0) Manila and Onlgas 733-93441734-7903 ” Galarnba, Laguna (648) 453007 /sayas) Bacolod City | bu City (052) 255-7777 Loc. 122 (08872) 725150 * Davao City (082) 225.0048 indanao} Cagayan de Oro ‘wunw.prfe.com.oh CPA REVIEW OPEN FINAL PRE-BOARD EXAMINATIONS PRACTICAL ACCOUNTING 2 ‘Exam Coverage | RPCP | | Examination Syl ‘Exam Code" P2.OpenFPB.1009 September 27, 2000 Date mber 27, 2009. Time —__4:00 PM to 4:00 PM (No. of Questions _‘sBles 1aqoHO ale sojoleW Aq pauiode: sojes ssouB 24s “6002 “% Jago UO sUONeredo SsoLIsNG paouEWiWOD aasiyDuey SUL “000'08Td 29 $4802 IDeuipU paiin9U! 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What is (2) the net income (loss) for the period and (2) the 1g balance of cash? Pi68,000 and (2) °720,000 (168,000) and (2) 720,000 (210,000) and (2) P560,000 42,000 and (2) P560,000 = end of examination - Piease submit your answer sheet Keep the questionnaire. Thank you for taking the PRTC Open Pre-Board Examinatio Practical Accounting 2 sero 370,000; November sales, 423,500; and December sales, 516,500. The first installment payment was made on due dete. 2. Assuming collection of the note is not reasonably assured, in '5 income statement for the year ended December 31, 2009 the reported net income is a. P808,100 c. P388, 100 b. P886,850 d. 686,350 ‘At the beginning of 2009, Baliwag Stores got a franchise from San Rafael Corporation. The franchise agreement required a 500,000 initial franchise fee, payable at 2 cash down payment of 100 upon signing of the agreement and the balance in installments starting at the end of 2009. value of the four annuai payments at an appropri interest is P199,650. The fees, once paid are not refundabl franchise may be cancelled subject to the provisions of the at fees attributed to the balance of th would become due the franchisor ise: franchises for continuing services to be provided by San Rafael. ‘The Credit Bureau rated Baliwwag as a AAA credit risk, The balance Of the franchise fee was guaranteed by a commercial bank, The first year of Baliwag's operations yielded gross sales of P9 3. Calculate San Rafaet’s franchise revenues earned Baliwag franchise. a, P550,000 ©. 9749,650 , 650,000 d, P950,000 The Home Offi 1c City shipped merchandise costing 55,500 to Bamban Branch, prepaid, the freight amounting to 4,200. The home office transfers merchandise to the branch at 20% markup above cost. Bamban branch was subsequently instructed to transfer the merchandise to Concepcion branch wherein the latter said P2,800 freight. If the shipment was made Girectly from Tarlac City to Concepcion, the freight cost would have been P6,200. Page DORE a aah PaopeAPRITIS Tage For wean i BR opeAFDBIO.Bsorareusuadozd e EWOTTETAONR eyo re aay “Aenndadsed ‘000'07 Td Pue doo'oDEd sue sBujuies pauers pue >9035 jeyden Jo se2Ue\2q Sulpus sy, o0u'09e paumnboe sissy oca's9e sebieip Aewoursssdng eoo'ecee Pazyea. aq 01 sassy 26002 ‘0€ saquaydas Papua saplenb 24) 40} uomeiediod Jay JO LO! pu uoneZijear so 2UEWa}EIS 34 WO, va>}e} 819m EIEP BuIMolios a4, o8e'8szd 'P o8t'90Ed “4 od > ozs‘azte “e gdiusiauried ap 40 VOReDINBY) Yon UeIO oF parNqLAS|p aq PIOUS YSNU MOH “py QOv'Z Tad Sem suonesado Wow $307 ‘suoneBIGS diyssouyed yaaus 03 pasM aq ‘AuesseoaU 4! ‘AeW! eur ODS" 40 siasse jeuosiad Sey a¥@q “000'068'Td 10s S}255e aU) jIe iq 40 ano 06 0} papbap ayy arep SiY3 UO “O08'ZT9'Te igen pue ‘oos'z66'zd Jo sIOSSe weUI0 243 600Z ‘TE 4aq0HO UO puE Z:z:¢ Jo ue ssau) 22 2 yosd o4eys sieuuied ous “Ajanncodsa, "009"PS7d pue ‘00s‘osed ‘000'sped Jo yse> Sunsonur diysiouped © pawios aiag pue ‘eID ‘ouN ‘e002 “Z sequoides “UO 4 sesso, pue 000'Zze '580| ul azeys saneH (008"99d panisa. duu 000'009d 404 pjos ara syosse yseo-voN 000'9EZe¢ ‘sroutied 03 pied Use> jer0L é 84 40 3UWSAHOS HI UE OOZ'Zhed Panigoas JO nse oui YIM IWAZSISUODU! 