Home / My Courses / ACC211_6387_2021-2022_2NDSEM-SEM_CAE / 5th to 8th Examinations/Assessments / Final Exam

Question 32
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Asoos Company purchased office materials and

paid cash P1,800 from National bookstore
which offers 10% cash discount to
every purchase. The entry to be prepared by Asoos to
record the purchase
includes a debit to office supplies in the amount of

Answer format:

1,250,000

Answer: 1,620

Question 33
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Bonakeed Company purchased an investment

property on January 1, 2017 for P2,500,000.
The property has a useful life of
40 years and on December 31, 2019 had a fair value of
P3,000,000. On December
31, 2019, the property was sold for net proceeds of P2,900,000.
The entity used
fair value model to account for the investment property. What is the
gain or
loss on disposal to be recognized for the year ended December 31, 2019?

Answer format:
220,000 if gain

(220,000) if loss

Answer: (100,000)

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 Question 34
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Choo Babells pays weekly salaries of P40,000 on Friday

for a five-day week ending on that
day. 
If the calendar period ends on Wednesday, the effect of adjusting entry is
increase in
expense in the amount of 

Answer format:
1,250,000

Answer: 24,000

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