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ARAN Forms SOLUTIONS FEB. 8 2025

The document contains financial records for Aran Partnership, including adjusting, closing, revenues, cash receipts, and disbursements journal entries for November 2019. It details various transactions such as utilities expenses, contributions, revenues from services, and cash movements. The provided information also includes a worksheet summarizing the trial balance, adjustments, and financial positions at the end of the month.

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282 views15 pages

ARAN Forms SOLUTIONS FEB. 8 2025

The document contains financial records for Aran Partnership, including adjusting, closing, revenues, cash receipts, and disbursements journal entries for November 2019. It details various transactions such as utilities expenses, contributions, revenues from services, and cash movements. The provided information also includes a worksheet summarizing the trial balance, adjustments, and financial positions at the end of the month.

Uploaded by

montereyjasmine13
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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ARAN PARTNERSHIP

GENERAL JOURNAL
Page 1
ADJUSTING ENTRIES
DATE PARTICULARS PR DEBIT CREDIT
2019
NOV. 30 UTILITIES EXPENSE 522 500
UTILITIES PAYABLE 215 500
WATER CONSUMPTION

NOV. 30 UTILITIES EXPENSE 522 2,000


UTILITIES PAYABLE 215 2,000
ELECTRICITY USAGE

NOV. 30 SSS, PHIC, PAG-IBIG CONTRIBUTIONS 531 3,500


SSS, PHIC, PAG-IBIG PAYABLE 214 3,500
CONTRIBUTIONS

NOV. 30 DEPRECIATION EXPENSE 531 1,876


ACC. DEP. - OFFICE EQUIPMENT 122A 1,876
DEPRECIATION
225,100 X .10 = 22,510 / 12 = 1,876

NOV. 30 PERCENTAGE TAX EXPESNE 532 8,400


ACC. PERCENTAGE TAX PAYABLE 216 8,400
ACCRUAL
280,000 X .03 = 8,400
ARAN PARTNERSHIP
GENERAL JOURNAL
Page 2
CLOSING ENTRIES: TEMPORARY ACCOUNTS-REVENUES, EXPENSE, INCOME SUMMARY & DRAWINGS
DATE PARTICULARS PR DEBIT CREDIT
2019
NOV. 30 SERVICE REVENUES 411 280,000
SALARIES EXPENSE 512 48,000
RENT EXPENSE 521 10,000
SUPPLIES EXPENSE 523 1,500
SSS, PHIC, PAG-IBIG CONTRI 513 3,500
UTILITIES EXPENSE 522 2,500
DEPRECIATION EXPENSE 531 1,876
PERCENTAGE TAX EXPENSE 532 8,400
INCOME SUMMARY 315 204,224
CLOSING

NOV. 30 INCOME SUMMARY 315 204,224


A. A. BALITA, CAPITAL 311 102,112
A. P. BANTA, CAPITAL 312 102,112
CLOSING

NOV. 30 A. A. BALITA, CAPITAL 311 10,000


A. P. BANTA, CAPITAL 312 10,000
A. A. BALITA, DRAWINGS 313 10,000
A. P. BANTA, DRAWINGS 314 10,000
CLOSING
ARAN PARTNERSHIP
REVENUES JOURNAL: RJ - NAGPA-UTANG / INVOICE
Page 1

Invoice Service Revenue Accounts Receivable


DATE Accounts Debited PR
No.
credit debit
NOV. 3 6001 ARNOLD COMPANY / 60,000 60,000
NOV. 8 6002 ROYAL COMPANY / 110,000 110,000
NOV. 20 6003 NIGHT INC. / 80,000 80,000

TOTAL 250,000 250,000


(411) (113)

ARAN PARTNERSHIP
CASH RECEIPTS JOURNAL: CRJ - TUMANGGAP NG CASH / OR
Page 1
Accounts Service
Receivable
Cash
DATE OR No. ACCOUNTS CREDITED INV. NO. PR Revenue
credit credit debit
NOV. 4 2001 DAN CORP. 3110 / 50,000 50,000
NOV. 5 2002 GLOOM CORP. COD / 30,000 30,000
NOV. 10 2003 ARNOLD COMPANY 6001 / 60,000 60,000
NOV. 15 2004 CODE COMPANY 1475 / 85,000 85,000
NOV. 25 2005 ROYAL COMPANY 6002 / 110,000 110,000

