Kapal started a business called Makapal Merchandising, he is hoping and praying for the business to be successful. During the month of September, he wanted to see all the transactions that has transpired. The following are the transactions that have occurred during September. Prepare a journal and the balance sheet as of the end of September.
1. He opened a bank account in the name of the entity (capital) amounting to P15,000.
2. Makapal Merchandising was granted a bank loan worth P10,000.
3. The business purchases merchandise inventory for P5,500. The P5,500 was paid in cash.
4. The entity sold merchandise worth P1,000. The P1,000 was paid in cash.
5. The entity purchased more merchandise for P3,000, agreeing to pay the amount within 60 days.
6. Merchandise costing for P1,850 was sold. Payment was all received in cash.
7. Merchandise was sold for P800 with the customer agreeing to pay within 90 days.
8. The store acquired a five-year fire insurance policy for P500 paid in cash.
9. Kapal received an offer to sell his business for a total of P40,000.
10. Kapal withdrew P1,500 for his personal expense.
11. The entity bought a tract of land which will serve as a parking lot for customers.
The land costs P10,000, to be paid in cash.
12. The business paid P1,000 of its Loans Payable.
13. Merchandise was sold for P600 received in cash.
Number 1: What is the total amount of the LIABILITIES & EQUITY?
Number 2: What is the total amount of the ASSETS? Php