Determination of unknown accounting elements

CASE 1 CASE 2 CASE 3 CASE 4 CASE 5

Assets P250,000 P380,000 P________ P510,000 P320,000
-Liabilities ________ 120,000 150,000 _________ 180,000
=Owner’s Equity P175,000 P_______ P400,000 P________ P140,000

Determination of Profit and Loss

The following relates to the operating results of the business:

CASE 1 CASE 2 CASE 3 CASE 4 CASE 5
Total Income P100,000 P190,000 P________ P120,000 P95,000
Total Expense 60,000 _______ 80,000 _________ _______
Profit (loss) P______ P110,000 (P20,000) P30,000 P_______

Determination of unknown accounting values

The following relates to the operating results of the business:

CASE 1 CASE 2 CASE 3 CASE 4 CASE 5
Assets P60,000 P50,000 P________ P85,000 P______
-Liabilities 40,000 _______ 40% _________ 35,000
=Owner’s Equity P______ P 30% P45,000 P 75% P50%

With the following listed account balances of Evansuenda Rallos Co., calculate the missing
accounting value by using the basic accounting equation in each of the given cases:

CASE 1.
Accounts Payable P60,000
Accrues Expenses 15,000
Unearned Income 10,000
E. Rallos, Capital 402,000
How much is ASSETS?
CASE 2:
Cash In Bank P340,000
Accounts Receivable 100,000
Estimated Uncollectible Accounts (3,000)
Supplies Inventory 30,000
Prepaid Expenses 20,000
E. Rallos, Capital 402,000
How much is LIABILITY?

CASE 3:
Cash In bank P340,000
Accounts Receivable 100,000
Estimated Uncollectible Accounts (3,000)
Supplies Inventory 30,000
Prepaid Expenses 20,000
Accounts Payable 60,000
Accrued Expenses 15,000
Unearned Income 10,000
How much is the OWNER’S EQUITY?

Additional Questions:
Instruction: find your own materials related to accounting and read its concept.
Note: Answer each questions based on your understanding

1. What are the four (4) phases of accounting?

2. List all the account titles used in Current Asset and Non-current Asset.
3. List all the account titles used in Current Liabilities and Non-Current Liabilities?
4. List all the account titles used in owner’s equity. Include the Income and expenses.
5. What is the Basic Accounting Equation?
6. What is the Expanded accounting equation?