Running head: FINANCIAL ACCOUNTING

Financial Accounting
Name:
Institutional Affiliation:

FINANCIAL ACCOUNTING

Part 1
Question 1

Element

Financial Statement

(1) Cash

Asset

SPF

(2) Accounts Payable

Liability

SPF

(3) D. Capital

Equity

SPF

(4) Loans Payable

Liability

SPF

(5) Notes Receivables

Asset

SPF

(6) Inventories

Asset

SPF

(7) Sales

Income

IS

(8) Service Income

Income

IS

(9) Utilities Expense

Expense

IS

(10) Supplies Expense

Expense

IS

(11) Inventories

Asset

SPF

(12) Accounts Receivables

Asset

SPF

(13) Prepaid Expense

Asset

SPF

(14) Unearned Income

Asset

SPF

(15) Accrued Expense

Liability

SPF

Quiz 2
Question 1
Equity = Asset- Liabilities
=P120000- P30000
= P90000

FINANCIAL ACCOUNTING

Question 2
Asset = Liabilities +Equity
=P530000+ P410000
=P940000
Question 3
Liabilities = Assets Equity
=P240000-P50000
=P290000
Question 4
Liability =Assets Equity
Lets take Assets to be a
1/5a= a-40000
a= 5(a -40000)
a= 5a- 200000
a= P50000
Liability =1/5 x 50000
=P10000
Question 5
At years beginning
Liability =P45000-P25000= P20000
At end year liability= P20000+P5000
=P25000
Assets = P30000+ 45000
=P75000
Equity= P75000- P25000 = P50000

FINANCIAL ACCOUNTING

Question 6
At beginning of year assets = P50000+ P96000 = P146000
At end year assets= P146000+P40000=P186000
Liability= P50000-P30000= P20000
Equity = P186000- P20000
=P166000
Question 7
Equity = Assets Liability
= (P5000+35165+15280+12800) -38600
=P68245
Question 8
Liability=20% of assets (100%-80%)
=20/100 x 18000000
=P36000
Question 9
Equity = P50000+P750000
= P 800000
Question 10
Equity= assets liabilities
=P2550000-P1020000
= P1630
Equity/asset = 1630000/2550000 X 100
= 63.92 =63%

FINANCIAL ACCOUNTING

Part 1 True or False

1. True
2. True
3. False
4. False
5. False
6. True
7. False
8. False.
9. True
10. True
11. True
12. True
13. False
14. False
15. True
Part 11 Identification
1. Owners
2. Assets, liabilities and capital
3. Income statement
4. Stock holders
5. Partnership
6. Receipt
7. Lenders
8. Economic entity principle
9. Monetary unit principle
10. Reliability principle
11. Wholesaler
12. Fiscal year
13. Invoice
14. Employees
15. Manufacturing companies
Part 111 Accounting equation
Question 1
Liability at beginning of year= P45000- P25000= P20000
Assets at end year= P45000+ P30000= P 75000
Liabilities= P20000+P5000= P25000
Equity = P75000- P25000

FINANCIAL ACCOUNTING

=P50000
Question 2
Liabilities = 30%
=30/100 x 2000000
= P600000
Question 3
Assets = P5000+ P40000+P15000+P12000
= P72000
Question 4
Total assets = P50000+P25000+
= P75000
Question 5
Lets take assets as a
1/3a = a -480000
a= 3( a-480000)
a= P720000
Liability = 1/3x 720000=P 240000
Part IV
Cash A/C
10/1 capital 200,000

Office supply A/10/1

10/15 furniture

21500

10/15 office equip 20000

10/20 vehicle
Drawing

40000
2000

10/10 rose supply 19100

bal c/d

19100

FINANCIAL ACCOUNTING

Furniture and fixture A/C

10/15 furniture 21500

bal c/d

Office equipment A/C

21500

10/15 off equipment 20000

Vehicle A/C

bal c/d 20000

Accounts payable

10/20 vehicle 267000 bal c/d 267,000

bal c/d 13000

10/10 Rose supply 13000

Loans payable A/C

Capital A/C

Bal c/d 265800

bal c/d 200000 10/1 capital 200,000

10/3 cash bank 38800

10/20 vehicle 227000

Special class
Part 2
Quiz1
True of false
1.
2.
3.
4.
5.
6.
7.
8.

True
False
False
True
True
True
False
True

FINANCIAL ACCOUNTING

9. True
10. False
Quiz 2 multiple choice
1. b
2. d
3. a
4. d
5. a
6. d
7. a
8. b
9. c
10. d
FINAL EXAM
Question 1 multiple choice
1.
2.
3.
4.
5.

a
d
a
c
d

111. Problem solving

Journal entries

Cash a/c
P
2/1
200,000

P
Capital

13/1
10000
19/1
15000
6/1
11000

mike
gerrry

10/1Furniture
57000
receivable 25/1
15000
terry 31/1
2500
company 31/5
151500
236,000

andfixtures
Salaries
maynilad
Bal

c/f
236000

FINANCIAL ACCOUNTING

Account receivable A/C

P
Gerry
20000

P
company
Bal
20000

c/d

Office supply A/C

P
4/1
18000

P
On

account
31/5
18000

Bal

18000

c/f
18000

Furniture and fixtures

P
4/1 cash

P
57000
31/5
57000
57000

Bal

c/f
57000

Accounts payables
P
31/1 Balc/f

20500

P
31/1
2500

manland
Sally salim

18000

FINANCIAL ACCOUNTING

10

20500

20500

P
Balc/f 31/1
200000

capital

De leon A/C
P
31/1
200000

200000

200000

Capital A/C
P
31/1
200000

P
Balc/f 2/1
200000

200000

capital

200000

Service income
P
6/1Gerry
31000
19/1
19000

P
company Bal
40000
Kerry

c.d

FINANCIAL ACCOUNTING

11
40000

40000

Salaries expense A/C

P
31/1 Balc/f

15000

p
25/1
15000

15000

Salaries

15000

Water expense A/C

P
31/1 Balc/f

15000

P
25/1
2500

2500

water

2500

TRIAL BALANCE FOR RDL MANAGEMENT CONSULTING AS AT 31st JAN

Debit
()
Cash
Account receivable
Office supply
Furniture and fixture
Account payable
De leon
Capital
Service income
Salary expense
Water expense

Credit
()
151500
20000
18000
56700

20500
200000
200000
40000
1500
15000

FINANCIAL ACCOUNTING

12

IV
INCOME STATEMENT OF BRYANT LAW OFFICE AS AT JAN 31st 2015
Cash

146800

Less expense
Salaries expense 15000
Utilities expense 5000
Telephone expense 1200
Repairs expense

4000

(25200)
121600

Add income

78000

Less drawings

5000

Net profit

204600

Statement of owners equity of Bryant law offic as at 31st 2015

Bryant capital

200,000

FINANCIAL ACCOUNTING

13

Less drawings (5000)

Capital ending 195000

Balance sheet of Bryant law office as at 31st 2015

Non Current Assets
Equipment
Fixture
Office supply

57000
21000
18000
96000

Current Assets
Account receivable
Current Liabilities
Account payable
Net Current Assets
Net Assets
Non current liabilities
Loan
Capital

52000
(17000)
131000
30000
200000
230,000

FINANCIAL ACCOUNTING

14