FABMAS-PSAC
Fundamentals of Accountancy, Business and
Management Activity Sheets cum Practice Set
Abstract
Proposed Intervention Material to enhance the learning proficiency of ABM students in
accounting at Rosario National High School.
Agatha G. Alcid
Let’s Try and Explore
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT
Name of Learner __________________________________
Section __________________________________________
Grade Level ______
Date ___________
LEARNERS’ ACTIVITY SHEET 1
BUSINESS TRANSACTIONS AND THEIR ANALYSIS AS APPLIED TO THE ACCOUNTING CYCLE OF A
SERVICE BUSINESS
This activity is designed to assess your learning on the business transactions and their analysis to
include definition and nature of business transactions, types of source or business documents, and the rules of
debits and credits.
Learning Competencies:
1. analyze common business transactions using the rules of debit and credit
2. solve simple problems and exercises in the analyses of business transaction
Activity 1:
Direction: Indicate in each independent case whether the account is to be debited (DR) or to be credited (CR)
1. Increase in Accounts Payable
2. Decrease in Capital account
3. Increase in Service Revenue
4. Increase in Cash
5. Decrease in Accounts Receivable
6. Increase in Salaries Expense
7. Increase in Office Equipment
8. Increase in unpaid Salaries
9. Increase in Owner’s drawing account
10.Increase in Interest Income
Activity 2:
On June 1, Maya Cruz opened the Ganda Beauty Salon. During the first month, the following selected
transactions occurred:
1. Deposited PHP5,000 cash in the City Bank in the name of the business
2. Paid PHP800 cash for beauty supplies
Practice Personal Hygiene protocols at all times.
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3. Purchased equipment at a cost of PHP12,000 paying PHP2,000 in cash and the balance on account.
4. Received PHP1,200 cash for services rendered.
5. Paid PHP500 cash as a salary to a beautician.
6. Withdrew PHP400 cash for personal expenses.
Required Task
Using the following format, identify the effects of above transactions to the accounting equation:
ASSETS
=
LIABILITIES
+
OWNERS' EQUITY
+5,000
+5,000
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Activity 3:
Direction: Fill up the missing amount for each.
1. Asset = 120,000; Liabilities = 15,000; Equity
2. Asset =
3. Asset
4. Asset
?; Liabilities = 18,250; Equity
=
=
=
?
98,360
1,000,000; Liabilities = 370,000; Equity
=
780,508; Liabilities =
?; Equity
= ?
=
619,000
Activity 4
Mr. Laban Deyro opened his laundry business in Iloilo City on January 2, 2016. The following transactions
occurred during the month of January 2016:
DATE
TRANSACTIONS
1/2/16 Invested PHP500,000.00 to his business. The trade name of the business was “MR. LABANDERO”.
1/3/16 Hired Allan and Allie who will manage his business.
1/4/16 Collections from various customers for the day - PHP3,000.00
1/5/16 Purchase store supplies from Labada Store - PHP10,000.00
1/7/16 Collections from various customers for the day - PHP8,000.00
1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will do all the
laundry of the hotel.
1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000.00. Payment will be
made on January 20, 2016.
1/10/16 Collections from various customers for the day - PHP12,000.00.
1/12/16 Purchase a washing machine amounting to PHP50,000.00.00
1/15/16
Collections from various customers for the day - PHP20,000
1/19/16
Paid electricity bill for the month amounting to PHP18,000.00
1/20/16
Received payment from Sikat Hotel amounting to PHP15,000.00
1/21/16
Paid salaries of Allan and Allie - PHP15,000.00
1/22/16
Mr. Laban Deyro needed money for the hospitalization of his son. He withdrew PHP18,000.00 from
the business.
1/25/16
Paid airfare ticket of PHP1,500.00 for the travel of Mr. Deyro to Manila to negotiate a contract with
Sosyal Hotel .
1/26/16
Paid taxes to the City of Iloilo, PHP4,000.00
1/27/16
Purchased office supplies amounting to PHP12,500.00
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1/28/16
Collections from various customer for the day - PHP5,000.00
1/29/16 Sosyal Hotel availed the services of MR. LABANDERO amounting to PHP15,000.00 payable on Feb
25, 2016.
Required Tasks
1. Prepare the general journal entries for the above transactions (ignore giving explanations after every entry)
2. Post the following transactions to the general ledger.
3. Prepare the unadjusted trial balance as of January 31, 2016.
Practice Personal Hygiene protocols at all times.