TOTAL 305,000 30,000 335,000


(113) (411) (111)
ARAN PARTNERSHIP
CASH DISBURSEMENTS JOURNAL: NAGBAYAD TAYO / VOUCHER, CHECK, OR
Page 1
DATE Check Check Accounts Debited PR Sundry Salaries SSS, PH, With.Tax Supplies Input Expanded Cash
Voucher No. Expense Pag. Pay Payable Expense VAT With. Tax
No. debit/ debit/ debit
2019 debit debit (credit) (credit) debit debit (credit) credit
NOV. 3 91001 2140001 ABS BOOKSTORE / 1,500 180 1,680
NOV. 5 91002 2140002 OFFICE EQUIPMENT 122 15,000 1,800 16,800
NOV. 5 91003 2140003 RENT EXPENSE 521 10,000 (500) 9,500
NOV. 10 91004 2140004 BIR / 800 500 1,300
NOV. 10 91005 2140005 SSS, PHIC, PAG-IBIG / 5,550 5,550
NOV. 10 91006 2140006 UTILITIES PAYABLE 215 800 800
NOV. 10 91007 2140007 UTILITIES PAYABLE 215 3,000 3,000
NOV. 15 91008 2140008 PAYROLL / 24,000 (950) 23,050
NOV. 30 91009 2140009 PAYROLL / 24,000 (1,100) (800) 22,100
NOV. 30 91010 2140010A.A.BALITA, DRAWINGS313 10,000 10,000
NOV. 30 91011 2140011A.P.BANTA, DRAWINGS314 10,000 10,000

TOTAL 48,800 48,000 3,500 0 1,500 1,980 0 103,780


(512) (214) (212) (523) (118) (213) (111)
ARAN PARTNERSHIP
GENERAL LEDGER

Account: CASH (DR) Code: 111 Account: A. A. BALITA, DRAWINGS (DR) Code: 313
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 255,100 NOV. 30 CDJ1 10,000 10,000
NOV. 30 CRJ1 335,000 590,100 NOV. 30 GJ2 10,000 0
NOV. 30 CDJ1 103,780 486,320

Account: ACCOUNTS RECEIVABLE (DR) Code: 113 Account: A. P. BANTA, DRAWINGS (DR) Code: 314
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 115,100 NOV. 30 CDJ1 10,000 10,000
NOV. 30 RJ1 250,000 365,100 NOV. 30 GJ2 10,000 0
NOV. 30 CRJ1 305,000 60,100

Account: INPUT VAT (DR) Code: 118 Account: INCOME SUMMARY (CR) Code: 315
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 30 CDJ1 1,980 1,980 NOV. 30 GJ2 204,224 204,224
NOV. 30 GJ2 204,224 0

Account: OFFICE EQUIPMENT (DR) Code: 122 Account: SERVICE REVENUES (CR) Code: 411
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 210,100 NOV. 30 RJ1 250,000 250,000
NOV. 5 CDJ1 15,000 225,100 NOV. 30 CRJ1 30,000 280,000
NOV. 30 GJ2 280,000 0

Account: ACC. DEP. - OFFICE EQUIPMENT (CR) Code: 122A Account: SALARIES EXPENSE (DR) Code: 512
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 17,600 NOV. 30 CDJ1 48,000 48,000
NOV. 30 GJ1 1,876 19,476 NOV. 30 GJ2 48,000 0
Account: ACCOUNTS PAYABLE (CR) Code: 211 Account: SSS, PHIC, PAG-IBIG CONTRIBUTIONS (DR) Code: 513
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 30 GJ1 3,500 3,500
NOV. 30 GJ2 3,500 0

Account: WITHHOLDING TAXES PAYABLE (CR) Code: 212 Account: RENT EXPENSE (DR) Code: 521
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 800 NOV. 5 CDJ1 10,000 10,000
NOV. 30 GJ2 10,000 0

