ST.

ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
care!

AEC 201
FINANCIAL ACCOUNTING AND REPORTING
(WEEK 3 ACTIVITIES)

Activity No. Description Score

Worksheet No. 5 Case Problems _________

Worksheet No. 6 Case Problem –Ledger, TB & SFP _________

PRACTICE SOLVING. PRACTICE SOLVING. PRACTICE SOLVING. PRACTICE SOLVING.

DEADLINE: Monday, September 7, 2020, 11:59pm.

NOTE: TO DOWNLOAD THE FILE, CHECK YOUR GOOGLE DRIVE. IF YOU CANNOT DOWNLOAD THE FILE, MESSAGE ME. ALWAYS USE YOUR
OFFICIAL EMAIL ADDRESS (@sac.edu.ph)

>Refer to the Week 3-AEC 201-Handouts. Please read it first and study. I will upload the video discussion tomorrow here at the Google Classroom and at
our FB Group. PLEASE FOLLOW THE INSTRUCTIONS.

THERE WILL BE 5 POINTS DEDUCTION IN YOUR OVERALL SCORE IF YOU FAIL TO FOLLOW THESE INSTRUCTIONS:

*If you will send ALL activities in one file only (WORD OR PDF FORMAT), name the file as: LAST NAME-W3-AEC 201 Activities

Example: CRUZ-W3-AEC 201 Activities

*If you will send EACH activity in separate file (WORD OR PDF FORMAT), name each file as: LAST NAME-W3-AEC 201 Activities-Name of Activity

Example:

CRUZ-W3-AEC 201 Activities-Worksheet 5

CRUZ-W3-AEC 201 Activities-Worksheet 6

*If you cannot send the file through the Google Classroom, send the file at gmgalela@sac.edu.ph

*IF YOU DO NOT KNOW HOW TO USE GOOGLE CLASSROOM OR EMAIL, please message me.
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 ST. ANTHONY’S COLLEGE
AEC 201
San Jose, Antique
FINANCIAL ACCOUNTING AND REPORTING
Business Education Department SCORE:
PRELIM
Week 3 WORKSHEET NO. 5

NAME: Program, Year and Section:

Last Name First Name M.I.

ACTIVITY 5: Analyze the case problems. Write/encode your answer on this sheet.

Please send your Worksheet No. 5 at the Google Classroom on or before September 7, 2020, 11:59 pm. If you cannot send your answers at the
google classroom, send it through email at gmgalela@sac.edu.ph. Your Worksheet No. 5 may be in image, pdf or word format.

Case Problem 1: On August 31 of the current year, Froilan Labausa contributed land, inventory, and P280,000 cash to a partnership. The land has a
book value of P650,000 and a market value of P1,350,000. The inventory has a book value of P600,000 and a market value of P510,000. The
partnership also assumed a P350,000 note payable owed by Labausa that was used to purchase the land. Rosalie Balhag agreed to put up cash
equivalent to Labausa's net investment. Give the entries required on the books of the partnership upon formation.

Date
Account Titles and Explanations P.R. Debit Credit

Case Problem 2: On September 1 of the present year, Alonzo invested into the partnership a cash of P400,000; Accounts receivable of P500,000
with an allowance for uncollectible accounts of P50,000; Inventories that cost P300,000; Equipment that cost P900,000. Cruz, a partner of Alonzo,
agreed to invest cash equivalent to ½ of Alonzo’s net investment and the other ½ will be invested as inventories. Give the entries required on the
books of the partnership upon formation.

Date
Account Titles and Explanations P.R. Debit Credit

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Case Problem 3: On September 15, 2020, South, West, North and East formed a partnership. South contributed P600,000 cash; West contributed
P300,000 cash and equipment valued at P450,000; North contributed Furniture and Fixtures valued at P250,000; East is an industrial partner to
contribute his special skills and talents to the partnership. Profit or loss is to be shared equally among the partners. Give the entries required on the
books of the partnership upon formation.