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In a Nutshell
I hope that the tasks served as your scaffoldings in your study of the business
transactions and their analysis to include definition and nature of business transactions,
types of source or business documents, and the rules of debits and credits. Now, to
conclude your learning in this lesson, write your reflection and conclusion by completing this
graphic organizer. If you’re done, get your first trophy below!
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
I am certain that I learned
_______________
about…
_
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
I _______________
think there is a need to
…
_
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
I could apply what I
learned by…
_
Congratulations on completing the lesson the business transactions and their analysis
to include definition and nature of business transactions, types of source or business documents, and
the rules of debits and credits. Here’s a trophy for you!
Reference:
Cristobal, A.P., & Cristobal, M.C. (2017). Practical Research for Senior High School 2. Quezon City: C & E
Publishing, Inc.
https://classroom.google.com/u/0/c/MTA5MzM0OTY2MjY3
https://shutterstock.com
Practice Personal Hygiene protocols at all times.
5
Let’s Try and Explore
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT
Name of Learner __________________________________
Section __________________________________________
Grade Level ______
Date ___________
LEARNERS’ ACTIVITY SHEET 2
BUSINESS TRANSACTIONS AND THEIR ANALYSIS AS APPLIED TO THE ACCOUNTING CYCLE OF A
SERVICE BUSINESS II
This activity is designed to assess your learning on the accounting cycle of a service business.
Learning Competencies:
1.
2.
3.
4.
5.
describes the nature of transactions in a service business;
records transactions of a service business in the general journal posts transactions in the ledger;
prepares a trial balance;
prepares adjusting entries;
complete the accounting cycle.
Activity 1:
Spencer Company has a fiscal year-end of June 30th. The following adjusting journal entries must be
prepared in order to bring the accounting records up to date for the preparation of year-end financial statements.
Interest on notes payable of PHP400 is accrued
Fees earned but unbilled total PHP1,400.
Salaries earned by employees of PHP700 have not been recorded.
Bad debt expense for year is PHP900.
Required : Prepare the adjustment (using general journal format).
Activity 2: (Depreciation)
Compute the depreciation expense for the following independent cases. Use the straight line method of
depreciation.
1. Pedro Reyes purchased a delivery vehicle on January 1, 2016 amounting to PHP250,000. It is estimated
that the vehicle will be useful for 10 years. The vehicle can be sold for PHP10,000 at the end of its useful
life. If the accounting period being reported by Pedro is one (1) year from January – December 2016, how
much is the depreciation expense?
2. Pedro Reyes purchased a delivery vehicle on April 1, 2016 amounting to PHP250,000. It is estimated that
the vehicle will be useful for 10 years. The vehicle can be sold for PHP10,000 at the end of its useful life. If
the accounting period being reported by Pedro is one (1) year from January-December 2016, how much is
the depreciation expense?
Practice Personal Hygiene protocols at all times.
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3. Pedro Reyes purchased a delivery vehicle on January 1, 2016 amounting to PHP250,000. It is estimated
that the vehicle will be useful for 10 years. The vehicle can be sold for PHP10,000 at the end of its useful
life. If the accounting period being reported by Pedro is one (1) month (January 2016), how much is the
depreciation expense for the month?
Activity 3:
For each of the following items, write the journal entry first (if one is needed) to record the transactions; and
then the adjusting entry, if any is required, for the end of the accounting year of Ron Car Rental Company
on December 31, 2016.
1. On December 1, borrowed PHP300,000.00 cash from Nation Bank by issuing a
promissory note with an interest of 12% per annum payable in three months.
2. On December 1, paid rental for six months beginning December 1, 2016 to May 31, 2017, at
PHP3,000.00 per month.
3. On December 31, 2016, received telephone bills for the month December amounting to PHP5,600.00.
The bill will be paid on January 2017.
Activity 4:
Kay Travel was organized on September 1, 2016. Assume that the accounts are closed and financial
statements are prepared each month. The company occupies rented office space but owns office equipment
estimated to have a useful life of 10 years from date of acquisition, September 1, 2016. The unadjusted trial
balance for Kay at November 30, 2016 is shown below:
Unadjusted Trial Balance
Debit
Credit
1,750.00
1,210.00
4,800.00
80.00
1,640.00
7,490.00
500.00
4,220.00
800.00
3,600.00
770.00
13,430.00
13,430.00
Account Title
Cash
Accounts Receivable
Office Equipment
Accum. Deprn-Off Eqpt
Accounts Payable
Kay, capital
Kay, withdrawal
Service Revenue
Advertising Expense
Salaries Expense
Rent Expense
Additional Information:The rent expense amounting to PHP770 covers rental for the month of November and
December 2016 Instructions:
1. Prepare the adjusting entries necessary for the above problem
2. Prepare an adjusted trial balance
3. Prepare an income statement ending November 30, 2016
4. Prepare closing entries
Practice Personal Hygiene protocols at all times.
