LAAK NATIONAL HIGH SCHOOL

SENIOR HIGH SCHOOL DEPARTMENT

FUNDAMENTALS IN ACCOUNTANCY, BUSINESS AND MANAGEMENT 2
BOOKKEEPING NCIII – INSTITUTIONAL ASSESSMENT
January 19, 2024, Friday
Score:
Name: _______________________ Identification Number: Strand: ABM GAS

INSTRUCTIONS AND REQUIREMENTS:

INSTRUCTIONS:
1. The Finals for 2nd Quarter, Institutional Assessment (Bookkeeping NCIII) will start at 8:00 o’clock in
the morning continuously until 3:30 o'clock in the afternoon.
2. Materials to prepare: Pencil, Eraser, and two clean A4 bond paper (scratch)
3. Technical errors must be observed during the exam such as double-rule, putting of reference code,
using of proper account title, indention, spacing, and proper placement of accounting terms in different
statements.
4. Cellphone is prohibited during the examination. It should be surrendered to the trainer or teacher
before the examination begin. Students caught using cellphone during the examination will be subject
to failure.

REQUIREMENTS:
1. Use only the Account Title that is shown in the Chart of Accounts and its corresponding Reference
Code.
2. Check “Yes” or “No” if you are able to do the following Core Competencies.
IMPORTANT NOTE:
• If you check YES thru to all competencies, it means you are able to do the full qualification or
any of the competencies that is being checked and will be ready for checking as soon you
finish answering.
• If it happens you will check NO from any of the competencies, there is NO NEED to check
your scores, it indicates automatic failed, which means, even if you have answer on that
competency/ies, it will be considered as void or invalid.
3. If happens you check all of them as YES. You can now start to prepare the following requirements:

YES NO CORE COMPETENCIES SCORES

a. Journal Entry,
b. Posting to Ledger,
c. Trial Balance,
d. Financial Statements:
i. Income Statement
ii. Statement of Changes in Owner’s Equity
iii. Balance Sheet
iv. Statement of Cash Flow
e. Closing Entry,
f. Post-Closing Trial Balance

TOTAL

Page 1 of 12
Below is the Chart of Accounts with the corresponding Reference Code to be used in the entire flow
of the examinations.

“CHART OF ACCOUNTS”

Reference Reference
Account Title Account Title
Code Code
ASSETS SALES ACCOUNTS
Cash on Hand 101 Sales 401
Accounts Receivable 102 Sales Returns and Allowances 402
Merchandise Inventory 103 Sales Discount 403
Office Supplies 104
Land 105 COSTS OF SALES ACCOUNTS
Office Equipment 106 Purchases 404
Computer Equipment 107 Purchase Returns and Allowances 405
Purchase Discounts 406
LIABILITIES Freight-in 407
Accounts Payable 201
Notes Payable (Long-term) 202 EXPENSE ACCOUNTS
Freight-out 501
OWNER’SEQUITY Salaries Expense 502
R. Tan, Capital 301 Rent Expense 503
R. Tan, Drawings 302 Utilities Expense 504
Income and Expense Summary 303

Below is the Post-closing Trial Balance of the Rose Tan Warehouse for the previous month.

Rose Tan Warehouse

Post-closing Trial Balance
for the month ended of September 30, 2023

Reference
Account Title Debit Credit
Code
Cash on Hand 101 280,000.00
Accounts Receivable 102 30,000.00
Merchandise Inventory 103 20,000.00
Office Equipment 106 100,500.00
Computer Equipment 107 45,000.00
Accounts Payable 201 45,000.00
Notes Payable (Long-term) 202 80,000.00
R. Tan, Capital 301 - 350,500.00
TOTAL 475,500.00 475,500.00

Page 2 of 12
 “THE TRANSACTIONS”

