Just Right Events & Catering Services

1/1/2018
Marta Cruz started an events and catering service
1.00 and invested P500,000 cash as start up capital
1/3/2018 Purchased supplies for events and party needs
2.00 amounting to P50,000 cash
1/5/2018
Purchased vehicle on account for P500,000 at
Toyota cash for business use. Company policy on
3.00 amortizing fixed assets at a life of 10 years
1/6/2018 4.00 Paid the car registration amounting to P5,000
1/6/2018 Paid car insurance for P15,000 covering Jan 5 2018
5.00 to Jan 4, 2019
1/7/2018
Purchase furnitures at Abensons Appliance for
6.00 P120,000 cash. Life of similar assets is at 5 years
1/10/2018
Paid venue rental amounting to P105,000
7.00 representing 1 month advance and 2 monhs deposit.
1/12/2018 Rendered catering service to a customer and
8.00 immediately received, P60,000 cash
1/15/2018 Purchase additional supplies for the events
9.00 amounting P25,000
1/15/2018
10.00 Paid salaries of chef and other staff for P80,000
1/20/2018 Performed events and catering services to a
11.00 customer and received 50% downpayment
amounting to P50,000, remaining balance of 50% is
due at the end of the month
1/21/2018 Rendered catering service to a customer and
12.00 immediately received, P50,000 cash
1/25/2018 13.00 Paid telephone bills for P5,000
1/26/2018
Performed events and catering services to a
customer and received 20% downpayment
14.00 amounting to P25,000
1/27/2018 Rendered catering service to a customer and
15.00 immediately received, P80,000 cash
1/28/2018 Purchase flowers and baloons for party use for
16.00 P10,000, charged to miscellaneous expenses
1/30/2018
Purchase video equipment for events use for
P35,000 cash. Small equipment is useful life is 3
17.00 years
 1/31/2018
18.00 Paid salaries of chef and other staff for P120,000
1/31/2018 Rendered catering service to a customer and
19.00 immediately received, P30,000 cash
1/31/2018
Received the 25% from customer in Jan 20,
20.00 remaining 25% balance is to be paid the next day
1/31/2018
Bank loan availed amounting to P500,000 at 10%
interest. With semi-annual Interest repayment and
21.00 principal due at maturity.

Prepare FS as of December 31, 2018

adjsuting Entries at year end

Depreciate Vehicle, 10 years 500,000

amortize the prepaid insurance, P15,000
Depreciate the furniture, 5 years,P120,000
Depreciate the video equipment P35,000 3 yearsof
Consider the interest repayment after 6 months
bank loan
Amortize interest on bank loan
Unpaid Rent for the year

TOTAL

TOTAL ASSETS/LIABILITIES&EQUITY
BALANCING
 ASSET
CASH SUPPLIES ON HAND VEHICLE FURNITURE AND FIXTURES

500,000.00

(50,000.00) 50,000.00

500,000.00
(5,000.00)

(15,000.00)

(120,000.00) 120,000.00

(105,000.00)

60,000.00

(25,000.00) 25,000.00

(80,000.00)

50,000.00

50,000.00
(5,000.00)

25,000.00

80,000.00

(10,000.00)

(35,000.00)
(120,000.00)

30,000.00

25,000.00

500,000.00

(25,000.00)

725,000.00 75,000.00 500,000.00 120,000.00

1,564,333.33
ET
PREPAID INSURANCE PREPAID RENT ACCOUNTS RECEIVABLES EQUIPMENT

15,000.00

105,000.00

50,000.00

100,000.00

35,000.00
 (25,000.00)

(15,000.00)

(35,000.00)

- 70,000.00 125,000.00 35,000.00

 LIABILITY
ACCUMULATED DEPRECIATION LOAN PAYABLE BANK LOAN ACCRUED INTEREST

500,000.00

(11,666.67)
 500,000.00

(50,000.00)

(24,000.00)

20,833.33

(85,666.67) 500,000.00 500,000.00 20,833.33

1,405,833.33

1,564,333.33
 EQUITY REVENUE
ACCRUED RENT CRUZ, CAPITAL SERVICE REVENUE REGISTRATION EXPENSE SALARY EXPENSE

500,000.00

5,000.00

60,000.00

80,000.00

100,000.00

50,000.00

125,000.00

80,000.00
 120,000.00

30,000.00

385,000.00

385,000.00 500,000.00 445,000.00 5,000.00 200,000.00

500,000.00 445,000.00 786,500.00

158,500.00
 EXPENSE
UTILITIES EXPENSE MISCELLANEOUS EXPENSE DEPRECIATION EXPENSE INSURANCE EXPENSE

5,000.00

10,000.00

11,666.67
 50,000.00
15,000.00
24,000.00

5,000.00 10,000.00 85,666.67 15,000.00

INTEREST EXPENSE RENT EXPENSE
45,833.33
420,000.00

45,833.33 420,000.00
 DEBIT CREDIT
CASH
SUPPLIES ON HAND
VEHICLE
FURNITURE AND FIXTURES
PREPAID INSURANCE
PREPAID RENT
ACCOUNTS RECEIVABLES
EQUIPMENT
ACCUMULATED DEPRECIATION
LOAN PAYABLE
BANK LOAN
ACCRUED INTEREST
ACCRUED RENT
CRUZ, CAPITAL
SERVICE REVENUE
REGISTRATION EXPENSE
SALARY EXPENSE
UTILITIES EXPENSE
MISCELLANEOUS EXPENSE
DEPRECIATION EXPENSE
INSURANCE EXPENSE
INTEREST EXPENSE
RENT EXPENSE