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    Assignment 1

    Uploaded by

    Mae Rocelle
    1) Angela started an internet shop called Playnet.com by investing P350,000 from her savings and proceeds from selling her car. 2) Over the month, Angela purchased supplies, equipment, rent deposit, and hired employees to prepare the shop for opening. 3) Angela purchased 12 computer units, paying half in cash and financing the other half through a note payable.

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    Assignment 1

    Uploaded by

    Mae Rocelle
    323 views4 pages
    1) Angela started an internet shop called Playnet.com by investing P350,000 from her savings and proceeds from selling her car. 2) Over the month, Angela purchased supplies, equipment, rent deposit, and hired employees to prepare the shop for opening. 3) Angela purchased 12 computer units, paying half in cash and financing the other half through a note payable.

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    1) Angela started an internet shop called Playnet.com by investing P350,000 from her savings and proceeds from selling her car. 2) Over the month, Angela purchased supplies, equipment, rent deposit, and hired employees to prepare the shop for opening. 3) Angela purchased 12 computer units, paying half in cash and financing the other half through a note payable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    323 views4 pages

    Assignment 1

    Uploaded by

    Mae Rocelle
    1) Angela started an internet shop called Playnet.com by investing P350,000 from her savings and proceeds from selling her car. 2) Over the month, Angela purchased supplies, equipment, rent deposit, and hired employees to prepare the shop for opening. 3) Angela purchased 12 computer units, paying half in cash and financing the other half through a note payable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    SULIT, MAE ROCELLE D.

    (BBA)
    BSA_1101 Assignment 1

    13. The following table shows the effect of five transactions (a through e) on the assets, liabilities, and equity of Vera's Boutique. Fill
    up the table for the missing items (?) and describe the transactions that took place. Extract the total and prove the relationship of the
    accounting elements.

    Cash Office Office Furniture Accounts Notes Vera,


    Supplies Equipmen & Payable Payable Capital
      t Fixtures
    A 105,000 15,000 95,000 215,000
    B -25,000 50,000 25,000
    C -1,500 1,500
    D -750 -750
    E -15,000 -15,000
    F 100,000 100,000
    163,500 750 65,000 95,000 10,000 100,000 214,250
    324,250 = 110,000 + 214,250
    (Assets) (Liabilities (Owner's
    ) Equity)

    A. Investment of assets by the owner


    B. Purchase of assets with terms: 50% paid in cash, 50% balance on account
    C. Purchase of assets in cash
    D. Withdrawal of assets by the owner
    E. Settlement of liabilities in cash
    F. Purchase of assets on account
    14. Angela De Dios, a business graduate student who was working in Think Computer, a company selling all kinds of computers,
    decided to become an entrepreneur and put up an internet shop. The following are the transactions for the month of March:
    01 Angela started an internet shop called "Playnet.com" by investing her savings of P50,000 and the proceeds from the
    sale of her car of P300,000
    05 Angela hired two workers to assist her in the shop for a salary of P3,000 per week
    10 Mr. Lee, the lessor, required Angela to pay for two months’ rent deposit, P10,000
    15 Paid P15,000 for building materials to fix the shop, P8,000 for furniture and fixtures, P45,000 for one unit of aircon and
    two units of electric fan.
    20 Purchased supplies for cash, P1,500
    25 The shop was ready for installation of the computer units. Angela purchased 12 units of computer hardware from Think
    PC. She paid 50% in cash for P150,000 and a note for the balance payable in 24 monthly installments starting April 20.
    Analyze the transactions using the following accounts for the assets and liabilities: Cash, Supplies, Rent Deposit, Furniture and
    fixtures, Equipment, Leasehold Improvement, Notes Payable, and De Dios, Capital
    a) Use the format of demonstration problem 2 but extract the balances only after the last transactions. From the balances, proves
    the accounting equation.
    b) Prepare a statement of financial position
    DATE Leasehold
    Furniture & Notes De Dios,
    Cash Supplies Rent Deposit Equipment Improvemen
    March fixtures Payable Capital
    t
    1 350,000             350,000
    Balance
    s 350,000
    10 -10,000   10,000          
    Balance
    s 340,000 8,000 45,000 15,000
    15 -68,000        
    Balance  8,000  45,000
    s 272,000 10,000  15,000
    20 -1,500 1,500      
    Balance 1,500
    s 270,500 10,000  8,000 45,000 15,000
    25 -150,000 300,000 150,000  
      120,500 1,500 10,000 8,000 345,000 15,000 150,000 350,000
    500,000 = 150,000 350,000
    (Assets) (Liabilities) + (Owner's
    Equity)

    PLAYNET.COM
    Statement of Financial Position
    March 31

    ASSETS LIABILITIES & OWNER'S EQUITY


    Cash P 120,500 Notes Payable P 150,000
    Supplies 1,500 De Dios, Capital 350,000
    Rent Deposit 10,000
    Furniture and Fixtures 8,000
    Equipment 345,000
    Leasehold Improvement 15,000  
    Total 500,000 Total 500,000

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