WEEK 14

PERIODIC INVENTORY SYSTEM

1. To record purchased of merchandise on account.

July 1 Purchased merchandise on account to Mr. Sergio Claro , 100,000 tem

2/10, n/30

Purchases P100,000
Accounts Payable P100,000

2. To record purchased of merchandise on cash.

July 1 Purchased merchandise to Mr. Sergio Claro , 100,000

Purchases P100,000
Cash on Hand P100,000

3. To record sold merchandise on account.

July 1 Sold merchandise on account to Mr. Troadio Tabin , 100,000 FOB

Destinations 2/10, n/30

Account Receivable P100,000

Sales P100,000

4. To record sold merchandise on cash

July 1 Sold merchandise to Mr. Troadio Tabin , 100,000 FOB Destinations

Cash on Hand P100,000

Sales P100,000

5. To record freight charges FOB Destination

July 2 Paid freight charges P1,000

Freight Out P1,000
Cash P1,000

6. To record merchandise return on account

July 3 Received credit from Sergio Claro worth P5,000 from merchandise
return.

Accounts Payable P5,000

Purchased Return and Allowances P5,000

7. To record merchandise return on cash

July 3 Received cash credit from Sergio Claro worth P5,000 from merchandise
return.

Cash on Hand P5,000

Purchased Return and Allowances P5,000

8. To record payment of account with discount

July 9 Paid Mr Sergio Claro in full

Accounts Payable P95,000

Purchased Discount P1,900
Cash P 93,100

9. To record payment of customer in full WITH discount

July 9 received payment from Mr Troadio Tabin in full

Cash P 98,000
Sales Discount P 2,000
Account Receivable P 100,00
10. To record freight charges FOB Shipping Point

July 2 Paid freight charges P1,000

Freight in P1,000
Cash P1,000

11. To record defective items by customer

July 3 Made return to cash customer worth P3,000 for defective items.

Sales Return and Allowance P3,000

Cash on Hand P3,000
BOOKKEEPING NC III
REVIEWER (Merchandising – PERIODIC INVENTORY SYSTEM)

PROBLEM

November Transaction
1 The business, KING EMANUEL ANIL PASCUAL, owned by Ms.
MannyLyn Pascual invested P100,000.

2 Bought office equipment for P20,000 cash.

2 Paid rent P10,00 for the office space cash.

3 Paid radio advertisement for the promotion of the business

P5,000 cash.

3 Bought office supplies on cash for P1,400.

4 Bought merchandise on account from TCSF SUPPLY, P20,900

terms 2/10, n/30.

4 Sold merchandise on account P30,400 FOB Destination terms

2/10 n/30.

5 Paid P400 freight on November 4 sales

6 Received credit from TCSF Supply for merchandise returned

P600.

11 Paid TCSF Supply

13 Collected from November 4 customer.

14 Bought merchandise on cash for P28,800.

15 Paid salaries P3,300.

16 Barrowed money from San Felipe Rural Bank, signed a

 promissory note for P24,000.

17 Received refund from supplier on cash purchased of November

14, P1,000.

18 Bought merchandise from Heaven Charm P28,400 FOB Shipping

Point, terms 2/10, n/30.

23 Sold Merchandise for P32,800

24 Paid freight on November 18 purchased P1,400.

26 Bought merchandise for cash P24,600.

27 Paid Heaven Charm on the November 18, P18,000

28 Ms MannyLyn Pascual withdrew cash from business P4,000.

29 Made refund to cash customer for defective merchandise P2,000.

29 Sold merchandise on account, P25,000, n/30.

30 Paid the utilities, P800.

30 Paid salaries, P3,000

30 Inventory November 30, P50,000.

JOURNALENTRY

Date Particular NO. Debit Credit

Nov 1 Cash 101 100,000
Pascual, Capital 301 100,000

To record initial investment

Nov 2 Equipment 150 20,000

Cash 101 20,000

To record purchased of equipment on cash.

