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Fabm2 Learning-Activity-3 - PDF

This document contains learning activity sheets for a Fundamentals of Accountancy, Business and Management 2 class. It includes: 1. A true or false quiz on accounting concepts related to the statement of comprehensive income. 2. A checklist for students to record journal entries for sample business transactions in June. 3. Problems assessing students' ability to determine missing elements of partial income statements and to prepare a full statement of comprehensive income using sample business data. 4. References cited at the bottom for accounting textbooks used to prepare the materials. The teacher and principal signed off to approve the learning activity sheets.

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Cha Eun Woo
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49 views

Fabm2 Learning-Activity-3 - PDF

This document contains learning activity sheets for a Fundamentals of Accountancy, Business and Management 2 class. It includes: 1. A true or false quiz on accounting concepts related to the statement of comprehensive income. 2. A checklist for students to record journal entries for sample business transactions in June. 3. Problems assessing students' ability to determine missing elements of partial income statements and to prepare a full statement of comprehensive income using sample business data. 4. References cited at the bottom for accounting textbooks used to prepare the materials. The teacher and principal signed off to approve the learning activity sheets.

Uploaded by

Cha Eun Woo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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`Republic of the Philippines

Department of Education
REGION VIII – EASTERN VISAYAS

Division of Northern Samar


CATARMAN NATIONAL HIGH SCHOOL
Senior High School Department

Learning Activity Sheets


in
Fundamentals of Accountancy,
Business and Management 2
(Week 3)

ROSIEL J. MORENO
SHS Teacher II

GEMMA A. TAN
OIC-SHS Assistant Principal, MT-I

1|P age
Republic of the Philippines
Department of Education
REGION VIII – EASTERN VISAYAS

Division of Northern Samar


CATARMAN NATIONAL HIGH SCHOOL
Senior High School Department

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS & MANAGEMENT 2


GRADE 12

LEARNING ACTIVITY SHEETS


MODULE 3

STATEMENT OF COMPREHENSIVE INCOME


(MERCHANDISING BUSINESS)

Name of Student: _____________________________________ Date: ________________________


Grade level & Section: ________________________________ Parents signature: _____________

ACTIVITIES

ACTIVITY 1: TRUE OR FALSE


_________1. The difference between revenues from sales and cost of sales is operating income.
_________2. The bill of lading is a document prepared by the seller detailing the terms of delivery.
_________3. A validated deposit slip indicates that cash and checks were actually deposited.
_________4. A credit term of “2/10, n/30” means that the buyer may deduct 2% from the invoice if payment is
made within 10 days from the end of the month.
_________5. Purchases returns and allowances is a deduction from purchases.
_________6. The purchase of equipment not for resale should be debited to the purchases account.
_________7. If the seller is to shoulder the cost of delivery, the term is stated as F.O.B destination.
_________8. The two main systems for accounting for merchandise are periodic and perpetual.
_________9. Advertising expense appears as a selling expense on the income statement.
_________10. Ending merchandise inventory for year 1 automatically becomes beginning merchandise inventory
for year 2.
_________11. The ending inventory of one period is the beginning inventory of the next period.
_________12. The income statement of an entity that provides services only will not have cost of sale/cost of goods
sold.
_________13. Sales returns and allowances is described as a contra-revenue account.
_________14. Cash discounts are called purchases discounts from the buyer’s viewpoint.
_________15. Summing ending merchandise inventory and cost of goods sold gives the cost of goods available for
sale.
2|P age
CHECK YOUR UNDERSTANDING

DIRECTIONS. Record the following transactions for June. The periodic inventory method is being used.
From this point on, do not skip a line between journal entries in problems.

June 1 Purchased merchandise for P6,000 on credit, terms 2/10, n/30.


4 Sold merchandise for P1,000 on credit, terms 2/10, n/30.
6 Returned P500 of the merchandise purchased June 1 for credit.
9 Paid for merchandise purchased June 1, less return and discount
11 Received payment from the customer of June 4, less discount.
15 Sold merchandise for P2,000 on credit, terms 2/10, n/30
19 Customer of June 15 returned P200 of merchandise for credit
24 Purchased merchandise for P3,500 on credit, terms n/30.

B. Calculate the cost of goods available for sale using the following data:

Purchase P 80,000
Freight In 3,000
Purchase returns and Allowance 3,200
Beginning Inventory 31,000
Purchase Discounts 2,100

♥♥♥ Reflective Learning Sheet

3|P age
ASSESSMENT
PROBLEM 1: DETERMINING THE MISSING ELEMENTS OF THE INCOME
STATEMENT
The partial income statement of five different companies are as follows:
Company Company Company Company Company
1 2 3 4 5

Net sales 1. 4. 250,000 290,000 400,000

Merchandise Inventory, 2. 50,000 70,000 10. 120,000


1/1/2019

Net Cost of Purchases 80,000 5. 7. 160,000 390,000

Goods Available for sale 110,000 160,000 8. 11. 13.

Merchandise Inventory, 40,000 6. 30,000 70,000 14.


1/31/2019

Cost of Sales 3. 140,000 230,000 12. 380,000

Gross Profit 50,000 40,000 9. 160,000 15.

• Required: Replace the number blanks with the appropriate amount


• Note: Please show your solution

PROBLEM 2: Prepare the Statement of Comprehensive Income/Income Statement using the


following data:
The following information pertains to the Leopoldo Valdez School Chairs:
Freight In P 172,000
Merchandise Inventory, 1/1/2019 5,000,000
Merchandise Inventory, 1/31/2019 3,500,000
Purchases 4,300,000
Purchase Returns & allowances 129,000
Purchase Discounts 215,000
Sales 90,000
Sales Discount 5,000
Sales Returns & allowances 2,000
Traveling expenses 2,500
Salaries 12,000
Selling Expenses 4,000

References:
Cabrera, M. (2016). Fundamentals of Accountancy, Business & Management Volume I
Ballada, W. (2018). Basic Accounting Made Easy 21st Edition

Prepared: Checked & Approved:

ROSIEL J. MORENO GEMMA A. TAN


SHS Teacher II OIC-SHS Assistant Principal, MT-I

4|P age
5|P age

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