The following are transactions of Rose Tan Warehouse for the month of October 2023.
01 – Rose invested of the following: P250,000 cash; Office Equipment, P35,000; and Land,
P1,800,000.00.
02 – Purchased merchandise from Ogg Company, P40,000.00 with terms 5/10, n/30.
03 – Bought office supplies for P5,000.00
04 – Bought Computer Equipment for P130,000.00
05 – Sold merchandise to RasMart, P35,000.00, FOB Destination with terms 3/10, n/30.
06 – Paid the freight to RasMart sale, P500.00
07 – Received credit memo from Ogg Company for merchandise returned, P2,900.00
10 – Bought of merchandise of P15,000.00
11 – Paid Ogg Company in full.
13 – Collected the sales from RasMart.
15 – Sold merchandise to Krissa Store for P43,000.
17 – Received refund from a supplier on a cash purchase on October 10, amounting to P2,300.00
18 – Bought merchandise from Locca Trading, P15,000.00, FOB Shipping Point, terms 3/10, n/30.
20 – Paid freight on October 18 purchase in the amount of P600.00
21 – Borrowed money from City Savings and issued a promissory note amounting to P350,000.00.
22 – Rose withdraws P15,000.00 amount from her business.
23 – The business bought merchandise, P19,500
25 – Paid Locca Trading partially in the amount of P10,000.00
27 – Paid refund to cash customers for defective merchandise in the amount of P3,200.00
29 – Sold merchandise, P16,000.00 with terms 5/15, n/60.
31 – Paid the following: Rent, P10,000.00; and Utilities, P2,500.00; Salaries, P13,000.00
– Merchandise Inventory, end is P45,600.00

Page 3 of 12
 GENERAL JOURNAL Page 1
Date Particulars F Debit Credit
Oct 1 Cash on Hand 101 250,000.00
Office Equipment 106 35,000.00
Land 105 1,800,000.00
R. Tan, Capital 301 2,085,000.00
To record the investment

2 Purchases 404 40,000.00

Accounts Payable 201 40,000.00
To record purchases from Ogg Company on account

3 Office Supplies 104 5,000.00

Cash on Hand 101 5,000.00
To record purchase of supplies

4 Computer Equipment 107 130,000.00

Cash on Hand 101 130,000.00
To record purchase of computer equipment

5 Accounts Receivable 102 35,000.00

Sales 401 35,000.00
To record sold merchandise on account

6 Freight-out 501 500.00

Cash on Hand 101 500.00
To record freight in handling of RasMart

7 Accounts Payable 201 2,900.00

Purchase Returns and Allowances 405 2,900.00
To record payment of salaries and returns of merchandise

10 Purchases 404 15,000.00

Cash on Hand 101 15,000.00
To record purchase of merchandise

11 Accounts Payable 201 37,100.00

Cash on Hand 101 35,245.00
Purchase Discounts 406 1,855.00
To record the full payment from Ogg Company

13 Cash on Hand 101 33,950.00

Sales Discount 403 1,050.00
Accounts Receivable 102 35,000.00
To record payment on RasMart

15 Cash on Hand 101 43,000.00

Sales 401 43,000.00
To record sold merchandise in cash

17 Cash on Hand 101 2,300.00

Purchase Returns and Allowances 405 2,300.00
To record refund from October 10 sales

18 Purchases 404 15,000.00

Accounts Payable 201 15,000.00
To record purchases from Locca Trading on account

20 Freight-in 407 600.00

Cash on Hand 101 600.00
To record freight in handling of October 18 purchase

21 Cash on Hand 101 350,000.00

Notes Payable (Long-term) 202 350,000.00
To record borrowings from City Savings
Page 4 of 12
 GENERAL JOURNAL Page 2
Date Particulars F Debit Credit

22 R. Tan, Drawings 302 15,000.00

Cash on Hand 101 15,000.00
To record drawings for personal use

23 Purchases 404 19,500.00

Cash on Hand 101 19,500.00
To record purchases of merchandise

25 Accounts Payable 201 10,000.00

Cash on Hand 101 10,000.00
To record the partial payment of Locca Trading

27 Sales Returns and Allowances 402 3,200.00

Cash on Hand 101 3,200.00
To record the refund for defective merchandise

29 Accounts Receivable 102 16,000.00

Sales 401 16,000.00
To record sales of merchandise

31 Rent Expense 503 10,000.00

Salaries Expense 502 13,000.00
Utilities Expense 504 2,500.00
Cash on Hand 101 25,500.00
To record various expenses

Page 5 of 12
 GENERAL LEDGER Page 1
Account Title: Cash on Hand
Ref. Code: 101
Date Explanation Ref Debit Credit Balances
Oct 1 Beginning Balance PCTB 280,000.00 280,000.00
1 Investment J1 250,000.00 530,000.00
3 Purchase of supplies J1 5,000.00 525,000.00
4 Purchase of equipment J1 130,000.00 395,000.00
6 Paid freight in handling of RasMart J1 500.00 394,500.00
10 Purchase of merchandise J1 15,000.00 379,500.00
11 Full payment to Ogg Company J1 35,245.00 344,255.00
13 Received payment of RasMart J1 33,950.00 378,205.00
15 Sales of merchandise J1 43,000.00 421,205.00
17 Refund October 10 sales J1 2,300.00 423,505.00
20 Paid freight in handling J1 600.00 422,905.00
21 Borrowed money from City Savings J1 350,000.00 772,905.00
22 Payment of drawings J2 15,000.00 757,905.00
23 Purchase of merchandise J2 19,500.00 738,405.00
25 Partial payment of Locca Trading J2 10,000.00 728,405.00
27 Refunded defected merchandise J2 3,200.00 725,205.00
31 Paid various expenses J2 25,500.00 699,705.00

