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  • Assignment (PROBLEM 2 & CASE 15) - HERMOSADO

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    Anna Gian Sobrevilla
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    This document summarizes the financial transactions of a business for the year ending December 31, 2014. It shows: 1) Sales of P6,235,200 with accounts receivable of P1,654,400, leaving total collections from sales of P6,069,800. 2) Cost of goods sold of P4,364,640 plus inventory of P69,000 minus accounts payable of P389,650 equals total payments for merchandise of P4,043,990. 3) Cash receipts including collections from customers of P500,000 and issue price of shares of P1,650,000 totaling P8,219,800. 4) Cash

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    This document summarizes the financial transactions of a business for the year ending December 31, 2014. It shows: 1) Sales of P6,235,200 with accounts receivable of P1,654,400, leaving total collections from sales of P6,069,800. 2) Cost of goods sold of P4,364,640 plus inventory of P69,000 minus accounts payable of P389,650 equals total payments for merchandise of P4,043,990. 3) Cash receipts including collections from customers of P500,000 and issue price of shares of P1,650,000 totaling P8,219,800. 4) Cash

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    19 views3 pages

    Assignment (PROBLEM 2 & CASE 15) - HERMOSADO

    Uploaded by

    Anna Gian Sobrevilla
    This document summarizes the financial transactions of a business for the year ending December 31, 2014. It shows: 1) Sales of P6,235,200 with accounts receivable of P1,654,400, leaving total collections from sales of P6,069,800. 2) Cost of goods sold of P4,364,640 plus inventory of P69,000 minus accounts payable of P389,650 equals total payments for merchandise of P4,043,990. 3) Cash receipts including collections from customers of P500,000 and issue price of shares of P1,650,000 totaling P8,219,800. 4) Cash

    Copyright:

    © All Rights Reserved
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    of 3

    Problem 2

    A. Sales P6235200
    Less:Accounts Receivable -165400
    Total collection from sales P6069800

    B. Cost of Goods Sold (P6,235,200 x 70%) P4364640


    Add: Merchandise inventory, December 31 69000
    Less: Accounts payable, December 31
    Total payments for merchandise purchase 389650
    P4,043,990

    C. Issue price of ordinary shares P1650000


    Collections from customers 500000
    Notes Payable from Bank
    Total cash receipts per books 6069800
    P8219800

    D. Land P1000000
    Furnitures and Fixtures
    Building 1400000
    Operating expenses paid (P1,005,150 -P400,000) 367000
    Payments for Purchases 605150
    Total cash disbursement per books 4043990
    P7416140

    E. Cash receipts per books P8219800


    Cash disbursements per books 7416140
    Cash balance per books, Dec. 31 2014
    P803660

    F. Balance per bank statement P892000


    Deposit in transit 384660
    Outstanding checks
    Adjusted cash balance, Dec. 31, 2014 -475000
    801660
    Case 15

    Unadjusted balance
    Deposit in Transit
    Outstanding Checks
    Book error (P188,040-58,080)
    Notes collected plus interest
    NSF Checks
    Undeposited collections
    Undeposted petty cash balance (P10,000 - 6,400)
    Balances
    Cash Shortage
    Cash Balance to be presented in Financial Position

    Adjustments to be made:
    Dr Cr
    Accounts payable 129,960
    Cash
    129,960

    Cash 505,000
    Notes Receivables 500,000
    Interest Income
    5,000

    Accounts Receivables 84,080


    Cash 84,080

    Various accounts ( Expenses ) 6,400


    Petty Cash Fund 6,400

    Receivable from Custodian 128,050


    Cash 128,050
    15
    Per Book Per Bank
    -65120 399,850
    70,000
    -408,110
    -129,960
    505,000
    -84,080
    26,050
    -6,400 3,600
    219,440 91,390
    -128,050 0
    91,390 91,390

    Hermosado, Dave
    September 9, 2019
    MWF 6-8:00pm

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