1 BulMo/O, Ba Jo UsIuAK “ep ouas 2 Bununas0y jeonoeig oxmuators PS romsmvemn sesso o00'8s d (2) o00’eTha (t) -¢ 00'S a (2) o0o’eted (1) “e 522016 Ul >uom 6ulpus ‘un 3 3809 842 (2) paysidu0D spo06 jo 3509 ayy (T) aINdUloD °9 “000'PT hd 19M 53500 UOIs:aAUOD fono'ozzd 03 pewnowe sjsoo jetioiew ja301 -uoNajdwoo 40 BO8I5 60H AL3 we Jane] 242 ‘pud-sedA ye ssa50d U! syn 000'ST Pey pue poled ain Suuunp suUN OQD‘O® PAYSIUY AuedioD SUL “UoRSNpoLd snoYSnosy? AjUEND pausMoU! aie 5ySOD UOISJONUOD isseocid ai Jo Gujwuibaq 943 32 pappe aue sjeusjeu ly “WaIss Bulisod-ssao01d S6e10A8-paryBlom © S9SN “OD Ashe J9MOd] (os'zts‘sst)e (szo’est)d =p (0S'Z90'P9T)¢ see's6d => os'zse'9¢ta szo’estd =o 0S'290'vetd Szs‘z6td PoUIeW ole a2az wowajduios 30 9% ‘6002 ‘Te squiarsg pepuD Jead aun 404 juBUiare}S ouio>Ul auy ¥o paiodes aq 03 (5s0}) 19 qyoid ssou8 poztlesy au aleinoiey “s ose‘ter sca’ser a: ‘0o'c0s | g00'005 annare osz’ssa gse’osg Benue penuTD uomsjon Sue esewEsy osz’osaa Pauraur — soud 803 enuoy, “6002 jo pus aun 3 Sdof aaxig ayy 02 ujeiad eve Bumoyos 2x3 ‘6002 BuLNP Ses Gof Seii9 UO Lom paeYS AUedWOD LORSAASUCD Kesey co8‘oe “uequieg — quo1ND Ypuerg yparD jj1m soo awOY ayL °D 029d Aq UI-aYSie1 2pa:> yp youeIG uEQuE > o0n‘ozd “yuoung 220 aweH rIG80 youeiq yoodsouep +g 009'E¢d Vorsdaoue3 ~ quszing users yGRp III BdqJo SWOY sul “e ‘asipuelpiew jo sajsuey WueWqieau! up Jo YNSe1 e Se onLE Si BulMolloy Bt JO WY “> cas 2 BepunooayPractical Accounting 2 SeTD 41. Using (1) the direct method, the amount of Janitorial Department cost allocated to Sales Department no. 2 and (2) Using the step-down method and assuming thet Human Resources is allocated first, the amount of Human Resources cost allocated to Sales Department no. 3 is: 2 2)e 8973 (2)P 12,000 b. G)P 8,654 c (4)P 9,000 4. (4) P10,350 Andro and Bino have just formed a partnership, Andro contributed cash of 782,000 and office equipment that cost 390,000. The equipment had been used in sole proprietorship and had been 80% depreciated. The current fair value of the equipment is P252,000, An unpaid mortgage lean the equipment of P84,000 wil Bino is to contribute, only, merchandise 630,000. Both partners agreed on a profi to Andro and the balance to Bino. 42. To finalize the partnership agreement, Anéro should make additional investment (withdrawal) of cash in the amount of a. (42,000) . 288,000 b. P(180,000) 6. PC-5,000, Kati , and Minnie decided to liquidate their partnership on July 31, 2009. Their capital balances and profit and foss ratios on this date, before liquidat PRL Ratio Katie P224, 25% Leni 30% Minnie 45% ‘The net loss from January 1 to July 31, 2009 is P48,000. Also, on this date, cash and ies are P136,000 and 232,000, respectively. Practical Accounting 2 serD reece lowing trial balance as of December 31, 2009 after its first year operations. Debit Credit ash Accounts rec 63,200 Shipments fi 168,000 Expenses 10,800 Sales 134,400 Home Office current 118,000 Totals P 252,400 252,400 Merchandise inventory, December 31, 2009 is 50,400. ‘Shipments to branch are billed at 140% of cost. ret Income during 2009 c. P39,600 4. 