We were given the following information which were obtained from the single-entry
records of Poging Bagsik
Interest receivable
Accounts receivable
Notes receivable
Merchandise inventory
Store and office equipment (net
Prepaid operating expenses
Interest payable
Accounts payable
Notes payable
Accrued operating expenses
January 1
12, 000 P
540, 000
180, 000
456, 000
390,000
30, 000
3, 600
420, 000
120, 000
32, 400
An analysis of the cashbook shows the
following:
Balance, January 1
Receipts:
Interest income
P24, 000
Accounts receivable
432, 000
Notes receivable
180, 000
Investment by Bagsik
72, 000
June 30
9, 600
1, 056, 000
144,000
120, 000
360, 000
26, 400
6, 000
300, 00
144,000
60, 000
P
180, 000
708 000
888, 888
Disbursements :
Interest expense
Accounts payable
Notes payable
Operating expenses
18, 000
624, 000
96, 000
204, 000
942, 000
(54, 000)
Questions:
Based on the above and the result of your audit, determine the following for the six
months ended June 30, 2022
50.
Sales
51.
P948,000
P132,000
P1,092,000
P1,164,000
Purchases
a.
P624,000
b.
P576,000
c.
P816,000
d.
P504,000
52.
Operating expenses, excluding depreciation
a.
b.
c.
d.
a.
b.
c.
d.
P172,800
P231,000
P228,000
P235,200
53.
Operating expenses, excluding depreciation
a.
P172,800
b.
P231,000
c.
P228,000
d.
P235,200
54.
Net Loss
a.
P4,800
b.
P132,000
c.
P152,400
d.
P1,221,600
SOLUTION:
#51
Receipts from A/R
P 432,000
Receipts from N/R
180,000
A/R, 1/1
(540,000)
A/R, 6/30
1,056,000
N/R, 1/1
(180,000)
N/R, 6/30
144,000
SALES
P1,092,000
#52
Disbursements from A/P
Disbursements from N/P
P 624,000
96,000
A/P, 1/1
(420,000)
A/P, 6/30
300,000
N/P, 1/1
(120,000)
N/P, 6/30
144,000
Purchases
P 624,000
#53 and 54
Disbursements for opex
Prepaid opex, 1/1
P 204,000
30,000
Prepaid opex, 6/30
(26,400)
Accrued opex, 1/1
(32,400)
Accrued opex, 6/30
60,000
OPEX, excluding depreciation
P 235,200
#55
Sales
P 1,092,000
Less: Cost of Sales
Merchandise Inventory,1/1
Purchases
Total goods available for sale
Less: Merchandise inventory, 6/30
P 456,000
624,000
1,080,000
120,000
960,000
Gross profit
132,000
OPEX
(235,000)
Depreciation expense (390k-360k)
(30,000)
Interest income (24k-12k+9.6k)
21,600
Interest expense (18k-3.6k+6k)
(20,400)
Net loss
(P 132,000)