On April 1, 2020 Atty. Norman Fumar and Atty.

Ruth Ramulte after passing the bar exam Fumar & Ramulte Law Firm
decided to form a partnership to open a Non-VAT registered practice named Fumar and Post-Closing Trial Balance
Ramulte Law Firm. Each of them invested ₱ 100,000.00 and decided to have an equal For the Month Ended October 31, 2020
sharing of profit and losses. The entity prepares a monthly financial statement; hence,
adjusting and closing are made at the end of each month. Cash ₱ 594,150
Accounts Receivable 25,000
CHART OF ACCOUNTS Office Equipment 250,000
110 Cash Accumulated Depreciation – Office Equipment ₱ 7,500
120 Accounts Receivable Withholding Tax Payable 1,200
130 Input VAT Expanded Withholding Tax Payable 900
140 Office Equipment SSS, PH and Pag-ibig Contributions 4,900
145 Accumulated Depreciation – Office Equipment Utilities Payable 4,650
210 Accounts Payable Accrued Percentage Tax
220 Withholding Tax Payable Fumar, Capital 400,000
230 Expanded Withholding Tax Payable Ramulte, Capital 450,000
240 SSS, PH and Pag-ibig Contributions Payable TOTAL ₱ 869,150 ₱ 869,150
250 Utilities Payable
260 Accrued Percentage Tax Required:
310 Fumar, Capital 1. Transfer the post-closing trial balance amounts to its corresponding account in
320 Fumar, Withdrawals general ledger as beginning balance.
330 Ramulte, Capital 2. Journalize and post the transactions for the month of November.
340 Ramulte, Withdrawals 3. Prepare a trial balance directly at a worksheet. Complete the worksheet.
350 Income Summary 4. Prepare the financial statements (Statement of Performance, Statement of
410 Service Revenue Financial Position, Statement of Partner’s Equity, and Cash Flows).
510 Salaries Expense 5. Journalize and post the adjusting entry.
520 SSS, PH and Pag-ibig Contributions 6. Journalize and post the closing entry.
530 Rent Expense 7. Prepare the post-closing trial balance for the month of November.
540 Utilities Expense Additional Information:
550 Supplies Expense a. Depreciation expense of long-lived assets is 10% of the asset cost per annum.
560 Transportation Expense b. Percentage Tax is 3% of the monthly revenue.
570 Depreciation Expense – Equipment c. Special Journals (Revenue, Cash Receipt, and Cash Disbursement)
580 Percentage Tax Expense d. General Journal (General Journal A, General Journal C)
590 Miscellaneous Expense

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 REVENUES JOURNAL

Service Revenue Accounts Receivable

Date Invoice No. Accounts Debited P. R.
Credit Debit
2020

TOTAL
( ) ( )

CASH RECEIPT JOURNAL

Service Accounts
Date O.R. Invoice Cash
Accounts Debited P. R. Revenue Receivable
2020 No. No. Debit
Credit Credit

TOTAL
( ) ( ) ( )

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 CASH DISBURSEMENT JOURNAL

SSS, PH, Withhol- Expanded

Sundry Salaries Pag-ibig ding Tax Supplies Input Withholding Cash
Date O.R. Check
Accounts Debited PR Debit Expense Payable Payable Expense VAT Tax Payable Credit
2020 No. No.
Debit Debit/ Debit/ Debit Debit Debit/Credit
Credit Credit

TOTAL
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

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 GENERAL JOURNAL GENERAL JOURNAL
ADJUSTING ENTRIES CLOSING ENTRIES

Date Accounts Title and Explanation P. R. Debit Credit Date Accounts Title and Explanation P. R. Debit Credit

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GENERAL LEDGER
110 Cash 145 Accumulated Depreciation – Office Equipment

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

120 Accounts Receivable 210 Accounts Payable

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

130 Input VAT 220 Withholding Tax Payable

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

140 Office Equipment 230 Expanded Withholding Tax Payable

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

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240 SSS, PH & Pag-ibig Contributions Payable 320 Fumar, Withdrawals

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

250 Utilities Payable 330 Ramulte, Capital

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

260 Accrued Percentage Tax Payable 340 Ramulte, Withdrawals

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

310 Fumar, Capital 350 Income Summary

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

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410 Service Revenue 550 Supplies Expense

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

510 Salaries Expense 560 Transportation Expense

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

520 SSS, PH and Pag-ibig Contributions 570 Depreciation Expense

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

530 Rent Expense 580 Percentage Tax Expense

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

540 Utilities Expense 590 Miscellaneous Expense

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

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SUBSIDIARY LEDGER
R. Ceballos - Accounts Receivable Subsidiary Ledger M. Tuscano - Accounts Receivable Subsidiary Ledger

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

M. Mercado - Accounts Receivable Subsidiary Ledger A. Cayosa - Accounts Receivable Subsidiary Ledger

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

E. Sudario - Accounts Receivable Subsidiary Ledger F. Avelino - Accounts Receivable Subsidiary Ledger

Date Description P. R. Debit Credit Balance Date Description P. R. Debit Credit Balance

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 Fumar & Ramulte Law Firm
Worksheet
For the Month Ended November 30, 2020
Account Total Balance Adjustment Income Statement Balance Sheet
Account Title
No. Debit Credit Debit Credit Debit Credit Debit Credit

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 Fumar & Ramulte Law Firm Fumar & Ramulte Law Firm
Statement of Comprehensive Income Statement of Financial Position
For the Month Ended November 30, 2020 For the Month Ended November 30, 2020

REVENUES ASSETS
Service Revenue ________ Cash ________
OPERATING EXPENSES Accounts Receivable ________
Salaries Expenses ________ Input VAT ________
SSS, PH and Pag-ibig Contributions ________ Total Current Assets ________
Rent Expense ________ Office Equipment ________
Utilities Expense ________ Accumulated Depreciation ________
Supplies Expense ________ Total Non-current Assets ________
Depreciation Expense ________ TOTAL ASSET ________
Percentage Tax Expense ________
Miscellaneous Expense ________ LIABILITIES
Total Expense ________ Withholding Tax Payable ________
Net Income ________ Expanded Withholding Tax Payable ________
SSS, PH and Pag-ibig Contributions Payable ________
Utilities Payable ________
Fumar & Ramulte Law Firm
Accrued Percentage Tax ________
Statement of Partner’s Equity
For the Month Ended November 30, 2020 Total Liabilities ________

Atty. Fumar Atty. Ramulte Total

PARTNER’S EQUITY
Beginning Capital
Fumar, Capital 11/30/2020 ________
Drawing
Ramulte, Capital 11/30/2020 ________
Net Income
Total Partner’s Equity ________
Ending Capital
TOTAL LIABILITIES AND PARTNER’S EQUITY ________

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 Fumar & Ramulte Law Firm Fumar & Ramulte Law Firm
Statement of Cash Flow Post-Closing Trial Balance
For the Month Ended November 30, 2020 For the Month Ended November 30, 2020

CASH-IN ACTIVITIES P.R. Account Titles Debit Credit

______________________________ ________
______________________________ ________
Total Cash-in ________

CASH-OUT ACTIVITIES
______________________________ ________
______________________________ ________
______________________________ ________
______________________________ ________
______________________________ ________
______________________________ ________
______________________________ ________
______________________________ ________
______________________________ ________
Total Cash Out ________

NET INCREASE IN CASH ________

Add: Cash Balance 11/01/2020 ________
Cash Balance 11/30/2020 ________

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