For My BSA 1A Class Here Are The Topics For Discussion

Be Advised: Topics for discussion on July 19, 2010 are as follows:

Investment of owner
           1. Cash  
           2.  Non-Cash Asset
           3. Existing business
Withdrawal by owner
           1. Cash
           2. Non-Cash Asset
Cash on Hand/Cash in Bank
Purchase of Property
Sale of Property
Business Transactions:

July 1 - Mr. Palaaral invested P100,000 cash in his business. He also invested a computer which he purchased two years ago at a cost of P30,000 with an accumulated depreciation to date amounting to P6,000. The market value of the computer at the time of investment is P25,000. Aside from the computer, the owner brought to the office his recently acquired furnitures at home. The complete set costs P50,000 which he bouught using his credit card and a 50% downpayment. The remaining account is due in six months and it will be assumed by the business.

July 5 Received P 15,000 cash for services rendered.

July 6 Deposited with the bank the amount of P110,000.

July 8 Purchased another computer at a cost of P25,000, with a trade discount of 2%, 2/10/n/30. Paid P1,000 to transport the computer to his office in Bulacan.

July 10 Hired an office staff at a rate of P300 per day.

July 15 Purchased supplies P3,000 on cash. Paid salaries to his staff for five days work.

July 16 Rendered services on acccount P10,000.

July 18 Sold the old computer he invested, at a price of P20,000. It is assumed that the accumulated depreciation is still the same when it was invested.

July 20 Collected the amount due from the customer on July 16.

July 22 Rendered services to customers and collected P50,000. The collection was deposited to the bank.

July 26 Mr. Palaaral withdraw P5,000 cash.

July 28 Paid utilities P3,000.

July 30 Paid salaries to the staff equivalent to ten days.

Required: Journalize the transaction in a two column journal. Post the entries  to the general ledger. Use account numbers starting with 101 for Assets, 201 for Liabilities, and 301 for Equities. Draw the balances and foot the accounts.Prepare the Trial Balance of balances, Statement of Financial Performance, Statement of Financial Position, and Statement of Cash Flows. For submission on July 19,2010, 7:30 am.

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