Nov 2 Rent Expense 510 10,000

Cash 101 10,000

To record payment of rent

Nov 3 Advertising 505 5,000

Cash 101 5,000

To record payment of advertisement

Nov 3 Supplies 120 1,400

Cash 101 1,400

To record purchased of supplies on cash.

Nov 4 Purchases 501 20,900

Accounts Payable 201 20,900

To record purchased of merchandise on

account.

Nov 4 Accounts Receivable 105 30,400

Sales 401 830,400

To record sales on account

Nov 5 Freight Out 506 400

Cash 100 400

To record payment of freight

Nov 6 Accounts Payable 201 600
Purchased Return and Allowances 502 600

To record receive of credit.

Nov 11 Accounts Payable 201 20,300

Purchased Discount 503 406
Cash 101 19,894

To record payment of account in full.

Nov 13 Cash 101 29,702

Sales Discount 410 608
Accounts Receivable 105 30,400

To record payment of accounts in full

Nov 14 Purchases 501 28,800

Cash 101 28,800

To record purchased of merchandise on

cash.

Nov 15 Salaries 530 3,300

Cash 101 3,300

To record payment of salaries

Nov 16 Cash 101 24,000

Notes Payable 202 24,000

To record receive of cash from loan.

Nov 17 Cash 101 1,000

Purchased Return and Allowances 501 1,000

To record received of cash from purchased

return.

Nov 18 Purchases 501 28,400

Accounts Payable 201 528,400

To record purchased of merchandise on

account.
Nov 24 Freight in 504 1,400
Cash 101 1,400

To record payment of freight on purchased

on Nov 22.

Nov 23 Cash 101 32,800

Sales 401 32,800

To record sales on cash.

Nov 26 Purchases 501 24,600

Cash 100 24,600

To record purchased of merchandise on

cash.

Nov 27 Accounts Payable 201 18,000

Cash 101 18,000

To record payment of accounts 50%.

Nov 28 Pascual, Drawing 302 4,000

Cash 101 4,000

To record withdrawal

Nov 29 Sales Return and Allowances 405 2,000

Cash 101 2,000

To record cash return of customer.

Nov 30 Accounts Receivable 105 25,000

Sales 401 25,000
To record sales on account

Nov 30 Utilities 506 800

Salaries 530 3,800
Cash 101 3,800

To record various expenses

LEDGER
CASH ON HAND 100
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
Nov 1 GJ1 100,000 100,000
Nov 2 GJ1 20,000 80,000
Nov 2 GJ1 10,000 70,000
Nov 3 GJ1 5,000 65,000
Nov 3 GJ1 1,400 63,600
Nov 5 GJ1 400 63.200
Nov 11 GJ1 19,894 43,306
Nov 13 GJ2 29,792 73.098
Nov 14 GJ2 28,800 44,298
Nov 15 GJ2 3,300 40,998
Nov 16 GJ2 24,000 64,998
Nov 17 GJ2 1,000 65,998
Nov 23 GJ2 32,800 98,798
Nov 24 GJ2 1,400 97,398
Nov 26 GJ3 24,600 72,798
Nov 27 GJ3 18,000 54,798
Nov 28 GJ3 4,000 50,798
Nov 29 GJ3 2,000 48,778
Nov 30 GJ3 3,800 44,998

ACCOUNTS RECEIVABLE 105

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 4 GJ 30,400 30,400
1
NV 13 GJ 30,400 0
2
NOV 29 GJ 25,000 25,000
3

MERCHANDISE INVENTORY 115

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 30 GJ 50,000 50,000
3

SUPPLIES 120
 DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 3 GJ 1,400 1,400
1

EQUIPMENT 150
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 2 GJ1 20,000 20,000

ACCOUNTS PAYABLE 201

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 4 GJ 20,900 20,900
1
NOV 6 GJ 600 20,300
1
NOV 11 GJ 20,300 0
1
NOV 18 GJ 28,400 28,400
2
NOV 27 GJ 18,000 10,400
3

