Professional Documents
Culture Documents
CBexam Mockexam Draft01
CBexam Mockexam Draft01
NO.
OE
CE
FF
1-001
1-002
1-003
1-004
1-005
1-006
2-001
2-002
2-003
2-004
2-005
2-006
- SV
LIABILITIES
Accounts payable
Notes payable
Wages payable
Interest payable
Unearned
computer
service
revenue
Output VAT
VAT Payable
SSS premiums payable
Philhealth premiums payable
HDMF payable
Withholding taxes payable
3-001
3-002
3-003
3-004
3-005
3-006
3-007
3-008
3-009
3-010
3-011
ACCOUNT TITLE
NO.
CAPITAL
Wilkins, Capital
Wilkins, Drawings
Income Summary
4-000
4-001
4-002
5-000
Advertising expenses
Computer supplies expense
Depreciation expense OE
Depreciation expense CE
Depreciation expense FF
Depreciation expense SV
Gasoline expense
Insurance expense
Rent expense
Repairs expense
Representation expense
Permits and licenses
Utilities expense
Miscellaneous expense
6-001
6-002
6-003
6-004
6-005
6-006
6-007
6-008
6-009
6-010
6-011
6-012
6-013
6-014
Wages expense
SSS premiums expense
Philhealth premiums expense
HDMF premiums expense
6-015
6-016
6-017
6-018
ABSOLUTE COMPANY had the following transactions for the month of December:
2
Installed a new web server for Spider Web Company for cash, P16,800
including VAT.
Hired Ralph Lauren as full time assistant with a monthly salary of P15,000,
Nelie Romano as secretary with a monthly salary of P8,500. Clint Eastwood
as accountant with monthly salary of P12,000 and Happy Feet as utility
man with a monthly salary of P6,000.
10
13
15
Paid the salaries of the staff, P20,750. Salary deductions are made only in
the month end payroll.
Received P95,000 (net of P5,000 service charges) from Metro Financing
Company as proceeds of short-term loan. EVADEFGH issued a 60-day, 10%
note.
16
Paid P1,200 for the repairs of one if its computer damaged when moved to
another location.
17
18
19
21
Billed Clark Company the amount of P33,600 for a new program developed.
The amount includes VAT.
22
Eva withdrew P20,000 from the business for her personal use.
23
Received cash from Surf Tide Company for consulting services, P5,000,
including VAT.
24
27
Seasons holiday
28
Eva was reimbursed P5,000 for gas expenses for the month. Eva has just
finalized an installation service for another client. Total contract price is
P22,400, including VAT. The work is scheduled on the first week of January
2017. The client already paid P10,000 advance for the project. Unearned
computer service revenue was credited by the accountant.
29
NAME
Ralph
Lauren
Clint
Eastwood
Clark Kent
S
HF
Happy Feet
M
1
S
M
GROSS
PAY
SSS
7,500.00
500.00
6,000.00
400.00
4,250.00
283.33
3,000.00
200.00
20,750.0
0
1,383.
33
DEDUCTIONS
HDM
PHIL
F
WHT
125.0 100.0
2,006.
0
0
25
125.0 100.0
1,483.
0
0
33
106.2 100.0
638.84
5
0
100.0
75.00
187.47
0
431.2 400.0
4,315.
5
0
89
NET PAY
TOTAL
2,731.
25
2,108.
33
1,128.
42
562.47
6,530.
47
4,768.7
5
3,891.6
7
3,121.5
8
2,437.5
3
14,219.
53
EMPLOYERS CONTRIBUTION
NAME
Ralph Lauren
Clint Eastwood
Clark Kent
Happy Feet
S
HF
S
M
M1
GROSS PAY
7,500.00
6,000.00
4,250.00
3,000.00
20,750.00
SSS
1,060.00
848.00
600.70
424.70
2,933.40
DEDUCTIONS
PHIL
HDMF
125.00
100.00
125.00
100.00
106.25
100.00
75.00
100.00
431.25
400.00
TOTAL
1,285.00
1,073.00
806.95
599.70
3,764.65
The following additional facts are collected in making adjusting entries prior to
preparing financial statements for the first month of operation:
a. Inventory count of computer supplies on December 31 reveals that P2,300
are on hand.
b. The bookkeeper had not recorded the MERALCO bill received on December
29. The amount is P5,600.
c. The rent expense is for three months covering December 2016 February
2017.
d. The estimated life of computers, office equipment and furniture and fixtures
is 5 years with no salvage value while the service vehicles estimated life is
ten years with no salvage value.
e. The insurance expense represents on year premium starting December 1,
2016.
f. P20,000 of the computer services revenue represents advance payment for
2017 project.
g. Interest on the note if to be accrued. (Use days in computing)
REQUIRED:
1. Journalize the above transactions (ignore explanations and posting
references). (31pts)
2. Prepare an unadjusted trial balance, December 31, 2016. Use the ledgers to
facilitate the preparation. Ignore explanations and post-referencing. Write the
trial balance on the work sheet. (8pts)
3. Prepare adjusting entries then post to the ledgers. (10pts)
4. Prepare a ten-column worksheet. (24pts)
5. Prepare financial statements.
a. Income statement (3pts)
b. Statement of Changes in Capital (3pts)
c. Balance Sheet (6pts)
6. Prepare closing entries (use direct method). (4pts)
7. Prepare post-closing trial balance. Use the ledgers to facilitate the
presentation if necessary. (6pts)
8. Prepare the reversing entries required, January 1, 2017. (5pts)