Madrigal Rent-a- Car Business
CHARTS OF ACCOUNT
Assets:
101 Cash
102 Equipment
103 Prepaid Insurance
104 Spare Parts Inventory
Liabilities:
201 Accounts Payable
202 Unearned Revenue
Owner's Equity:
301 Madrigal, Capital
Income:
401 Service Revenue
Expenses:
501 Gasoline and Oil Expense
502 Permits and Licenses Exp.
DATE PARTICULAR REF. DEBIT
May-01 Equipment 102 2,000,000
Cash (BDO) 101 150,000
Madrigals' Capital 301
To record initial investment toyota van
and cash disposited
May-01 Gasoline and Oil Expense 501 1,500
Cash 101
To record purchased gasoline and oil
May-02 Cash 101 20,000
Service Revenue 401
To record cash from the services
rendered
May-03 Permits and Licenses Expense 502 35,000
Cash 101
To record paid for permits and
licenses
May-04 Cash 101 6,000
Unearned Revenue 202
To record advance payment for
services has not yet rendered
May-07 Cash 101 12,000
Service Revenue 401
To record cash from the services
rendered
May-08 Gasoline and Oil Expense 501 15,000
Accounts Payable 201
To record purchased gasoline and oil
on account
May-09 Prepaid Insurance 103 45,000
Cash (BDO) 101
To record purchased car insurance
May-10 Spare Parts Inventory 104 10,000
Accounts Payable 201
To record purchased spare tires o
account
CREDIT
2,150,000
1,500
20,000
35,000
6,000
12,000
15,000
45,000
10,000
CASH 101
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-01 Initial Investment GJ1 150,000 May-01 Purchased Gasoline and oil
May-02 1st Service Revenue GJ1 20,000 May-03 Permits and Licenses
May-04 Receiced cash for service has not yet rendered GJ1 6,000 May-09 Purchased Car Insurance
May-07 2nd Service Revenue GJ1 12,000
Ending Balance 106,500
EQUIPMENT 102
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-01 Initial Investment GJ1 2,000,000
Ending Balance 2,000,000
PREPAID INSURANCE 103
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-09 Initial Investment GJ1 45,000
Ending Balance 45,000
SPARE PARTS INVENTORY 104
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-10 Purchased Spare Parts GJ1 10,000
Ending Balance 10,000
ACCOUNTS PAYABLE 201
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-08 Purchased Gasoline on account
May-10 Purchased Spare parts on account
Ending Balance
UNEARNED REVENUE 202
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-04 Service has yet to rendered
Ending Balance
Madrigals' Capital 301
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-01 Investment
Ending Balance
Service Revenue 401
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-02 1st service rendered
May-07 2nd service rendered
Ending Balance
Gasoline and Oil 501
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-01 Purchased Gasoline and Oil 1,500
May-08 Purchased Gasoline on account 15,000
Ending Balance 16,500
Spare Parts Inventory 502
DATE EXPLANATION REF DEBIT DATE EXPLANATION
May-10 Purchased Spare Parts on account 10,000
Ending Balance 10,000
PAGE 1
REF CREDIT
GJ1 1,500
GJ1 35,000
GJ1 45,000
PAGE 1
REF CREDIT
PAGE 1
REF CREDIT
PAGE 1
REF CREDIT
PAGE 1
REF CREDIT
GJ1 15,000
GJ1 10,000
25,000
PAGE 1
REF CREDIT
GJ1 6,000
6,000
PAGE 1
REF CREDIT
GJ1 2,150,000
2,150,000
PAGE 1
REF CREDIT
GJ1 20,000
GJ1 12,000
32,000
PAGE 1
REF CREDIT
PAGE 1
REF CREDIT
Madrigals' Rent-A- Car
Trial Balance
As of May 31, 2020