NOTES PAYABLE 202

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 20 GJ 24,000 24,000
2

PASCUAL, CAPITAL 301

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 1 GJ 100,000 100,000
1
NOV 30 GJ 10,998 110,998
4
NOV 30 GJ 4,000 106,998
4

PASCUAL, DRAWING 302

 DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 28 GJ 4,000 4,000
3
NOV 30 GJ 4,000 0
4

SALES 401
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 4 GJ 30,400 30,400
1
NOV 23 GJ 32,800 63,200
2
NOV 29 GJ 25,000 88,200
3
NOV 30 GJ 88,200 0
4

SALES RETURN AND ALLOWANCES 405

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 29 GJ 2,000 2,000
3
NOV 30 GJ 2,000 0
4

SALES DISCOUNT 410

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 13 GJ 608 608
2
NOV 30 GJ 608 0
4

PURCHASES 501
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 4 GJ1 20,900 20,900
NOV 14 GJ2 28,800 49,700
NOV 18 GJ2 28,400 78,100
NOV 26 GJ3 24,600 102,700
NOV 30 GJ4 102,700 0

PURCHASE RETURNS AND ALLOWANCES 502

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 6 GJ 600 600
1
NOV 17 GJ 1,000 1,600
2
NOV 30 GJ 1,600 0
5

PURCHASE DISCOUNT 503

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 11 GJ 406 406
1
NOV 30 GJ 406 0
4

FREIGHT IN 504
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 24 GJ 1,400 1,400
2
NOV 30 GJ 1,400 0
4
ADVERTISING EXPENSES 505
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 30 GJ 5,000 5,000
1
NOV 30 GJ 5,000 0
4

FREIGHT OUT 506

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 5 GJ 400 400
1
NOV 30 GJ 400 0
4

RENT EXPENSE 510

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 2 GJ 10,000 10,000
1
NOV 30 GJ 10,000 0
4

SALARIES 530
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 15 GJ 3,300 3,300
2
NOV 30 GJ 3,000 6,300
3
NOV 30 GJ 6,300 0
4

UTILITIES 540
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 30 GJ 800 8,00
3
NOV 30 GJ 800 0
4

INCOME SUMMARY 601

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
NOV 30 GJ 85,592 85,592
5
NOV 30 GJ 52,094 33,498
5
NOV 30 GJ 22,500 10,998
5
10,998 0
 Company Name
Trial Balance
For the year ended 2020

Account Account Title Debit Credit

Number
101 Cash 44,998
105 Accounts Receivable 25,000
115 Merchandise Inventory
120 Supplies 1,400
150 Equipment 20,000
201 Accounts Payable 10,400
202 Notes Payable 24,000
301 Pascual, Capital 100,000
302 Pascual, Drawing 4,000
401 Sales 88,200
402 Sales Return and Allowances 2,000
410 Sales Discount 608
501 Purchases 102,700
506 Purchase Return and Allowances 1,600
503 Purchase Discount 406
504 Freight In 1,400
505 Advertising 5,000
506 Freight Out 400
510 Rent 10,000
530 Salaries 6,300
540 Utilities 800
224,606 224,606
 Name of the Company
Cost of Goods Sold
For the Month Ended November 2020

Merchandise Inventory November 1 0

Purchases 102,700
Purchase Return and Allowances (1,600)
Purchase Discount (406)
Freight in 1,400
Merchandise Inventory (50,000)
Cost of Goods Sold 52,094

Name of the Company

Statement of Performance
For the Month Ended November 2020

Sales 88,200
Less: Sales Return and Allowances 2,000
Sales Discount 608 2,608
Net Sales 85,592
Less; Cost of Goods Sold 52,094
Gross Profit 33,498
Less Operating Expenses
Advertising 5,000
Freight Out 400
Rent 10,000
Salaries 6,300
Utilities 800 22,500

NET PROFIT 10,998

 Name of the Company
Statement of Changes in Equity
For the Month Ended November 2020

Pascual, Capital
Initial Investment 100,000
Drawing (4,000)
Net Profit 10,998
Pascual, Capital November 30 106,998

