SUBJECT:

FINANCIAL ACCOUNTING 1

CLASS TIME:

1:00-4:00 pm

CLASS DAYS:

TTh

GROUP LEADER:

Ladrera, Allan

GROUP MEMBERS:

Canizares, Ace Bryle

Cartagenas, Elmarie Joy
Tibon, Hanna Shirley
Lawas, Liezel
Calumpang, Krizia
Lastname, Welldone

GRADE:
CONTENT
Schedules
Cash on hand and petty cash fund
Bank reconciliation
Trade receivables and allowance for doubtful accounts
Notes and loans receivables
Inventories
Investment in Equity Securities
Investment in Debt Securities
TOTAL
DOCUMENTATION
Organization of Working Papers
Utilization of Excel
TOTAL

Content

Score

Items

Documentation

Participation

TOTAL

NO.1
Date

NO.2

Description
Debit
Credit
Accounts Receivable
50,000
Cash On Hand
50,000
#
Postage
2,587
Supplies
3,669
Transportation
1,064
Petty Cash Fund
7,320
#

NO.3

NO. 4
BPI Current Account
Bank Reconciliation
for the year ended December 31,2015

Bank Balance:
Add:
Less:
BPI-Current Account

BPI-1st Current Account

BPI-2nd Current Account
Deposit In Transit
Outstanding Checks

250,000
1,540,000
100,000
-690,000
1,200,000

Service Charge
Cash In Bank- BPI Current Account
#
Cash In Bank- Metrobank Current Account
Service Charge
Loans Payable
#
Cash In Bank- Metrobank Current Account
Interest Income
#

2,500
2,500
133,500
6,500
140,000
1,500
1,500

Metrobank Current Account

Bank Reconciliation
30-Nov
Balance Per Book
Add: Loan Proceeds
Interest
Total
Less: Service Charge
Adjusted Book Balance
Balance Per Bank
Add:
Deposit In Transit
Total
Less:
Outstanding Checks
Check No:
127
Check No:
133
Check No:
135
Check No:
136
Adjusted Bank Balance

1,400,000
133,500
1,500

135,000
1,555,500
2,500
1,552,500
1,632,000
225,000
1,857,500

30,000
90,000
60,000
125,000

305,000
1,552,500

NO.5
BDO Account
PROOF OF CASH
for the month of December

Book Balance
Note Collected by Bank
November
December
NSF Check
November
December
Book Error

Bank Balance
Deposit In Transit
November
December
Outstanding Checks
November
December
Bank Errors

November
185,000

Receipts
2,550,000

87,000

-87,000
236,000

-49,000
-90,000
223,000

2,609,000

270,000

2,645,000

111,000

-111,000
225,000

-158,000
-150,000
223,000

2,609,000

t
SH
cember

Disbursements
2,480,000

December
255,000

236,000
-49,000
88,000
108,000
2,627,000

-88,000
-90,000
-108,000
205,000

2,451,000

464,000

225,000
-158,000
410,000
-76,000
2,627,000

-410,000
-150,000
76,000
205,000

NO.7
2015 Accounts Receivable
Allowance for Uncollectible Accounts
#
Cash
Account Receivable
#
Allowance for Uncollectible Accounts
Accounts Receivable
#
Allowance for Uncollectible Accounts
Accounts Receivable
#

Uncollectible Accounts Expense

Allowance for Uncollectible Accounts
#
Accounts Receivable-assigned
Account Receivable
#
Cash
Service Charge
Loans Payable

40,000

40,000

360,000

50,000

6,294,000

1,000,000

760,000
40,000

40,000

40,000

360,000

50,000

6,294,000

1,000,000

800,000

Not Yet Due

1-30 days past due
31-60 days past due
61-90 days past due
Over 90 days past due

3,840,000
1,368,000
630,000
470,000
290,000

%
NIL
5
10
30
80

Allowance
0
68,400
63,000
141,000
232,000
504,400

11A
Date
1/1/2014

12/31/2014

12/31/2015

12/31/2016

12/31/2017

12/31/2018

Description
Loans Receivable
Cash
#
Cash
Unearned Interest Income
#
Unearned Interest Income
Cash
#
Cash
Interest Income
#
Unearned Interest Income
Interest Income
#
Cash
Interest Income
#
Unearned Interest Income
Interest Income
#
Cash
Interest Income
#
Unearned Interest Income
Interest Income
#
Cash
Interest Income
#
Unearned Interest Income
Interest Income
#
Unearned Interest Income
Interest Income
#
Cash
Loans Receivable
Interest Income
#

