Kimkat Enterprise

Journal Entry

Date Items Post Debit Credit

Ref.

1-Apr Cash ₱ 39,000.00

Kimkat, Capital ₱ 39,000.00
to record investment to the business

2-Apr Equipment ₱ 10,000.00

Cash ₱ 10,000.00
to record purchase of equipment

2-Apr Merchandise Inventory ₱ 15,900.00

Accounts Payable - Shop ko ₱ 15,900.00
to record purchase of merchandise from Shop ko

3-Apr Supplies ₱ 700.00

Cash ₱ 700.00
to record purchase of supplies on cash basis

4-Apr Accounts Receivable ₱ 15,200.00

Sales ₱ 15,200.00

Cost of Goods Sold ₱ 12,000.00

Merchandise Inventory ₱ 12,000.00
to record sale of merchandise

5-Apr Freight Out ₱ 200.00

Cash ₱ 200.00
to record payment of the delivery of goods

6-Apr Accounts Payable - Shop Ko ₱ 300.00

Merchandise Inventory ₱ 300.00
to record received credit for a return of merchandise

11-Apr Accounts Payable - Shop Ko ₱ 15,600.00

Merchandise Inventory ₱ 312.00
Cash ₱ 15,288.00
to record payment of merchandise purchased less returns and discount

13-Apr Cash ₱ 14,896.00

Sales Discount ₱ 304.00
Accounts Receivable ₱ 15,200.00
to record cash received from a sale of merchandise less discount
14-Apr Merchandise Inventory ₱ 14,400.00
Cash ₱ 14,400.00
to record purchase of merchandise on a cash basis

15-Apr Salaries ₱ 2,800.00

Cash ₱ 2,800.00
to record payment of salaries

16-Apr Cash ₱ 12,000.00

Notes Payable ₱ 12,000.00
to record borrowed money from RCBC Bank

17-Apr Cash ₱ 500.00

Merchandise Inventory ₱ 500.00
to record cash refund received from a merchandise purchased

18-Apr Merchandise Inventory ₱ 14,200.00

Accounts Payable - MESDA ₱ 14,200.00
to record merchandise purchase from MESDA

20-Apr Merchandise Inventory ₱ 700.00

Cash ₱ 700.00
to record payment of the goods delivered

23-Apr Cash ₱ 16,400.00

Sales ₱ 16,400.00

Cost of Goods Sold ₱ 10,500.00

Merchandise Inventory ₱ 10,500.00
to record merchandise sold for cash

26-Apr Merchandise Inventory ₱ 12,300.00

Cash ₱ 12,300.00
to record purchase of merchndise for cash

27-Apr Accounts Payable - MESDA ₱ 9,000.00

Cash ₱ 9,000.00
to record initial payment for the merchandise purchase from MESDA

28-Apr KimKat, Drawings ₱ 2,008.00

Cash ₱ 2,008.00
to record withdrawal of cash from the business

29-Apr Sales Returns and Allowances ₱ 900.00

 Cash ₱ 900.00
to record refund made to customer for a return of merchandise

30-Apr Accounts Receivable ₱ 13,700.00

Sales ₱ 13,700.00

Cost of Merchandise Sold ₱ 11,000.00

Merchandise Inventory ₱ 11,000.00
to record merchandise sold on account

30-Apr Advertising ₱ 1,000.00

Utilities ₱ 400.00
Rent ₱ 3,500.00
Salaries ₱ 1,500.00
Cash ₱ 6,400.00
to record payment of the expenses above
 Cash (101)
Post
Date Items Debit Credit
Ref.
1-Apr Invesment ₱ 39,000.00
2-Apr purchase ₱ 10,000.00
3-Apr purchase ₱ 700.00
5-Apr payment ₱ 200.00
11-Apr payment ₱ 15,288.00
13-Apr payment ₱ 14,896.00
14-Apr purchase ₱ 14,400.00
15-Apr payment ₱ 2,800.00
16-Apr Loan ₱ 12,000.00
17-Apr refund ₱ 500.00
20-Apr payment ₱ 700.00
23-Apr sale ₱ 16,400.00
26-Apr purchase ₱ 12,300.00
27-Apr initial payment ₱ 9,000.00
28-Apr withdrawal ₱ 2,008.00
29-Apr refund ₱ 900.00
30-Apr payment ₱ 6,400.00