Receivable Name of the Company

Statement of Financial Position
November 2020

ASSETS
CURRENT ASSETS
Cash and Cash Equivalent 44,998
25,000
Inventories 50,000
Prepaid Expenses 1,400
TOTAL CURRENT ASSETS 121,398

NON-CURRENT ASSETS
Property, Plant & Equipment 20,000
TOTAL ASSETS 141,398

LIABILITIES & OWNERS EQUITY

CURRENT LIABILITIES
Accounts Payable 10,400

NON – CURRENT LIABILITIES

Notes Payable 24,000
TOTAL LIABILITIES 34,400

OWNERS EQUITY
Pascual, Capital 106,998
TOTAL LIABILITIES & EQUITY 141,398
 Name of the Company
Statement of Cash Flow
For the Month Ended November 2020

CASH FLOW FROM OPERATING ACTIVITIES

CASH RECEIVE FROM
Sales 32,800
Receivable 29,792
Refund 1,000
PAYMENT FROM
Office Supplies - 1,400
Freight on Sold Goods - 400
Merchandise - 91,294
Operating Expenses - 22,100
Refund to Customer - 2,000
Freight on Purchases - 1,400
NET CASH FLOW FROM OPERATING EXPENSES - 55,002

CASH FLOW FROM INVESTING ACTIVITIES

Equipment Bought - 20,000

CASH FLOW FROM FINANCING ACTIVITIES

Initial Investment 100,000
Barrowings 24,000
Drawing - 4,000
NET CASH FLOW FROM FINANCING ACTIVITIES 120,000

INCREASE IN CASH AND CASH EQUIVALENT 44,998

ADD CASH AND CASH EQUIVALENT, BEGINNING
CASH AND CASH EQUIVALENT, NOVEMBER 30 44,998
CLOSING ENTRIES

DATE DESCRIPTION PR DEBIT CREDIT

Nov 30 Sales 88,200
Sales Return and Allowances 2,000
Sales Discount 608
Income Summary 85,592
To close nominal account of sales

Nov 30 Merchandise Inventory 50,000

Purchase Return and Allowances 1,600
Purchase Discount 406
Income Summary 52,094
Purchases 102,700
Freight In 1,400
To close nominal account of
Purchases

Nov 30 Income Summary 22,500

Advertising 5,000
Freight Out 400
Rent 10,000
Salaries 6,300
Utilities 800
To close account expenses

Nov 30 Income Summary 10,798

Pascual, Capital 10,798
To close capital account

Nov 30 Pascual, Capital 4,000

Pascual, Drawing. 4,000
To close drawing account
 Name of the Company
POST CLOSED TRIAL BALANCE
November 2020

Account Account Title Debit Credit

Number
100 Cash 44,998
105 Account Receivable 25,000
115 Merchandise Inventory 50,000
120 Supplies 1,400
150 Equipment 20,000
201 Accounts Payable 10,400
202 Notes Payable 24,000
301 Pascual Capital 106,998
141,398 141,398

WEEK 15 PRACTICE SET

 BOOKKEEPING NC III
INSTITUTIONAL ASSESSMENT
PERIODIC INVENTORY SYSTEM)

Name: ________________________________ Date: ____________

Test Items Score Points Total Earned Earned

Score Score Points
1. Journal Entries 22 1 22
2. Prepare Ledger 22 .5 11
3. Prepare Trial Balance 5 1 5
4. Cost of Goods Sold 5 1 5
5. Statement of Performance 6 2 12
6. Statement of Changes in 5 1 5
Equity
7. Statement of Financial 20 .5 10
Position
8. Statement of Cash Flow 20 .5 10
9. Closing Entries 5 1 5
10. Post Closed Trial Balance 10 .5 5
90

____ Competent _____ Not Competent

___________________________ ______________________________
Name of Applicant Bookkeeping NC III Trainer
BOOKKEEPING NC III
INSTITUTIONAL ASSESSMENT
PERIODIC INVENTORY SYSTEM)

