NAME: TEACHER:

STRAND AND SECTION: DATE:

Fundamentals of Accountancy, Business

and Management 2 - Grade 12- Quarter 1, Week 1B

PREPARING SFP USING THE REPORT FORM AND THE ACCOUNT FORM
WITH PROPER CLASSIFICATION OF ITEMS AS CURRENT AND NONCURRENT

ACTIVITY 1: READY MY ASSET

DIRECTIONS: Prepare the assets of the statement of financial position of the given balances.
Then, answer the questions that follow.
Cash – 25,000
Building – 98,000
Supplies – 2,500
Equipment – 21,000 Accounts Receivable –
3,800

1. What is the total current assets?

2. What is the total non-current assets?
3. What is the total assets?

ACTIVITY 2- ASSET IS MY LIABILITY

DIRECTIONS: Prepare the liability and owner’s equity of the statement of financial position
of the given balances. Then, answer the questions that follow.
Loans Payable – 52,000 Accounts Payable –
29,300 Owner’s Capital- 71,000
Withdrawals- 12,000
Unearned income- 10000

1. What is the total current liabilities?

2. What is the total non-current liabilities?
3. What is the total owner’s equity?
4. What is the total liabilities and owner’s equity?
 ACTIVITY 3: COMPLETE MY TRUE FORM
DIRECTIONS: Prepare a financial statement in account form using your answers in
activities 1 and 2. Make sure that the total asset and total liability and owner’s equity
are equal. Use any business name and the end of the current year for the heading.

Fundamentals of Accountancy, Business

and Management 2 - Grade 12- Quarter 1, Week 2A

IDENTIFYING THE ELEMENTS OF STATEMENT OF COMPREHENSIVE

INCOME (SCI) and DESCRIBING EACH OF THESE ITEMS FOR A SERVICE
BUSINESS AND MERCHANDISING BUSINESS

ACTIVITY 1. REMEMBER ME
Directions: Read carefully each statement below then write the word being described on
the corresponding number in the puzzle.

Hint: These are clues for you to be able to answer the puzzle
1. Earnings from selling of merchandize
2. This includes sales and professional fees
3. It contains the name of the company, the title of the report and the period/date.
4. Includes cost of sales, salaries, rents, transportation, etc.
5. If a law firm sells its office equipment at P6,000 with a carrying amount

of 8,000. The difference is known as .

2 3
4

5
ACTIVITY 2. KNOW ME
Direction: Identify whether the account title is a selling expense or operating/general
expense. Draw a if it is a selling expense and if it is an operating/general expense.

1. Advertising expense
2. Salaries of administrative assistant
3. Rental of Sales Office building
4. Sales Commission of Account Executive
5. Light and water of home office

ACTIVITY 3 WHERE DO I BELONG?

Directions: Identify if which among the items below is a revenue or an expense. Fill in the
table below with their corresponding amount. Total the revenue and expense.

Transactions Amount Transaction Amount

Service rendered 45,000 Salaries of Employees 10,000
Payment of the electricity bill 1,000 Bought supplies 3,000
Rental received from the 5,000
lessee

Gains from the sale of 2,500

equipment

Revenues Amount Expenses Amount

Why is it that Gains from the sale of equipment was not included as a revenue?

Fundamentals of Accountancy, Business

and Management 2 - Grade 12- Quarter 1, Week 2B

PREPARING A STATEMENT OF COMPREHENSIVE INCOME FOR A

SERVICE BUSINESS USING THE SINGLE-STEP APPROACH

ACTIVITY 1: EXPLORE
Given are the figures from the account of Kuya Daniel’s Vulcanizing Shop. Based on the
Trial Balance:
1. Identify and total all the revenues of the entity.
2. Identify and calculate the total expenses.
3. Determine the Net Income/Loss.

Kuya Daniel's Vulcanizing Shop

Trial Balance
June 30, 2021

Debit Credit
Cash ₱26,200.00
Accounts Receivable 10,500.00
Prepaid Insurance 1,200.00
Automobile 150,000.00
Accounts Payable ₱ 12,000.00
Notes Payable 5,500.00
B. Sabado, Capital 130,000.00
B. Sabado, Drawing 7,500.00
Service Income 76,000.00
Gains from Sales of Automobile 12,500.00
Salary Expense 15,000.00
Rent Expense 7,500.00
Advertising Expense 2,500.00
Automobile Expense 5,000.00
Supplies Expense 3,500.00
Miscellaneous Expense 1,500.00
Utility Expense 5,600.00
Total ₱236,000.00 ₱236,000.00
ACTIVITY 2: DEEPEN

Let us have other business transactions to ponder.

