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  • Basic Education Department Senior High School Grade 12 - Fundamentals of Accountancy, Business and Management 2 8 - 10 Assessments

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    Kheanne Loise San Luis
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    This document contains two practice sets for recording basic business transactions. Practice set 1 involves transactions for Friendly Trucking business from April 1-30 including deposits, purchases, expenses, revenues, and payments. Students are asked to prepare a ledger and trial balance for these transactions. Practice set 2 involves transactions in December for Dayana Merchandising including sales, purchases, returns, payments, and issuance of credit memos. Students are again asked to prepare journal entries, a ledger, and trial balance for these transactions. The purpose is for students to gain experience recording basic transactions and preparing basic accounting records and statements.

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    8th-10th-ASSESSMENT-Copy

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    This document contains two practice sets for recording basic business transactions. Practice set 1 involves transactions for Friendly Trucking business from April 1-30 including deposits, purchases, expenses, revenues, and payments. Students are asked to prepare a ledger and trial balance for these transactions. Practice set 2 involves transactions in December for Dayana Merchandising including sales, purchases, returns, payments, and issuance of credit memos. Students are again asked to prepare journal entries, a ledger, and trial balance for these transactions. The purpose is for students to gain experience recording basic transactions and preparing basic accounting records and statements.

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    © All Rights Reserved
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    8 views1 page

    Basic Education Department Senior High School Grade 12 - Fundamentals of Accountancy, Business and Management 2 8 - 10 Assessments

    Uploaded by

    Kheanne Loise San Luis
    This document contains two practice sets for recording basic business transactions. Practice set 1 involves transactions for Friendly Trucking business from April 1-30 including deposits, purchases, expenses, revenues, and payments. Students are asked to prepare a ledger and trial balance for these transactions. Practice set 2 involves transactions in December for Dayana Merchandising including sales, purchases, returns, payments, and issuance of credit memos. Students are again asked to prepare journal entries, a ledger, and trial balance for these transactions. The purpose is for students to gain experience recording basic transactions and preparing basic accounting records and statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    University Avenue, Juna Subdivision, Matina, Davao City ● Tel. No.

    (082) 297-8035
    BASIC EDUCATION DEPARTMENT Senior High School
    Grade 12 - FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2
    8th-10th ASSESSMENTS

    INDEPENDENT PRACTICE

    Practice Set No. 1 (Friendly Trucking) On April 1, 2016, Nels Ferrer organized a business called Friendly
    Trucking. During April, the company entered into the following transactions:

    Apr 1- Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business.
    Apr 2- Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as
    down payment while the balance will be paid on May 15, 2016
    Apr 3- Paid rental for the month of April, Php 5,000
    Apr 5- Earned and collected trucking income from Ryan, Php8,000
    Apr 8- Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2016
    Apr 10- Paid salaries of drivers, Php10,000
    Apr 15- Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance
    on April 20
    Apr 18- Paid electric bills for the month, Php2,000
    Apr 20- Collected from Joshua the balance of his April 15 account
    Apr 25- Purchased office supplies, Php2,300
    Apr 29- Earned and collected trucking income from Jay, Php 18,000

    Requirement. Prepare the following:


    - Ledger (T-account)
    - Trial Balance

    Learning

    COMPETENCY/OBJECTIVE:
    1. Prepare journal entries, ledger and trial balance to record basic business transactions

    Practice Set No. 2 (Dayana Merchandising) Dayana Company had the following transactions during December:

    a. Sold merchandise on credit for Php5,000, terms 3/10, n/30. The items sold had a cost of Php3,500.
    b. Purchased merchandise for cash, Php720.
    c. Purchased merchandise on credit for Php2,600, terms 1/20, n/30.
    d. Issued a credit memorandum for Php300 to a customer who returned merchandise purchased November
    29. The returned items had a cost of Php210.
    e. Received a credit memorandum for the return of faulty merchandise purchased on December 4 for
    Php600.
    f. Sold merchandise on credit for Php7,000, terms 2/10, n/30.
    g. Received payment for merchandise sold in letter F.

    Requirement. Prepare the following:


    - Journal entries
    - Ledger (T-account)
    - Trial Balance

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