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In a Nutshell
I hope that the tasks served as your scaffoldings in your study
of on the accounting cycle of a service business. Now, to conclude
your learning in this lesson, write your reflection and conclusion
by completing this graphic organizer. If you’re done, get your
first trophy below!
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_
I am certain that I learned
about…
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_ a need to
I think there is
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_ what I
I could apply
…
learned by…
Congratulations on completing the lesson on the accounting cycle of a service business.!!! Here’s your trophy.
Reference:
Cristobal, A.P., & Cristobal, M.C. (2017). Practical Research for Senior High School 2. Quezon City: C & E
Publishing, Inc.
https://classroom.google.com/u/0/c/MTA5MzM0OTY2MjY3
https://shutterstock.com
Practice Personal Hygiene protocols at all times.
8
Let’s Try and Explore
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT
Name of Learner __________________________________
Section __________________________________________
Grade Level ______
Date ___________
LEARNERS’ ACTIVITY SHEET 3
ACCOUNTING CYCLE OF A MERCHANDISE BUSINESS
This activity is designed to assess your learning on the accounting cycle of a merchandising business.
Learning Competencies:
1.
2.
3.
4.
5.
describes the nature of transactions in a merchandising business;
records transactions of a merchandising business in the general and special journals;
posts transactions in the general and subsidiary ledgers prepares a trial balance;
prepares adjusting entries completes the accounting cycle of a merchandising business
prepares the Statement of Cost of Goods Sold and Gross Profit.
Activity 1:
Diokno Trading Company established by J. Diokno. He opted to use the periodic inventory system. The system
had the following transactions for the month of February 2019:
3
Mr. Diokno invested P100,000.00 cash into the business.
4
Bought computer equipment for P25,000 cash.
5
Bought merchandise on account from Matthew Trading Co. P32,400.00, terms 2/10, n/30
6.
Bought office supplies on cash basis for 4,000.00.
7
Sold merchandise on account P72,500.00, FOB Destination, terms 2/10, n/30.
8
Paid P600.00 freight on the February 7 sales.
11
Paid Matthew Trading Co.
12
Collected from February 7 customers.
13
Bought merchandise on cash basis for P30,700.00.
15
Salaries paid P7,500.00.
17
Borrowed money from Banko, signed a promissory note for P 30,000.00
20
Sold merchandise for P 58,900.00
24
Mr. Diokno withdrew cash from the business, P15,020.00.
28
Based on a physical count conducted, the value of inventory remaining is
Practice Personal Hygiene protocols at all times.
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P26,500.00.00
100
101
105
115
120
150
200
201
202
300
301
302
Assets
Cash
Accounts Receivable
Merchandise Inventory
Supplies
Equipment
Liabilities
Accounts Payable
Notes Payable
Equity
Diokno, Capital
Diokno, Drawings
CHART OF ACCOUNTS
400
Income
401
Sales
405
Sales Returns & Allowances
410
Sales Discounts
500
Expenses
501
Purchases
502
Purchase Returns & Allowances
503
Purchase Discounts
504
Freight In
506
Freight Out
510
Rent Expense
520
Supplies
530
Salaries Expense
540
Utilities Expense
550
Advertising Expense
601
Income Summary
Instructions:
1. Prepare journal entries to record the above transactions, system.
2. Post the transactions.
3. Prepare necessary adjusting entries on February 2019.
4. Prepare a schedule of cost of goods sold
5. Prepare closing entries.
Activity 2:
Salonga Marketing is established by Mr. J. Salonga. He opted to use the perpetual inventory. The
business had the following transactions for the month of February 2019:
3
4
5
6
7
10
11
12
13
15
17
18
19
20
24
28
Mr. Salonga invested P80,000.00 cash into the business.
Bought computer equipment for P20,000.00 cash.
Bought merchandise on accounts from Matthew Trading Co. P30,800.00, terms 2/10, n/30.
Bought office supplies on cash basis for P3,000.00.
Sold merchandise on account P 58,500.00, FOB Destination, terms 2/10, n/30.
