Republic of the Philippines

Department of Education
REGION VIII – EASTERN VISAYAS

Division of Northern Samar

CATARMAN NATIONAL HIGH SCHOOL
Senior High School Department

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS & MANAGEMENT 2

GRADE 12

LEARNING ACTIVITY SHEETS

MODULE 1

STATEMENT OF FINANCIAL POSITION

Name of Student: _____________________________________ Date: ________________________

Grade level & Section: ________________________________ Parents signature: _____________

What’s more

INDEPENDENT ACTIVITY 1.1 (Critical Thinking and Communication)

Instructions: Choose the answer that corresponds for each of the question provided below. Write only
the letter that correspond to your answer.
1. Information about the revenue and expenses is provided by
a) Statement of Changes in Equity
b) Statement of Cash Flow
c) Statement of Financial Position
d) Statement of Financial Performance
2. Information on changes in Assets, Liabilities and Owner’s Equity account
a) Statement of Changes in Equity
b) Statement of Cash Flow
c) Statement of Financial Position
d) Statement of Financial Performance
3. Cash, Cash Equivalents and Merchandise Inventory are classified as:
a) Current Liability
b) Current Asset

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 c) Non-current Assets
d) Non-current Liability
4. The following are examples of contra asset account except:
a) Accumulated depreciation – Furniture
b) Accumulated depreciation – Building
c) Bad debts expense
d) Allowance for doubtful accounts
5. The elements of Financial Statements are
I. Assets III. Equity
II Liabilities IV. Income
V. Expenses
a) I, II, IV and V only
b) I, II and III only
c) IV, V and I only
d) I, II, III, IV and V

ACTIVITY 1. 2 TRUE OR FALSE

Read each sentence carefully and determine whether the statement is a True or False. Write your answer
on your activity notebook.
1. The Statement of Financial Position (SFP) provides readers with the information as to the company’s
financial position as of a specified date.
2. Asset = Liabilities + Owner’s Equity is the governing equation of the Statement of Financial Position.
3. Asset is an element of the SFP that has a normal balance of credit.
4. Debit means to increase an account
5. T-account is a representation of the general ledger account used in teaching accounting.
6. An entry on the opposite side of the normal balance of an account means to decrease the account by
the amount entered.
7. The normal balance of liabilities and equity is credit.
8. The normal balance of Note Receivable is debit.
9. Credit means to decrease an amount.
10.The normal balance of Unearned Income is debit.

ACTIVITY 2.1

INSTRUCTION: SOLVE FOR THE ACCOUNTING

EQUATION

1. Jimmy Delgado Pest Control has assets of P600,000 and owner’s equity of P450,000, how much is

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the total liabilities?
2. Xander Moreno Realtors has liabilities of P530,000 and owner’s equity of P410,000, how much is the
total assets?
3. Amadz Moreno Plumbing Contractor has assets of P473,000 and liabilities of P153,700. How much
is the equity?
4. Elna Jacobe Acting Studio has liabilities of P147,000 and owner’s equity of P236,500, how much is
the total assets of Acting Studio?
5. Angels Tutorial Center has an asset amounting to P200,000. Liabilities of P75,000. How much is the
owner’s equity account?
6. Assets of APMJR is P25,000 and total equity of P 35,000, how much is the total liability?
7. Rosh Fresh Company’s total liabilities amounted to P25,000. Total equity has an ending balance of
P65,000. How much is the total assets?
8. Current assets is P55,000, Non-current assets are P100,000, Current Liabilities is P15,000, Non-
current Liabilities is P45,000. How much is the equity of the company?
9. Fely Monarca Dance Studio has assets of P624,000 and liabilities of P237,000. How much is the total
owner’s equity?
10. The total assets of Xanderski is P750,000 and its liabilities is P350,000. How much is the total
owner’s equity?
NOTE: PLEASE SHOW YOUR SOLUTION

ACTIVITY 2.2 (Critical Thinking)

INSTRUCTIONS: Solve for the unknown: In answering the problems, you must have to recall the
kinds of assets and liabilities account and their examples.
1. Theone Company had the following accounts at year end:
Cash P 150,000
A/P 70,000
Prepaid Expenses 35,000
Compute for the company’s current assets.

2. Theo Company’s Accounts receivable amounted to P500,000, Prepaid expenses and Unearned
Income are P30,000 and P10,000 respectively. Cash balance amounted to P100,000 while Accounts
Payable and Inventory are P20,000 and P10,000 respectively. How much is the company’s current
assets? Current liabilities?

3.Violago Company’s trial balance reflected the following account balances at December 31, 2019:
Account Receivable P 1,600,000
Cash 1,100,000
Inventory 3, 000,000
Equipment and Furniture 2,500,000
Accumulated depreciation 1,500,000
Patent 400,000
Prepaid expenses 100,000
Land held for future business site 1,800,000

In Violago Company’s December 31, 2008 statement of financial position, the current assets should be?

4. Cash of P150,000, Accounts Receivable of P200,00, Prepaid Expenses of P35,000, Property, Plant

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and Equipment of P180,000 and Land amounted to P 1,240,000. How much is the total assets?

