Financial Accounting Assignment: Detailed Problem Solutions

This document presents solutions to a financial accounting assignment, addressing several key concepts. The first problem involves calculating total liabilities given the capital, assets, and capital percentage. The second problem focuses on determining total assets using provided account bala...Read More

1.
Nielson Napila starts with a Repair Shop business in Davao City. At the
beginning of the period his capital is P350,000 which equalled to his
investment. At the end of the period, his capital balance is P450,000 which is
60% of total assets. How much represents the total claims from outside
creditors.
2.
Determination of Unknown Assets
Prepaid Insurance P10,000
Notes Receivable 60,000
Petty Cash Fund 2,000
Accounts Payable 10,000
Accounts Receivable 80,000
Unused Supplies 20,000
Estimated Uncollectible Accounts 1,000
Cash in Bank 30,000
Salaries Payable 15,000
Transportation Equipment 90,000
Accumulated Depreciation 5,000
How much is the total assets?
_____________

3.
Compute the missing items
Merchandise Inventory, beg P220,000
Cost of Sales 270,000
Purchases ________
Total Goods Available for Sale 750,000
Merchandise Inventory, end ________
Purchase Discounts ________
Purchase Returns and Allowances ________
4.
The partial trial balance of A. Basarte Merchandising for the year ended
December 2012 is given below:
Debit Credit

A. Basarte, Capital P357,200
A. Basarte, Drawing P50,000
Sales P1,857,000
Sales Ret. & Allowances 15,000
Sales Discounts 8,000
Purchases 950,000
Purchase Ret. & Allowances 5,000
Purchase Discounts 3,000
Freight – In 6,000
Freight – Out 2,000
Salemen’s Commission 45,000
Merchandise Inventory:
January 1, 2012 P250,000
December 31, 2012 190,000
a. How much is net sales
b. How much is gross purchases
c. How much is net purchases
d. How much is the cost of goods
available for sale
e. How much is the cost of goods sold
f. How much is the gross profit
g. How much is profit
h. How much is capital ending balance
of A. Basarte?

\5.
On September 1, 2011, A Enterprises bought a brand new computer costing
P65,000. It has an estimated useful life of 5 years and a scrap value of P5,000
at the end of its life. The accounting period ends of December 31, 2011.
a. How much is the annual depreciation
of the computer.
b. How much depreciation expense that
should be recorded at the end of the accounting period on December 31, 2011.
c. How much is the book value of the
computer as of December 31, 2011.
d. If the computer will be sold on
January 1, 2012 at an amount of P62,000, how much is the gain or loss on
disposal?