Received credit from Mathew Trading Co. for merchandise returned P400.
Paid Mathew Trading Co.
Collected from February 7 customers.
Bought merchandise on cash basis for P38,900.00.
Salaries paid P7,000.00
Borrowed money from Bank, signed a promissory note P 12,000.00
Received refund from a supplier on cash purchase of February 13, P500.00
Paid freight on February 13 purchase, P800.00
Sold merchandise for P51,600.00.
Mr. Salonga withdrew cash from the business, P12,000.00.00.
Paid the following: Utilities, P1,138.00: Rent, P3,000.00: Salaries, P7,000.00.00.
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Additional Information:
•
Supplies on hand at the end of the month amounted to P 2,000.00.00
100
101
105
115
120
150
200
201
202
300
CHART OF ACCOUNTS
400
Income
Cash
401 Sales
Accounts Receivable
405 Sales Returns & Allowances
Merchandise Inventory
410 Sales Discount
Supplies
500 Expenses
Equipment
501 Cost of Goods Sold
Liabilities
506 Freight Out
Accounts Payable
510 Rent Expense
Notes Payable
520 Supplies Expense
Equity
530 Salaries Expense
540 Utilities Expense
640 Income Summary
Assets
Instructions:
1. Prepare journal entries to record the above transactions, system.
2. Post the transactions.
3. Prepare necessary adjusting entries on February 2019.
4. Prepare a schedule of cost of goods sold
5. Prepare closing entries.
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Practice Set
Mr. Juan started his on June 1, 2016.
Mr. Juan decided to name his business as Juan’s Merchandising Store.
After doing careful researches and thorough inquiries, Mr. Juan uses periodic inventory system and
came up with a Chart of Accounts, as given in the following section.
Chart of Accounts of Juan’s Merchandising Store
Current Assets
Code
110
Cash
120
Accounts Receivable
120-1 Allowance for doubtful accounts
130 Merchandise Inventory
140
Supplies
Non-current Assets
150 Equipment
150-1 Accumulated Depreciation - Equipment
Current Liabilities
210
220
Accounts Payable
Notes Payable
Equity
220
230
Juan, capital
Juan, Withdrawal
Income
310
320
330
Sales
Sales Returns and Allowances
Sales Discounts
Expenses
410
420
430
440
450
460
470
480
Cost of goods sold
Purchases
Purchase Return and Allowances
Purchase Discounts
Freight In
Freight Out
Advertising Expense
Rent Expenses
12
490
500
510
Utilities Expense
Salaries Expense
Supplies Expense
610 Income and Expenses Summary
➢ Instruction to the Student:
No. 1 Secure the materials that are needed to complete this Practice Set:
1 piece -
Long Brown Envelope
-
Pens, pencils, rulers and others
No. 2 Outside the brown envelope, print the following:
-
Name of the student, with the surname written first
Subject, section, and schedule (regular time/day/s)
Complete name and address of the School/University
No. 3 Use the General Journal Form provided in this Practice Set to record the transactions, adjusting entries
as well as the Closing entries for the month ending June 30, 2016.
No.4 Open the ledger accounts in the General Ledger provided in this Practice Set. Use the account titles and
codes given in the Chart of Accounts. Arrange the accounts in the General Ledger following the sequence in
the Chart of Accounts provided.
No. 5 Record the transactions completed in June 2016 in the 2-column General Journal provided. Make sure
that the journal entries have complete parts. Try your best to keep the books of accounts neat and clean.
Make your writing as legible as you can.
Use the account titles provided in the Chart of Accounts. Write a clear but concise explanation for each entry.
Additional account titles may be opened in the General Ledger, if necessary.
No. 6 Postings to the appropriate ledger accounts may be done after each entry, or after recording the
transactions of each week. Do not forget to indicate the posting references ( source and destination) after
each posting is completed.
Transactions Completed in June 2016.
During the month of June, Juan completed the following transactions for his merchandising store business:
June 1 Mr. Juan started his business with an initial capital of P 45,000.00
June 3 Purchased merchandise from Mr. Lebron on account, P29,500.00 terms 2/10, n/30 per invoice 767.
June 4 Purchased office supplies costing P1,000.00 cash basis.
June 6 Paid P 6,000.00 cash on the purchase of equipment.
June 7 Sold merchandise to Mr. Lucas Paccioli as per charge invoice #301 P18,000.00 terms 2/10, n/30. The
cost of the merchandise sold is P15,000.00
June 8 Paid P1,000.00 freight on the sale of merchandise to Mr. Lucas Paccioli
June 10 Returned defective merchandise to Mr. Lebron worth P1,500.00.
