The document provides details of transactions for Miss Yoon Se-Ri's newly established travel agency in the Philippines called Landing On You Travel Services Company during its first month of operations in April 2020, including purchasing of assets, rendering of initial travel services, collection of fees and payments made. It also includes data for adjusting various expense and revenue accounts for the period.
The document provides details of transactions for Miss Yoon Se-Ri's newly established travel agency in the Philippines called Landing On You Travel Services Company during its first month of operations in April 2020, including purchasing of assets, rendering of initial travel services, collection of fees and payments made. It also includes data for adjusting various expense and revenue accounts for the period.
The document provides details of transactions for Miss Yoon Se-Ri's newly established travel agency in the Philippines called Landing On You Travel Services Company during its first month of operations in April 2020, including purchasing of assets, rendering of initial travel services, collection of fees and payments made. It also includes data for adjusting various expense and revenue accounts for the period.
The document provides details of transactions for Miss Yoon Se-Ri's newly established travel agency in the Philippines called Landing On You Travel Services Company during its first month of operations in April 2020, including purchasing of assets, rendering of initial travel services, collection of fees and payments made. It also includes data for adjusting various expense and revenue accounts for the period.
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Miss Yoon Se-Ri, established a travel and tours agency business in the Philippines which she
called LANDING ON YOU TRAVEL SERVICES COMPANY, a company that promises safe travel with no crash landing.
The company started pre-operational activities on April 1, 2020 and rendered their first travel services on April 9, 2020.
The business offers travel and tours services to local Philippine destinations such as Batanes, Sagada, Cebu, Camarines Sur, and Palawan, international Asian destinations such as South Korea, Japan, Thailand, Singapore, and Hong Kong, and other travel services such as VISA assistance and flight booking assistance.
CAPITAL 301 Yoon, Capital 302 Yoon, Drawing 303 Profit or Loss Summary
Transactions of the company on its first month of operations (April 2020) are as follows:
01 (Transaction # 1) Miss Yoon Se-Ri invested P6,000,000 to open Landing On You Travel Services Company. Five (5) employees were initially hired for the travel services team with two (2) drivers. 02 (Transaction # 2) Paid pre-operating expenses for permit and licenses to start operations, P250,000 cash payment. Bank borrowing was approved with a note of promise to pay, P100,000 payable in one year with 12% interest upon repayment of the principal amount. 04 (Transaction # 3) Purchased two (2) units of a shuttle 15-seater van amounting to P1,600,000 per vehicle, on account. 06 (Transaction # 4) Purchased ten (10) computer equipment sets for operational purposes, P30,000 per unit, cash payment made. 07 (Transaction # 5) Purchased office supplies amounting to P50,000 and paid rent in advance covering 6 months’ equivalent rent, P150,000. 08 (Transaction # 6) Purchased furniture and fixtures such as tables, chairs, cabinets and sofa set for guests and clients, package of P600,000, P200,000 paid in cash, balance on account. 09 (Transaction # 7) Started operations through rendering travel services to customers with the following details:
Destination Tara na sa Batanes 3 days 2 nights
Number of persons 10 persons Price per person P7,316 Payment terms Cash payment
11 (Transaction # 8) Paid the amount of one of the two shuttle vans purchased on April 4, 2020. 15 (Transaction # 9)Paid salaries of employees, total of P95,000 in cash. 18 (Transaction # 10) Rendered travel services to customers with the following details:
Destination Wonderful Seoul 5 days 4 nights
+ Gyeonggido Day Tour Number of persons 5 persons Price per person P38,888 Payment terms Payable in one month (on account)
19 (Transaction # 11) Paid P7,000 for minor repairs of automobile, cash payment. 23 (Transaction # 12) Received advanced payment for the following travels:
Destination Splendid Cebu 4 days 3 nights
May 3-6, 2020 Number of persons 8 persons Price per person P6,454 Payment terms Advanced payment
Destination Japan, Japan, Sagot Sa Kasiyahan
5 days 4 nights April 25-30, 2020 Number of persons 10 persons Price per person P63,800 Payment terms Advanced payment 25 (Transaction # 13) Received payment from three (3) customers of the Wonderful Seoul 5 days 4 nights + Gyeonggido Day Tour who went to South Korea on April 18, 2020. 29 (Transaction # 14) The owner, Miss Yoon Se-Ri, had an emergency and has withdrawn P30,000 cash for personal use. 30 (Transaction # 15) Paid the following: salaries, P95,000, utilities, P12,000, gas and oil, P10,000.
Data for adjustments:
a) Interest accrued for the note payable for one month. b) Depreciation of automobile, ten-year useful life, P100,000 estimated residual value per vehicle. c) Depreciation of office equipment, five-year useful life, 10% estimated residual value per set. d) Depreciation of furniture and fixtures, five-year useful life, no residual value. e) P35,000 worth of office supplies were used. f) One month of rent was expired. g) Earned the Japan travel service in full on April 30.