Account Title: Accounts Receivable

Ref. Code: 102
Date Explanation Ref Debit Credit Balances
Oct 1 Beginning Balance PCTB 30,000.00 30,000.00
5 Sold merchandise J1 35,000.00 65,000.00
13 Received payment from RasMart sale J1 35,000.00 30,000.00
29 Sold merchandise J2 16,000.00 46,000.00

Account Title: Merchandise Inventory

Ref. Code: 103
Date Explanation Ref Debit Credit Balances
Oct 1 Beginning Balance PCTB 20,000.00 20,000.00
31 Closing Merchandise Inventory beg CE1 20,000.00 -
Set-up Merchandise Inventory, end CE1 45,600.00 45,600.00

Account Title: Office Supplies

Ref. Code: 104
Date Explanation Ref Debit Credit Balances
Oct 1 Purchase of supplies J1 5,000.00 5,000.00

Account Title: Land

Ref. Code: 105
Date Explanation Ref Debit Credit Balances
Oct 1 Investment J1 1,800,000.00 1,800,000.00

Account Title: Office Equipment

Ref. Code: 106
Date Explanation Ref Debit Credit Balances
Oct 1 Beginning Balance PCTB 100,500.00 100,500.00
3 Investment J1 35,000.00 135,500.00

Account Title: Computer Equipment

Ref. Code: 107
Date Explanation Ref Debit Credit Balances
Oct 1 Beginning Balance PCTB 45,000.00 45,000.00
4 Purchase equipment J1 130,000.00 175,000.00

Account Title: Accounts Payable

Ref. Code: 201
Date Explanation Ref Debit Credit Balances
Oct 1 Beginning Balance PCTB 45,000.00 45,000.00
2 Purchased merchandise from Ogg J1 40,000.00 85,000.00
7 Return of merchandise J1 2,900.00 82,100.00
11 Full payment to Ogg J1 37,100.00 45,000.00
18 Purchase from Locca Trading J1 15,000.00 60,000.00
25 Partial payment J2
Page 6 of 12
10,000.00 50,000.00
Account Title: Notes Payable (Long-term) Page 2
Ref. Code: 202
Date Explanation Ref Debit Credit Balances
Oct 1 Beginning Balance PCTB 80,000.00 80,000.00
21 Borrowed money from City Savings J1 350,000.00 430,000.00

Account Title: R. Tan, Capital

Ref. Code: 301
Date Explanation Ref Debit Credit Balances
Oct 1 Beginning Balance PCTB 350,500.00 350,500.00
1 Investment J1 2,085,000.00 2,435,500.00
31 Closing profit CE1 6,305.00 2,441,805.00
Closing drawings account CE1 15,000.00 2,426,805.00

Account Title: R. Tan, Drawings

Ref. Code: 302
Date Explanation Ref Debit Credit Balances
Oct 24 Use for personal use J1 15,000.00 15,000.00
31 Closing drawings account CE1 15,000.00 -

Account Title: Income and Expense Summary

Ref. Code: 303
Date Explanation Ref Debit Credit Balances
Oct 31 Closing income and revenue accounts CE1 89,750.00 89,750.00
Closing cost of sales accounts CE1 57,445.00 32,305.00
Closing expense accounts CE1 26,000.00 6,305.00
Closing profit CE1 6,305.00 -

Account Title: Sales

Ref. Code: 401
Date Explanation Ref Debit Credit Balances
Oct 5 Sold merchandise on account J1 35,000.00 35,000.00
15 Sold merchandise in cash J1 43,000.00 78,000.00
29 Sold merchandise on account J2 16,000.00 94,000.00
31 Closing of sales account CE1 94,000.00 -

Account Title: Sales Returns and Allowances

Ref. Code: 402
Date Explanation Ref Debit Credit Balances
Oct 27 Refund of defective merchandise J2 3,200.00 3,200.00
31 Closing Sales Returns and Allowances account CE1 3,200.00 -

