Activity 1 and 3 For Merchandising

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Name: ______________________________ Date: _______________

Course: _____________________________ Score: ______________

Activity #1 Single Proprietorship

Dec. 1 Mr. Avelino Santos made an initial investment of P500,000.00 to set up his Mini Grocery
Store, named MoreSave which is located in Calamba Laguna.

Dec. 1 Purchased merchandise from Quejada a VAT business, 2/20, n/45. The VAT purchase
invoice is P275,000.00

Dec. 3 Paid a monthly rent amounting to P15,000.00 inclusive VAT.

Dec. 4 Purchased a merchandise from Reyes Store a non-VAT Business on cash the purchase
invoice amounts to P75,000.00

Dec. 6 Sold merchandise to VAT registered business Term: 1/15, n/3. Sales invoice amount,
P200,000.00

Dec. 7 Purchased merchandise from Quejada a VAT business, 5/20, n/30. The VAT purchase
invoice is P100,000.00

Dec. 8 Received defective merchandise from registered business, amounting to P1,275.00 last
Dec. 6.

Dec. 10 Purchased office supplies from National Bookstore a VAT business on account
amounts to, P11,350.00

Dec. 12 Paid P1,650.00 for repair service. The payment was issued with VAT - registered
receipt for the amount of P1,650.00

Dec. 15 Sold merchandise to VAT registered business Term: 1/15, n/3. Sales invoice amount,
P715,000.00

Dec. 20 Sold merchandise to non-business customer in cash, Sales invoice amount,


P149,600.00

Dec. 23, Received an Electric bill amounting to P2,500.00 and plan to pay on the following
month.

Dec. 23, Paid a water consumption amounting to P900.00


Dec. 31 MoreSave recognized the vat payable to be paid VAT on the 10th day of the following
month.

Dec. 31 Paid the payroll for the month as summarized below:


Gross pay P 22,000.00
Less: Deductions
SSS- employee’s share P1,100.00
Pag-ibig Payable 100.00
PhilHealth 600.00
Income tax withheld 1,500.00
Net pay P18,700.00

Requirement:

● Prepare a journal entry using the special journal.


● Prepare a chart of accounts.
● Prepare a “T accounts and Post in the General Ledger.
● Prepare Trial Balance
Name: ______________________________ Date: _______________
Course: _____________________________ Score: ______________

Activity #2 Partnership

Dec. 1 Celerian and Campo have decided to form a partnership. Celerian contributes cash of
P1,300,000.00 and Campo contributes land with a fair value of P700,000.00 and Building with a
fair market value of P 500,000.00. The partners agree to share equal profits and losses.

Dec. 1 Purchased merchandise from Quejada a VAT business, 2/20, n/45. The VAT purchase
invoice is P275,000.00

Dec. 3 Paid a monthly rent amounting to P15,000.00 inclusive VAT.

Dec. 4 Purchased a merchandise from Reyes Store a non-VAT Business on cash the purchase
invoice amounts to P75,000.00

Dec. 6 Sold merchandise to VAT registered business Term: 1/15, n/3. Sales invoice amount,
P200,000.00

Dec. 7 Purchased merchandise from Quejada a VAT business, 5/20, n/30. The VAT purchase
invoice is P100,000.00

Dec. 8 Received defective merchandise from registered business, amounting to P1,275.00 last
Dec. 6.

Dec. 10 Purchased office supplies from National Bookstore a VAT business on account
amounts to, P11,350.00

Dec. 12 Paid P1,650.00 for repair service. The payment was issued with VAT - registered
receipt for the amount of P1,650.00

Dec. 15 Sold merchandise to VAT registered business Term: 1/15, n/3. Sales invoice amount,
P715,000.00

Dec. 20 Sold merchandise to non-business customer in cash, Sales invoice amount,


P149,600.00

Dec. 23, Received an Electric bill amounting to P2,500.00 and plan to pay on the following
month.
Dec. 23, Paid a water consumption amounting to P900.00

Dec. 31 MoreSave recognized the vat payable to be paid VAT on the 10th day of the following
month.

Dec. 31 Paid the payroll for the month as summarized below:


Gross pay P 22,000.00
Less: Deductions
SSS- employee’s share P1,100.00
Pag-ibig Payable 100.00
PhilHealth 600.00
Income tax withheld 1,500.00
Net pay P18,700.00

Requirement:

● Prepare a journal entry using the special journal.


● Prepare a chart of accounts.
● Prepare a “T accounts and Post in the General Ledger.
● Prepare Trial Balance
Name: ______________________________ Date: _______________
Course: _____________________________ Score: ______________

Activity #3 Corporation

The MoreSave Corporation was incorporated on December 1, 2023 with authorized capital of
250,000 shares of P100 par value preference share capital and 500,000 shares of P20.00
stated value ordinary share capital.

Dec. 1 Issued for cash 62,500 preference shares at par and 125,000 ordinary shares for P25.

Dec. 1 Purchased merchandise from Quejada a VAT business, 2/20, n/45. The VAT purchase
invoice is P275,000.00

Dec. 3 Paid a monthly rent amounting to P15,000.00 inclusive VAT.

Dec. 4 Purchased a merchandise from Reyes Store a non-VAT Business on cash the purchase
invoice amounts to P75,000.00

Dec. 6 Sold merchandise to VAT registered business Term: 1/15, n/3. Sales invoice amount,
P200,000.00

Dec. 7 Purchased merchandise from Quejada a VAT business, 5/20, n/30. The VAT purchase
invoice is P100,000.00

Dec. 8 Received defective merchandise from registered business, amounting to P1,275.00 last
Dec. 6.

Dec. 9 Issued for cash 25,000 preference share for P3,000,000.00

Dec. 10 Purchased office supplies from National Bookstore a VAT business on account
amounts to, P11,350.00

Dec. 12 Paid P1,650.00 for repair service. The payment was issued with VAT - registered
receipt for the amount of P1,650.00

Dec. 15 Sold merchandise to VAT registered business Term: 1/15, n/3. Sales invoice amount,
P715,000.00

Dec. 18 Issued for cash 25,000 ordinary shares for P600,000.00


Dec. 20 Sold merchandise to non-business customer in cash, Sales invoice amount,
P149,600.00

Dec. 23, Received an Electric bill amounting to P2,500.00 and plan to pay on the following
month.

Dec. 23, Paid a water consumption amounting to P900.00

Dec. 31 MoreSave recognized the vat payable to be paid VAT on the 10th day of the following
month.

Dec. 31 Paid the payroll for the month as summarized below:


Gross pay P 22,000.00
Less: Deductions
SSS- employee’s share P1,100.00
Pag-ibig Payable 100.00
PhilHealth 600.00
Income tax withheld 1,500.00
Net pay P18,700.00

Requirement:

● Prepare a journal entry using the special journal.


● Prepare a chart of accounts.
● Prepare a “T accounts and Post in the General Ledger.
● Prepare Trial Balance

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