Account: EXP. WITHHOLDING TAXES PAYABLE (CR) Code: 213 Account: UTILITIES EXPENSE (DR) Code: 522
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 500 NOV. 30 GJ1 500 500
NOV. 30 GJ1 2,000 2,500
NOV. 30 GJ2 2,500 0

Account: SSS, PHIC, PAG-IBIG CONTRI PAYABLE (CR) Code: 214 Account: SUPPLIES EXPENSE (DR) Code: 523
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 5,650 NOV. 30 CDJ1 1,500 1,500
NOV. 30 CDJ1 3,500 2,150 NOV. 30 GJ2 1,500 0
NOV. 30 GJ1 3,500 5,650

Account: UTILITIES PAYABLE (CR) Code: 215 Account: TRANSPORTATION EXPENSE (DR) Code: 524
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 3,800
NOV. 10 CDJ1 800 3,000
NOV. 10 CDJ1 3,000 0
NOV. 30 GJ1 500 500
NOV. 30 GJ1 2,000 2,500
Account: ACC. PERCENTAGE TAX PAYABLE (CR) Code: 216 Account: DEPRECIATION EXPENSE (DR) Code: 531
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 6,750 NOV. 30 GJ1 1,876 1,876
NOV. 30 GJ1 8,400 15,150 NOV. 30 GJ2 1,876 0

Account: A. A. BALITA, CAPITAL (CR) Code: 311 Account: PERCENTAGE TAX EXPENSE (DR) Code: 532
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 272,600 NOV. 30 GJ1 8,400 8,400
NOV. 30 GJ2 102,112 374,712 NOV. 30 GJ2 8,400 0
NOV. 30 GJ2 10,000 364,712

Account: A. P. BANTA, CAPITAL (CR) Code: 312 Account: MISCELLANEOUS EXPENSE (DR) Code: 551
Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 1 PCTB 272,600
NOV. 30 GJ2 102,112 374,712
NOV. 30 GJ2 10,000 364,712
ARAN PARTNERSHIP
WORKSHEET
For the month ended NOVEMBER 30, 2019
Account Titles Trial Balance Adjustments Statement of Comp. Income Statement of Fin. Position
Debit Credit Debit Credit Debit Credit Debit Credit
CASH 486,320 486,320
ACCOUNTS RECEIVABLE 60,100 60,100
INPUT VAT 1,980 1,980
OFFICE EQUIPMENT 225,100 225,100
ACC. DEP. - OFFICE EQUIPMENT 17,600 1,876 19,476
ACCOUNTS PAYABLE
WITHHOLDING TAXES PAYABLE 800 800
EXP. WITHHOLDING TAXES PAYABLE 500 500
SSS, PHIC, PAG-IBIG CONTRI PAYABLE 2,150 3,500 5,650
UTILITIES PAYABLE 2,500 2,500
ACC. PERCENTAGE TAX PAYABLE 6,750 8,400 15,150
A. A. BALITA, CAPITAL 272,600 272,600
A. P. BANTA, CAPITAL 272,600 272,600
A. A. BALITA, DRAWINGS 10,000 10,000
A. P. BANTA, DRAWINGS 10,000 10,000
INCOME SUMMARY
SERVICE REVENUES 280,000 280,000
SALARIES EXPENSE 48,000 48,000
SSS, PHIC, PAG-IBIG CONTRIBUTIONS 3,500 3,500
RENT EXPENSE 10,000 10,000
UTILITIES EXPENSE 2,500 2,500
SUPPLIES EXPENSE 1,500 1,500
TRANSPORTATION EXPENSE
DEPRECIATION EXPENSE 1,876 1,876
PERCENTAGE TAX EXPENSE 8,400 8,400
MISCELLANEOUS EXPENSE
TOTAL 853,000 853,000 16,276 16,276 75,776 280,000 793,500 589,276
NET INCOME 204,224 204,224
TOTAL 280,000 280,000 793,500 793,500
ARAN PARTNERSHIP
Statement of Comprehensive Income
For the month ended NOVEMBER 30, 2019
Service Revenues 280,000
Salaries Expense 48,000
SSS, PHIC, & HDMF Contri 3,500
Rent Expense 10,000
Utilities Expense 2,500
Supplies Expense 1,500
Transportation Expense
Depreciation Expense 1,876
Percentage Tax Expense 8,400
Miscellaneuous Expense
Total Expenses (75,776)
NET INCOME (LOSS) 204,224
ARAN PARTNERSHIP
Statement of Changes in Partner's Equity
For the month ended NOVEMBER 30, 2019
A. A. BALITA, Capital A. P. BANTA, Capital Totals
Beginning capital 272,600 272,600 545,200
Drawings (10,000) (10,000) (20,000)
Net income (loss) 102,112 102,112 204,224
Ending capital 364,712 364,712 729,424