Account Title: Sales Discount

Ref. Code: 403
Date Explanation Ref Debit Credit Balances
Oct 13 Refund of defective merchandise J2 1,050.00 1,050.00
31 Closing Sales Discount Account CE1 1,050.00 -

Account Title: Purchases

Ref. Code: 404
Date Explanation Ref Debit Credit Balances
Oct 2 Purchases merchandise on account J1 40,000.00 40,000.00
10 Purchases merchandise in cash J1 15,000.00 55,000.00
18 Purchases merchandise on account J1 15,000.00 70,000.00
23 Purchases merchandise in cash J2 19,500.00 89,500.00
31 Closing Purchases account CE1 89,500.00 -

Account Title: Purchase Returns and Allowances

Ref. Code: 405
Date Explanation Ref Debit Credit Balances
Oct 7 Payment of returned merchandise J1 2,900.00 2,900.00
17 Payment of returned merchandise J1 2,300.00 5,200.00
31 Closing Purchase Returns and Allowances account CE1 5,200.00 -

Account Title: Purchase Discounts

Ref. Code: 406
Date Explanation Ref Debit Credit Balances
Oct 11 Paid full to Ogg Company J1 1,855.00 1,855.00
31 Closing Purchase Discounts account CE1
Page 7 of 12
1,855.00 -
Account Title: Freight-in Page 3
Ref. Code: 407
Date Explanation Ref Debit Credit Balances
Oct 20 Paid freigh in handling J1 600.00 600.00
31 Closing Freight-in account CE1 600.00 -

Account Title: Freight-out

Ref. Code: 501
Date Explanation Ref Debit Credit Balances
Oct 6 Paid freigh in handling J1 500.00 500.00
31 Closing Freight-out account CE1 500.00 -

Account Title: Salaries Expense

Ref. Code: 502
Date Explanation Ref Debit Credit Balances
Oct 31 Payment of salaries to employees J1 13,000.00 13,000.00
31 Closing Salaries Expense account CE1 13,000.00 -

Account Title: Rent Expense

Ref. Code: 503
Date Explanation Ref Debit Credit Balances
Oct 31 Payment of rent J2 10,000.00 10,000.00
31 Closing Rent Expense account CE1 10,000.00 -

Account Title: Utilities Expense

Ref. Code: 504
Date Explanation Ref Debit Credit Balances
Oct 31 Payment of utilities J2 2,500.00 2,500.00
31 Closing Utilities Expense account CE1 2,500.00 -

Rose Tan Warehouse

Post-closing Trial Balance
for the month ended on October 31, 2023

Reference
Account Title Debit Credit
Code
Cash on Hand 101 ₱ 699,705.00
Accounts Receivable 102 46,000.00
Merchandise Inventory 103 20,000.00
Office Supplies 104 5,000.00
Land 105 1,800,000.00
Office Equipment 106 135,500.00
Computer Equipment 107 175,000.00
Accounts Payable 201 ₱ 50,000.00
Notes Payable (Long-term) 202 430,000.00
R. Tan, Capital 301 2,435,500.00
R. Tan, Drawings 302 15,000.00
Sales 401 94,000.00
Sales Returns and Allowances 402 3,200.00
Sales Discount 403 1,050.00
Purchases 404 89,500.00
Purchase Returns and Allowances 405 5,200.00
Purchase Discounts 406 1,855.00
Freight-in 407 600.00
Freight-out 501 500.00
Salaries Expense 502 13,000.00
Rent Expense 503 10,000.00
Utilities Expense 504 2,500.00
TOTAL ₱ 3,016,555.00 ₱ 3,016,555.00

Page 8 of 12
 Rose Tan Warehouse
Income Statement
for the month ended on October 31, 2023

Sales ₱ 94,000.00
Less: Sales Returns & Allowances ₱ 3,200.00
Sales Discount 1,050.00 4,250.00
Net Sales 89,750.00
Cost of Goods Sold
Merchandise Inventory, beginning 20,000.00
Add: Purchases ₱ 89,500.00
Less: Purchase Returns & Allowances 5,200.00
Purchase Discount 1,855.00
Add: Freight-in 600.00
Net Purchases 103,045.00
Less: Merchandise Inventory, end 45,600.00 57,445.00
Gross Profit 32,305.00

Less: Operating Expenses

Salaries Expense 13,000.00
Rent Expense 10,000.00
Utilities Expense 2,500.00
Freight-out 500.00 26,000.00

