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Exercise 2-1 Exercise 2-2 Exercise 2-3

The document contains a series of exercises related to accounting concepts like the balance sheet, assets and liabilities, and current vs non-current accounts. It provides tables to categorize different accounts as assets, liabilities, or owner's equity and indicates whether they are current or non-current. The exercises also include journal entries, financial statements, and notes to financial statements for a tailoring shop.

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108 views

Exercise 2-1 Exercise 2-2 Exercise 2-3

The document contains a series of exercises related to accounting concepts like the balance sheet, assets and liabilities, and current vs non-current accounts. It provides tables to categorize different accounts as assets, liabilities, or owner's equity and indicates whether they are current or non-current. The exercises also include journal entries, financial statements, and notes to financial statements for a tailoring shop.

Uploaded by

denise ng
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 11

Exercise 2-1 Exercise 2-2 Exercise 2-3

1 Balance Sheet 1 E 1 Non-Current


2 Account Form 2 I 2 Current
3 Capital 3 A 3 Non-Current
4 Assets = Liabilities + Owner's Equity 4 B 4 Current
5 Accounts Payable 5 J 5 Current
6 Investments in Trading Securities 6 D 6 Current
7 Mortgage 7 C 7 Non-Current
8 Assets 8 H 8 Non-Current
9 Capital 9 F 9 Non-Current
10 Dual Concept 10 G 10 Current
Exercise 2-4 Exercise 2-5 Exercise 2-6 Exercise 2-10
1 F 1 Non-Current 1 A 1 1
2 C 2 Current 2 C 2 1
3 A 3 Non-Current 3 E 3 1
4 H 4 Current 4 D 4 1
5 B 5 Current 5 A/C 5 1
6 G 6 Current 6 F 6 0
7 E 7 Non-Current 7 G 7 0
8 D 8 Current 8 B 8 0
9 I 9 Current 9 G 9 0
10 J 10 Current 10 A 10 0
Office Furniture & Office Accounts Notes
Cash Supplies Fixtures Equipment Payable Payable
a) (+) (o) (o) (o) (o) (o)
b) (-) (o) (+) (o) (+) (o)
c) (-) (o) (o) (o) (o) (o)
d) (o) (+) (o) (o) (+) (o)
e) (-) (o) (o) (+) (o) (+)
Capital
(+)
(o)
(-)
(o)
(o)
a)
b)
c)
d)
e)
Initial investment of P500,000.00.
Bought office supplies: Paid P2,500.00 in cash and the remaining balance of P500.00 on account.
Cash advance worth P1,500.00.
Bought office equipment: Paid P10,000.00 in cash and issued a note for the remaining balance of P40,000.00.
The owner withdrew cash worth P5,000.00 for personal use.
ASSETS LIABILITIES
1 I Cash NE -- I
2 I Office Supplies I Accounts Payable NE
3 I Office Equipment I Notes Payable NE
D Cash I Accounts Payable
4 I Cash I Notes Payable NE
5 I Furniture & Fixtures NE -- I
6 I Transportation Equipment I Mortgage Payable NE
D Cash
7 D Office Supplies D Accounts Payable NE
8 D Cash NE -- D
9 D Office Supplies NE -- D
10 NE -- NE -- I
D
OWNER'S EQUITY
Owner's Capital
--
--

--
Owner's Capital
--

--
Owner's Capital
Owner's Capital
Owner's Capital
Utilities Expense
MARY DE JESUS TAILORING SHOP
Statement of Financial Position
September 30, 2011

ASSETS Notes
Current Assets
Cash P 20,000.00
Investment in Trading Securities 30,500.00
Trade and Other Receivables 1 42,500.00
Prepaid Expenses 2 22,000.00
Total Current Assets P

Non-Current Assets
Property, Plant, and Equipment 3
TOTAL ASSETS P

LIABILITIES AND OWNER'S EQUITY


Current Liabilities
Trade and Other Payables 4 P

Non-Current Liabilities
Mortgage Payable P 50,000.00
Notes Payable (due in 2014) 14,000.00
Total Non-Current Liabilities
TOTAL LIABILITIES P

Owner's Equity
Mary de Jesus, Capital
TOTAL LIABILITIES AND OWNER'S EQUITY P
Notes to Financial Statements

Note 1 - Trade and Other Receivables


Accounts Receivable P 25,000.00
Less: Allowance for Doubtful Accounts 2,000.00 P
Notes Receivable
Accrued Interest Income
Total Trade and Other Receivables P

Note 2 - Prepaid Expenses


115,000.00 Office Supplies P
Prepaid Insurance
Total Prepaid Expenses P
157,500.00
272,500.00 Note 3 - Property, Plant, and Equipment
Office Equipment P 110,000.00
Less: Accumulated Depreciation 15,000.00 P
Office Furniture and Fixtures P 70,500.00
24,650.00 Less: Accumulated Depreciation 8,000.00
Total Carrying Value P

Note 4 - Trade and Other Payables


Accounts Payable P
64,000.00 Accrued Utilities Expense
88,650.00 Salaries Payable
Withholding Tax Payable
Total Trade and Other Payables P
183,850.00
272,500.00
23,000.00
18,000.00
1,500.00
42,500.00

7,800.00
14,200.00
22,000.00

95,000.00

62,500.00
157,500.00

10,000.00
4,700.00
2,550.00
7,400.00
24,650.00

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