MIDTERM QUIZ #1 (PART TWO) IN ACCOUNTING 1

Name: ______________________________________ Date: ______________________ Score: ______

I. Fill in the table.
Assets
Liabilities Owner’s Equity
Cash Supplies Equipment
1 1,020,200 40,000 540,000 1,600,200
2
3 (300,000) 300,000
4 420,000 420,000
5 (55,000) 55,000
6 (30,000) 30,000
7 (340,000) (340,000)
8 20,000 (15,000) 5,000
9 40,000 (30,000) 10,000
10 460,000 40,000 500,000
Total 1, 235, 200 295,000 665,000 500,000 1,695,200
Overall 2,195,200 2,195,200
total

Scenarios:
1) The owner started a business with Php 1, 020, 200 capital exclusive of Php 40, 000 worth of supplies
and Php 540, 000 worth of equipment.
2) The owner hired AAA Construction firm to construct a mini grocery store to be his business-place. The
construction cost Php 340, 000 which is payable at the end of the construction project.
3) The owner purchased Php 300, 000 worth of merchandise.
4) Mrs. X, the owner’s wife, contributed Php 420, 000 cash to their business.
5) The owner purchased shelves to be used as a display rack for the mini grocery worth Php 55, 000.
6) The owner acquired a computer to be used by the cashier of the mini grocery. The computer costs Php
30, 000.
7) The construction of the mini grocery is now finished. The owner paid the the construction firm.
8) The first customer purchased grocery worth Php 20, 000. Php 5, 000 thereof is the gain of the owner,
which means that the grocery actually worth Php 15, 000.
9) Second customer purchased a grocery worth Php 40, 000. Php 10, 000 thereof is the profit.
10) The owner applied for a loan of Php 500, 000 and was granted. Such money is to be utilized for the
business’ extension. However, Php 40, 000 thereof was used by the owner to install a CCTV in the
premises.
11) Solve for the total.