54,000 Surf Inc., disposes of under- or overapplied overhead at year-end a5 an adjustment to cost of goods sold. Prior to disposal, the reparted cost of goods sold of 590,000 manufacturing overhead was underapplied by 8. If sales revenue totaled P1,400,000, deter adjusted cost of goods sold and (2) gross margin. Adjusted Cost Of Goods Sold Gross. Marain (2) Surf's a P575,000 810,000 b. 575,000 c. p590,900, ¢. — P605,000, 795,000 Company established an On December 1, 2009, the Cal agency in Sta, Barbara, sending it merchandise samples costing 324,000 and @ cash working fund of P87,750 to be maintained ‘on the imprest basis. During the month of December, the agency Tae ora amare sah : a PROpenFPBIB.O8 Aa Z Pa apentPera OSovssniors BES prema enero sororowsvedoze zzso9 2604 covers lee. CoO OORTE exe, ssehojduse ‘300TSS ose ST t s 20 soquinn ‘200'607 D0o'es coo'oe Ooo'ez Oao'r —Ga0'y yey azenbs ul eds ‘0'c07 00'09 © queuing awEH! 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Accounting 2 SETO eee Eee PEELE EEE Activity Estimated Expected Acihisy Expected Actvity Cost Coats ats Total “Aetiviey 1 P26,000 190409 $00 ~ 37,000 800 200 2,009 P38'200 00, 3,000 3,800 ‘Company. is using ABC, (1) the cost per unit of coats the cost per unit of hats is approximately: P2.40 (2)? 3.90 P 390 (2) P12.00 P 6.60 15.90 3} P 10.59 (2) P16.50 The Viva Company had 20,000 units in process on December 31, 2008 which was 80% compiete as to materials but only 40% compiete as to conversion costs. The company's records show 000 units were transferred to the Finished Goods Inventory turing January 2009. On January 31, 2009, 15,000 units were on hand which were 30% compiete as to conversion costs and 60% complete as to materi 37, What are the equivalent units of production for the conversion ts in January, assuming Viva uses first-in, first-out FO}? 34,000 ¢. 36,500 b 35,000 4. 41,500 Hilda, Irma, and Julie were partners with capital balances on January 2, 2009 of 560,000, 672,000, and P495,000, respectively. Their profit and loss ratio is 3:5:2, On August 1, 2008, Hilda retires from the partnership, On the cate of retirement, the partnership net loss from January 2 is 384,000; and the partners agreed to revalue inventories to P296,000 (from the carrying emount of P272,000). The payment to Hilda in settlement of her interest is to be P454,800. 38. Upon the retirement of Hilda, which of the fotlowing will result? a. Bonus to Irma of P2,000 . Bonus to Julie of P800 Practical Accounting 2 SETO t costs of P25,000 and paid Acquirer Company incurred di rect costs of P15,000 LL, How much is the total 's and total stockholders’ equity reported on the combined balance sheet? a. P1,925,000 . P2,335,000 b. 2,350,000 4. 2,300,000 id equipment costing P105,000 1e anc a 5-year life) to its B0%- for P96,000. Solar assigned a ‘ary, Solar Corp. remaining life of six (6) years (s: 12, What are the cost and accumulated depreciation, respectively, of this equipment in the December 31, 2009 consolidated bolance sheet? a. 996,000 and P28,000 b, 996,000 and P42,000 ‘The consolidated balance sheet of Porche Corporation and its 90%-owned subsidiary, Jac Corporation, conteins the following items on December 31, 2008, 100,000 = P 240,000 360,000 stock £860,000 340,000 Retwined earnings 146,000 520,006 Minority interest 50,657 86.652 Totals 24,206,867 Total PLIDEESZ ‘The net assets of Jaguar Corporation were fairly valued at the jon date. Porche had recorded goodwill of P20,000 on the 13, Calculate the price paid by Porche Corporation for its interest Jaguar Corporation on December 31, 2009. 