Accounts Receivable (105)

Post
Date Items Debit Credit
Ref.
4-Apr sale ₱ 15,200.00
13-Apr payment ₱ 15,200.00
4-3- sale ₱ 13,700.00

Merchandise Inventory (115)

Post
Date Items Debit Credit
Ref.
2-Apr purchase ₱ 15,900.00
4-Apr sale ₱ 12,000.00
6-Apr returns ₱ 300.00
11-Apr payment ₱ 312.00
14-Apr purchase ₱ 14,400.00
17-Apr refund ₱ 500.00
18-Apr purchase ₱ 14,200.00
20-Apr payment ₱ 700.00
23-Apr sale ₱ 10,500.00
26-Apr purchase ₱ 12,300.00
30-Apr sale ₱ 11,000.00

Supples (120)
Post
Date Items Debit Credit
Ref.
3-Apr purchase ₱ 700.00

Equipment (150)
Date Items Post Debit Credit
Ref.
2-Apr purchase ₱ 10,000.00

Accounts Payable (201)

Post
Date Items Debit Credit
Ref.
2-Apr purchase ₱ 15,900.00
6-Apr returns ₱ 300.00
11-Apr payment ₱ 15,600.00
18-Apr purchase ₱ 14,200.00
27-Apr initial payment ₱ 9,000.00

Notes Payable (202)

Post
Date Items Debit Credit
Ref.
16-Apr loan ₱ 12,000.00

Kimkat, Capital (301)

 Post
Date Items Debit Credit
Ref.
1-Apr investment ₱ 39,000.00
30-Apr closing ₱ 1,196.00
30-Apr closing ₱ 2,008.00

Kimkat, Drawings (302)

Post
Date Items Debit Credit
Ref.
28-Apr withdrawal ₱ 2,008.00
30-Apr closing ₱ 2,008.00

Sales (401)
Post
Date Items Debit Credit
Ref.
4-Apr sale ₱ 15,200.00
23-Apr sale ₱ 16,400.00
30-Apr sale ₱ 13,700.00
30-Apr closing ₱ 45,300.00

Sales Returns and Allowances (405)

Post
Date Items Debit Credit
Ref.
29-Apr refund ₱ 900.00
30-Apr closing ₱ 900.00

Sales Discounts (410)

Post
Date Items Debit Credit
Ref.
13-Apr payment ₱ 304.00
30-Apr closing ₱ 304.00
 Cost of Goods Sold (501)
Post
Date Items Debit Credit
Ref.
4-Apr sale ₱ 12,000.00
23-Apr sale ₱ 10,500.00
30-Apr sale ₱ 11,000.00
30-Apr closing ₱ 33,500.00

Advertising Exp. (503)

Post
Date Items Debit Credit
Ref.
30-Apr payment ₱ 1,000.00
30-Apr closing ₱ 1,000.00

Freight Out (506)

Post
Date Items Debit Credit
Ref.
5-Apr payment ₱ 200.00
30-Apr closing ₱ 200.00

Rent Expense (510)

Post
Date Items Debit Credit
Ref.
30-Apr payment ₱ 3,500.00
30-Apr closing ₱ 3,500.00

Salaries (530)
 Post
Date Items Debit Credit
Ref.
15-Apr payment ₱ 2,800.00
30-Apr payment ₱ 1,500.00
30-Apr closing ₱ 4,300.00

Utilities (540)
Post
Date Items Debit Credit
Ref.
30-Apr payment ₱ 400.00
4-3- closing ₱ 400.00

Income Summary (601)

Post
Date Items Debit Credit
Ref.
30-Apr closing ₱ 44,096.00
closing ₱ 42,900.00
closing ₱ 1,196.00
 Balance
Debit Credit