June 11 Receive cash from Mr. Lucas Paccioli in full settlement of his account.
June 12 Paid the accounts to Mr. Lebron supplier in full.
June14 Borrowed money from Mr. Aguilar as evidence by promissory note amounting to P 20,000.00
June 16 Bought merchandise from Mr. Zanjoe for cash P 20,000.00
13
June 16 Paid wages to his employees for first two week of June, P7,000.00
June 18 Received refund from Mr. Zanjoe P1,000.00
June 22 Sold merchandise to Mr. Janine for P 24,000.00 cash, The cost of merchandise sold is P20,000.00.
Purchased merchandise from Mr. Tantan on account P10,000.00 terms 2/10, n/30 per invoice 768. No
discount is allowed on partial payment.
June 24 Paid freight on June 23 purchase P100.00
June 25 Paid Mr. Tantan P5,000.00.
June 28 Mr. Juan withdrew P 5,000.00 cash for personal use.
June 29 Paid advertising Expense, P1,500.00; Electricity Expense, P500.00; and Rent P5,000.00.
June 30 Paid wages to his employees for last two weeks of June, P7,000.00
June 30 Sold merchandise to Mr. Stephen as per change invoice # 302 P3,600.00 terms 2/10, n/30. The cost
of merchandise sold is P3,000.00.
Instruction to the Student:
No. 7 Compute for the temporary balance of each general ledger account. In footing the debit and credit sides
of the ledger accounts, use pencil only. Do not use single lines to indicate the additions.
No. 8 Prepare an unadjusted trial balance. Data to be reflected in this trial balance will come directly from the
General Ledger of the firm.
No. 9 Based on the given data for adjustments as of April 30, 2013, prepare the adjusting journal entries. Use
the General Journal provided in this Practice Set. The date of the adjusting entries is April 30, 2013. Post the
adjusting entries to the proper general ledger accounts.
Data for Adjustment, as of April 30, 2013
Additional data, gathered from the documents in the files and from other sources, which are needed before the
preparation of the financial statements of Balagulan’s Bicycle Rental, follow:
1. Depreciation of Fixed Assets are computed with the use of the straight line method. The estimated
useful lives of the Fixed Assets are:
•
Equipment, 3 years
Because of the rapid change in technology, you were instructed to ignore the residual values of the
fixed assets.
For the purpose of computing for the depreciation, the business decided to adopt the following
policy:Fixed Assets acquired in the second half of the month are depreciated beginning of the following
month.
2. Monthly count of supplies showed that 50% of the balance per ledger.
3. About 10% of the unadjusted balance of the Accounts Receivable is doubtful of collection.
➢ Instruction to the Student:
No.10 Complete the worksheet provided in this Practice Set with the following money columns: (Use
the Worksheet provided in this Practice Set.)
•
•
Trial Balance
Statement of Cost of Goods Sold
No. 11 Prepare a Statement of Comprehensive Income for the month of June 2019.
14
No. 13 Prepare the closing entries. Use the General Journal provided in this Practice Set. The date of
the closing entries should be June 30, 2019. Post the closing entries to the proper ledger accounts.
No. 14 Rule and balance the accounts in the General Ledger.
No. 15 Post the closing entries to the Worksheet provided in this Practice Set.
No. 16 Prepare the reversing journal entries. Use the General Journal. These entries are dated July 1,
2019. Post the reversing entries to the General Ledger.
15
Date
General Journal
Account title/Explanation
P.R.
16
Dr.
Page 1
Cr.
Date
General Journal
Account title/Explanation
P.R.
17
Dr.
Page 2
Cr.
Date
General Journal
Account title/Explanation
P.R.
18
Page 3
Dr.
Cr.
Date
General Journal
Account title/Explanation
P.R.
19
Page 4
Dr.
Cr.
Date
General Journal
Account title/Explanation
P.R.
20
Page 5
Dr.
Cr.
Date
General Journal
Account title/Explanation
P.R.
21
Dr.
Page 6
Cr.
Account No. __
Date
Explanation
P.R.
Dr.
Date
22
Explanation
P.R.
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Account No. __
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Explanation
P.R.
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23
Explanation
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35
Explanation
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36
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37
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Explanation
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38
Explanation
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Explanation
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39
Explanation
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Explanation
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40
Explanation
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________________________________________
________________________________________
________________________________________
41
________________________________________
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