2, 412,000 . P486,000) b. P352,000 6, 292,000 YM Company purchased 70% ownership of PV Company on January 1, 2007, at underlying book value. 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O10z —oon'ze conoe> © WA caaete Adc 5002 900'GrId aDo'OrSa As COOeone srepisino pug-03, sou sekng oes © jepiosun sajes npoig las i084 $9 3503 #6007 pue g00z BuLiNp passn2o0 sales Bjez0cu02-s99u) BumojIos SUL “poued yaeD AicqUBAU! Jo sales syeiodsoo-soqU leRUersGns quas 2 Bununcoay eonoegPractical Acsourting 2 SETD appear at the end of 2009 before adjustments for venture inventory and distribution of profits and josses. Debit Credit Joint venture cash P 1,344,000 R, Capital 84,000 T, Capital 756,000, The venture is to be terminated on December 31, 2009 with unsold merchandise costing P291,200. 33. Calculate the balance of the joint venture account before (1) distribution of profit of 140,000; (2) distribution of loss of 28,000. 2. (4) P431,200 dr; (2) P319,200 er b. (4) P151,200 de (2) 319,200 dr © (3) P151,200 cr; (2) P263,200 ar a. (1) P151,200 dr; (2) P328,200 er ‘The following selected data were taken from the books of the Disney Bex Company. The company uses job costing to account for manufacturing costs. The data relate to June operations. A)Materials and supplies were requi as follows: ioned from the stores clerk factory use: materials A, B, and C, 2,300. 8) Time tickets for the month were chargeable as follows: Job 405 P11,000 3,000 hours Job 405 14,000 3,600 hours Job 407 8,000 1,900 hours Indirect labor 3,700 ) Other information: Prapical Accounting 2 seTD Bamey Company applies manufacturing overhead by using a predetermined rate of 200% of direct labor cost. The data thet follow pertain to job no. 764: Direct material cost —_-P55,000 Direct labor cost 40,000 47, If Barney adds 2 40% markup on total cost to generate a profit, which of the following choices depicts a portion of the accounting needed to record the sale of job no, 764? Account Debited Amount Cost of Goods Sold 175,000 Cost of Goods Sold 245,000 Finished-Goods Inventory 175,000 hed-Goods Inventory 245,000 Sales Revenue 245,000 ‘On December 2, 2009, XY Trading purchased equipment gadgets from a Japanese firm for 230,000 yen. The exchange rate for the Japanese yen is P1 = 8 yen on December 1, 2009 and Pi = 5 yen ‘on December 31, 2009. 18. On the December, 2009 income statement XY Trading should report 2 foreign exchange gain (loss) of: a. 690,000 ©. P17,250 b. P(690,000) 4. P(17,250) On December 1, 2009, Armani Corporation ordered equipment FOB shipping point from a Switzerland Company for 75,000 Swiss Francs, The equipment wes shipped and invoiced to Armani Company on December 12, 2009. Armani paid the invoice on January 24, 2040. Relevant spot rates for Swiss Francs on various dates follow: Buying spot rate Selling spot rate December 1, 2009 P32.45 32.60 December 12, 2009 32.58 32.84 December 31, 2009 32.72 32.96 January 21, 2010 32.68 32.89 Tag Teer na ona = PE DpeaPaTO ae TE ia oriecomos Patent PBI6.OSSoue|eq Bulmojioy ays “Aylenb9 pepinp a o aie sesso} pue ‘su0ld “000'9¢ed J0 a3) ywatuabeUeW © pamolle 51 ay “abeueL, sy ‘soog S14 uw} SuoRDesuedy SunquDA qUIOf a4 psova: 0} pazeubisop 51 pue sabeuews se ae 03 5} D ‘aumuan 2UIOf © pauuos 1 pue y “Es'Ord (2) Su'ETA (1) “D SLstd(Z) “OSztd (tT) > teord (2) sea a(t) “a eat d(Z) -stz a(t) + 181 apeut fusaiap asea (z) janbnog Udee (T) 01 pabueyD oq Pirom yeu) peDyione JeLpo pie salsBjes pue saBem Jo 2500 ay “ze “4e9k Bunwoodn aig u saueniiap 000'y pue srenbnoq goo’ez Supew saedionue apisioay %ST RSE 0S Peayserd s8UIQ %0T OE %09 seue|es pue sabem PUIG MSAISG — TORMpOIE yenbnog ssmoyoy se B12 5ISOD Asay. “00'OLd [e109 PeSYZDA0 22u0 159SE) Yjoq WOLD AIEDIGAY 9) uM jauuosied AUedwaD “sswoxsn9 jeDsowLWOD 5 iA BuLianijap pue syenbnog je10U GuPeU! 