Prepare a Statement of Comprehensive Income for the following independent transactions. Use
your surname as your company name.

1. Service Revenue Php95,000.00; Salaries Expense Php5,000.00; Transportation Expense

Php15,000.00; Rent Expense Php20,000.00; Utilities Expense Pph3,000.00; Other
Comprehensive Income is Php8,000.00

2. Salaries Expense Php25,000.00; Transportation Expense Php1,000.00; Rent Expense

Php10,000.00; Utilities Expense Php5,000.00; and Service Revenue is Php40,000.00.

ACTIVITY 3: GAUGE

Below are the accounts of Sarah’s Laundry Shop for August 31, 2021.
Service Income ₱ 50,000.00
Salaries Expense 5,000.00
Utilities Expense 3,500.00
Cleaning Supplies expense 2,000.00
Rent Expense 3,000.00
Insurance Expense 1,500.00
Transportation Expense 1,400.00

You were employed by the shop as its bookkeeper. You are now to prepare the Statement of
Comprehensive Income for August 31, 2021.

Fundamentals of Accountancy, Business and Management 2 -

Grade 12- Quarter 1, Week 3

PREPARING A STATEMENT OF COMPREHENSIVE INCOME

FOR MERCHANDISING BUSINESS USING MULTI-STEP
APPROACH
ACTIVITY 1: COMPUTE TO COMPLETE

DIRECTIONS: Compute the missing elements of the income statement of two (2)
companies below. Complete the table by replacing the numbered blanks with the appropriate
amounts listed in the box. Use a pad paper for your answer. You will earn one (1) point for
every correct answer. (5 points)

P 20,000.00 P 90,000.00

P 180,000.00 P 120,000.00

P 70,000.00 P 25,000.00
 Company A Company B
Net sales 1 3
Merchandise Inventory, Beg. P 30,000.00 P 50,000.00
Net Purchases P 80,000.00 4
Goods available for sale P110,000.0 P
0 160,000.00
Merchandise Inventory, End P 40,000.00 5
Cost of Sales 2 P
140,000.00
Gross Profit P 50,000.00 P 40,000.00
ACTIVITY 2: FILL IT PROFIT-LY!

DIRECTIONS: Using the income statement below of JUNYAN ENTERPRISE, determine the
missing words/figures in each blank item. Write your answer in a pad paper. You will earn one
(1) point for every correct answer. (10 points)

a
Statement of Comprehensive Income
For the Year Ended December 31, 2020

Net Sales

Gross Sales P h
Less: Sales Returns and
Allowances P 45,000.00
Sales Discounts 15,000.00 g
Net
Sales P f
Cost of Goods Sold
Merchandise Inventory, 220,000.0
1/1/2020 P 0
Purchases P 985,000.00
Less: Purchase Returns 31,000.0
and Allowances P 0
Purchase 20,000.0
Discounts 0 B

934,000.0
Net Purchases 0
Transportation-in 36,000.00
Net Cost of Purchases c
Goods available for
Sale P d
Less: Merchandise Inventory, 260,000.0
12/31/2020 0
Cost of Goods Sold e
620,000.0
Gross Profit P 0
Operating Expenses j
Net Profit P i

Clue: Note that the Gross Profit is 40% of Net Sales and Profit is 10% of Net
Sales.
ACTIVITY 3: PREPARE TO EARN!

DIRECTIONS: Given the selected amounts from the accounting records of

Bicol Souvenirs, prepare the income statement for the year-ended December
31, 2020 using the multi-step approach. (25 points)

Accounts Receivable P 48,300.00 Owner’s Equity, 1/1/2020 P 126,070.00

Accumulated Depreciation 18,700.00 Purchases 91,300.00

Cost of Goods Sold ? Purchase Discounts 3,000.00
Distribution Cost 37,840.00 Purchase Returns 2,000.00
Freight-In 2,200.00 Sales 301,000.00
General Expenses 23,800.00 Sales Discounts 9,000.00
Merchandise Inventory,1/1/2020 21,870.00 Sales Returns 16,000.00
Merchandise Inventory, 19,450.00 Unearned Revenues 6,500.00
12/31/2020
Other Operating Expenses 1,500.00