5. Total assets amounted to P755,000. Total equity amounted to P350,000. Accounts Payable amounted
to P80,000 while Unearned Income is P 85,000. Assuming there are no other current liabilities, compute
for the company’s noncurrent liabilities.

NOTE: PLEASE SHOW YOUR SOLUTION

♥♥♥ What I Need to Reflect (Character)

You must buy only the important and the basic needs of the family
or buy assets that has economic benefit in the future, when you
don’t have cash do not borrow money just to acquire it. However, if
you have more than enough for your family, why not think of
donating something for the less fortunate specifically this pandemic
situation.

ASSESSMENT
INSTRUCTIONS: Match the account on the table with the appropriate elements of the Statement
of Financial Position below:

ASSETS LIABILITIES EQUITY

MODIFIED MATCHING TYPE

Accounts Payable Long-term payable Notes Receivable
Notes Payable Cash Prepaid Rent
Property, Plant & RR’s Capital Accrued Salaries
Equipment
Accounts Receivable Unearned Income Merchandise Inventory

B. Compute for the missing amount of the account titles taken from the SFP of Independent
Company. (Critical Thinking and Communication)
1. Assets are P27,000 and owner’s equity is P15,000, liabilities?
2. At the end of the first month of operations for TMAM Transportation, the business had the
following accounts:
Accounts Receivable P 2,800.00
Prepaid Insurance 700.00

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 Equipment 85,500.00
Cash 75,500.00

On the same date, TMAM owed the following creditors: Mely’s Supply Company, P8,000; Mark’s
Equipment, P19,500. The current assets for TMAM Transportation amounted to?

3. Using the following accounts, compute for the total assets, liabilities and owner’s equity.

Cash P 15,000
Loans Payable 77,500
Accounts Receivable 6,300
Inventory 7,400
Supplies P 4,200
Equipment 52,000
Owner’s Equity 98,000
Accounts payable 22,400
Building 113,000

NOTE: PLEASE SHOW YOUR SOLUTION

C. COMPREHENSIVE PROBLEM
The following were taken from the books of Amihan Company as of December 31, 2019:

Long-term payable P 500,000.00

Notes payable 120,000.00
Property, Plant and Equipment 750,000.00
Accounts Receivable 56,000.00
Accounts Payable 65,000.00
Accumulated depreciation 100,000.00
Cash 77,000.00
Amihan’s Capital ?
Unearned Income 15,345.00
Notes Receivable 244,000.00
Prepaid Rent 56,700.00
Accrued Expenses 37,890.00
Merchandise Inventory 157,840.00
Intangible assets 124,500.00

REQUIREMENTS:

1. Based on the above set of accounts, determine the total assets to be reported in the SFP.
2. Based on the above set of accounts, determine the total liabilities to be reported in the SFP.
3. Based on the above set of accounts, determine the balance of Amihan’s Capital to be reported in
the SFP.
4. Based on the above set of accounts, identify all the accounts with normal debit balances. Compute
the total of all accounts with debit balances.
5. Based on the above set of accounts, identify all the accounts with normal credit balances.

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 Compute the total of all accounts with credit balances.
6. Amihan’s Capital has a beginning balance of P500,545. The owner gave P100,000 additional
contribution during the year. Based on the Statement of Comprehensive Income, net income for the
year was P120,445. How much money did the owner withdrew from the business?
7. Prepare a classified SFP given the following additional information:
a. Note payable is due 6 months from now
b. Note receivable is collectible 9 months from now.
c. Prepaid expense will be used during the year.

D. INSTRUCTION: Prepare an SFP for the company using report form.

Your neighbor who has a Sari- Sari store hired you to prepare his sari-sari store’s
Statement of Financial Position. In order to prepare the statement, you identified the following assets
and liabilities of Mr. Martinez after he made an investment of P159,000.00.
a. His sari-sari store has cash deposited in a bank account amounting to P50,000
b. His sari-sari store has a lot of uncollected sales from customers amounting to P75,000
c. The total amount of merchandise left inside the store is P30,000
d. He already paid one year’s rent in advance amounting to P12,000
e. The value of all the company’s furniture amounted to P100,000
f. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed
that payment can be made 2 months after year-end
g. SSS, Phil health and Pag-big payables for his one employee totaled P5,000
h. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000
i. He had a loan from the bank amounting to P50,000 to be paid in 3 years

References:
Manalo, M.V (2016). Learning to Succeed in Business with Accounting Volume 2
Ballada, W. (2018). Basic Accounting Made Easy 21st Edition
Salazar, D.R (2017), Fundamentals of Accountancy, Business and Management 2 (Learners
Module)
Gumaru, I. (2020) et.al, Learning Module for Senior High School Accountancy, Business and
Management
Valix, C. (2008), Practical Accounting One

Prepared:

ROSIEL J. MORENO
SHS Teacher I

Checked:

GEMMA A. TAN
OIC Assistant Principal, MT-I

Approved:

MA. HELENA V. ALUMBRES, PhD., LlB

Secondary School Principal IV

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