SERVICE BUSINESS

In November, 2020, ACE and QUEEN formed the ACEQUEEN Partnership with initial capital contribution
of P200,000.00, agreed to share profit and losses equally. ACEQUEEN is a non-VAT registered entity
engaged in rendering professional services in an office located in Taguig.

ACEQUEEN PARTNERSHIP
CHART OF ACCOUNT

ACCT. NO. ASSET

111 Cash
113 Accounts Receivable
118 Input VAT
122 Office Equipment
122A Accumulated Depreciation-Office Equipment
LIABILITIES
211 Accounts Payable
212 Withholding Tax Payable
213 Expanded withholding tax payable
214 SSS, Philhealth, Pag-ibig Payable
215 Utilities Payable
216 Accrued Percentage Tax
PROPRIETORSHIP
311 ACE, Capital
312 QUEEN, Capital
313 ACE, Drawing
314 QUENN, Drawing
315 Income Summary
411 Service Income
512 Salaries Expense
513 SSS, Philhealth, Pag-ibig Contribution
521 Rent Expense
522 Utilities Expense
523 Supplies Expense
524 Transportation Expense
531 Depreciation Expense
532 Percentage Tax Expense
551 Miscellaneous Expense

The balances as of October 31, 2020

Cash 255,000.00
Accounts Receivable 115,000.00
Office Equipment 210,000.00
Accumulated Depreciation – Office Equipment 17,500.00
Withholding Tax Payable 800.00
Expanded Withholding Tax Payable 500.00
SSS, Philhealth, Pag-ibig Payable 5,550.00
Utilities Payable 3,800.00
Accrued Percentage Tax 6,750.00
ACE, Capital 272,550.00
KING, Capital 272,550.00

Note:
 Depreciation office equipment is 10% per annum, based on the office equipment balance.
 Purchase of Supplies are immediately charge to expense
 Percentage Tax is accrued monthly at 3% of service income
 GENERAL JOURNAL
Page 1
Post
DATE ACCOUNT TITLE DEBIT CREDIT
Ref

GENERAL JOURNAL
 Page 2
Post
DATE ACCOUNT TITLE DEBIT CREDIT
Ref
 SPECIAL JOURNAL

REVENUE JOURNAL
Date Invoice No. Accounts Debited PR Account Service Revenue
Receivable
Credit
Debit

( ) ( )

CASH RECEIPTS JOURNAL

Date Accounts Receivable Service Revenue

OR # Invoice No. Accounts Credited PR Cash
Credit Credit
Debit

( ) ( ) ( )
 CASH PAYMENT JOURNAL

SSS,
Expanded
Sundry Salary Philhealth, Withholding Supplies
Voucher Check W/holding
Date Accounts Debited PR Account Expense Pag-ibig Tax Payable Expense Input Tax Cash
No. No. Tax
Debit Debit Payable Debit Debit Debit Credit
Debit
Debit

Total

( ) ( ) ( ) ( ) ( ) ( ) ( )
 GENERAL LEDGER
CASH 111 ACCOUNTS RECEIVABLE 113
Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

INPUT VAT 118 OFFICE EQUIPMENT 122

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

ACCUMULATED DEPRECIATION-OFFICE EQUIPMENT 122-A ACCOUNTS PAYABLE 211

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance
 WITHHOLDING TAX PAYABLE 212 EXPANDED WITHHOLDING TAX PAYABLE 213
Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

SSS, PHILHEALTH, PAG-IBIG PAYABLE 214 UTILITIES PAYABLE 215

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

ACCRUED PERCENTAGE TAX PAYABLE 216 ACE, CAPITAL 311

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance
 QUEEN, CAPITAL 312 ACE, DRAWING 313
Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

QUEEN, DRAWING 314 INCOME SUMMARY 315

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

SERVICE INCOME 315 SALARIES EXPENSE 512

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance
 SSS, PHILHEALTH, PAG-IBIG CONTRIBUTION 513 RENT EXPENSE 521
Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

UTILITIES EXPENSE 522 SUPPLIES EXPENSE 523

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

TRANSPORTATION EXPENSE 524 DEPRECIATION EXPENSE 531

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance
 PERCENTAGE TAX EXPENSE 532 MISCELLANEOUS EXPENSE 551
Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

SKY CO AR-001 SUN CO. AR-002

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance
Nov. 1 Beg Bal 40,000.00 Nov 1 Beg Bal 25,000.00

RAINBOW CO. AR-003 MOON CO. AR-004

Date Particulars PR Debit Credit Balance Date Particulars PR Debit Credit Balance

STAR CORP. AR-OO5

Date Particulars PR Debit Credit Balance
 ACEQUEEN PARTNERSHIP
WORKSHEET
NOV 30, ____

TRIAL BALANCE ADJUSTMENT TB INCOME STATEMENT BALANCE SHEET

ACCOUNT TITLE
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
Cash
Account Receivable
Input VAT
Office Equipment
Accumulated Depreciation-Office Equipment
Accounts Payable
Withholding Tax Payable
Expanded Tax Payable
SSS, Philhealth, Pag-ibig Payable
Utilities Payable
Accrued Percentage Payable
Ace, Capital
Queen, Capital
Ace, Drawing
Queen, Drawing
Service Revenue
Salaries Expense
Rent Expense
Utilities Expense
Supplies Expense
Depreciation Expense
Percentage Tax Expense