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EXAMINATION
PROBLEM2 - EVERLASTING COMPANY
7. B Subsidiary edger
Per books P4,023,527 AE 18,750 AjE 5 Write-offs (187,608) Sale, FOB shipping point 61,250 Per a Edit
P3,915,919.
PROBLEM 3 - BANAWE COMPANY
11, CI PATENTS
Balance per books, DeC. 31 2015 UnarinOrtized balance of P225,000 erroneously charged to account
in January 2012 (P225,000 x 7/10) Corrected balance before 2015 amortization 2015 am Ortization:
Buildings (24/42x P200,000) P114,286 Machinery (1842 x P200,000) P 85,714 Reallocated loss
(64,286) 64,286 P50.000 P150.000 27. A Buildings P4200,000
Accumulated depreciation (P1,800,000 + P50,000) (1,850,000) Carrying value P2.350,000
28. C Pre-in Dairmen kwa
Buildings P4200,000 AfD (P1,800,000 + P600,000) (2400,000) P1800,000 Factory machinery P2,200,000
A/D (P400,000 + P450,000) (850,000) 1350,000 P3,150,000
Actual book walue: Buildings P4,200,000 AfD (P1,800,000 + P50,000 + P650,000) (2,500,000)
P1,700,000
Factory machinery P2200,000 A/D (P400,000 + P150,000 + P500,000) (1050,000) 1,150,000 2,850,000
Reversal of impairment loss P300,000
29. D
Carrying Alocation Net AmQu mt PrQpOrtiQrh of excess Carrying Amount Buildings P1,700,000
1,700/2,850 P119,298 Pi,819,298 Machinery 1.150,000 1,150f2,850 80.702 1,230,702 P2,850,000
P200,000 P3,050,000
30. Reversal of impairment loss P200,000
Amount allocated to Buildings (P1,800,000 - P1,700,000) (100,000) Amount allocated to Factory
machinery P100.000
Factory machinery P2,200,000 Accumulated depreciation and impairment losses (P1,050,000-
P100,000) (950,000) Net carrying amount P1,250,000
PROBLEM 8- HVR Company
36. D Present value of principal (P3,600,000 x 0.7514) P2,705,040 Present value of interest
(P3,600,000 x 5% x 2.4860) 447,480 Consultation service fee revenue P3,152,520
3A. ) Interest Principal Total PWF Present Walue
12/31/15 (P7.2M x 4%) P288,000 P2,400,000 P2,688,000 0.8772 P2,357,914 12/31/16 (P4.8M x 4%)
192,000 2,400,000 2,592,000 0.7695 1994,544 12/31/17 (P2.4M x 4%) 96,000 2,400,000 2,496,000
0.6750 1684.800 Present value of note P6,037,258 Carrying amount of equipment 4800,000 Gain on sale
of equipment P1.237,258
Note receivable from Sale of land:
Date Interest COrse Carrying Armount 1/1/15 P2,181960* 12/31/15 P218,196 2,400,156 12/31/16
239.844** 2,640,000 * P2,640,000 principal x 0.8265 PWF at 10% for 2 periods, ** P2,640,000 -
P2,400,156
Note receivable from ConSLitation:
Effective Nomina! DSCOUnit Carrying Date terest Interest AmOrtization Arnout 1/1/15 Orr P3,152,520
12/31/15 P315,252 P180,000 P135,252 3,287,772
CPA REVIEWSCHOOL OF THE PHILIPPINES (CPAR) - MANILA
AUDITING PROBLEMS FINALPREBOARDEXAMINATION
12/31/16 328,777 180,000 148,777 3,436,549 12/31 fi7 343,451** 180,000 163451* 3,600,000
* P3,600,000 - P3,436,549 = P163,451 ** P163,451 + Pl&0,000 at P343,451
Note receivable from Safe of equipt ment
Effekty Nominal Principal Carrying Date Enterest Interest AmOrtization Collection AsOut 1/1/15 r
P6,037,258 12/31/15 P845,216 P288,000 P557,216 P2,400,000 4,194,474 12/31|16 587,226 192,000
395,226 2,400,000 2,189,700 12/31/17 306,300* 96,000 210,300 2,400,000
* P2,400,000-P2,189,700 = P210,300 + P96,000 - P306,300
PROBLEM 10 - ARAN CO.
46.
48.
49,
50.
2014 Depreciation expense - Vehicles: Beg. Balance (P468,000 - P196,560) x 40% June 22
acquisition (P162,000 x 40% x 6/12)
Ot|
52. B Net income before trading security adjustment P2,700,000 Unrealized gain (P3,465,000
cost-P3,564,000 fair value) 99000 Net inCOme, as adjusted P2.799.000
LABADA CO.