Republic of The Philippines Department of Education National Capital Region Schools Division of Parañaque City

Republic of the Philippines
Department of Education
National Capital Region
SCHOOLS DIVISION OF PARAAQUE CITY
Final Pre-board in Practical Accounting 1 (Review School of Accountancy)

1.The following were taken from the incomplete financial data of Sam
C o m p a n y, a c a l e n d a r y e a r merchandising
corporation:T h e f o l l o w i n g a d d i t i o n a l i n f o r m a t i o n w e r e m a d e a v a i l a b l e : c a s h p a
y m e n t s f o r s e l l i n g a n d administrative expenses was P900,000, payments for purchases, net
of cash discounts of P70,000 wasP1,530,000. Equipment with a book value of P2 00,000 was
sold for P250,000. There were noacquisitions of property, plant and equipment and other
transactions affecting net income during the period. There were no acquisitions of investment during
2009. If the company reported a net income before tax of P270,000, what is the amount of collections
on trade receivables in 2009?a . 2 , 4 2 5 , 0 0 0 b.2,470,000
c . 3 , 2 8 5 , 0 0 0
d . 3 , 4 8 5 , 0 0 0
2.
The balance sheet at December 31, 2008 of Mall Company showed a cash balance of
P91,750. Anexamination of the books disclosed the following:Cash sales of P12,000 from
January 1-7, 2009 were predated as of December 28-31, 2008 and charged to the cash
account. Customers checks totaling P4,500 deposited with and returned by the bank NSF on
December 27, 2008 were not recorded in the books. Checks of P5,600 in payment of liabilities were
prepared before December 31, 2008 and recorded in the books, but withheld by thetreasurer. Postdated checks totaling P3,400 are being held by the cash ier as part of
cash. Thecompanys experience shows that postdated checks are eventually realized. The cash accountincludes P20,000 being reserved for
the purchased of a mini-computer which will be delivered soon.Personal checks of officers, P2,700,
were redeemed on December 31, 2008, but returned to cashier onJanuary 2, 2009.How much is the
cash balance that should be shown in the December 31, 2008 balance sheet?
a
.
P
9
1
,
7
5
0
b
.
P
6
9
,
1
5
0
c . P 5 4 , 7 5 0
d . P 4 3 , 5 5 0 3.Your clients, Mills Corporation, requests your assistance in
determining the amount of loss and in filing as insurance claim in connection with a fire
on June 15, 2006 that destroyed some of thecompan ys inventory and accounting
records. You were able to obtain the following informationfrom available records:The last
physical inventory was taken on December 31, 2005. At the time, total inventory (at cost)amounted to
P210,798.80. Accounts payable were P110,106.42 on December 31, 2005 to the date of the fire totaled
P641,871.56. All sales are on account and accounts receivable were P135,009.18 atDecember 31, 2005
and P107,145.25 at the date of the fire. Collections on receivable from December 31, 2005 to the date
of fire amounted to P876,195.50. Almost all the merchandise items are sold atapproximately 30% in
excess of cost. As of June 15, 2006, the total cost of the inventory items notdestroyed by the fire
amounted to P144,882.33.How much is the loss incurred by the company as a result of the fire?
a . 7 2 , 0 5 5 . 2 3
b.130,785.88c . 2 1 6 , 9 3 7 . 5 6 d . 2 7 5 , 6 6 8 . 2 1
4.
Marcel Company purchased 5,000 shares of Boniface Co. par P100 at P120 in July
2006. MarcelCompany classified the securities as available for sale. Marcel Company received a
share dividend of 1 share for every 5 owned on August 5, 2006. On September 16, 2006, the company
received a cashdividend of P10 per share on the stock and was granted to purchase 1 share at P105 for
every 4 sharesheld. The share had a market value ex-right of P115 and the right had a value of P5. On
December 20, 2006, the company sold 2,000 rights at P7.50 and exercised the remaining
rights. What is theaverage unit cost of the total investment as of December 31, 2006?
a
.
9
5
.
8
3
b
.
9
8
.
7
0
c . 9 9 . 5 2
d . 1 0 5 . 0 0
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Final Pre-board in Practical Accounting 1 (Review School of Accountancy)

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