SECTION 6

MONEY TO ACCRUAL ACCOUNTING/ SOLITARY ENTRY PROGRAM

PROBLEMS

6-1.

(BRAIN COMPANY)

Capital, end

Assets

Significantly less liabilities

Capital, beginning

Property

Less debts

Increase in capital

Additional investments

Withdrawals

Income

P609, 000

138, 1000

P485, 500

94, 500

P471, 500

391, 000

P 85, 000

(70, 000)

one hundred twenty, 000

P130, 000

6-2.

a.

w.

c.

d.

6-3.

35, 900 + 13, 480 – forty eight, 200 = 4, one hundred and eighty

1, 160, 000 + 980, 000 – seven-hundred, 000 = 1, 440, 000 collections;

1, 440, 000 & 1, 660, 000 + 30, 000 – you, 200, 000 = 1, 930, 500

210, 000 + 80, 000 – 40, 000 – 206, 000 = 44, 500

440, 000 – 70, 000 + 100, 1000 + fifty four, 000 – 30, 1000 = 484, 000

(GRAIN COMPANY)

Need 1

Capital, end

Property

Less liabilities (including P8, 000 unrecorded purchase)

Capital, beginning

Assets

Less liabilities

Increase in capital

Withdrawals

Income

P352, 800

123, five-hundred

P293, two hundred

117, 800

P229, 300

175, 500

P 53, 900

20, 000

G 73, nine hundred

Requirement 2

Grain Organization

Statement of Comprehensive Income

For Yr Ended 12 , 31, 2012

Sales (net of P21, 000 returns) – Timetable 1

Cost of goods offered

Merchandise inventory, January one particular

Purchases (net of P13, 000 returns) – Routine 2

Merchandise inventory, 12 , 31

Major profit upon sales

Various other income

Functioning expenses – Schedule three or more

Operating profits

Interest charge

Profit

33

P725, 000

P ninety-seven, 200

551, 200

(105, 800)

542, 600

P182, 400

almost 8, 000

(114, 000)

L 76, 500

( a couple of, 500)

G 73, 900

Chapter 6 – Money to Accrual/ Single Entry System

Routine 1 – Sales

Receipts from buyers

Accounts receivable, beginning

Accounts receivable, stopping

Accounts drafted off

Revenue returns

Revenues

P697, five-hundred

( 59, 400)

seventy six, 100

15, 800

twenty-one, 000

P746, 000

Routine 2 – Purchases

Repayments to operate creditors

Accounts payable, start

Accounts payable, ending

Unrecorded purchases

Order returns

Gross purchases

P536, 600

( 63, 300)

69, 900

8, 000

13, 1000

P564, 2 hundred

Schedule a few – Functioning expenses

Money owed expense

Downgrading expense (85, 000 & 20, 1000 – ninety five, 500)

Various other operating expenditures:

Payments to get operating bills

Prepaid expenditures, beginning

Pre-paid expenses, stopping

Accrued bills, beginning

Accrued expenses, closing

Total functioning expenses

6-4.

P twelve, 800

being unfaithful, 500

P94, 100

6th, 000

( 7, 500)

( 4, 500)

5, 600

G 114, 500

(TRAIN FASTFOOD)

Train Fastfood

Statement of Comprehensive Income

For Half a year Ended January 31, 2012

Sales

Cost of sales:

Acquisitions

Less Inventory, end

Major profit

Downgrading expense

Various other operating bills

Net income

P2, 75, 000

P1, 850, 000

450, 500

1, 4 hundred, 000

G 700, 1000

( twenty four, 000)

( 556, 000)

P a hundred and twenty, 000

Educate Fastfood

Affirmation of Financial Location

December 31, 2012

Possessions

Liabilities and Capital

Current Assets

Current Liabilities

Funds

P twenty-four, 000

Accounts payable

Accounts receivable

200, 000

Mortgage

Inventory

450, 000

Total current debts

Total current Assets

P674, 000

Non-current Assets

Jeff Cruz, Capital

Equipment

P400, 000

Primary investment

P500, 000

Less accum. Depr 24, 500

376, 500

Add earnings

120, 500

Total resources

P1, 050, 000 Total liabilities and capital

34

P230, 1000

200, 000

P430, 1000

620, 500

P1, 050, 000

Section 6 – Cash to Accrual/ Sole Entry System

Computation of cash balance:

Cash receipts via

Initial purchase by owner

Collections by sales

Mortgage

Less cash obligations for

Acquisitions

Bank loan

Products

Cash operating expenses

Funds balance, end

6-5.

P 300, 000

1, 900, 000

five-hundred, 000

P1, 620, 500

300, 000

200, 000

556, 1000

P2, seven hundred, 000

two, 676, 500

P 24, 000

( HORN CORPORATION)

(Cash Basis)

Horn Firm

Income Statement

For the Years Ended 12 , 31, 2011 and 2010

Revenues

Bills

Profit

2011 sales = P160, 000 + 355, 000 sama dengan 515, 500

2010 sales = 295, 000

2011 expenses = 67, 000 + 160, 000 + 45, 500 = 272, 000

2010 expenses = 185, 1000 + 40, 000 = 225, 1000

2011

S 515, 000

(272, 000)

P 243, 000

2010

P295, 1000

(225, 000)

P 75, 000

2011

P445, 1000

(255, 000)...

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