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Received allotment advice with notice of cash allocation, 10,000 b. Issued an MDS check to Rey © as cash advance for traveling expenses, P2,000, Issued an MOS check for the purchase of spare parts, net of ithnolding taxes, P2,640 Issued @ TRA (Tax Remittance Advice) for the withholding taxes in ©, P360. Refund of excess cash advance by Rey O to the collecting officer, 500. Deposit of the collection for the excess cash advance to the National Treasury, 2500, g. Issued an MDS check for the acquisition of office equipment, net of withhelé taxes, P4,400. h. Issued an MDS check to BIR for the remittance of the withheld taxes in (9), P600, 28. Calculate the revenue to be reported by ABC in the September, 2009 Statement of Revenues and Expenses: a. PB 9,860 c.P 9,500 b. P10,360 ¢. 10,000 Before prorating the manufacturing overhead casts at the end of 2003, the Cost of Goods Sold and Finished Goods Inventory hac applied overhead costs of P57,500 and P20,000 in them, respectively. There was no work in process at the beginning end of 2009, Ouring the year, manufacturing overhead costs of P74,000 were actually incurred. The balance in the Agp! Manufacturing Overhead was P77,500 at the end of 2008. 30. If the under- or overapplied overhead is prorated betwee Cost of Goods Sold and the inventory accounts, how much wi be the Cost of Goods Sold after the proration? Pract Accourting 2 ser Mig accounts for the by-product at the time of production. 21, What are Mig’s 2009 cost of sales for gasoline and the by product? Gasoline By-product 2. 105,008 25,000 b. 135,000 a «108,000 37,008 ¢. 100,000, ° ‘On November 4, 2009, De Leon Enterprises entered Into a forwerd contract for the delivery of FC500,000 on January 30, 2040, concerned that the Philippine PESO might weaken against the Foreign Currency (FO), ‘The following exchange rates are relevant: Forward Rata to Jan Spot Rate 30, 2019 1185 'e2.20 11390 azn 1.200 1.205 4235 1213 1d Is December 34. The discount factor is 5% he fair value of the Forward Contract at December c. 2,469 d. P5,010, ly restricted, as to use ly restricted, as to time of use Temporsniy rectriezed ae to use and as to time 10,900 Permanently restricted 162,500 ‘Transactions for the month of December by X Benefits folio: \Cash contributions by outside donors: a. P58,403 «. P60,197 created 30,000 b. P56,597 d.P54,903 ‘Temporarily restricted as to use 8,000 “Temporary restated as & sme of use 3,000 Raa RE ana FR SSTORETSsooressuedorrd x zzsogr ons 000'8e88d “p oo0'94S¢ 318 #90 seIe5 429 9D 104 ayoud ss016 paziess aus are; “"peNU0D Bip Us paw: Se 000'02Sé 6007 J0 sapurewias auz s9N0 “si22 pasn 40 uo ayaid ss016 9502 B 2 $09 BujUoRIpuOIS! Jaye gOo'ESy'Te 0) #29 psn BY, “UI ape au UO pamoye BulSq Q00'G96! wap se paidense si se pasn y “Q0n'rC8’9d 46) OOy'Stz'ze Bunseo 420 mou @ sy2s sores 1€9 Aa! 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