Date
Account Titles and Explanations P.R. Debit Credit

Case Problem 4: Calaguas and Dela Cruz formed a partnership and invested the following assets:

Fair Market Value Carrying Value

Calaguas:
Cash 300,000 300,000
Land 450,000 280,000
Dela Cruz:
Cash 100,000 100,000
Building 600,000 520,000

The agreed value of Building is P550,000. Give the entries required on the books of the partnership upon formation.

Date
Account Titles and Explanations P.R. Debit Credit

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 ST. ANTHONY’S COLLEGE
AEC 201
San Jose, Antique
FINANCIAL ACCOUNTING AND REPORTING
Business Education Department SCORE:
PRELIM
Week 3 WORKSHEET NO. 6

NAME: Program, Year and Section:

Last Name First Name M.I.

ACTIVITY 6: Prepare the journal entries and the Statement of Financial Position based on the given case problem.

Please send your Worksheet No. 6 at the Google Classroom on or before September 7, 2020, 11:59 pm. If you cannot send your answers at the
google classroom, send it through email at gmgalela@sac.edu.ph. Your Worksheet No. 6 may be in image, pdf or word format.

Case Problem 1: On March 1, 2020, Gogola and Paglinawan have formed a partnership. Gogola contributed cash of P1,260,000 and computer
equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed
by the partnership. Paglinawan contributed only P900,000. The partners agreed to share profit and loss equally.

The partnership will operate under the business name of GP Company.

Required:
1. Prepare the opening journal entries in the books of the partnership.
2. Prepare the partnership's statement of financial position as at the date of formation of the partnership.

ANSWER:

GP Company
Page 1
Date
Account Titles and Explanations P.R. Debit Credit

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 GP Company
Statement of Financial Position
March 1, 2020

Case Problem 2: Espanol operated a specialty shop that sold fishing equipment and accessories. Her post-closing trial balance on Dec. 31, 2019 is
as follows:
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 E-Fish Shop
Post-Closing Trial Balance
December 31, 2019

Debit Credit
Cash P 36,000
Accounts Receivable 150,000
Allowance for Uncollectible Accounts P 16,000
Inventory 440,000
Equipment 135,000
Accumulated Depreciation 75,000
Accounts Payable 30,000
Espanol, Capital 640,000
TOTAL P761,000 P761,000

Espanol plans to enter into a partnership with trusted associate, Quino, effective Jan. 1, 2020. Profits or losses will be shared equally. Espanol is to
transfer all assets and liabilities of her shop to the partnership after revaluation. Quino will invest cash equal to Espanol's investment after
revaluation. The agreed values are as follows: accounts receivable (net), P140,000; inventory, P460,000; and equipment (net), P124,000. The
partnership will operate under the business name of EQ Fish Shop.

Required:
1. Make the Chart of Accounts of EQ Fish Shop.
2. Prepare the opening journal entries in the books of the partnership.
3. Open the ledger accounts of the partnership.
4. Prepare the trial balance of the partnership.
5. Prepare the partnership's statement of financial position as at the date of formation of the partnership.

ANSWER:
EQ Fish Shop
Chart of Accounts
Account Numbers Account Titles

110 Cash

EQ Fish Shop

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 General Journal
Page 1
Date
Account Titles and Explanations P.R. Debit Credit
2020
Jan 1

EQ Fish Shop
General Ledger

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Account Name: Account No.
Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1           
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1           
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1           
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1           
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

EQ Fish Shop
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 General Ledger
               
Account Name: Account No.
Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1           
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1           
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1           
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1           
               

Account Name: Account No.

Date Balance
Explanation J.R. Debit Credit
2020 Debit Credit
Jan 1             
               

*Add sheets if needed

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 EQ Fish Shop
Trial Balance
January 1, 2020

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 EQ Fish Shop
Statement of Financial Position
January 1, 2020
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