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  PRACTICAL ACCOUNING I FIRST PRE-BOARD EXAMS SUGGESTED SOLUTIONS/COMPUTATIONS OCTOBER 2013 BATCH SET A/B 1/1 C  Capital Increase (decrease) Increase in Cash 850,000 Decrease in A / R (250,000) Decrease in ABD 50,000 Increase in MI 250,000 Decrease in PPE (350,000) Increase in AD –  PPE (75,000) Decrease in A / P 60,000 Increase in AE (70,000) Increase in L / P (150,000) Increase in I / P (20,000) 345,000 Less: Additional Investment (175,000) Add: Dividends declared 120,000 Net Income 290,000 2/21 C Revenues Collections 480,000 add: increase in A / R 45,000 decrease in USR 20,000 545,000 Expenses Payments 275,000 add: decrease in PPE 10,000 less: decrease in AE 15,000 270,000 less: Depreciation expenses [(300,000 –  20,000 /5)] 35,000 Net Income  240,000 3/5 C Rent Expense January 1 –  March 31 27,000 April 1 –  December 31 101,250 128,250 annual rent in 2012 (27,000 x 12/3) 108,000 multiply by: 100% + % increase in rent for 2013 125% annual rent in 2013 135,000 multiply by: 9/12 (April –  December) 9/12 rent expense April –  December 2013 101,250 4/13 B BDO Unadjusted balance 800,000 add: undelivered check 45,000 845,000 MBTC Unadjusted balance (per bank statement) 250,000 add: deposited in transit 7,000 less: outstanding checks (5,000) 252,000 PNB Balance (net of compensating balance, P70, 000) 600,000 Correct cash in bank account 1,697,000    CRC-ACE/PA1: Solution to First Pre-board Exams (OCT 2013) 5/7 A Per Book Per Bank August 31 balances –  unadjusted 346,000 ? 332,950 Book error- UR (4,500-450) 4,050 CM –  note collection including interest 11,200 OC (29,000) DM –  bank charges (800) Bank error –  OD 16,200 DT 47,000 Bank error –  OR (9,200) DM –  NSF checks returned (12,500) Book error –  OD (12,250 –  22,250) 10,000 Adjusted balances 357,950 357,950 6/8 A Adjusted book disbursements Book disbursements- unadjusted (100,923 beg + 747,415 rec –  148,650 end) 699,688 Add: DM- December (not yet recorded by book) 1,200 Less: DM- November (recorded by book in December) (2,300) 698,588 Adjusted bank disbursements (except for OC- December) Bank disbursements- unadjusted (108,826 beg + 741,367 rec –  136,823 end) 713,370 Less: OC- November (53,879) Bank adjustment for overstatement error (8,000) 651,491 Outstanding checks –  December 47,097   7/9 B Total income for 2012 PV of the note (Selling price of the equipment) 525,000 x PVF SS @ 11% for 3 periods 383,875 less : carrying amount of the old equipment 250,000 Gain on sale 133,875 add: Interest income for 2012 383,875 x 11 % x 6/12 21,113 154,988 Income recorded by Cherubim for 2012 525,000-250,000 275,000 Understatement(overstatement)in income for 2012 (120,012) 8/11 B Annual installments = FA / PVF OA @ 12% for 5 periods = 1,200,000 / 3.60478 = 332, 892 Beg Interest Annual Installment Principal Collection End 1,200,000 1,200,000 144,000 332,892 (188,892) 1,011,108 1,011,108 121,333 332,892 (211,559) 799,549 Selling price of note (PV of net future cash flows discounted at 15% on January 1, 2012 332,892 x PVF OA @ 15% for 3 periods = 760,067 Selling price 760,067 Less: CV of note 1 /1 /12 799,549 Loss on sale (39,482)   CRC-ACE/PA1: Solution to First Pre-board Exams (OCT 2013)  9/12 B Initial AR assigned AR, December 01 P6, 070,000 Add: Credit Sales –  Dec 2 (3,000,000 * 90% * 90%) 2,430,000 P8, 500,000 Multiply by: percentage of AR assigned by Zachariel 65% P5, 525,000 Less: AR –  assigned collected in December (4,100,000 * 70%) 2,870,000 AR assigned, December 31 P2,655,000 Initial loan amount P3, 500,000 Less: Remittance applied to principal loan in