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TEST 1

Ms. Jenny De Belen, he owner of the De Belen Transport Group organized


on April 2016. The Following transaction for the month of April are as
follows.

April 2 Ms. De Belen Invested the following to start a business:

Cash of P1,000,000 office equipment with a market value of P50,000,


sala set of P30,000, car valued P600,000 as service vehicle for the
business.

3 Paid P10,000 for regulatory licenses

4 Spent P50,000 for renovating the office space

5 Paid P20,000 for the cost of advertising materials and


inauguration of office

7 Paid P100,000 as rental deposit and P22,400, including VAT as


rent for thye month of April

10 Purchased three units of Toyota Vios on account for


P1,800,000. Terms: 0% one year to pay

11 Paymnent of P40,000 for insurance premium of the three unitd


vehicle

12 Received P56,000 as transportation revenue for two days. The


amount include VAT

15 Rendered transportation services to Mr. Hopia who was


charged the amount of P67,200, including VAT for one week services.
The guest promised to pay the account within 5 days.

Paid half month salary of office staff and assistant P20,000

16 Purchase a filing cabinetfor the office P5,000

17 Purchase office supplies for cash P1,600

18 Received in full the amount due from Hopia

19 A loan was granted by a local bank for P1,000,000 and


received amount of P950,000, which is net of financing cost P50,000.
The loan is payable quarterly starting July 30, 2016.
22 Purchased two more units of Toyota Innova, making a down
payment of P600,000. The balance of P1,800,000 is payable in
twelve equal mothly installment. 0 interest.

25 Spent P10,000 foe entertaining a valued guest

27 Spent P10,000 for monthly maintenance of the vehicles

28 Received P89,600 for one week out of town services rendered


to a client including VAT

30 Paid salaries of office assistants for the 2nd half of the month
P20,000

Received bill from Meralcofor the month and recorded the amount of
P8,000 payable first of May

The owner withdrew P20,000 for personal expenses

Summary of gasoline and oil consumption of the vehicles for the


month of April amounted to P44,000 paid in cah

Received P26,880 including VAT for a client for two days service

Billed another client, P 112,000for one week transport services. The


amount include VAT

TEST 2

R. Dim review the records aqnd found the following errors.

1. Cash received from customer on account was recorded as P960


instead of P690

2. A payment of P65 for advertising expense was enterd as debit to


Miscellaneous expense P65 and credited to Cash P65

3. The first salary payment this month was for P1,900 which included
P700 of salaries payable on April 30. The payment was recorded as a
debit to Salaries expense P1,900 and a credit to Cash P1,900. (No
reversing entries were made on May 1)

4. The purchase on account of a printer costing P290 was recorded


as a debit to Supplies and a credit to Accounts payable for P290

5. A cash payment of repair expense on equipment for P95 was


recorded as a debit to Equipment to P59 and a credit to Cash P59
Instructions:

a. Prepare an analysis of each error showing (1) the incorrect entry


(2) the correct entry and (3) the correcting entry. Items 4 and 5
occurred on May 31, 2016
b. Prepare correct trial balance

TEST 3

The trial balance was prepared by the accountant of SM Department


Store. Based on the trial balance and adjusted trial balance, reconstruct
the adjusting entries.

Account Title Trial Balance Adjusted Trial


Balance
Debit Credit Debit Credit
Cash
40,050 40,050
Accounts receivable
28,000 28,000
Allowance for bad debts
3,000 4,000
Supplies
3,800 1,000
Merchandise inventory,
January 1 50,600 50,600
Prepaid interest
1,200 1,000
Prepaid rent
8,534
Store equipment
30,000 30,000
Accumulated depreciation
3,000 5,000
Accounts payable
15,000 15,000
Salaries payable
900
Utilities payable
5,040
Loans payable
20,000 20,000
Baurel, Capital
135,250 135,250
Baurel, Personal
7,000 7,000
Sales
183,000 183,000
Sales discount
3,600 3,600
Purchases
140,000 140,000
Purchase discounts
3,760 3,760
Bad debts
1,000
Depreciation expense
2,000
Supplies expense
2,800
Salaries
23,200 24,100
Utilities
9,960 15,000
Rent expense
25,600 17,066
Interest expense
200

363,010 363,010 371,950 371,950

TEST 4
On October 8, the auditor made4 a surprise cash count of the prtty cash
fund with contained the folloowing items:

Bills and coins P560


Vouchers for: Taxi fare P190, Supplies P250, Cash advance of an
employee P500

Required:

a. What was the amount set up for the petty cash fund: (assuming
that are the only information)
b. How much will be due for replenishment?
c. Give the entry to record the replenishment
d. What was the balance of the petty cash fund after the
relenishment?
e. Assume that the accountantsbook showed the petty cash fund
was P2,000.What would be the implication?

TEST 1
Date Particulars Debit Credit
TEST 2

Account Title Debit Credit


Cash
Accounts receivable
Supplies
Equipment
Accumulated depreciation
Accounts payable
Salaries payable
Unearned revenue
M. Father, Capital
Service revenue
Salaries expense
Advertising expense
Miscellaneous expense
Depreciation expense
Totals

Father Corporation

Debit
Credit

Cash P4,100
Accounts receivable 3,200
Supplies 800
Equipment 10,600
Accumulated depreciation
P1,350
Accounts payable
2,100
Salaries payable
700
Unearned revenue
890
Father, Capital1
2,900
Service revenue
5,450
Salaries expense 3,300
Advertising expense 600
Miscellaneous expense 290
Depreciation expense 500

____________ ____________
23,290
23,290

TEST 3

Date Particulars Debit Credit