0

Fundamentals of SENIOR
Accountancy, Business HIGH
and Management 1 (FABM 1) SCHOOL

Self-Learning

Preparing of
Module

Worksheet
2
666
Quarter 4
Fundamentals of Accountancy, Business and Management 1
Quarter 4 – Self-Learning Module 2: Preparing of Worksheet
First Edition, 2020

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represent nor claim ownership over them.

Development Team of the Self-Learning Module

Writer: Jeany Rose P. Agbisit

Editor: Edna D. Camarao, PhD., Dennis T. Alex
Reviewers:
Content/Language: Edna D. Camarao, PhD., Jennifer M. Hobrero
Technical: Emmanuel B. Penetrante
Illustrator: Name
Layout Artist: Name
Management Team: Ma. Evalou Concepcion A. Agustin
OIC-Schools Division Superintendent
Carolina T. Rivera, CESE
OIC-Assistant Schools Division Superintendent
Victor M. Javeña EdD
Chief, School Governance and Operations Division and
OIC-Chief, Curriculum Implementation Division

Education Program Supervisors

Librada L. Agon EdD (EPP/TLE/TVL/TVE)
Liza A. Alvarez (Science/STEM/SSP)
Bernard R. Balitao (AP/HUMSS)
Joselito E. Calios (English/SPFL/GAS)
Norlyn D. Conde EdD (MAPEH/SPA/SPS/HOPE/A&D/Sports)
Wilma Q. Del Rosario (LRMS/ADM)
Ma. Teresita E. Herrera EdD (Filipino/GAS/Piling Larang)
Perlita M. Ignacio PhD (EsP)
Dulce O. Santos PhD (Kindergarten/MTB-MLE)
Teresita P. Tagulao EdD (Mathematics/ABM)

Printed in the Philippines by Department of Education – Schools Division of Pasig

City
 Fundamentals of
SENIOR
Accountancy, Business HIGH
and Management 1 SCHOOL

(FABM 1)

Self-Learning
Module
Preparing of
2
Worksheet
12
Quarter 4
Introductory Message

For the facilitator:

Welcome to the Senior High School – Fundamentals of Accountancy, Business

and Management 1 Quarter 4 Self Learning Module on Preparing of Worksheet!

This Self-Learning Module was collaboratively designed, developed and

reviewed by educators from the Schools Division Office of Pasig City headed by its
Officer-in-Charge Schools Division Superintendent, Ma. Evalou Concepcion A.
Agustin, in partnership with the City Government of Pasig through its mayor,
Honorable Victor Ma. Regis N. Sotto. The writers utilized the standards set by the K
to 12 Curriculum using the Most Essential Learning Competencies (MELC) in
developing this instructional resource.

This learning material hopes to engage the learners in guided and independent
learning activities at their own pace and time. Further, this also aims to help learners
acquire the needed 21st century skills especially the 5 Cs, namely: Communication,
Collaboration, Creativity, Critical Thinking, and Character while taking into
consideration their needs and circumstances.

In addition to the material in the main text, you will also see this box in the
body of the module:

Notes to the Teacher

This contains helpful tips or strategies that
will help you in guiding the learners.

As a facilitator you are expected to orient the learners on how to use this
module. You also need to keep track of the learners' progress while allowing them to
manage their own learning. Moreover, you are expected to encourage and assist the
learners as they do the tasks included in the module.
For the learner:

Welcome to Fundamentals of Accountancy, Business and Management 1

Quarter 4 Self Learning Module on Preparing of Worksheet!

This module was designed to provide you with fun and meaningful
opportunities for guided and independent learning at your own pace and time. You
will be enabled to process the contents of the learning material while being an active
learner.

This module has the following parts and corresponding icons:

Expectations - This points to the set of knowledge and skills

that you will learn after completing the module.

Pretest - This measures your prior knowledge about the lesson

at hand.

Recap - This part of the module provides a review of concepts

and skills that you already know about a previous lesson.

Lesson - This section discusses the topic in the module.

Activities - This is a set of activities that you need to perform.

Wrap-Up - This section summarizes the concepts and

application of the lesson.

Valuing - This part integrates a desirable moral value in the

lesson.

Posttest - This measures how much you have learned from the
entire module.
 EXPECTATIONS

After going through this module, you are expected to:

1. Define worksheet;

2. Summarize the procedures in preparing the worksheet;

3. Prepare the 10-column worksheet; and

4. Give the importance of preparing a worksheet.

PRETEST

Directions: Write TRUE if the statement is correct and FALSE if it is incorrect.

