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