Deposits already recorded in the company’s books but not yet recorded by the bank.

Checks issued by the company but not yet paid by the bank.

Items erroneously recorded by the bank.

Increase in cash- Debit, Decrease in cash-Credit

Increase in cash- Credit, Decrease in cash-Debit

Bank charges that the bank deducts against the company’s account and not yet reflected in the books.

Deposits made by the bank but not yet reflected in the books.

Item erroneously recorded by the company in its books

These are corrected through reversal entry of the affected accounts.

Jan1. The company pays its suppliers by issuing checks. Checks issued from December purchases amounting to P25,000 was reflected in January bank statement. As per the records in the book, all checks issued amounting to P230,000. However, of all checks issued, only P200,000 was cleared by the bank.

Journalize the book reconciling items to update the book. Credit memo (bank credits) Debit Memo (bank debits) NSF Check

Check for bank errors as these errors will be added or subtracted to the bank balance or book balance, depending on their effect on the balances.

Compute for the deposit in transit and outstanding checks.

Compare the deposits credited and checks paid by the bank against the deposits and checks recorded in the book. In the Illustrative example, we have put check marks on the deposits and checks that are present in both bank and book records.

Get the ending cash balances for both bank and cash ledger.

It is the process of collecting taxes from the activities of a business organization.

A tax on a person's income, emoluments, profits arising from property, practice of a profession, conduct of a trade or business, less the deductions.

They are juridical persons which also possesses rights and responsibilities as that of an individual person.

They are persons who gain income from one to all the following sources:

Income received from working as an employee in different companies.

This comes in the form of salaries and wages, bonuses, and allowances.

Income generated from the conduct of business or profession like lawyers, doctors, and accountant.

Income generated from investments by the individual.

Interest income in bank accounts, time deposits, royalties from patents or compositions, cash prizes, lotto winnings and dividends.

Also known as the TRAIN Law

Date President Rodrigo R. Duterte signed a law for Comprehensive Tax Reform Program & date of its effectivity

Meaning of TRAIN Law

These are amounts that reduces the gross income to arrive at a taxable income.

SSS/GSIS, Pagibig, PhilHealth

The sum of all sources of income.

The gross income less the allowable deductions and the respective expenses

Amount of taxes to be paid by the tax payers

Corporate tax is imposed on net income/ taxable income

Tax on Gross Income of NRA-NETB

How much is the tax due for taxable income of P250, 000.00?

How much is the tax rate in excess of taxable income of P250, 000.00 using the 2018 tax table?

Compute for the tax due of the following individuals using the RA 10963 tax table. An employee with monthly salary of P25,000, monthly allowable deductions of P1,300, bonus of P25,000 for the year.

A business has net income before tax of P2,410,000.

An employee with annual salary of P500,000, annual allowable deductions of P28,000 and bonus of P100,000 for the year

A business has net income before tax of P790,000

How much is the ceiling on allowable deductions?

How much is the tax due onP 350,000.00 taxable income using 2018 tax rate?

An employee with annual salary of P500,000, annual allowable deductions of P28,000 and bonus of P100,000 for the year

A business has net income before tax of P790,000

How much is the ceiling on allowable deductions?

How much us the tx due onP 350,000.00 taxable income using 2018 tax rate?

How much is the tax due for taxable income of P250, 000.00?

How much is the tax rate in excess of taxable income of P250, 000.00 using the 2018 tax table?

A business has net income before tax of P790,000

How much us the tx due onP 350,000.00 taxable income using 2018 tax rate?