1. The last step in worksheet preparation is to enter the profit or loss figure as
a balancing figure in the income statement and balance sheet columns.

2. The worksheet is a convenient device for completing the accounting cycle.

3. When the income statement columns of the worksheet are totaled, the excess
of debits over credits is called profit.
4. Income and expense accounts are moved to the balance sheet columns of the
worksheet.

5. After all necessary adjustments are entered in the worksheet, the two
adjustments columns are totaled to prove the equality of debits and credits.
 RECAP
Directions: Completion Statements

1. The ___________ principle gives accountants guidance as to when revenue

is to be recorded.
2. An adjusting entry recording accrued salaries for a period indicates that
Salaries Expense has been _____________ but not yet been 3. ______ or
recorded.
4. An adjusted trial balance proves the __________ of the total debit and credit
balances after all 5. ________ entries have been made.

LESSON

TEMPORARY ACCOUNTS – accounts that to be closed

WORKSHEET
❖ Is a multicolumn form that may be used in the adjustment process and
in preparing financial statements.
❖ It is a working tool. It is not a permanent accounting record; it is neither
a journal nor a part of the general ledger.
❖ Merely a device used to make it easier to prepare adjusting entries, as
it provides the data for journalizing the adjusting and closing entries.
❖ It can be used to determine profit and loss and can be used to prepare
the financial statements (if completed)
STEPS IN PREPARING THE WORKSHEET
1. Enter the worksheet heading which consists of three lines:
Name of the company
Worksheet
Period covered

Name of the Business

Worksheet
Period Covered

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
 2. Enter the column headings, providing the first two money columns for the
trial balance, and the next two columns for each of the following:
Adjustments, Adjusted Trial Balance, Income Statement, and Statement of
Financial Position

Name of the Business

Worksheet
Period Covered
Trial Adjusted Trial Income Balance
Adjustments
Account Titles Balance Balance Statement Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
 3. Enter the unadjusted account balances from the general ledger into the
Unadjusted Trial Columns of the worksheet.

Carlito Auto Repair Shop

Worksheet
For the year ended December 31, 2019
Trial Adjusted Trial Income Balance
Adjustments
Account Titles Balance Balance Statement Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
1 Cash on Hand 25 0 0 0 -
2 Cash in Bank 45 0 0 0 -
Accounts Receivable 49 0 0 0 -
3 Notes Receivable 30 0 0 0 -
4 Prepaid Insurance 15 0 0 0 -
5 Machinery and Equipment 150 0 0 0 -
6 Furniture and Fixtures 25 0 0 0 -
7 Accounts Payable 26 0 0 0 -
8 Notes Payable 50 0 0 0 -
9 Carlito, Capital 132 8 5 0 -
10 Carlito, Drawing 5 0 0 0-
11 Repair Income 275 0 0 0 -
12 Referral Income 15 0 0 0 -
13 Salaries Expense 45 0 0 0 -
14 Supplies Expense 6 0 0-
15 Taxes and Licenses Expense 7 2 5 0-
16 Rent Expense 55 0 0 0 -
17 Utilities Expense 46 7 5 0 -
18 Interest Expense 2 5 0-
19 498 8 5 0 - 498 8 5 0 -
20
21
22
23
24
25
26
27
28
29
30

4. Add the Debit and Credit columns of the unadjusted Trial Balance columns of
the worksheet to verify that the totals are equal.

‘
 5. Enter the adjusting entries into the worksheet, based upon the adjustment
data.

