Accounting Problem Set

The assignment content provides two cases for accounting problems to be solved. Case 1 deals with the partial trial balance of A. Basarte Merchandising for the year ended December 2012, which requires calculation of net sales, gross purchases, net purchases, cost of goods available for sale, cost of goods sold, gross profit, and profit. The ending capital balance is also required to be calculated. Case 2 relates to the depreciation of a brand new computer purchased by A Enterprises on September 1, 2011, which has an estimated useful life of 5 years and a scrap value of P5,000 at the end of its life. The annual depreciation, depreciation expense for the year ended December 31, 2011, book value of the computer as of December 31, 2011, and gain or loss on disposal if the computer is sold on January 1, 2012 are to be calculated.

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?