Debit
6,000,000

525,000

92,250

600000

68070

600,000

76,238

600,000

85,387

600,000

95633

107422

6600000

11B
Date

Description

1/1/2015 Loans Receivable

Cash
#
Cash
Unearned Interest Income
#
Unearned Interest Revenue
Cash
#
12/31/2015 Cash
Interest Income
#
Interest Income
Unearned Interest Income
#
12/31/2016 Cash
Interest Income
#
Interest Income
Unearned Interest Income
#
12/31/2017 Cash
Interest Income
#
Interest Income
Unearned Interest Income
#
Cash
Loans Receivable
Interest Income
#
IIC
Date

Description
1/1/2014 Loans Receivable
Cash
#
12/31/2014 Cash
Interest Income
#
12/31/2015 Loan Impairment Loss

Debit
2,400,000

80,000

20,840

192,000

90,306

192,000

42,724

192,000

45,210

2,592,000

Debit
7,000,000

630,000

2,418,710

Allowance for Loan Impairment

#
12/31/2016 Allowance for Loan Impairment
Interest Income
#
12/31/2017 Allowance for Loan Impairment
Interest Income
#
12/31/2018 Allowance for Loan Impairment
Interest Income
#
Cash
Interest Income
Loans Receivable
#

521,129

570,242

561,266

7,630,000

Credit
6,000,000

525,000

Date
1/1/2014
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018

92,250

600000

68070

600,000

76,238

600,000

85,387

600,000

95633

107422

6000000
600,000

Interest Received
600,000
600,000
600,000
600,000
600,000

Credit

2,400,000

Date
1/1/2015
12/31/2015
12/31/2016
12/31/2017

Interest Received
192,000
192,000
192,000

80,000

20,840

192,000

90,306

192,000

42,724

192,000

45,210

2,400,000
192,000

Credit
7,000,000

630,000

Date

Payment
12/31/2015
12/31/2016
12/31/2017
12/31/2018

630,000
No payment
No payment
7,000,000

2,418,710

521,129

570,242

561,266

630,000
7,000,000

Interest Income

Amortization

668,070
76,238
85,379
95,624

68,070
76,238
85,379
95,624

Carrying Amount
5,567,250
5,635,230
5,711,488
5,796,867
5,892,491

107,509

107, 509

6,000,000

Interest Income

Amortization

151,694
149,276
146,790

40,306
42,724
45,210

PV Factor
0.909
0.826
0.751
0.683

Present Value
572,670
0
0
4,781,000
5,353,670

Carrying Amount
2,528,240
2,487,934
2,445,210
2,400,000

12A

Inventory End, FGA

Finished Goods, A
#

12B

Inventory End, FGB

Finished Goods B
#

7,285,000

4,200,000
4,200,000

12C

Inventory End, FGC

Finished Goods C
#

8,650,000
8,650,000

12A

Description
Beginning
Purchase
Balance
Sales
2/5/2015
Balance
Purchase
3/5/2015
Balance
Sales
4/10/2015
Balance
Purchase
5/7/2015
Balance
Sales
6/28/2015
Balance
Purchase
7/5/2015
Balance
7/6/2015 Purchase Return
Balance
Sales
10/15/2015
Balance
10/30/2015 Sales Return
Balance
Purchase
11/15/2015
Balance
Sales
11/28/2015
Balance
Purchase
12/10/2015
Balance
Date
1/1/2015
1/6/2015

Units
10,000
15,000
25,000
-13,000
12,000
20,000
32,000
-12,000
20,000
18,000
38,000
-25,000
13,000
20,000
33,000
-2,000
31,000
-14,000
17,000
1,000
18,000
17,000
35,000
-21,000
14,000
11,000
25,000

12C
Beginning Inventory
Net Purchases:
Purchases
Add:
Freight In
Less:
Purchase Return
Purchase Discount
Good Available For Sale
Less: Cost of Good Sold
Net Sales:
Sales
Less:

Sales Return & Allowanc

Units Cost
270
275
273
-273
273
260
264.88
264.88
264.88
280
272.04
272.04
272.04
285
279.89
285
279.56
279.56
279.56
279.56
279.56
290
284.63
284.63
284.63
300
291.4

Total Cost
2,700,000
4,125,000
6,825,000
-3,549,000
3,276,000
5,200,000
8,476,000
-3,178,560
5,297,440
5,040,000
10,337,440
-6,801,000
3,536,440
5,700,000
9,236,440
570,000
8,666,440
-3,713,840
4,752,600
279,560
5,032,160
4,930,000
9,962,160
-5,977,230
3,984,930
3,300,000
7,285,000

4,500,000
32,300,000
500,000
750,000
300,000

31,750,000
36,250,000

48,500,000

2,500,000

46,000,000
x60%

27,600,000
8,650,000

NO.13

ABC Company
DEF Company
GHI Company
JKL Company

Purchase Price
2,700,000
3,250,000
9,240,000
1,050,000

Fair Value (2014)