Carlito Auto Repair Shop

Worksheet
For the year ended December 31, 2019
Trial Adjusted Trial Income Balance
Adjustments
Account Titles Balance Balance Statement Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
1 Cash on Hand 25 0 0 0 -
2 Cash in Bank 45 0 0 0 -
Accounts Receivable 49 0 0 0 -
3 Notes Receivable 30 0 0 0 -
4 Prepaid Insurance 15 0 0 0 - (2) 10 0 0 0 -
5 Machinery and Equipment 150 0 0 0 -
6 Furniture and Fixtures 25 0 0 0 -
7 Accounts Payable 26 0 0 0 -
8 Notes Payable 50 0 0 0 -
9 Carlito, Capital 132 8 5 0 -
10 Carlito, Drawing 5 0 0 0-
11 Repair Income 275 0 0 0 -
12 Referral Income 15 0 0 0 -
13 Salaries Expense 45 0 0 0 -
14 Supplies Expense 6 0 0 - (3) 2 0 0-
15 Taxes and Licenses Expense 7 2 5 0 - (8) 1 3 0-
16 Rent Expense 55 0 0 0 -
17 Utilities Expense 46 7 5 0 -
18 Interest Expense 2 5 0 - (7) 7 5 0-
19 498 8 5 0 - 498 8 5 0 -
20 Doubtful Accounts (1) 4 9 0 0 -
21 Allow. for Doubtful Accounts (1) 4 9 0 0 -
22 Insurance Expense (2) 10 0 0 0 -
23 Prepaid Supplies (3) 2 0 0-
24 Interest Receivable (4) 4 5 0-
25 Interest Income (4) 4 5 0-
26 Depreciation Expense-Machi. & Equipt (5) 75 0 0-
27 Accumulated Deprn.-Machi & Equipt. (5) 7 5 0 0 -
28 Depreciation Expense-Furn. & Fixtures (6) 2 2 5 0 -
29 Accumulated Deprn.-Furnitures & Fix. (6) 2 2 5 0 -
30 Interest Payable (7) 7 5 0 -
31 Taxes and Licenses Payable (8) 1 3 0 -
32 Totals 26 1 8 0 - 26 1 8 0 -
33 Net Income
34 Totals

6. Add the Debit and Credit columns of the Adjustments columns of the
worksheet to verify that the totals are equal.
 7. Add or Deduct adjusting entry data to trial balance amounts and extend
amounts to the Adjusted Trial Balance columns.

Carlito Auto Repair Shop

Worksheet
For the year ended December 31, 2019
Trial Adjusted Trial Income Balance
Adjustments
Account Titles Balance Balance Statement Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
1 Cash on Hand 25 0 0 0 - 25 0 0 0 -
2 Cash in Bank 45 0 0 0 - 45 0 0 0 -
3 Accounts Receivable 49 0 0 0 - 49 0 0 0 -
4 Notes Receivable 30 0 0 0 - 30 0 0 0 -
5 Prepaid Insurance 15 0 0 0 - (2) 10 0 0 0 - 5 0 0 0-
6 Machinery and Equipment 150 0 0 0 - 150 0 0 0 -
7 Furniture and Fixtures 25 0 0 0 - 25 0 0 0 -
8 Accounts Payable 26 0 0 0 - 26 0 0 0 -
9 Notes Payable 50 0 0 0 - 50 0 0 0 -
10 Carlito, Capital 132 8 5 0 - 132 8 5 0 -
11 Carlito, Drawing 5 0 0 0- 5 0 0 0-
12 Repair Income 275 0 0 0 - 275 0 0 0 -
13 Referral Income 15 0 0 0 - 15 0 0 0 -
14 Salaries Expense 45 0 0 0 - 45 0 0 0 -
15 Supplies Expense 6 0 0 - (3) 2 0 0- 4 0 0-
16 Taxes and Licenses Expense 7 2 5 0 - (8) 1 3 0- 7 3 8 0-
17 Rent Expense 55 0 0 0 - 55 0 0 0 -
18 Utilities Expense 46 7 5 0 - 46 7 5 0 -
19 Interest Expense 2 5 0 - (7) 7 5 0- 1 0 0 0-
20 498 8 5 0 - 498 8 5 0 -
21 Doubtful Accounts (1) 4 9 0 0 - 4 9 0 0-
22 Allow. for Doubtful Accounts (1) 4 9 0 0 - 4 9 0 0-
23 Insurance Expense (2) 10 0 0 0 - 10 0 0 0 -
24 Prepaid Supplies (3) 2 0 0- 2 0 0-
25 Interest Receivable (4) 4 5 0- 4 5 0-
26 Interest Income (4) 4 5 0- 4 5 0-
27 Depreciation Expense-Machi. & Equipt (5) 75 0 0- 7 5 0 0-
28 Accumulated Deprn.-Machi & Equipt. (5) 7 5 0 0 - 7 5 0 0-
29 Depreciation Expense-Furn. & Fixtures (6) 2 2 5 0 - 2 2 5 0-
30 Accumulated Deprn.-Furnitures & Fix. (6) 2 2 5 0 - 2 2 5 0 -
31 Interest Payable (7) 7 5 0 - 7 5 0 -
32 Taxes and Licenses Payable (8) 1 3 0 - 1 3 0 -
33 Totals 26 1 8 0 - 26 1 8 0 - 514 8 3 0 - 514 8 3 0 -
34 Net Income
35 Totals

8. Add the Debit and Credit columns of the Adjusted Trial Balance columns
of the worksheet to verify that the totals are equal.
 9. Extend the adjusted trial balance amounts to the Income Statement
columns and the Balance Sheet columns.