Account Debit Credit
Cash 106,500
Equipment 2,000,000
Prepaid Insurance 45,000
Spare Parts Inventory 10,000
Accounts Payable 25,000
Unearned Revenue 6,000
Madrigals' Capital 2,150,000
Service Revenue 32,000
Gasoline and Oil Expense 16,500
Permits and Licenses Exp. 35,000
Total ₱2,213,000.00 ₱2,213,000.00
Periodic
Beginning Inventory 90*1k
Particular Debit Credit
1 Purchases 800,000
Accounts Payable 800,000
2 Accounts Payable 50,000
Purchase Return And Allowances 50,000
3 Accounts Payable 600,000
Cash 600,000
4 Accounts Receivable 1,380,00
Sales 1,380,000
5 Sales Return and Allowances 40,000
Accounts Receivable 40,000
6 Cash 670,000
Accounts Receivable 670,000
Perpetual
Beginning Inventory 90*1k
Particular Debit Credit
1 Merchadising Inventory 800,000
Accounts Payable 800,000
50,000
2 Accounts Payable 50,000
Merchadising Inventory
3 Accounts Payable 600,000 600,000
Cash
4 Accounts Receivable 1,380,000
Sales 1,380,000
5 Sales Return and Allowances 40,000
Accounts Receivable 40,000
6 Cash 1,340,000
Accounts Receivable 1,340,000
Periodic
Beginning Inventory 90*1k
Particular Debit Credit
1 Purchases 800,000
Accounts Payable 800,000
50,000
2 Accounts Payable 50,000
Purchase Return And Allowances
3 Accounts Payable 600,000 600,000
Cash
4 Accounts Receivable 1,380,00
Sales 1,380,000
5 Sales Return and Allowances 40,000
Accounts Receivable 40,000
6 Cash 670,000
Accounts Receivable 670,000
7 Inventory 60,000
Income Summary 60,000
COST OF GOOD SOLD
Beginning Inventory 90,000
Net Cost of Purchases
Purchases 800,000
Purchase Return And Allowances 50,000 750,000
Total Good as Sold 840,000
Ending Inventory -60,000
780,000
Perpetual
Beginning Inventory 90*1k
Particular Debit Credit
1 Merchadising Inventory 800,000
Accounts Payable 800,000
50,000
2 Accounts Payable 50,000
Merchadising Inventory
3 Accounts Payable 600,000 600,000
Cash
4 Accounts Receivable 1,380,000
Sales 1,380,000
5 Sales Return and Allowances 40,000
Accounts Receivable 40,000
6 Cash 1,340,000
Accounts Receivable 1,340,000
7 Inventory 60,000
Income Summary 60,000
QUANTITY
Beginning Inventory 90
Purchased Inventory 800
Purchase Return And Allowances -50
Sales
Sales Return and Allowances
3R’s Marketing
Statement of Financial Position
As of December 31, 2019
ASSETS
Current Assets
Cash in XYZ Bank
Marketable Securities
Accounts Recievable 40,000
Less: Allowance for Doubtful Accounts 5,000
Notes Receivable
Raw Materials
Work in Progress
Finished Goods
Prepaid Expenses
Total Current Assets
Non- Current Assets
Land
Building 500,000
Less: Accumulated Depreciation- Building 40,000
Furniture and Fixture 50,000
Less: Accumulated Depreciation- Furnitures and Fixtures 10,000
Trademarks
Total Non- Current Assets
Total Assets
LIABILITIES
Current Liabilities
Accounts Payable
Unearned Income
Interest Payable
SSS Premium Payable
Icome Tax Payable
Notes Payable
Total Current Liabilites
Non- Current Liablities
Loans Payable
Mortage Payable
Total Non- Current Liabilities
Total Liabilities
EQUITY
Owner's , Capital
Total Liabilities and Owners's Equity
P 300,000.00
50,000
35,000
150,000
30,000
50,000
90,000
15,000
720,000
300,000
460,000
40,000
50,000
850, 000
1,570,000
100,000
10,000
10,000
8,000
50,000
300,000
478,000
350,000
300,000
650,000
1,128,000
442,000
1,570,000
