sales, expenses and withdrawals. Key transactions include investing ₱550,000 cash for the business, purchasing ₱120,000 in furniture and ₱30,000 in supplies. Sales were ₱324,000 while expenses included ₱36,000 for salaries, ₱6,999 for depreciation and ₱26,000 for supplies. The business had ₱775,000 in capital by December 31.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Princess Dress Shop

    Uploaded by

    Kram Olegna Anagerg
    456 views13 pages
    The document records transactions from December 1-31 for Princess Dress Shop. It shows increases and decreases to cash from purchases, sales, expenses and withdrawals. Key transactions include investing ₱550,000 cash for the business, purchasing ₱120,000 in furniture and ₱30,000 in supplies. Sales were ₱324,000 while expenses included ₱36,000 for salaries, ₱6,999 for depreciation and ₱26,000 for supplies. The business had ₱775,000 in capital by December 31.

    Original Description:

    acct nako

    Original Title

    Copy of Princess Dress Shop Copy

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    The document records transactions from December 1-31 for Princess Dress Shop. It shows increases and decreases to cash from purchases, sales, expenses and withdrawals. Key transactions include investing ₱550,000 cash for the business, purchasing ₱120,000 in furniture and ₱30,000 in supplies. Sales were ₱324,000 while expenses included ₱36,000 for salaries, ₱6,999 for depreciation and ₱26,000 for supplies. The business had ₱775,000 in capital by December 31.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    456 views13 pages

    Princess Dress Shop

    Uploaded by

    Kram Olegna Anagerg
    The document records transactions from December 1-31 for Princess Dress Shop. It shows increases and decreases to cash from purchases, sales, expenses and withdrawals. Key transactions include investing ₱550,000 cash for the business, purchasing ₱120,000 in furniture and ₱30,000 in supplies. Sales were ₱324,000 while expenses included ₱36,000 for salaries, ₱6,999 for depreciation and ₱26,000 for supplies. The business had ₱775,000 in capital by December 31.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 13

    Accounts

    December
    1
    Cash in bank
    Shop equipment
    Accounts payable
    Capital
    To set up investment
    2

    10

    12

    14

    15

    Furniture and fixtures


    Accounts payable
    Purchase of furniture

    Dr

    Cr
    450,000.00
    300,000.00
    200,000.00
    550,000.00

    120,000.00
    120,000.00

    Shop supplies inventory


    Cash in bank
    Purchase of shop supplies

    30,000.00

    Prepaid rent
    Prepaid advertising fee
    Taxes and licenses
    Cash in bank
    Payment of various expenses

    18,000.00
    20,000.00
    5,000.00

    Accounts Receivable
    Service income
    Bill customers of services rendered
    Cash in bank
    Service income
    Receipt of cash for services rendered
    Accounts payable
    Cash in bank
    Payment of account

    30,000.00

    43,000.00

    180,000.00
    180,000.00

    60,000.00
    60,000.00

    120,000.00
    120,000.00

    Cash in bank
    Deferred service income
    Received service fee in advance

    60,000.00

    Salaries expense
    Cash in bank
    Paid half-month worth salaries

    18,000.00

    60,000.00

    Notes Receivable
    50,000.00
    Accounts Receivable
    Received a 10% 30-day note from customer

    18,000.00

    50,000.00

    20

    25

    28

    30

    31

    Cash in bank
    Service income
    Received cash for services rendered

    45,000.00

    Drawing
    Cash in bank
    Withdraw cashfor personal use

    15,000.00

    Accounts payable
    Cash in bank
    Paid 20% of account on furniture

    24,000.00

    Cash in bank
    Accounts Receivable
    Receipt of customer's payment

    60,000.00

    Accounts receivable
    Service income
    Rendered services on account

    15,000.00

    Salaries expense
    Salaries payable
    Unpaid salaries

    18,000.00

    45,000.00

    15,000.00

    24,000.00

    60,000.00

    15,000.00

    18,000.00

    Depreciation expense
    6,999.83
    Accumulated depreciation - shop equipment
    Accumulated depreciation - furniture&fixtures
    Depreciation of equipment and furniture
    Shop Supplies expense
    Shop supplies inventory
    Usage of shop supplies

    26,000.00

    Deferred service income


    Service income

    24,000.00

    Rent expense
    Advertising exense
    Prepaid rent
    Prepaid advertising
    Amortization of prepaid expenses
    Service income
    Taxes and licenses

    4,999.92
    1,999.92

    26,000.00

    24,000.00
    6,000.00
    4,000.00
    6,000.00
    4,000.00

    Salaries expense
    Depreciation expense
    Shop Supplies expense
    Rent expense
    Advertising exense
    Capital

    FP
    FP
    FP
    FP

    FP
    FP

    FP
    FP

    FP
    FP
    CI
    FP

    FP
    CI

    FP
    CI

    FP
    FP

    FP
    FP

    CI
    FP

    FP
    FP

    Shop equipment
    Furniture and fixtures

    Acquisition cost
    Salvage value
    300000
    5
    120000
    5

    FP
    CI

    FP
    FP

    FP
    FP

    FP
    FP

    FP
    CI

    CI
    FP

    CI
    FP
    FP

    CI
    FP

    FP
    CI
    CI
    CI
    FP
    FP

    324,000.00
    5,000.00

    36,000.00
    6.83
    26,000.00
    6,000.00
    4,000.00
    246,993.17

    Life in years
    5
    5

    Annual depreciation
    Monthly depreciation
    59999
    4,999.92
    23999
    1,999.92

    Princess Dress Shop


    Statement of Comprehensive income
    For the period ended December 31, 2015

    Service income
    Less: operating expenses
    Taxes and licenses
    Salaries expense
    Depreciation expense
    Shop Supplies expense
    Rent expense
    Advertising exense
    Operating income

    324000
    5,000.00
    36,000.00
    6,999.83
    26,000.00
    6,000.00
    4,000.00

    83,999.83
    240,000.17

    Princess Dress Shop


    Statement of Changes in equity
    As of period ended December 31, 2015
    Capital, beg

    Investment
    Withdrawal

    550,000.00
    15,000.00

    Net operating income

    240,000.17

    Capital, end

    775,000.17

    ASSETS
    Cash
    Accts Receivable
    Notes Receivable
    Prepaid Rent
    Prepaid advertising

    Total Assets

    LIABLITIES
    Accoutn sPayable
    Deferred Service Income
    Total Liabilties
    EQUITY
    Capital

    Total Liabilities and Equity

    775,000.17

    Taxes and licenses


    Salaries expense
    Depreciation expense
    Shop Supplies expense
    Rent expense
    Advertising exense

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