10. Add the Debit and Credit columns of the Balance Sheet and Income
Statement columns of the worksheet to determine the amount of net
income or net loss for the period.

11. Enter the amount of net income or net loss for the period in the proper
Income statement column and Balance sheet column.

12. Add the Debit and Credit columns of the Balance Sheet and Income
Statement columns of the worksheet to verify that the totals are equal.

Carlito Auto Repair Shop

Worksheet
For the year ended December 31, 2019
Trial Adjusted Trial Income Balance
Adjustments
Account Titles Balance Balance Statement Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
1 Cash on Hand 25 0 0 0 - 25 0 0 0 - 25 0 0 0 -
2 Cash in Bank 45 0 0 0 - 45 0 0 0 - 45 0 0 0 -
3 Accounts Receivable 49 0 0 0 - 49 0 0 0 - 49 0 0 0 -
4 Notes Receivable 30 0 0 0 - 30 0 0 0 - 30 0 0 0 -
5 Prepaid Insurance 15 0 0 0 - (2) 10 0 0 0 - 5 0 0 0- 5 0 0 0 -
6 Machinery and Equipment 150 0 0 0 - 150 0 0 0 - 150 0 0 0 -
7 Furniture and Fixtures 25 0 0 0 - 25 0 0 0 - 25 0 0 0 -
8 Accounts Payable 26 0 0 0 - 26 0 0 0 - 26 0 0 0 -
9 Notes Payable 50 0 0 0 - 50 0 0 0 - 50 0 0 0 -
10 Carlito, Capital 132 8 5 0 - 132 8 5 0 - 132 8 5 0 -
11 Carlito, Drawing 5 0 0 0- 5 0 0 0- 5 0 0 0-
12 Repair Income 275 0 0 0 - 275 0 0 0 - 275 0 0 0 -
13 Referral Income 15 0 0 0 - 15 0 0 0 - 15 0 0 0 -
14 Salaries Expense 45 0 0 0 - 45 0 0 0 - 45 0 0 0 -
15 Supplies Expense 6 0 0- (3) 2 0 0- 4 0 0- 4 0 0 -
16 Taxes and Licenses Expense 7 2 5 0- (8) 1 3 0- 7 3 8 0- 7 3 8 0 -
17 Rent Expense 55 0 0 0 - 55 0 0 0 - 55 0 0 0 -
18 Utilities Expense 46 7 5 0 - 46 7 5 0 - 46 7 5 0 -
19 Interest Expense 2 5 0- (7) 7 5 0- 1 0 0 0- 1 0 0 0 -
20 498 8 5 0 - 498 8 5 0 -
21 Doubtful Accounts Expense (1) 4 9 0 0 - 4 9 0 0- 4 9 0 0-
22 Allow. for Doubtful Accounts (1) 4 9 0 0 - 4 9 0 0- 4 9 0 0-
23 Insurance Expense (2) 10 0 0 0 - 10 0 0 0 - 10 0 0 0 -
24 Prepaid Supplies (3) 2 0 0- 2 0 0- 2 0 0-
25 Interest Receivable (4) 4 5 0- 4 5 0- 4 5 0-
26 Interest Income (4) 4 5 0- 4 5 0- 4 5 0-
27 Depreciation Expense-Machi. & Equipt (5) 75 0 0- 7 5 0 0- 7 5 0 0-
28 Accumulated Deprn.-Machi & Equipt. (5) 7 5 0 0 - 7 5 0 0- 7 5 0 0-
29 Depreciation Expense-Furn. & Fixtures (6) 2 2 5 0 - 2 2 5 0- 2 2 5 0-
30 Accumulated Deprn.-Furnitures & Fix. (6) 2 2 5 0 - 2 2 5 0 - 2 2 5 0 -
31 Interest Payable (7) 7 5 0 - 7 5 0 - 7 5 0 -
32 Taxes and Licenses Payable (8) 1 3 0 - 1 3 0 - 1 3 0 -
33 Totals 26 1 8 0 - 26 1 8 0 - 514 8 3 0 - 514 8 3 0 - 180 1 8 0 - 290 4 5 0 - 334 6 5 0 - 224 3 8 0 -
34 Net Income 110 2 7 0 - 110 2 7 0 -
35 Totals 290 4 5 0 - 290 4 5 0 - 334 6 5 0 - 334 6 5 0 -
 Name of the Business
Worksheet
Period Covered
Unadjusted Trial Adjusted Trial Income Balance
Adjustments
Date Description Balance Balance Statement Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
1
2
3
4
5
6
7
8
9
ACTIVITIES

10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
This is the typical worksheet. It usually in yellow paper.

