Gen. Vicente Alvarez St.

Zamboanga City
SENIOR HIGH SCHOOL DEPARTMENT
Name: Date:
Year & Section: LU. No.: Session:
Learning Unit Title: 3rd Summative Assessment in Fundamentals of Accounting 1 Quarter: 1st
Reference/s:
Value/s: HONESTY

3rd Summative Assessment in Fundamentals of Accounting 1

PROBLEM # 1 (Passed or Failed)

Paul the owner of the business decided to put up a Service type of business.

During the first month of year 2020, he invested to start his operations.

Jan 1 – Paul, the owner, opened up a business enterprise with a trade name of Via Nar
Services and invested Php 100,000 cash into the business.

Jan 2 – Paul contributed Land into his business Via Nar Services amounting to Php
150,000

Jan 3 –Paul contributed office chairs and table into his business Via Nar Services,
amounting to Php 50,000

Jan 4 – Via Nar Services rendered services to its customers for cash amounting to Php
50,000

Jan 5 – Via Nar Services rendered services on account to its customer, amounting to
Php 75,000

Jan 6 – Via Nar Services rendered services to its customer amounting to Php 75,000. The
customer made a 30% down payment and the balance on account.

Jan 7 – Via Nar Services rendered services on account to its customer on account to its
customer and the customer has signed a PROMISORY NOTE amounting to Php
30,000

Jan 8 – Via Nar Services borrowed money from the bank X amounting to Php 300,000 to
finance its operation

Jan 9 – Via Nar Services purchased a computer at SY Appliance Center amounting to

Php 35,000 on account

Jan 10 – Via Nar Services purchased a photocopy machine on account from SY

Appliance Center amounting to Php 65,000 under the terms of 10% down
payment and the balance on account.

Jan 11 – Via Nar Services paid rental expenses for the month amounting to Php 4,500

Jan 12 – Paul the owner, withdrew cash Php 2000 for personal use

Jan 13 – Via Nar Services paid its Jan 8 loan in full.

Jan 14 – Via Nar Services paid its account with SY Appliance Center amounting to Php
70,000

Jan 15 – Via Nar Services paid one year rental in advance for Php120,000. (Use the
account title “Prepaid Rent”)

Jan 16 – Via Nar Services collected Php 20,000 from Jan 6 transaction.

Required:

1. Journal Entries 2. T Accounts 3. Trial Balance

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