2,970,000
3,750,000
-----------------------

Fair Value (2015)

2,664,000
3,500,000
9,240,000
1,050,000

Journal Entries
Date
1/1/2014

7/1/2014

12/31/2014

3/28/2015

12/31/2015

Journal Entries
Description
ABC Financial Asset
Transaction Cost
Cash
#
DEF-Financial Asset-FVOCI
Cash
#
ABC Financial Asset-FVTPL
Unrealized Gain-FVTPL
#
ABC Financial Asset-FVOCI
Unrealized Gain-FVOCI
#
GHI -Financial Asset-Cost
Cash
#
Dividend Receivable
Dividend Income
#
Unrealized Loss-FVTPL
ABC Financial Asset-FVTPL
#
Unrealized Loss-FVOCI
DEF-Financial Asset-FVOCI
#

Debit
2,700,000
50,000

Credit

2,750,000
3,250,000
3,250,000
270,000
270,000
500,000
500,000
9,240,000
9,240,000
60,000
60,000
306,000
306,000
250,000
250,000

NO.14
A.

Debit

3/1/2015 IDSFVTPL
Interest Income
Loss on Purchase
Cash
#
5/1/2015 Cash
Interest Income
#
11/1/2015 Cash
Interest Income
#
12/31/2015 Accrued Interest Income
Interest Income
#
1/1/2015 IDSAC

2,500,000
100,000
250,000

150,000

150,000

50,000

5,760,450
Cash
#

12/31/2015 Cash

600,000

Interest Income
#
Interest Income
PQR-IDSAC
#
6/30/2015 Interest Income
Cash

B.

91,254.00

1,500,000

Debit
3,106,200

1/1/2015 PQR-IDSAC
Cash
#
6/30/2015 Cash
Interest Income
#
Interest Income
PQR-IDSAC
#
12/31/2015 Cash
Interest Income
#

180,000

24,690

180,000

Interest Income
PQR-IDSAC
#
6/30/2015 Cash
Interest Income
#
Interest Income
PQR-IDSAC
#

25,924.50

3/31/2015 IDS-FVOCI
Interest Income
Cash
#
7/1/2015 Cash
Interest Income
#
IDS-FVOCI
Interest Income
#
2/31/15 Interest Receivable
Interest Income
#
IDS-FVOCI
Interest Income
#

3,703,398
80,000

180,000

27,220.72

C.

160,000

12,300

160,000

25,784

D.
1/1/2015 Investment in Bonds
Cash in Bank
#
Cash in Bank
Interest Income
#
Investment in Bonds
Interest Income
#
Cash in Bank
Investment in Bonds
#

5,760,450

600,000

91,254

1,500,000

Credit
Date

2,850,000

Interest Received
1/1/2015
12/31/2015
12/31/2016
12/31/2017
12/31/2018

600,000
450,000
300,000
150,000

150,000

150,000

50,000

5,760,450

600,000

91,254.00

1,500,000

Credit
3,106,200

180,000

24,690

180,000

Date
1/1/2015
6/30/2015
12/31/2015
6/30/2016
12/31/2016

Interest Received
180,000
180,000
180,000
180,000

25,924.50

180,000

27,220.72

3,783,398

160,000

12,300

Date
1/1/2015
7/1/2015
1/1/2016
7/1/2016
1/1/2017
7/1/2017
1/1/2018
7/1/2018
1/1/2019
7/1/2019
1/1/2020

Interest Received

Date
1/1/2015
12/31/2015
12/31/2016
12/31/2017
12/31/2018

Interest Received

160,000
160,000
160,000
160,000
160,000
160,000
160,000
160,000
160,000
160,000

160,000

25,784

5,760,450

600,000

91,254

1,500,000

600,000
450,000
300,000
150,000

Interest Income

Premium Amortization

691,254
522,204
350,869
175,223

91,254
72,204
50,869
25,223

Interest Income

Premium Amortization

155,310
154,075.50
152,779.28
152,779.28

24,690
25,924.50
27,220.72
28,364.78

Carrying Amount
5,760,450
4,351,704
2,923,908
1,474,777
0

Carrying Amount
3,106,200
3,081,510
3,055,585.50
3,028,364.78
3,000,000

Interest Income

Amortization

184,556
185,784
187,073
188,427
189,848
191,340
192,907
194,553
196,280
198,112

24,556
25,784
27,073
28,427
29,848
31,340
32,907
34,553
36,280
38,112

Carrying Amount
3,691,120
3,715,460
3,741,460
3,768,533
3,796,960
3,826,808
3,858,148
3,891,055
3,925,608
3,961,888
4,000,000

Interest Income

Amortization

Carrying Amount

691,254
522,204
350,869
175,223

91,254
72,204
50,869
25,223

1,500,000
1,500,000
1,500,000
1,500,000