XACIS SMARTBOOKS CERTIFCATION EXAM DUE APRIL 2, 2024

Tech World Co. is a merchandiser selling computers and computer-related products to their customers.
You are assigned to manage one of their branches. Perform the following activities and transactions
needed for the business.

Note: When taking screenshots, kindly ensure that your name on the upper right corner is visible.

Exercise 1 – Setting up of the account.

As a new branch head, change the default username and branch name to your name (Family Name,
Given Name).

Input the screenshot of your answer below: (SHOWING BRANCH NAME)

Exercise 2 – Customer Master Record
In your assigned branch, a new customer arrived. The customer details are provided below:

Header
Customer Type: Corporation
Customer No.: [C001+SECTION+SMARTBOOKS NO.]
Customer Name: [Preferred company name] Inc.
Tax ID: 112-881-321-00000
Group: Customers
General
Phone: 9876541
Mobile Phone: 9187456998
E-Mail [Company name]@gmail.com
Addresses
Address Name: [Preferred address]
Street: [Preferred street]
Block/Barangay: [Preferred block/barangay]
City: [Preferred city]
Zip Code: [Applicable zip code]
Country: Philippines

Contact Person
Title: Mr./Ms.
Name: [Preferred name]
Position: Purchasing Officer
Telephone No: 6547896
Mobile Phone: 9665148774
E-Mail: [preferred name's initials]@gmail.com
Address: [Preferred address]
Payment Term
Payment Terms: 30 Days
Price List: Regular Sales Price
Accounting
Accounts Receivable: 10210100
Input the screenshot of your answer below: (SHOWING PAYMENT TERMS AND ACCOUNTING TABS)
 Exercise 3 – Item Record
As part of the company’s strategic plan, there will be new items to be offered in the market. The details
are as follows:

Price w/ VAT
Item
Item Code (Manual) Item Name Item Class Installment Base
Category
Price
Merchandise
A1+SECTION+SMARTBOOKS NO. PC1+SECTION+SMARTBOOKS NO. Items 570
Inventory
Merchandise
A2+SECTION+SMARTBOOKS NO. PC2+SECTION+SMARTBOOKS NO. Items 550
Inventory
Merchandise
A3+SECTION+SMARTBOOKS NO. PC3+SECTION+SMARTBOOKS NO. Items 990
Inventory

Input the screenshot of your answer below: (GO TO FIND ITEM TO CAPTURE THE THREE (3) ITEMS)
Exercise 4 – Supplier Master Record
A contract with a new supplier was signed. This supplier will provide the new items that Tech World Co.
will offer. The supplier details are provided below:

Header
Supplier Type: Corporation
Supplier No.: [S001+SECTION+SMARTBOOKS NO.]
Supplier Name: [Preferred company name] Corporation
Tax ID: 332-998-115-00000
Group: Suppliers
General
Phone: 998455
Mobile Phone: 9184455669
E-Mail [Company name]@gmail.com
Addresses
Address Name: [Preferred address]
Street: [Preferred street]
Block/Barangay: [Preferred block/barangay]
City: [Preferred city]
Zip Code: [Applicable zip code]
Country: Philippines

Contact Person
Title: Mr./Ms.
Name: [Preferred name]
Position: Sales Officer
Telephone No: 998412
Mobile Phone: 9562233665
E-Mail: [preferred name's initial]@gmail.com
Address: [Preferred address]
Payment Term
Payment Terms: 30 Days
Price List: Regular Purchase Price
Accounting
Accounts Payable: 20100100
Input the screenshot of your answer below: (SHOWING PAYMENT TERMS AND ACCOUNTING TABS).
Exercise 5 – Regular Purchase Process
As part of the company’s normal business operation, they purchased the following items.

Note: Complete the process until payment.

Supplier: [Supplier added in previous exercise]

Item/s: [Item A1 and Item A2
Quantity: 320 and 337 respectively
Payment means: Cash (Use Cash on Hand)

Input the screenshot of your answer below:

Exercise 6 – Purchase Process with a return
As part of the company’s normal business operation, they purchased the following items, however, after
the items are received, the warehouse personnel noticed that some items are defective, hence, purchase
return is created.

