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Journalizing Merchandising Transactions, Problem #12

Toribio Cayanan Tires recorded various transactions in their general journal for the month of June 2019. On June 2nd and 5th, they purchased inventory on account totaling ₱600,000 and ₱360,000 respectively including VAT. On June 7th, they received a ₱90,000 purchase return. On June 11th, they paid ₱504,900 of their accounts payable, receiving a ₱4,553.57 discount. On June 13th, they recorded a sale of ₱630,000 including VAT. On June 22nd, they received a payment of ₱623,700 for a sale including a ₱5

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Feiya Liu
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3K views2 pages

Journalizing Merchandising Transactions, Problem #12

Toribio Cayanan Tires recorded various transactions in their general journal for the month of June 2019. On June 2nd and 5th, they purchased inventory on account totaling ₱600,000 and ₱360,000 respectively including VAT. On June 7th, they received a ₱90,000 purchase return. On June 11th, they paid ₱504,900 of their accounts payable, receiving a ₱4,553.57 discount. On June 13th, they recorded a sale of ₱630,000 including VAT. On June 22nd, they received a payment of ₱623,700 for a sale including a ₱5

Uploaded by

Feiya Liu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Toribio Cayanan Tires

General Journal
For the month ended: June 30, 2019
Page 1
Date Account Title and Explanation P.R. Debit Credit
2019
June 2 Purchase 535,714.29
Input Tax 64,285.71
Accounts Payable 600,000.00

Purhase Price before VAT 535714.2857


VAT 64285.71429
Purchase Prie after VAT 600000

5 Purchase 321,428.57
Input Tax 38,571.43
Accounts Payable 360,000.00

Purhase Price before VAT 321428.5714


VAT 38571.42857
Purchase Price after VAT 360000

7 Accounts Payable 90,000.00


Input Tax
Purchase Returns 90,000.00

Purhase Price before VAT 80357.14286


VAT 9642.857143
Purchase Prie after VAT 90000

11 Accounts Payable 510,000.00


Input Tax 546.43
Cash 504,900.00
Purchase Discount 4,553.57

Remaining purchase amount 510000


Discount 5100
Amount Paid 504900

Discount before VAT 4553.571429


VAT 546.4285714
Discount after VAT 5100

13 Accounts Receivable 630,000.00


Output Tax 67,500.00
Sales 562,500.00

Selling Price before VAT 562500


VAT 67500
Selling Price after VAT 630000

22 Cash 623,700.00
Output Tax 675.00
Sales Discount 5,625.00
Accounts Receivable 630,000.00

Sale amount 630000


Selling Discount before VAT 5625
VAT 675
Selling Discount after VAT 6300

30 Accounts Payable 360,000.00


Cash 360,000.00

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