₱ 39,000.00
₱ 29,000.00
₱ 28,300.00
₱ 28,100.00
₱ 12,812.00
₱ 27,708.00
₱ 13,308.00
₱ 10,508.00
₱ 22,508.00
₱ 23,008.00
₱ 22,308.00
₱ 38,708.00
₱ 26,408.00
₱ 17,408.00
₱ 15,400.00
₱ 14,500.00
₱ 8,100.00

Balance
Debit Credit

₱ 15,200.00
₱ -
₱ 13,700.00

Balance
Debit Credit

₱ 15,900.00
₱ 3,900.00
₱ 3,600.00
₱ 3,288.00
₱ 17,688.00
₱ 17,188.00
₱ 31,388.00
₱ 32,088.00
₱ 21,588.00
₱ 33,888.00
₱ 22,888.00

Balance
Debit Credit

₱ 700.00

Balance
Debit Credit

₱ 10,000.00

Balance
Debit Credit

₱ 15,900.00
₱ 15,600.00
₱ -
₱ 14,200.00
₱ 5,200.00

Balance
Debit Credit

₱ 12,000.00

Balance
 Debit Credit

₱ 39,000.00
₱ 40,196.00
₱ 38,188.00

Balance
Debit Credit

₱ 2,008.00
₱ -

Balance
Debit Credit

₱ 15,200.00
₱ 31,600.00
₱ 45,300.00
₱ -

Balance
Debit Credit

₱ 900.00
₱ -

Balance
Debit Credit

₱ 304.00
₱ -
 Balance
Debit Credit

₱ 12,000.00
₱ 22,500.00
₱ 33,500.00
₱ -

Balance
Debit Credit

₱ 1,000.00
₱ -

Balance
Debit Credit

₱ 200.00
₱ -

Balance
Debit Credit

₱ 3,500.00
₱ -

Balance
 Debit Credit

₱ 2,800.00
₱ 4,300.00
₱ -

Balance
Debit Credit

₱ 400.00
₱ -

Balance
Debit Credit

₱ 44,096.00
₱ 1,196.00
₱ -
 KIMKAT ENTERPRISE
UNADJUSTED TRIAL BALANCE
APR. 30, 2008
Account # Account Title Debit
101 Cash ₱ 8,100.00
105 Accounts Receivable ₱ 13,700.00
115 Merchandise Inventory ₱ 22,888.00
120 Supplies ₱ 700.00
150 Equipment ₱ 10,000.00
201 Accounts Payable
202 Notes Payable
301 KIMKAT, CAPITAL
302 KIMKAT, DRAWINGS ₱ 2,008.00
401 Sales
405 Sales Returns & Allowances ₱ 900.00
410 Sales Discounts ₱ 304.00
501 Cost of Goods Sold ₱ 33,500.00
503 Advertising Expense ₱ 1,000.00
506 Freight Out ₱ 200.00
510 Rent Expense ₱ 3,500.00
530 Salaries ₱ 4,300.00
540 Utilities ₱ 400.00
601 Income Summary ₱ -
TOTAL ₱ 101,500.00
 Credit

₱ 5,200.00
₱ 12,000.00
₱ 39,000.00

₱ 45,300.00

₱ 101,500.00
 KIMKAT ENTERPRISE
STATEMENT OF PERFORMANCE
FOR THE PERIOD ENDED Apr. 30, 2008
Sales ₱ 45,300.00
Less:
Sales Returns and Allowances ₱ 900.00
Sales Discounts ₱ 304.00
Net Sales ₱ 44,096.00
Less:
Cost of Goods Sold ₱ 33,500.00
Gross Profit ₱ 10,596.00
Less:
Operating Expenses
Advertising ₱ 1,000.00
Freight Out ₱ 200.00
Rent Expense ₱ 3,500.00
Salaries ₱ 4,300.00
Utilities ₱ 400.00
Total Operating Exp. ₱ 9,400.00
Net Income ₱ 1,196.00
 KIMKAT ENTERPRISE
Statement of Owners Equity
FOR THE PERIOD ENDED Apr. 30, 2008
KIMKAT, CAPITAL - Apr. 1 ₱ 39,000.00
Add (Net Income) ₱ 1,196.00
Less (KIMKAT, DRAWINGS - Apr. 30) ₱ 2,008.00
Total Owners Equity ₱ 38,188.00

