Republika ng Pilipinas

Department of Education
Region III
Schools Division of Bulacan
ANGAT NATIONAL HIGH SCHOOL
Taboc, Angat, Bulacan

Senior High School

FINAL EXAMINATION
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1
SY 2018-2019

Chyll Maran provides catering services with a trial balance as of November 30 as shown below
Accounts Debits Credits
Cash P 100,000
Accounts Receivable 50,000
Equipment 230,000
Accounts Payable P 50,000
Maran, Capital 240,000
Maran, Drawings 20,000
Service Fees 160,000
Supplies Expense 50,000
Totals P 450,000 P 450,000

The owner provided the following information about transactions that occurred during the month of
December.
Date Transactions
Dec. 1 Collected P15,000 on its account receivable.
Dec. 2 Purchased additional supplies for P60,000.
Dec. 4 Services were performed for a client for P30,000. Customer paid on cash.
Dec. 5 Provided services on account for P35,000.
Dec. 6 Paid accounts payable of P20,000.
Dec. 8 Paid salaries of P15,000.
Dec. 10 Paid water bill for P5,000.
Dec. 12 Collected P25,000 of accounts receivable.
Dec. 15 Borrowed P50,000 on a one-year note payable.
Dec. 17 Provided services for P70,000 in cash.
Dec. 20 Rendered services for P50,000 on account.
Dec. 21 Paid salaries amounting to P30,000.
Dec. 24 Paid accounts payable of P30,000.

Additional information
At the end of the year, the business provided the following transactions.
Date Transactions
Dec. 31 Under the terms of the note payable of P50,000, the interest (10%) is to be paid on
December 15. No interest has been recorded on the note.
Dec. 31 Advertising cost of P25,000 for December has not been recorded.
Dec. 31 The equipment was purchased on November 1 and has a useful life of 10 years and
no depreciation has been recorded.

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1

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