FABM-1 Grade 11 – 1st Semester 2022-23

Performance Task: SERVICE BUSINESS ACCOUNTING- PRACTICE SET-1

Name: _______________________________________________ Score/ Rating: ______________

Grade and Strand: 11- ABM Date: _____________________

Practice Set (Individual): Accounting for Service Business

Mr. Sulat established a business namely Pahatid Logistic and Delivery. Listed below are the business
transactions during its first month of operations:

DATE TRANSACTIONS

Mar 01 Mr. Sulat invested cash in the business amounting to P500,000.

05 He purchased a second-hand delivery van amounting to P250,000. Mr. Sulat made
a partial payment of P150,000 cash and incurred a liability to Mr. Benta for the
remaining balance.
09 Office supplies was purchased by the owner on credit terms amounting to P10,000.
11 He also purchased a sala set for the customer reception amounting to P20,000 and
made partial payment of P10,000 cash and the remaining balance on account.
15 The business has paid for the gasoline consumption during the month amounting
to P30,000.
18 Mr. Sulat rendered delivery services to Padala Company for P15,000 cash.

20 He also made delivery services to Paantay Corporation amounting to P40,000 and

received the P25,000 cash. The remaining balance is on credit or on account.
31 At the end of the first month, he collected in full the remaining balance of services
rendered to Paantay Corporation. (Refer to march 20)
31 He also paid the salaries of employees for the month, P18,000.
31 Mr. Sulat rented the office space of the business for P12,000 every month. He paid
the rental during the month.
31 Mr. Sulat decided to make a personal withdrawal from his business amounting to
P5,000.

The business ought to use the Chart of Account of below as reference for their accounting. If there is no
corresponding account title according to description of the transaction, new account title will be added
with corresponding account code.

ACCT. ACCOUNT TITLE ACCT. ACCOUNT TITLE

CODE CODE

Assets Owner’s Equity

101 Cash 301 Sulat, Capital

102 Interest Receivable 302 Sulat, Drawing

103 Accounts Receivable 303 Income Summary

103.1 Allowance for Doubtful Accounts Revenue

104 Store Supplies 401 Service Revenue

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 105 Office Supplies 402 Interest Revenue

106 Delivery Equipment Expenses

106.1 Accumulated Depreciation-Delivery 501 Salaries Expense

Equipment

Liabilities 502 Utilities Expense

201 Interest Payable 503 Transportation Expense

202 Notes Payable 504 Taxes and Licenses Expense

203 Accounts Payable 505 Depreciation Expense

204 Accrued Expenses

Instruction:

1. Analyze each transaction if to be recorded or not in the accounting books.

2. Journalize the following transactions and write your answers in General Journal (Columnar
notebook). The chart of accounts serves as your basis for the account title to be used.

3. Post the journalize transactions in each corresponding ledger. Use your General Ledger to post the
transactions.

4. Prepare the Trial Balance for the month. Use your columnar notebook (journal).

Your output will be evaluated based on the following criteria:

Descriptions

Criteria Exemplary Accomplished Developing Beginning Score

10 7-9 4-6 1-3

GENERAL The learner is The learner is The learner is The learner is

JOURNAL exceptional in using skilled in using starting to develop starting to develop
debit and credit as debit and credit as proficiency in using confidence in using ____ x 5.0 =
(50%) accounting tools in accounting tools in debit and credit as debit and credit as
journalizing the journalizing the accounting tools in accounting tools in
financial financial journalizing the journalizing the
transactions. transactions. financial financial
transactions. transactions.

GENERAL The learner is The learner is The learner is The learner is

LEDGER exceptional in skilled in posting starting to develop starting to develop
posting the journal the journal entries proficiency in posting confidence in ____ x 3.0 =
(30%) entries to the to the appropriate the journal entries to posting the journal
appropriate general general ledgers. the appropriate entries to the
ledgers. general ledgers. appropriate general
ledgers.

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 UNADJUSTED The learner is The learner is The learner is The learner is
TRIAL exceptional in skilled in starting develop starting develop
BALANCE determining ledger determining ledger proficiency in confidence in ____ x 2.0 =
balances to be balances to be determining ledger determining ledger
(20%) listed in trial listed in trial balances to be listed balances to be listed
balance with good balance with good in trial balance with in trial balance with
format. format. good format. good format.

Total Score ______/ 100

Date Given: April 17, 2023

Date Submitted: April 26, 2023

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