CHART OF ACCOUNTS NUMBER AND TITLES

ACCOUNT NUMBER ACCOUNT TITLE
1 - ASSETS
100 Cash on Hand
101 Cash in Bank
102 Office Supplies
103 Account Receivable
104 Notes Receivable
105 Equipment
106 Furniture
107 Land
108 Building
109 Prepaid Expenses
2 – LIABILITIES
201 Accounts Payable
202 Notes Payable
203 Loan Payable
204 Mortgage Payable
3 - CAPITAL
301 Capital
302 Drawing
4 - INCOME
401 Sales
402 Sales Return and Allowance
403 Sales Discount
5 - EXPENSES
501 Purchases
502 Purchase Return and Allowance
503 Purchase Discount
504 Freight In
505 Advertising
506 Freight Out
510 Rent Expense
530 Salaries Expense
540 Utilities Expense

601 Income Summary

PROBLEM

November Transaction
1 The business, QUEEN MANNYLYN , owned by Ms. MannyLyn
Pascual invested P200,000.

2 Bought office equipment for P40,000 cash.

2 Paid rent P20,00 for the office space cash.

3 Paid radio advertisement for the promotion of the business

P10,000 cash.

3 Bought office supplies on cash for P2,800.

4 Bought merchandise on account from SERGIO SUPPLY, P40,900

terms 2/10, n/30.

4 Sold merchandise on account P60,800 FOB Destination terms

2/10 n/30.

5 Paid P800 freight on November 4 sales

6 Received credit from SERGIO Supply for merchandise returned

P1,200.

11 Paid SERGIO Supply

13 Collected from November 4 customer.

14 Bought merchandise on cash for P57,600.

15 Paid salaries P6,600.

16 Barrowed money from San Felipe Rural Bank, signed a
promissory note for P48,000.

17 Received refund from supplier on cash purchased of November

14, P2,000.

18 Bought merchandise from PRINCE Charm P56,800 FOB

Shipping Point, terms 2/10, n/30.

23 Sold Merchandise for P65,600

24 Paid freight on November 18 purchased P2,800.

26 Bought merchandise for cash P49,200.

27 Paid PRINCE Charm on the November 18, P36,000

28 Ms MannyLyn Pascual withdrew cash from business P8,000.

29 Made refund to cash customer for defective merchandise P4,000.

29 Sold merchandise on account, P50,000, n/30.

30 Paid the utilities, P1,600.

30 Paid salaries, P6,000

30 Inventory November 30, P100,000.

JOURNALENTRY

Date Particular NO. Debit Credit

LEDGER
CASH ON HAND 100
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

ACCOUNTS RECEIVABLE 105

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

MERCHANDISE INVENTORY 115

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

SUPPLIES 120
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
EQUIPMENT 150
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

ACCOUNTS PAYABLE 201

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

NOTES PAYABLE 202

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

PASCUAL, CAPITAL 301

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

PASCUAL, DRAWING 302

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

SALES 401
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
SALES RETURN AND ALLOWANCES 405
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

SALES DISCOUNT 410

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

PURCHASES 501
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

PURCHASE RETURNS AND ALLOWANCES 502

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

PURCHASE DISCOUNT 503

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

FREIGHT IN 504
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
ADVERTISING EXPENSES 505
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

FREIGHT OUT 506

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

RENT EXPENSE 510

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

SALARIES 530
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

UTILITIES 540
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT

INCOME SUMMARY 601

DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
 Company Name
Trial Balance
For the year ended 2020

Account Account Title Debit Credit

Number
 Name of the Company
Cost of Goods Sold
For the Month Ended November 2020

Name of the Company

Statement of Performance
For the Month Ended November 2020
 Name of the Company
Statement of Changes in Equity
For the Month Ended November 2020

Name of the Company

Statement of Financial Position
November 2020
 Name of the Company
Statement of Cash Flow
For the Month Ended November 2020

-
-
-
-
-
-
-

-
CLOSING ENTRIES

DATE DESCRIPTION PR DEBIT CREDIT

 Name of the Company
POST CLOSED TRIAL BALANCE
November 2020

Account Account Title Debit Credit

Number