KIMKAT ENTERPRISE
Stament of Financial Position
Apr. 30, 2008
Current Assets
Cash ₱ 8,100.00
Accounts Receivable ₱ 13,700.00
Merchandise Inventory ₱ 22,888.00
Supplies ₱ 700.00
Total Current Assets ₱ 45,388.00
Non-current Assets
Equipment ₱ 10,000.00
Total Non-current Assest ₱ 10,000.00
Total Assets ₱ 55,388.00

Liabilities
Accounts Payable ₱ 5,200.00
Notes Payable ₱ 12,000.00
Total Liabilities ₱ 17,200.00
Total KIMKAT, CAPITAL - Apr. 30 ₱ 38,188.00
Total Liabilities and Owners Equity ₱ 55,388.00
 KIMKAT ENTERPRISE
STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED Apr. 30, 2008
CASH FLOW FROM OPERATING ACTIVITIES
CASH RECEIVED FROM
Sales ₱ 16,400.00
Receivable Collections ₱ 14,896.00
Refund from purchases ₱ 500.00
PAYMENT FOR
Office Supplies ₱ 700.00
Freight on Sold Goods ₱ 200.00
Goods Bought ₱ 50,988.00
Operating Expenses ₱ 9,200.00
Refund to Customers ₱ 900.00
Freight on Purchases ₱ 700.00
Net Cash Flow from Operating Activities ₱ 30,892.00

Cash Flow From Investment

Computer Equipment Bought ₱ 10,000.00

Cash Flow from Financing

Initial Investment ₱ 39,000.00
Borrowings ₱ 12,000.00
Drawings -₱ 2,008.00
Net Cash Flow from Financing ₱ 48,992.00

Increase/Decrease in Cash Equivalents ₱ 8,100.00

Add Cash & Cash Equivalents. Beg.
Cash and Cash Equivalents. Apr. 30 ₱ 8,100.00
008
 KIMKAT ENTERPRISE
CLOSING ENTRIES
Post
Date Items Debit
Ref.
30-Apr Sales ₱ 45,300.00
Sales Returns and Allowances
Sales Discounts
Income Summary
to close temporary accounts to income summary

30-Apr Income Summary ₱ 42,900.00

Cost of Goods Sold
Advertising
Freight Out
Rent Expense
Salaries Expense
Utilities
to close expenses to Income summary

30-Apr Income Summary ₱ 1,196.00

KIMKAT, Capital
to close income summary to capital

30-Apr KIMKAT, CAPITAL ₱ 2,008.00

KIMKAT, Drawing
to close withdrawal to capital
 Credit

₱ 900.00
₱ 304.00
₱ 44,096.00

₱ 33,500.00
₱ 1,000.00
₱ 200.00
₱ 3,500.00
₱ 4,300.00
₱ 400.00

₱ 1,196.00

₱ 2,008.00
 KIMKAT ENTERPRISE
Post Closing Trial Balance
Acct. # Account Titles Debit Credit
101 Cash ₱ 8,100.00
105 Accounts Receivable ₱ 13,700.00
115 Merchandise Inventory ₱ 22,888.00
120 Supplies ₱ 700.00
150 Equipment ₱ 10,000.00
201 Accounts Payable ₱ 5,200.00
202 Notes Payable ₱ 12,000.00
301 KIMKAT, CAPITAL ₱ 38,188.00
302 KIMKAT, DRAWINGS
401 Sales
405 Sales Returns & Allowances
410 Sales Discounts
501 Cost of Goods Sold
503 Advertising Expense
506 Freight Out
510 Rent Expense
530 Salaries
540 Utilities
601 Income Summary
₱ 55,388.00 ₱ 55,388.00