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Financial Accounting
Name:
Institutional Affiliation:
FINANCIAL ACCOUNTING
Part 1
Question 1
Element
Financial Statement
(1) Cash
Asset
SPF
Liability
SPF
(3) D. Capital
Equity
SPF
Liability
SPF
Asset
SPF
(6) Inventories
Asset
SPF
(7) Sales
Income
IS
Income
IS
Expense
IS
Expense
IS
(11) Inventories
Asset
SPF
Asset
SPF
Asset
SPF
Asset
SPF
Liability
SPF
Quiz 2
Question 1
Equity = Asset- Liabilities
=P120000- P30000
= P90000
FINANCIAL ACCOUNTING
Question 2
Asset = Liabilities +Equity
=P530000+ P410000
=P940000
Question 3
Liabilities = Assets Equity
=P240000-P50000
=P290000
Question 4
Liability =Assets Equity
Lets take Assets to be a
1/5a= a-40000
a= 5(a -40000)
a= 5a- 200000
a= P50000
Liability =1/5 x 50000
=P10000
Question 5
At years beginning
Liability =P45000-P25000= P20000
At end year liability= P20000+P5000
=P25000
Assets = P30000+ 45000
=P75000
Equity= P75000- P25000 = P50000
FINANCIAL ACCOUNTING
Question 6
At beginning of year assets = P50000+ P96000 = P146000
At end year assets= P146000+P40000=P186000
Liability= P50000-P30000= P20000
Equity = P186000- P20000
=P166000
Question 7
Equity = Assets Liability
= (P5000+35165+15280+12800) -38600
=P68245
Question 8
Liability=20% of assets (100%-80%)
=20/100 x 18000000
=P36000
Question 9
Equity = P50000+P750000
= P 800000
Question 10
Equity= assets liabilities
=P2550000-P1020000
= P1630
Equity/asset = 1630000/2550000 X 100
= 63.92 =63%
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
=P50000
Question 2
Liabilities = 30%
=30/100 x 2000000
= P600000
Question 3
Assets = P5000+ P40000+P15000+P12000
= P72000
Question 4
Total assets = P50000+P25000+
= P75000
Question 5
Lets take assets as a
1/3a = a -480000
a= 3( a-480000)
a= P720000
Liability = 1/3x 720000=P 240000
Part IV
Cash A/C
10/1 capital 200,000
21500
40000
2000
bal c/d
19100
FINANCIAL ACCOUNTING
bal c/d
Vehicle A/C
Accounts payable
Capital A/C
Special class
Part 2
Quiz1
True of false
1.
2.
3.
4.
5.
6.
7.
8.
True
False
False
True
True
True
False
True
FINANCIAL ACCOUNTING
9. True
10. False
Quiz 2 multiple choice
1. b
2. d
3. a
4. d
5. a
6. d
7. a
8. b
9. c
10. d
FINAL EXAM
Question 1 multiple choice
1.
2.
3.
4.
5.
a
d
a
c
d
Cash a/c
P
2/1
200,000
P
Capital
13/1
10000
19/1
15000
6/1
11000
mike
gerrry
10/1Furniture
57000
receivable 25/1
15000
terry 31/1
2500
company 31/5
151500
236,000
andfixtures
Salaries
maynilad
Bal
c/f
236000
FINANCIAL ACCOUNTING
P
company
Bal
20000
c/d
P
On
account
31/5
18000
Bal
18000
c/f
18000
P
57000
31/5
57000
57000
Bal
c/f
57000
Accounts payables
P
31/1 Balc/f
20500
P
31/1
2500
manland
Sally salim
18000
FINANCIAL ACCOUNTING
10
20500
20500
P
Balc/f 31/1
200000
capital
De leon A/C
P
31/1
200000
200000
200000
Capital A/C
P
31/1
200000
P
Balc/f 2/1
200000
200000
capital
200000
Service income
P
6/1Gerry
31000
19/1
19000
P
company Bal
40000
Kerry
c.d
FINANCIAL ACCOUNTING
11
40000
40000
15000
p
25/1
15000
15000
Salaries
15000
15000
P
25/1
2500
2500
water
2500
Debit
()
Cash
Account receivable
Office supply
Furniture and fixture
Account payable
De leon
Capital
Service income
Salary expense
Water expense
Credit
()
151500
20000
18000
56700
20500
200000
200000
40000
1500
15000
FINANCIAL ACCOUNTING
12
IV
INCOME STATEMENT OF BRYANT LAW OFFICE AS AT JAN 31st 2015
Cash
146800
Less expense
Salaries expense 15000
Utilities expense 5000
Telephone expense 1200
Repairs expense
4000
(25200)
121600
Add income
78000
Less drawings
5000
Net profit
204600
200,000
FINANCIAL ACCOUNTING
13
57000
21000
18000
96000
Current Assets
Account receivable
Current Liabilities
Account payable
Net Current Assets
Net Assets
Non current liabilities
Loan
Capital
52000
(17000)
131000
30000
200000
230,000
FINANCIAL ACCOUNTING
14