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Assignment 1 OF ALAIZA LANON

This document contains an assignment with multiple accounting problems and questions. It provides details of three business scenarios involving assets, liabilities, and owner's equity. It asks the reader to determine missing values using the accounting equation and solve other accounting questions. It also provides a table with capital accounts for five cases and asks the reader to calculate ending capital.

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Alaiza Maas Lanon
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178 views

Assignment 1 OF ALAIZA LANON

This document contains an assignment with multiple accounting problems and questions. It provides details of three business scenarios involving assets, liabilities, and owner's equity. It asks the reader to determine missing values using the accounting equation and solve other accounting questions. It also provides a table with capital accounts for five cases and asks the reader to calculate ending capital.

Uploaded by

Alaiza Maas Lanon
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment #1

ALAIZA MAAS. LANON


BSBA- FM
I-Direction: Solve for the following problems.
A. Mrs. Reyes has P100, 000. She bought shop assets on account from Ace Furniture for P50,
000.
Questions:
A. How much are the assets of the business? P150,000 (100,000+50,000)
B. What is the amount of liabilities? P50,000
C. How much is the owner’s equity? P100,000 (150,000-50,000)
D. Give the accounting equation applicable to this. ASSETS=LIABILITIES=OWNER’S
EQUITY

B. Kristan Repair Shop is owned by Cristina Tan. The business showed the following items:
Cash P30, 000
Furniture and Equipment 10, 000
Delivery van 100,000
Accounts payable 40, 000
Questions: Determine the following:
A. Total assets -P140,000 (30,000+10,000+100,000)
B. Total liabilities -P40,000
C. Owner’s equity -P100,000 (140,000-40,000)
D. Give the accounting equation applicable to this. OWNER’S EQUITY= ASSETS-
LIABILITIES

C. Ms. Adelaida Garcia invested assets amounting to P160, 000. She never bought anything on
account.
Questions: Determine the following:
A. Assets= P160,000
B. Liabilities= 0, NO LIABILITIES
C. Owner’s Equity= P160,000
D. Accounting equation applicable to this ASSETS=LIABILITIES + OWNER’S EQUITY

II- Direction: Supply the missing item using the accounting equation:

ASSETS LIABILITIES OWNER’S EQUITY


Case 1 P120, 000 P20, 000 P100,000
2 110,000 60, 000 50, 000
3 80, 000 50,000 30, 000
4 160,000 60, 000 100, 000
5 160, 000 60, 000 100,000
6 90, 000 10, 000 80,000
7 110,000 30, 000 80, 000
8 30, 000 10,000 20, 000
9 60, 000 10, 000 50,000
10 75, 000 25,000 50, 000

Owner’s Equity

Capital Gross Expenses Drawing Capital


Beginning Income Ending

Case 1 P20, 000 P5, 000 P1, 000 P500 P23,500


2 49,000 10, 000 4, 000 ---- P55, 000
3 50, 000 20,000 5, 000 1, 000 64, 000
4 58, 000 20, 000 10,000 3, 000 65, 000
5 50, 000 30, 000 10, 000 5,000 65, 000

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