ABM 2: FUNDAMNETALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2

UNIVERSITY OF CEBU – BANILAD CAMPUS

SENIOR HIGHSCHOOL DEPARTMENT
Miss Kimberly Nicanor

STATEMENT OF FINANCIAL POSITION

GUIDED PRACTICE
Presented below are accounts of Rod Neddie Trading for the year ended December 31, 2017.
Prepare the statement of financial position using the two forms. Prepare the supporting notes.

Cash on Hand P200,000

Accounts Receivable 100,000
Allowance for Bad Debts 5,000
Notes Receivable 40,000
Interests Receivable 12,000
Advances to employees 20,000
Accrued income 10,000
Supplies 1,000
Prepaid Rent 7,000
Land 400,000
Building 700,000
Accumulated Depreiation- Building 50,000
Equipment 100,000
Accumulated Depreciation- Equipment 30,000
Furniture and Fixtures 80,000
Accounts Payable 30,000
Notes Payable 20,000
Accrued Expenes 10,000
Loan Payable (5yrs) 80,000
Mortgage Payable 700,000
R, Capital 745,000
 ABM 2: FUNDAMNETALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2
UNIVERSITY OF CEBU – BANILAD CAMPUS
SENIOR HIGHSCHOOL DEPARTMENT
Miss Kimberly Nicanor
ANSWER:
Report Form
 ABM 2: FUNDAMNETALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2
UNIVERSITY OF CEBU – BANILAD CAMPUS
SENIOR HIGHSCHOOL DEPARTMENT
Miss Kimberly Nicanor
Notes to Financial Statements
 ABM 2: FUNDAMNETALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2
UNIVERSITY OF CEBU – BANILAD CAMPUS
SENIOR HIGHSCHOOL DEPARTMENT
Miss Kimberly Nicanor

DO-IT-YOURSELF
Presented below are accounts of Lolit Trading for December 31, 2018. Prepare
the statement of financial position using account and report form. Prepare the
supporting notes.

Cash P 84,000
Accounts Receivable 19,800
Allowance for Doubtful Accounts 3,200
Notes Receivable 16,400
Merchandise Inventory 82,500
Prepaid Insurance 3,000
Supplies 5,000
Delivery Equipment 75,000
Accumulated Depreciation – Delivery Equipment 24,000
Furniture and Fixtures 60,000
Accumulated Depreciation – Furniture & Fixtures 22,500
Accounts Payable 10,000
Notes Payable 25,000
Mortgage Payable 103,000