BEAUTY DELIVERY SERVICES

Unadjusted Trial Balance
December 31, 2019
Cash 126,800
Accounts Receivable 28,200
Supplies 17,800
Prepaid Insurance 38,000
Land 960,000
Buildings 1,640,000
Accum. Depreciation- buildings 379,200
Equipment 1,060,000
Accum. Depreciation - equipment 336,000
Accounts Payable 43,200
Unearned Delivery Fees 42,000
Mortgage Payable 1,160,000
Beauty, Capital 1,432,600
Delivery Fees Earned 669,200
Salary Expense 173,400
Telephone Expense 2,400
Utilities Expense 7,000
Repairs Expense 8,600
Total 4,062,200 4,062,200
Adjustments:
a. Supplies used P5,400
b. Expired insurance, P12,000
c. Depreciation on building, P10,000
d. Depreciation on equipment, P18,000
e. Unearned delivery fees earned this month, P26,000
f. Salaries earned but not yet paid, P3,600
g. Interest on the mortgage, P4,200
h. Delivery fees earned but not recorded and not received, P10,000

WRAP-UP
To summarize what you have learned in the lesson, discuss the steps on how to
prepare the worksheet.
 VALUING

Reflect on this!

"There is no substitute for hard work.” – Thomas Edison

1. Site some situation or example wherein you will be able to able the above and
relate this in your life as a student?
2. How this quotation applies in our lesson?

POSTTEST

Directions: Identify each item below. Write your answer before the item number.
_____1. Which of the following steps comes first in worksheet preparation?
a. Computing the total debits and credits of the unadjusted trial balance.
b. Computing the total debits and credits of the adjusted trial balance.
c. Entering the account balances in the unadjusted trial balance columns.
d. Entering the account balances in the adjustments columns.
_____2. The usefulness of the worksheet is in
a. Aiding the preparation of financial statements
b. Identifying the accounts that need to be adjusted.
c. Summarizing the effects of all the transactions of the period
d. All of the above.
_____3. A debit column greater than the credit-column total under the Income
Statement portion of the work sheet would mean:
a. There were mistakes made in the preparation of adjusted trial balance.
b. The company’s business operations resulted to a profit.
c. The company’s business operations resulted to a loss.
d. None of the above.
_____4. In what columns of the work sheet does net income appear?
a. Income statement (Dr) and Balance Sheet (Cr)
b. Income Statement (Dr) and Balance Sheet (Dr)
c. Income Statement (Cr) and Balance Sheet (Dr)
d. Income Statement (Cr) and Balance Sheet (Cr)
_____5. Income Statement debit columns of the worksheet contains
a. Asset account balances
b. Expense account balances
c. Liability account balances
d. Revenue account balances
 KEY TO CORRECTION

adjusted 5.
TRUE 5. equality 4. B 5.

FALSE 4. paid 3. A 4.
incurred 2. C 3.
FALSE 3. recognition D 2.
1. revenue C 1.
TRUE 2.
POSTTEST
1. TRUE RECAP
PRETEST

References
Ballada, W. 2017. Fundamentals of Accountancy, Business, and Management 1.
VDomDane Publishers.

Banggawan, RB. Asuncion, DJ. 2017. Fundamentals of Accountancy, Business, and

Management 1. Real Excellence Publishing.

Ferrer, RC. Millan, CV. 2017. Fundamentals of Accountancy, Business, and

Management 1. Bandolin Enterprise. San Juan, DA. 2018. Fundamentals
of Accounting. Elmoer Publishing

Rabo, JS. Tugas,FC.Salendrez, HE. 2016. Fundamentals of Accountancy, Business,

and Management 1. Vibal Group Inc.

Manuel, Zenaida Vera-Cruz 18th Edition Accounting Process_Basic Concepts and

Procedures

Epstein, Lita, MBA Bookkeeping Workbook for Dummies. Wiley Publishing, Inc.

Hernane, Milagros B.,et.al 2014. Principles of Accounting. Allen Adrian Books Inc.

Valencia, Edwin G. 4th Edition. Basic Accounting (Concepts, Principles, Procedures and
Applications) . Valencia Educational Supply