December P2, 870,000 AR assigned collected in December (4,100,000 * 70%) 35,000 2,835,000 Less: remittance applied initially to interest (3,500,000 * 1%) P665, 000 Loan balance, December 31 AR assigned, December 31 P2, 655,000 Loan balance, December 31 665,000 Equity over the assigned accounts, December 31 P1, 990,000   10/20 C AR, January 1, 2012 P2, 500,000 Add: Credit sales (P9, 500,000) 7,600,000 Less: Sales Returns P42,500 Proceeds of collections excluding recoveries (P6, 120,255 –  P72, 255) 6,048,000 Sales discount granted w/ in 10 days (P6,048,000 * 50% * 10/90) 336,000 beyond 10 days but w/ in 20 days (P1, 520,000 * 5/95) 80,000 Written of accounts 85,000 6,591,500 AR, December 31, 2012 P3, 508,500   11/16 A MV of non-IB note (FA) P750, 000 Multiply by: Discount rate 14% P 105,000 Multiply by discount period 1.5 Discount P 157, 500 MV on non-IB note (FA) P 750,000 Less: discount 157,500 Proceeds from discounting P 592, 500   12/17 B FA of the loan P 4,000,000 Add: direct srcin cost 61,500 Less: srcination fee charged to 350,000 client P 3,711,500 Multiply by: effective rate of loan 12% P 445,380 Multiply by: July –  December 6/12 Interest income for 2012 P 222,690  The rate of 12% was determined through interpolation 13/15 A Inventory, per count (December 29, 2012 P 1,200,000 Add: Purchases FOB shipping point 175,000 Goods out on consignment (100,000 + 30,000) * 97,500 75% 60,000 Less: Goods held on consignment P 1,412,50    CRC-ACE/PA1: Solution to First Pre-board Exams (OCT 2013) 14/23 C Cost Retail Beginning inventory P 120,000 P 180,000 Purchases 320,000 580,000 Freight –  in 40,000 Purchase returns 10,000 366,000 15,300 Purchase discounts and allowance 4,000 Departmental transfers in 40,000 43,400 Departmental transfers out 20,000 31,250 579,375 Additional mark-up 203,150 Mark-up cancellation 150,000 139,375 Markdowns 250,000 ignore SD Mark-down cancellation 199,375 Sales 600,000 Sales discounts 30,000 Sales returns 40,000 Employee discounts 20,000 Shrinkage, Spoilage 30,000 Shoplifting losses 10,000 CY cost ratio Total CGAS (120,000 + 366,000) 486,000 GAS –  cost 366,000 63.17% Less: EI - cost 88,043 GAS – retail 579,375 COS –  FIFO retail 397,957  139,375 EI –  retail x 63.17% = 88,043 EI –  cost 15/18 B RM, beg P65, 000 Sales P40,000 Add: RM purchases 20,000 Multiply by: cost ratio(100%-40% on SP) 60% Less: RM end (35,000/50%) before flood 70,000 Cost of sales 24,000 RM used P15, 000 Add: FG, end 75,000 Add: DL 30,000 Less: FG, beg 72,000 OH 15,000 TCGM P27,000 TMC P60,000 GIP, beg P80, 000 RM, (70,000 * 50%) Add: TMC 60,000 GIP (113,000 * 100%) P35,000 Less: TCGM 27,000 Cost of inventory destroyed 113,000 GIP, end P113, 000 P148, 000   16/24 C Book Debits Bank Debits P 875, 000 P920, 000 DT, beg (120,000) CM-PM (12,500) Bank correction in November (3,000) Book correction in November (1,800) Bank error in November (2,000) CM-CM 110,000 Bank correction in November _ (7,000) P 970,700 788,000 DT-November 30 P 182,700 17/25 A AR, January 1 P 1,200,000 Add: Credit sales 8,000,000 Less: Collection net of recoveries (P 7,000,000 –  10,000) 6,990,000 Written off accounts 30,000 AR transferred to NR 400,000 AR, December 31 P 1,780,000 ABD, January 1 P60, 000 Add: BDE 100,000 Recovery of previously written off accounts 10,000 Less: Written off accounts 30,000 ABD, December 31 P140, 000 AR, December 31 P1, 780,000 Less: ABD, December 31 140,000 NVR, December 31 P1, 640,000

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Jul 23, 2017

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Jul 23, 2017
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