ARAN PARTNERSHIP
Statement of Financial Position
NOVEMBER 30, 2019
ASSETS
Cash 486,320
Accounts Receivable 60,100
Input VAT 1,980
Total Current Assets 548,400
Office Equipment 225,100
Acc. Dep'n - Office Equip. (19,476)
Total Non-Current Assets 205,624
TOTAL ASSETS 754,024
LIABILITIES
Accounts Payable
Withholding Taxes Payable 800
Exp. With. Taxes Payable 500
SSS, PHIC, & HDMF Payable 5,650
Utilities Payable 2,500
Acc. Percentage Tax Payable 15,150
TOTAL LIABILITIES 24,600
PARTNER'S EQUITY
A. A. BALITA, Capital 364,712
A. P. BANTA, Capital 364,712
TOTAL PARTNERS' EQUITY 729,424
TOTAL LIABILITIES AND
PARTNERS' EQUITY 754,024
ARAN PARTNERSHIP
POST-CLOSING TRIAL BALANCE: MGA ACCOUNTS NA HINDI NAG-ZERO
NOVEMBER 30, 2019
Account Titles Debit Credit
Cash 486,320
Accounts Receivable 60,100
Input VAT 1,980
Office Equipment 225,100
Accumulated Depreciation 19,476
Withholding Taxes Payable 800
Expanded Withholding Taxes Payable 500
SSS, Philhealth and Pagibig Contributions Payable 5,650
Utilities Payable 2,500
Accrued Percentage Tax Payable 15,150
A. A. BALITA, Capital 364,712
A. P. BANTA, Capital 364,712
Totals 773,500 773,500

ARAN PARTNERSHIP
Statement of Cash Flows: SOURCES & USES OF CASH - CDJ & CRJ
For the month ended NOVEMBER 30, 2019
CASH-IN ACTIVITIES (CRJ)
COLLECTIONS 335,000
TOTAL CASH-IN ACTIVITIES 335,000
CASH-OUT ACTIVITIES (CDJ)
PAYMENT FOR SUPPLIES 1,680
PAYMENT FOR OFFICE EQUIPMENT 16,800
PAYMENT FOR RENT 9,500
PAYMENT FOR BIR 1,300
PAYMENT FOR SSS, PHIC,PAG-IBIG 5,550
PAYMENT FOR ACCRUED UTILITIES 3,800
PAYMENT FOR PAYROLL NOV. 1-15 23,050
PAYMENT FOR PAYROLL NOV. 16-30 22,100
WITHDRAWALS 20,000
TOTAL CASH-OUT ACTIVITIES 103,780

NET INCREASE (DECREASE) 231,220


ADD: BEG. BALANCE, NOV. 1 255,100
TOTAL CASH FLOWS 486,320
ARAN PARTNERSHIP
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER

Account: ARNOLD COMPANY Account: ___________________


Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 3 RJ1 60,000.00 60,000.00
NOV. 10 CRJ1 60,000.00 0

Account: ROYAL COMPANY Account: ___________________


Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 8 RJ1 110,000.00 110,000.00
NOV. 25 CRJ1 110,000.00 0

Account: NIGHT INC. Account: ___________________


Date Item PR Debit Credit Balance Date Item PR Debit Credit Balance
NOV. 20 RJ1 80,000.00 80,000

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