NAME: _________________________________ SCORE : __________________

1. The account balances for FERNANDO Corp. as of December 31, 2012 follow:
Notes payable - P280,000 Accounts receivable - P120,000; Building - P400,000; Capital stock - P760,000; Cash - P60,000; Equipment - P160,000; Land - P50,000; Retained earnings P100,000 Accounts payable - P100,000; In a trial balance prepared on December 31, 2003, the sum of the debit column is: a. P860,000 b. P1,440,000 c. P790,000 d. P1,240,000

2. JOHN, a partner in JA Partnership, has a 30% share in the partnerships profit and loss. His
capital account had a net decrease of P60,000 in year 2. In year 2, he withdrew P130,000 from the partnership against his capital and invested property, valued at P25,000, in the partnership. The net income of the partnership in year 2 is ___________________

3. A balance sheet for the partnership of BRILLA, JOY and COSGAFA, who share profits in the
ratio of 50:25:25, shows the following balance just before liquidation: Cash P162,000 BRILLA capital Other assets 803,250 JOY, capital Liabilities 270,000 COSGAFA, capital P297,000 209,250 189,000

On the first month of liquidation, certain assets are sold for P432,000. Liquidation expenses of P13,500 are paid, and additional liquidation expenses are anticipated. Liabilities are paid amounting to P72,900 and sufficient cash is retained to insure the payment to creditors before making payments to partners. On the first payment to partners, BRILLA receives P84,375. The amount of cash withheld for anticipated liquidation expenses is: a. P0 b. P237,600 c. P197,100 d. P40,500

4. The partnership agreement of MARTH, VINCENT and Peter provides for the division of net
income as follows: VINCENT, who manages the partnership is to receive an annual salary of P120,000. Each partner is to be allowed interest at 10% on ending capital. Balance is to be divided 40:25:35. During 2008, MARTH invested an additional P90,000 in the partnership. VINCENT made an additional investment of P75,000 and withdrew P110,000 and Peter withdrew P60,000. No other investments or withdrawals were made during 2008. On January 1, 2008, the capital balances were MARTH, P300,000; VINCENT, P410,000; and Peter, P220,000. Total capital at year-end was P600,000. Compute the capital balance of each partner at year-end: MARTH VINCENT Peter _______________________________________________________________________________ COMPREHENSIVE: The trial balance of JOVEY ANN CO., prior to the closing of its account for the fiscal year ended September 30, 2012 follows: Cash Accounts receivable Allowance for doubtful accounts Note receivable Merchandise inventory, 9/30/12 Furniture and equipment Accumulated depreciation Goodwill Accounts payable Notes payable Capital Stock Retained Earnings Sales Sales return and allowances Purchases Purchase return and allowances Advertising P22,500 93,600 P 3,190 15,500 56,890 61,800 18,750 30,000 53,600 10,000 100,000 55,250 372,000 4,760 215,930 3,650 9,610 GOD BLESS!

CPAs ARE NOT BORN, THEY ARE MADE

Sales salaries Commission expense Miscellaneous expense Rent expense Office salaries Light and Water Insurance expense Taxes and licenses General expense Interest expense Interest income

28,850 15,200 2,990 13,000 19,720 1,500 1,080 4,780 16,340 4,120 910

Your examination of the companys account has the need for adjustments based on the following items:

a. The cash account included a customers check for P1,500 deposited on

September 25, 2012 but returned by the bank on September 29, 2012 for lack of countersignature. No entry was made for the returned check. b. Unrecorded bank charge for September 2012, P500 c. The allowance for doubtful accounts should be adjusted to 5% of the outstanding accounts receivable balance on September 30, 2012. d. A physical inventory of merchandise taken at the end of the fiscal year 2012 amounted to P60,120. e. Goods received on consignment, still unsold costing P2,000 were included in the physical inventory. f. The merchandise inventory on September 30, were correctly stated. g. Depreciation of furniture and equipment at 10% annually has not been recognized. h. Accrued salesmens salaries not recorded P5,000 i. An insurance policy was taken on the inventory and equipment on March 1, 2012 with the annual insurance premium of P1,080 paid on that date. j. Rent expense account considered of rent for the store and office space for thirteen months starting August 1, 2012. Based on the aforementioned data, answer the following questions;

1. The adjusting entry on item A is

2. The adjusting entry on item B is 3. The adjusting entry on item C is 4. The adjusting entry on item D is 5. The adjusting entry on item E is After making the adjustments compute the following:

6. The adjusting entry on item F is 7. The adjusting entry on item G is 8. The adjusting entry on item H is 9. The adjusting entry on item I is 10. The adjusting entry on item J is

11. Cash 12. Net realizable value of accounts receivable 13. Merchandise inventory, September 30, 2012 14. Furniture and Equipment, net of accumulated depreciation 15. Total assets, September 30, 2012 16. Cost of goods sold, September 30, 2012 17. Net income, September 30, 2012 (disregard tax effect) 18. Prepaid insurance 19. Prepaid rent COMPREHENSIVE: The CASH account of Don DYSASs ledger on December 31, 2012 showed the following a. Petty cash fund (including P7,500 unreplenished voucher of which P2,400 is dated January 3, 2013) P 15,000 b. Redemption Fund Account PNB 500,000 c. Travelers check 100,000 d. Money order 10,000 e. Treasury bill, purchased December 1, 2012 (due on Feb. 1, 2013) 50,000 f. Time deposit due on March 31, 2013 50,000 g. 180-day Treasury bill, due March 15, 2013 120,000 h. Note receivable in the possession of a collecting agency 20,000

CPAs ARE NOT BORN, THEY ARE MADE

GOD BLESS!

i. PNB Checking Account #211-009-091 325,900 j. Cash on hand, including customer postdated check of P15,000 23,000 k. Savings deposit, earmarked for acquisition of equipment 210,000 l. A check payable to San Ignacio Incorporated, dated January 5, 2013, that was included in the December 31 PNB Checking Account #211-009-091 50,000 m. Bond Sinking Fund (used to finance the maturing long-term obligation on March 31, 2013) 150,000 n. Overdraft in PNB Checking Account #211-099-085 ( 50,000) o. Check #801 in payment to Accounts Payable, dated Dec. 31, 2012 not mailed until January 5, 2013 20,000 p. Advances to Officers/Employees for Seminars (no liquidation is required) 80,000 q. Money market placement (due June 30, 2013) 600,000 r. Listed stock held as temporary investment 100,000 s. Check #789 in payment to Suppliers, dated January 5, 2013 and recorded December 31, 2012. 35,000 t. Customers certified checks 10,000 u. Pension Fund 150,000 TOTAL 2,568,900 Questions 1. The entry to correct/adjust item F is: 2. The entry to correct/adjust item L is: 3. The entry to correct/adjust item M is: 4.DON CORPORATIONS adjusted cash and cash equivalents balance at December 31, 2012 is: __________________________________
The following information pertains to the cash of John Allen Company: Balance shown on bank statement Balance shown in general ledger before reconciling the bank account Outstanding checks Deposits in transit Deposits shown in bank statement Charges shown on bank statement Cash receipts shown in companys books Cash payments shown in companys books Nov 31 P 27,380 25,780 8,630 6,850 For Dec. P 55,880 56,300 53,980 54,760 Dec. 31 P 26,960 25,000 10,150 12,450

The bank service charge was P180 in November (recorded by the company during December) and P240 in December (not yet recorded by the company). Included with the December bank statement was a check for P5,000 that had been received on December 25 from a customer on account. The returned check marked NSF by the bank, has not yet been recorded on the companys books. During December the bank collected P7,500 of bond interest for the company and credited the proceeds to the companys account. The company earned the interest during the current accounting period but has not yet recorded it. During December the company issued a check for P6,960 for equipment. The check, which cleared the bank during December, was incorrectly recorded by the company for P8,960. Questions 1. 2. 4. 5. The adjusted cash receipts of John Allen Company at December 31 is:________________ The adjusted cash disbursements of JENNY COMPANY at December 31 is:_____________ The adjusted December 31 cash balance of JENNY COMPANY is:_____________________ The adjusted November 31 cash balance of JENNY COMPANY is:_________________

LIST ATLEAST 3 DYSAS MEMBERS PRESENT DURING THE ORIENTATION: LIST ATLEAST 3 DYSAS ALUMNI PRESENT DURING THE ORIENTATION EXCLUDING OUR ADVISER: WHAT ARE THE 2 ORGANIZATIONS OF THE CAE ACCORDING TO ONE OF OUR ALUMNI?

CPAs ARE NOT BORN, THEY ARE MADE

GOD BLESS!

WHO IS THE ADVISER OF DYSAS?

CPAs ARE NOT BORN, THEY ARE MADE

GOD BLESS!