Note: Complete the process with a purchase return until payment.

Supplier: [Supplier added in previous exercise]

Item/s: [Item A1 and Item A3]
Quantity Received: 180 and 365 respectively
Quantity Returned: 10 and 8 respectively
Payment means: Cash (Use Cash on Hand)

Input the screenshot of your answer below:

Exercise 7 – Purchase Process with Debit Memo
As part of the company’s normal business operation, they purchased the following items, however, after
the items are received and accounts payable is recorded, the warehouse personnel noticed that some
items are defective, hence, debit memo is created.

Note: Complete the process with a debit memo until payment.

Supplier: [Supplier added in previous exercise]

Item/s: [Item A2 and Item A3]
Quantity Received: 190 and 180 respectively
Quantity for Debit Memo: 7 and 8 respectively
Payment means: Cash (Use Cash on Hand)

Input the screenshot of your answer below:

Exercise 8 – Regular Sales Process
As part of the company’s normal business operation, they sold the following items.

Note: Complete the process until payment.

Customer: [Customer added in previous exercise]

Item/s: [Item A1 and Item A2
Quantity: 155 and 145 respectively
Payment means: Cash (Use Cash on Hand)

Input the screenshot of your answer below:

Exercise 9 – Sales Process with a return
As part of the company’s normal business operation, they sold the following items, however, after the
items are delivered, the customer noticed that some items are defective, hence, sales return is created.

Note: Complete the process with a sales return until payment.

Customer: [Customer added in previous exercise]

Item/s: [Item A1 and Item A3]
Quantity Delivered: 148 and 145 respectively
Quantity Returned: 5 and 3 respectively
Payment means: Cash (Use Cash on Hand)

Input the screenshot of your answer below:

Exercise 10 – Sales Process with Credit Memo
As part of the company’s normal business operation, they sold the following items, however, after the
items are delivered and accounts receivable is recorded, the customer noticed that some items are
defective, hence, credit memo is created.

Note: Complete the process with a credit memo until payment.

Customer: [Customer added in previous exercise]

Item/s: [Item A2 and Item A3]
Quantity Delivered: 168 and 154 respectively
Quantity for Credit Memo: 5 and 3 respectively
Payment means: Cash (Use Cash on Hand)

Input the screenshot of your answer below:

Exercise 11 – Adding of Warehouse
The company decided to expand and acquired a new warehouse. Add the new warehouse in the system.

Warehouse Code: WH + [Section+Smartbooks no.]

Warehouse Name: (Preferred Location) + Warehouse
Street: (Preferred street)
Block/Barangay: (Preferred barangay)
City: (Preferred city)
Zip code: (Zip code of preferred city)

Input the screenshot of your answer below:

Exercise 12 – Item Receipt
The warehouse personnel conducted their regular physical count on the inventory, upon checking the
storage 1, he found the previously missing items that were already considered lost. These items will now
be reverted on the inventory list as unaccounted warehouse items.

Items: Quantity
[Item A1] 30
[Item A2] 40
[Item A3] 20

Input the screenshot of your answer below:

Exercise 13 – Item Issuance
The warehouse personnel is conducting their annual inventory checking. He noticed that some items
were missing. Upon checking the CCTV footage, they found out that someone stole these items.

Items: Quantity
[Item A1] 15
[Item A2] 25
[Item C3] 5

Input the screenshot of your answer below:

Exercise 14 – Item Transfer
The newly acquired warehouse is now ready to use. Some items will be transferred to the new
warehouse.

Items: Quantity
[Item A1] 100
[Item A2] 100
[Item A3] 100

Input the screenshot of your answer below:

Exercise 15 – Batch Processing
New items are being added in the business. The company decided to process it by batch based on the
manufacturing date of the supplier, hence, FIFO (first in first out) will be the costing method.

Item Code: B001+[Section+Smartbooks no.]

