Name: __ Score:

Grade & Section: ABM 11 Date:

Comprehensive Illustrative Problem: Mira’s Store

On Feb. 1, 20A4, Mira Delamar opened a store that sells school supplies. Her main customers are students and teacher
of Happy Students School that situated in front of her store. Mira wanted to know the financial position of Miras’s Store.
Mira knew you were studying accounting so she asked for your help.
The following information were made available to you:
1. To start here business, Mira opened a checking account in the name of Mira’s Store. The statement of account from
the bank shows that the checking account has a balance of 31, 535 pesos as of December 31, 20A4.
2. She kept some cash in the store as change fund (sukli). The cash count revealed 2 pieces of 500 peso bills, 3 pieces of
200 peso bills, 4 pieces of 100 peso bills, 5 pieces of 50 peso bills, 5 pieces of 20 peso bills, 5 pieces of 10 peso coins,
and 20 pieces of 1 peso coins.
3. As of December 31, 20A4, cash on hand from sales and collections for the day amounted to 12, 000 pesos. This does
not include Mira’s changed fund.
4. One of her regular customer gave Mira the following check in payments of debts, 3,520 pesos check dated January
3, 20A5.
5. Mira’s store is located on the ground floor of a commercial building. The commercial unit cost her 5,000 pesos per
month for rent as of December 31, 20A4, Mira’s store has a remaining two month advance rent with the landlord.
6. Mira purchased shelves and cabinets amounting to 30,000 to be used as display racks and storage for her store. The
shelves and cabinets are expected to be used in the store for 2 years. Mira started using the shelves and cabinet on
December 1, 20A4.
7. After closing the store on December 31, 20A4, Mira’s employee counted all the unsold merchandise inside the store.
They do not have any other storage space except for the store premises. Based on their count, the remaining unsold
merchandise costs 15,345 pesos including the consignment item which cost 1345 pesos wherein it is a clear mistake
that included by her employee.
8. Mira showed you a folder where she kept her unpaid receipts and bills. You noted the following.
a. A sales invoice dated December 25, 20A4 from long lasting ballpoint pens incorporated amounting 2,645
pesos. The invoice term is 30 days.
b. A sales invoice form Papier paper company dated December 15, 20A4 for 5,465 pesos. The payment terms
on the invoice is 40 days.
c. A Meralco bill for electricity consumption for December 1-31 for 3,400 pesos. The bill is payable on January
15, 20A5
d. February PLDT bill for 600 pesos. The bill is payable on January 17, 20A5.
e. Mira hired Emily and Imelda to help her inside the store. Their salary is 500 pesos a day. Emily and Imelda’s
wages were paid on December 30, 20A4 for word rendered until December 29. Her pay for December 30 and
31 will be included in her January wages.
9. Mira showed you an official receipt for 1,395 pesos. She told you that this is a down payment for Ms. Benny ling, a
grade 5 teacher in Happy Students School. Ms. Ling ordered green, red and blue poster paints for her student. The total
price of the order was 2,790. According to their agreement, Mira will deliver the paints on January 3, 20A5.
10. On December 30, 20A4, Mira borrowed 23,000 pesos from her bank. She took advantage of the bank’s special terms
for small entrepreneurs. She signed a promissory note for her load. The principal is payable on December 30, 20A6. The
interest is payable monthly beginning January 31, 20A5.
11. Mira started her business by depositing 30,000 to open the checking account. On October 15, 20A4, the business is
in need of additional cash so Mira deposited 5,000 pesos to the checking account. Mira also withdrew 15,000 pesos
from the business over the year.
Requirements:
1. Prepare a classified Statement of Financial Position for Mira’s Store as of December 31, 20A4.

A. Accumulated Depreciation F. Inventory K. Non-current Asset

B. Utilities Payable G. Owner's Equity L. Prepaid Rent
C. Cash H. Long Term note Payable M. Property, Plant, and
D. Unearned income I. Account Receivable Equipment
E. Account Payable J. Salaries Payable N. Prepaid Load
 Mira's Store
Statement of Financial Position
As of December 31, 20A4

Assets
Current Assets

Total Current Assets

Net Book Value

Total Assets
Liabilities and Owner's Equity
Current Liabilities

Total Current Liabilities

Non-current Liabilities

Total Liabilities

Mira, capital
Total Liabilities and Equity