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  • Our Lady of Fatima University For Accounting For Sole Proprietorship ACTG121 Practice Set Examples

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    JANNA RAZON
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    Marites invested P1,200,000 to start a travel agency business called Fly Marites Travel Agency. In April 2021, she borrowed P250,000 from Metrobank, purchased furniture and equipment totaling P80,000, provided services worth P175,000, withdrew P65,000 for personal use, and paid employee salaries of P55,000. She received cash of P100,000 from customers and P75,000 of credit for services rendered.

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    Our Lady of Fatima University for Accounting for Sole Proprietorship ACTG121 Practice Set Examples

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    Marites invested P1,200,000 to start a travel agency business called Fly Marites Travel Agency. In April 2021, she borrowed P250,000 from Metrobank, purchased furniture and equipment totaling P80,000, provided services worth P175,000, withdrew P65,000 for personal use, and paid employee salaries of P55,000. She received cash of P100,000 from customers and P75,000 of credit for services rendered.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    33 views2 pages

    Our Lady of Fatima University For Accounting For Sole Proprietorship ACTG121 Practice Set Examples

    Uploaded by

    JANNA RAZON
    Marites invested P1,200,000 to start a travel agency business called Fly Marites Travel Agency. In April 2021, she borrowed P250,000 from Metrobank, purchased furniture and equipment totaling P80,000, provided services worth P175,000, withdrew P65,000 for personal use, and paid employee salaries of P55,000. She received cash of P100,000 from customers and P75,000 of credit for services rendered.

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    © All Rights Reserved
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    Accounting for Sole Proprietorship ACTG121:

    BUSINESS TRANSACTION ANALYSIS EXAMPLES

    OUR LADY OF FATIMA UNIVERSTIY


    Practice Set and Analysis Examples

    Marites decided to invest in a Travel Agency and she named her business "Fly
    Marites Travel Agency". Below are the transactions for the month of April 2021.

    1. April 1, 2021 - Marites invested a cash of P1,200,000 in her business

    ANALYSIS:

    2. April 4, 2021 – Borrowed P250,000 from Metrobank

    ANALYSIS:

    3. April 5, 2021 – Bought Tables and Chairs to ABC Company for P30,000 cash

    ANALYSIS:

    4. April 10, 2021 – Bought Equipment to DEF Company for P50,000 on


    account/credit.

    ANALYSIS:
    5. April 12, 2021 – Rendered Service to customers and received P100,000 cash.

    ANALYSIS:

    6. April 14, 2021 – Rendered Service to customers for P75,000 on account/credit.

    ANALYSIS:

    7. April 15, 2021 – Marites withdrew P65,000 cash for personal use.

    ANALYSIS:

    8. April 21, 2021 – .Paid employees salaries for P55,000

    ANALYSIS:

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