Item Name: BP + [Section+Smartbooks no.]
Item Category: Items
Item Class Merchandise Inventory
Inventory Tab:
Manage Item by: Batches
Management Method: On every transaction
Costing Method: FIFO
Price List Tab:
Base Price: 600

 Purchase and receive from [Supplier] 150pcs of batch items. Make 3 batches divided equally.
 Sell and deliver to [Customer] 83 pcs of batch item.

Note: Use your Smartbooks no. when defining batch numbers (Smartbooks no.+001). If you are Student
1, start at Batch 01001, Student 2, start at Batch 02001, and so on. Continue until you complete the 3
batches.

Input the screenshot of your answer below:

Exercise 16 – Serial Number Processing
New items are being added in the business. The company decided to process it by serial number since
these are high-cost items.

Item Code: SN01+[Smartbooks no.]

Item Name: SNP +[Section+Smartbooks no.]
Item Category: Items
Item Class Merchandise Inventory
Inventory Tab:
Manage Item by: Serial Numbers
Management Method: On every transaction
Costing Method: FIFO
Price List Tab:
Base Price: 40,000

 Purchase and receive from [Supplier] 30pcs of serial number item.

 Sell and deliver to [Customer] 18 pcs of serial number item.

Note: Use your Smartbooks no. and SN- as prefix when generating serial numbers. If you are Student 1,
use 01001 as start serial no., Student 2, use 02001, and so on. Suffix – section, Input the quantity based
on the above instruction.

Input the screenshot of your answer below:

Exercise 17 – Journal Voucher
On February 3, 2024, the company issued ordinary share capital worth of P2,000,000, payment was
made on cash.

Dr. Cash on hand P2,000,000

Cr. Ordinary Share Capital P2,000,000
Issuance of ordinary share capital

Input the screenshot of your answer below:

Exercise 18 – Journal Voucher - Draft
On February 19, 2024, the accounting staff recorded a purchase of office supplies worth of P15,000, paid
for through cash. This will be reviewed by the supervisor.

Dr. Office Supplies P15,000

Cr. Cash on hand P15,000
Purchase of office supplies

Note: Save this journal entry before closing the period.

Input the screenshot of your answer below:

Exercise 19 – Adjusting Entry
On February 28, 2024, water and electricity billing has not been paid yet, the accountant accrue the
current month’s electricity and water with a total amount of P13,450.

Dr. Electricity & Water P13,450

Cr. Accrued Payable P13,450
Accrual of electricity and water

Input the screenshot of your answer below:

Exercise 20 – Recurring Posting
On March 1, 2024, the company recorded the monthly rent for the new lease contract starting March 15
this year up to March 15 next year. Monthly rental amounts to P30,000 and payment is made thru cash.
Code: RP + [Section+ Smartbooks no.]
Description: Monthly Rent

Dr. Rental Expense P30,000

Cr. Cash on hand P30,000

Input the screenshot of your answer below:

Exercise 21 – General Ledger
Generate the General Ledger for your branch from January 1, 2024 to December 31, 2024.

Input the screenshot of your answer below: (SHOW THE ENTIRE GENERAL LEDGER)
Exercise 22 – Trial Balance
Generate the Trial Balance for your branch as of December 31, 2024.

Input the screenshot of your answer below: (SHOW THE ENTIRE TRIAL BALANCE )
Exercise 23 – Profit and Loss
Generate a consolidated Profit and Loss Statement for the year.

Input the screenshot of your answer below: (SHOW THE ENTIRE PROFIT AND LOSS STATEMENT)
Exercise 24 – Balance Sheet
Generate a consolidated Balance Sheet report as of December 31, 2024.

Input the screenshot of your answer below: (SHOW THE ENTIRE BALANCE SHEET)
Exercise 25 – Inventory Report – Item List
Generate the stock list for all the items.

Input the screenshot of your answer below:

Exercise 26 – Inventory Report – Item List

Generate the ENTIRE SUMMARY OF TRANSACTIONS

Input the screenshot of your answer below:

***Nothing follows***