NET INCOME ₱ 6,305.00

Rose Tan Warehouse

Statement of Changes in Owner's Equity
for the month ended on October 31, 2023

R. Tan, Capital , beginning ₱ 2,435,500.00

Add: Net Income 6,305.00
Total 2,441,805.00
Less: R. Tan, Drawings 15,000.00
R. Tan, Capital , end ₱ 2,426,805.00

Page 9 of 12
 Rose Tan Warehouse
Balance Sheet
as of October 31, 2023

ASSETS
Current Assets:
Cash on Hand ₱ 699,705.00
Accounts Receivable 46,000.00
Merchandise Inventory 45,600.00
Office Supplies 5,000.00 ₱ 796,305.00

Property, Plant, and Equipment:

Land 1,800,000.00
Office Equipment 135,500.00
Computer Equipment 175,000.00 2,110,500.00
TOTAL ASSETS 2,906,805.00

LIABILITIES AND OWNER'S EQUITY

LIABILITIES
Current Liabilities:
Accounts Payable ₱ 50,000.00

Non-current Liabilities:
Notes Payable (Long-term) 430,000.00

Total Liabilities 480,000.00

OWNER'S EQUITY

R. Tan, Capital 2,426,805.00

TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 2,906,805.00

Page 10 of 12
 Rose Tan Warehouse
Statement of Cash Flow
for the month ended on October 31, 2023

Cash flow from Operating Activities:

Cash Receipt from Operating Activities:
Received payment of October 5 sales ₱ 33,950.00
Sales of merchandise 43,000.00
Refund October 10 sales 2,300.00 ₱ 79,250.00

Cash Disbursement from Operating Activities:

Purchase of supplies -5,000.00
Paid freight in handling of RasMart -500.00
Purchase of merchandise -15,000.00
Full payment to Ogg Company -35,245.00
Paid freight in handling -600.00
Payment of drawings -15,000.00
Partial payment of Locca Trading -10,000.00
Refunded defected merchandise -3,200.00
Paid various expenses -25,500.00 -110,045.00
Net cash used by operating activities -30,795.00

Cash flow from Investing Activities:

Cash Disbursement from Investing Activities:
Purchase of equipment -130,000.00
Net cash used by investing activities -130,000.00

Cash flow from Financing Activities:

Cash Receipt from Financing Activities:
Investment 250,000.00
Borrowed money from City Savings 350,000.00 600,000.00

Cash Disbursement from Financing Activities:

Purchase of merchandise -19,500.00
Net cash provided by financing activities 580,500.00

Net Increase in Cash 419,705.00

Cash Balance, Beginning 280,000.00
Cash Balance, Ending ₱ 699,705.00

Page 11 of 12
 Closing Entries
Date Particulars F Debit Credit
Oct 31 Sales 401 94,000.00
Sales Returns and Allowances 402 3,200.00
Sales Discount 403 1,050.00
Income and Expense Summary 303 89,750.00
To close income and revenue accounts

Merchandise Inventory, end 103 45,600.00

Purchase Returns and Allowances 405 5,200.00
Purchase Discounts 406 1,855.00
Income and Expense Summary 303 57,445.00
Merchandise Inventory, beg 103 20,000.00
Purchases 404 89,500.00
Freight-in 407 600.00
To close cost of sales accounts and
establish the merchandise inventory at the end

Income and Expense Summary 303 26,000.00

Freight-out 501 500.00
Salaries Expense 502 13,000.00
Rent Expense 503 10,000.00
Utilities Expense 504 2,500.00
To close all expense accounts

Income and Expense Summary 303 6,305.00

R. Tan, Capital 301 6,305.00
To close profit to capital.

R. Tan, Capital 301 15,000.00

R. Tan, Drawings 302 15,000.00
To close drawing to capital account

Rose Tan Warehouse

Post-closing Trial Balance
for the month ended of October 31, 2023

Reference
Account Title Debit Credit
Code
Cash on Hand 101 699,705.00
Accounts Receivable 102 46,000.00
Merchandise Inventory 103 45,600.00
Office Supplies 104 5,000.00
Land 105 1,800,000.00
Office Equipment 106 135,500.00
Computer Equipment 107 175,000.00
Accounts Payable 201 50,000.00
Notes Payable (Long-term) 202 430,000.00
R. Tan, Capital 301 - 2,426,805.00
TOTAL 2,906,805.00 2,906,805.00

Page 12 of 12