ABC Company
Partial Balance Sheet
As of December 31, 2019
Current Assets: Note
Cash and Cash Equivalents 1 P2,380,400
Cash Held as Compensating Balance 100,000
Short-term Investments 1,200,000
Trade and Other Receivables 2 52,200
Non-current Assets:
Long-term Investment 327,000
Other Non-current Asset 500,000
Current Liability:
Trade and Other Payables 3 350,000
Notes to Financial Statements:
Note 1-Cash and Cash Equivalents:
Cash on Hand P75,000
Cash in Bank-BPI 800,000
Cash in Bank-BDO 1,000,000
Investment in Commercial Papers 500,000
Petty Cash Fund 5,400
Total P2,380,400
Note 2-Trade and Other Receivables:
Accounts Receivable P50,000
Advances to Employees 2,000
Receivable from Petty Cashier 200
Total 52,200
Note 3-Trade and Other Payables:
Cash in Bank-RCBC (Overdraft) 150,000
Accounts Payable 200,000
Total P350,000
Adjusting Entries:
1. Accounts Receivable 50,000
Cash on Hand 50,000
2. Cash in Bank-BPI 200,000
Cash Accounts Payable 200,000
3. Cash in Bank-RCBC 150,000
Bank Overdraft-RCBC 150,000
*Reclassification Entry (Optional)
4. Loss on Writedown of Bank Deposits 280,000
Cash in Bank-Rural Bank of Florida 280,000
Cash in Closed Bank-Rural Bank of Florida 500,000
Cash in Bank-Rural Bank of Florida 500,000
*Reclassification Entry (Optional)
5. Commercial Papers, Due Jan 31, 2020 500,000
Investment in Commercial Papers 500,000
*Reclassification Entry (Optional)
6. Investment in SMC Ordinary Shares 27,000
Unrealized Gain-OCI 27,000
7. Currencies and Coins (3,300+600+1,500) 5,400
Unreplenished vouchers (400+700+500+500+300) 2,400
Employee postdated check 2,000
Total per cash count 9,800
Petty Cash Fund - Imprest Amount 10,000
Cash overage/(shortage) (200)
Transportation Expense 700
Gas and Oil Expense 700
Office Supplies Expense 500
Repairs and Maintenance 500
Advances to employees 2,000
Receivable from Petty Cashier 200
Petty Cash Fund 4,600
Customer's Postdated Check 50,000 Current Asset Trade and Other Receivables
Cash held as compensating balance 100,000 Current Asset Separate Line Item
Bank Overdraft-RCBC 150,000 Current Liability Trade and other Payables
Cash in Bank-PNB 1,200,000 Current Asset Short-term Investments
Cash in closed Bank-Rural Bank of Florida 500,000 Noncurrent Asset Other Noncurrent asssets
Investment in SMC Ordinary Shares 327,000 Noncurrent Asset Long-term Investment
ABC Company
Partial Balance Sheet
As of December 31, 2019
Current Assets: Note
Cash and Cash Equivalents 1 P990,000
Trade and Other Receivables 2 140,000
Non-current Assets:
Long-term Investment 3 2,200,000
Other Non-current Asset 2,000,000
Current Liability:
Trade and Other Payables 4 130,000
Notes to Financial Statements:
Note 1-Cash and Cash Equivalents:
Cash in Bank-PNB (Savings Account) 340,000
Cash in Bank-UCP (Payroll Account) 350,000
Money Market Placements 300,000
Total P990,000
Note 2-Trade and Other Receivables:
Accounts Receivable P20,000
Notes Receivable 100,000
Advances to Employees 20,000
Total 140,000
Note 3-Long-term Investment:
Cash in Bank-PNB (Time Deposit) 700,000
Cash in Bank-RCBC (Time Deposit) 1,500,000
Total P2,200,000
Note 4-Trade and Other Payables
Accounts Payable 50,000
Advances From Customers 80,000
Total 130,000
Adjusting Entries:
1.A. Cash in Bank-PNB (Checking Account) 50,000
Accounts Payable 50,000
1.B. Accounts Receivable 20,000
Cash in Bank-PNB (Checking Account) 20,000
1.C. Sales 150,000
Cash in Bank-PNB (Checking Account) 150,000
1.D. Sales 80,000
Advances from Customers 80,000
Items not included in Cash and Cash Equivalents:
NSF Customer’s Check 20,000 Trade and Other Receivables
Cash in Bank-PNB (Time Deposit) 700,000 Long-term Investments
Cash in Bank-RCBC (Time Deposit) 1,500,000 Long-term Investments
Cash in Bank-Bank of America 2,000,000 Other Non-current Assets
Notes Receivable 100,000 Trade and Other Receivables
Advances to Employees 20,000 Trade and Other Receivables
