COLLEGE OF SAN BENILDO - RIZAL

SENIOR HIGH SCHOOL DEPARTMENT

Sumulong Highway, Antipolo City
School Year 2017-2018

PERFORMANCE TASK IN FUNDAMENTALS OF ACCOUNTANCY,

BUSINESS AND MANAGEMENT 2

PRACTICE SET

Requirements:
1. Identify the following and indicate on the spaces provided:
a. Business or bank forms to be used by Ang Tindahan to document the above transactions.
b. Journal to be used to record the original entry for the respective transactions.
2. Prepare the journal entry (debit-credit format) to record the above transactions. Use only the accounts listed on the chart of accounts given below.
3. Fill up the relevant forms based on the answer in 1a. Format of the forms are provided below. Reproduce the necessary forms. Follow the numbering
instructions.
4. Based on your answer in 1b, record the transactions in the appropriate journals. Formats are also provided below.
5. Post the journal entries in the appropriate subsidiary ledgers and general ledger accounts. Formats are also provided below.
6. Summarize the ledger accounts and list the balances on the trial balance.
7. Record the following adjusting entries.
a. Accrual of one month rent
b. One-month depreciation of laptop computer. Estimated life is 5 years.
c. Accrue employee salary, P 7,000
8. Prepare the financial statements from the trial balance.
9. Prepare necessary closing entries and record on the general journal and ledger.
10. Perform financial statement analysis on the completed financial statements.
Ang Tindahan Co. is a wholesaler of office and school supplies. The following are the transactions of Ang Tindahan Co. for the first month of its operations. All cash
disbursements are made by bank check. Assume perpetual inventory method is used.

Business/ Bank Forms to

Date Transaction Amount Journal Journal Entry
be filled up

Rachel Dy made initial contribution to the business by

1-Jul P200,000
depositing money in the company's bank account.
     

Purchased laptop from Computersho[ Inc. for office use.

1-Jul P45,000
Payment term: COD (Cash on Delivery).
     

2-Jul Paid advance rental for 6 months. P30,000

     

Received 200 reams of bond papers (inventory) ordered

4-Jul P25,000
from Jude Corp. Payment terms: 2/10, n/30.
     

Delivered150 reams of bond papers to Aurora Company.

7-Jul Payment terms: 2/10, n/30. Cost of merchandise was P41,250
P18,750.
     

8-Jul Paid the July 4 purchases. P24,500

     

15-Jul Paid salary of employee P7,000

     
16-Jul Received payment from the July 7 sales. P40,425

     

Sold 20 reams of bond papers to Audrey Company.

18-Jul Audrey picked up the merchandise from the store. P5,500
Payment term: 15 days. Cost of merchandise was P2,500.
     

Received 10 boxes of ballpoint pens from Mickey Inc.

19-Jul P25,000
Payment terms: COD
     

Over the counter sale of 4 boxes of ballpoint pens to

22-Jul P22,000
Happy Company. Cost of merchandise was P 10,000

     

  Cost of merchandise was P 10,000  

     

Received 10 calculators from Plusminus Corporation.

23-Jul P3,000
Payment terms: 30 days.
     

Sold 6 calculators to Joel Company. Joel picked up the

24-Jul merchandise from the store. Payment Term: 15 days P3,960
store. Cost of merchandise was P1,800
     

25-Jul Paid electricity bill. P7,400

     
 Received 2 defective calculators from Joel Company. Cost
26-Jul P1,320
of defective calculators is P600.

     

Over the counter cash withdrawal by the owner, Rachel

31-Jul P10,000
Dy, for her personal expenses.
     

Chart of Accounts
Business Forms
Instruction for business and bank forms:
1. Reproduce the forms based on the number of transactions to be documented.
2. Provide the last digit of the business form numbers. Begin with 1 for the first form used. Example, first bank check used should be
numbered Check Number 000432651. The second bank check used should be Check Number 000432652.
Accounting Books
Worksheet

Statement of Financial Statement of

Account Trial Balance Adjustments Adjusted Trial Balance
Account Name Position Comprehensive Income
Number
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit