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Exercises
Name: _________________________ Rating _________
Course: ________________________ Date___________
ABM 50
(Farm Bookkeeping and Accounting)
Exercise No. 1
Terms or Accounting
OBJECTIVES:
1. To be able to identify and acquaint the accounting terms,
2. To know and apply the operational definition of an accounting terms.
PROCEDURE
1. Get hold all the references of accounting in the library and take note all the listed terms that are to look at.
2. Write the definition in a required writing pad and its illustration if any.
MATERIALS:
1. Yellow pad for writing the draft
2. Short bond paper for any illustration purposes
3. Bullpen and pencil
4. Folder, ruler etc.
ACCOUNTING TERMS
1. Records
2. Transaction
3. Accounting
4, Recording
5. Bookkeeping
6. Classifying
7. Summarizing
8. Interpreting
9. Financial Accounting
10 Government Accounting
11. Public Accounting
12. Cost Accounting
13. Internal Auditing
14. Sole Or Single Proprietorship
15. Partnership
16. Corporation
17. Assets
18. Liabilities
19. Capital
20. Equities
21. Debit
22. Credit
23. Account
24. "T" Account
25. Income
26. Expenses
27. Capital Withdrawal
28. Real Accounts
29. Nominal Accounts
30. Cash
31. Account Receivable
32 Note Receivable
33. Merchandise Inventory
34. Supplies on Hand
35. Marketable Securities
36. Land
37. Building
38. Account Payable
39. Notes Payable
40. Taxes Payable
41. Bonds Payable
42. Mortgage Payable
43. Depreciation Expenses
44. Journal
45. Journalizing
46. Journal Entry
47. Ledger
48. Posting
49. Subsidiary Ledger
50. Folio
51. Trial Balance
52. Footing
53. Open Account
54. Closed Balance
55. Credit Balance
56. Debit Balance
57. Trial Balance of Balance
58. Trial Balance of Totals
59. Trial Balance in Balance
60. Trial Balance out of Balance
61. Worksheet
62. Income Statement
63. Balance Sheet
64. Financial Statements
65. Current Assets
66. Fixed Assets
67. Current Liabilities
68. Long-Term or Fixed Liabilities
69. Proprietorship
70. Adjusting Entries
71. Mixed Accounts
72. Bad debts
73. Scrap values
74. Prepaid expenses
75. Pre-collected income
76. Closing entries
77. Ruling the Accounts
78. Double Entry Bookkeeping
79. Preliminary Trial Balance
80. Adjusted Trial Balance
81. Post-closing Trial Balance
82. Reversing Entries
83. Creditors
84. Investors
85. Component percentage
86. Increase-decrease analysis
87. Ratios, analysis
83. Balance Sheet Ratios
89. Income Statement Ratios
90. Inter-statement Ratios
91. Current Ratio
92. Equity Ratio
93. Gross Profit Ratio
94. Operating Ratio
95. Net Income to Net Worth Ratio
96. Net Income to Net Assets Ratio
97. Chart of Accounts
98. Opening the Accounts
99. Account Number
100. Accounting Period
~oo0oo~
Name: _________________________ Rating _________
Course: ________________________ Date___________
ABM 50
(Farm Bookkeeping and Accounting)
Exercise No. 2
Accounting Equation
OBJECTIVES:
1. To he able to acquaint the basic accounting equation;
2. To know the application of accounting equations; and,
3. To analyze the effect of every transaction to the assets, liabilities and proprietorship accounts in the equation
PROCEDURE:
1. By your analytical ability post the account or accounts in the transaction to their corresponding side in the equation.
2. Interpret the analysis inhibited by the event or transaction to the equation whether it has increasing, or decreasing effect. It should note that the equation should he balance after every transaction is posted.
3. Write your analysis right after every transaction by equating the assets to the liabilities and proprietorship (A = L + P)
TRANSACTION
Miss Elisa Cano opened a nursery called "Cano Nursery". The following were her transactions for her first month of operations
January, 19A
2 - Miss Elisa Cano invested P 2,000.00 in the business
3 - Purchased beds and play equipment for P1,000.00 from Gonzales equipment on accounts
4 - Paid P30.00 cash for newspaper advertising
5 - Paid P500.00 to Gonzales Equipment in partial
payment of the account yesterday .
6 - Purchased nursery supplies for P50.00 fro, Peralta Miscellaneous store on account
11 - Paid January rent P100.00
11 - Sent a bill to Marcelo Rigola for fees amounting to P120.00
15 - Paid part-five nursery helper, P40.00 as salary,
18 - Collected P100.00 from Marcelo Rigola as part payment of his account on the 11th
20 - Received P135.00 cash fees from clients
20 - Sent a bill to Juan Lim for fees amounting to P80.00
25 - Paid P40.00 for additional nursery supplies bought
31 - Paid salary of part-time nursery helper, P60.00
31 - Collected P100.00 from Juan Lim as partial payment of his account.
REQUIRED:
Give the effect of transactions on the assets, liabilities and proprietorship of the business.
Name: __________________________________ Ratings Course _______
Date: ___________________________________
MANAGEMENT 25
Exercise No. 3
The Theory of Debit and Credit
OBJECTIVES:
1. To know the functions and rules of debit and credit to the accounts.
2. To identify what accounts will be affected in each transaction posted.
3. To analyze the effect of the transactions posted in the "T" accounts.
4. To prove the theory of debit and credit to the • accounting equation.
PROCEDURE:
1. Research about the functions and rules of the debit and credit to the accounts.
2. Analyze the given transactions or events and identify what are the accounts affected,
3. Construct the UT11 account and make proper labelling of the account.
4. Post the amount in their corresponding side (debit or credit) on H1U account and make your analysis.
5. Make a summary of 'IT" accounts providing the theory of debit and credit to the accounting equation
PROBLEM
1. What are the functions and rules of the debit and credit to the account?
2. Analyze the following transactions:
Rufo Tan an attorney decided to establish his own practice. The following are his transactions for November 1994.
November
1 - Invested cash, P2,000.00 and library, P 800.00
- Purchased office furnitures from Niefur company on credit, P1,200.00
- Bought and paid stationary, stamps and other supplies, P50.00
- Paid The office rent for the month, p210.00
2 - Bought a typewriter for cash, P450.00
3 - Received P100.00 cash for legal consultation services rendered (credit legal fees income).
4 - Billed Nardo Patag for professional services
P520 .00
5 - Purchased a new filing cabinet for cash
P150.00
10 - Received ?2,000 .00 for professional services rendered in a tax case
12 - Billed Arsenio Servas, P300.00 for professional services rendered
13 - Paid, P100.00 cash to Jose Ortega for legal research service
15 - Paid the half months salary of the secretary, V17500
17 - Billed the Luzon contractors, V30000 for professional services rendered
18 - Collected p520.00 cash from Nardo Patag a full settlement of his account on the 4th
20 - Paid, P70000 to Nicfur company to apply or account due to them
21 - Withdraw P100.00 cash for personal use
25 - Received P500.00 cash for professional services rendered to Jose Kabigtinq.
29 - Paid telephone bill, P1800
30 - Paid the half month's salary of the secretary P75.00
- Paid the Legal Press, P25000 for printing cost of legal briefs
Required:
1. Identify what are the accounts?
2 Record the transactions, in the "T” accounts and make your analysis
3 Summarize the “T” accounts and place to the accounting equation to prove the equality.
Name: _______________________________________ Rating: ____________
Course: ______________________________________ Date: _____________
MANAGEMENT 2
Exercise No. 4
Journalizing and Posting
OBJECTIVES:
1. To be able to acquaint the different forms of journal that are use in business.
2. To know the importance of using journal
3. To post transactions to the journal properly and correctly.
PROCEDURE:
1. Read about the topics with regards to journalizing and posting.
2. Analyze properly the given transactions and post it to the journal by following the steps in postings
3. Use the 2-money columns Journal.
PROBLEMS:
1. What are the different forms of journal that are commonly use in the business?
2. Whet are the importance of using Journal?
3. What are the steps in posting transactions to the Journal?
4. Post the following information to the general Journal by using the proper procedure in posting 19A
Jan. 2 - A Manriquez sold his lot costing P10,000.00 for P15,000.00 and invested the proceeds in a dry goods store named Empire Trading
3 - Bought goods from Manila. Trading, P8,850.00 Terms: P850.00 down P4,500.00, 15-day, 6% note; balance 2/10, n/30.
4 - Deposited P12,000.00 with Filipino Bank
5 - Received a credit memo from Manila Trading, P100.00 for merchandise returned.
6 - Cash sales to date, P5,100.00. Deposited the same with Filipino Bank
7 - Sold merchandise to Fernando Galvez , P4,500.00 Terms: P1,500.00 down, P2,000.00 2- day, 6% note, balance 2/10, n/30.
8 - Issued a credit memo for the allowance of P90.00 granted to F. Galvez for defective goods.
9 - Issued a check to Manila Trading, P800.00 to apply on account
10 - Received a check for P300.00 from F. Galvez to apply to n account
11. - Purchased store equipment from Philco Trading, P1,500.00. Terms: 2/10, n/30.
13 - Issued a check to Manila Trading in full of account.
14 - Issued a check to Vasquez Bros. for store supplies bought, P120.00 terms: cash, loans 3%.
15 - Received a a 60-day, 6% note for P750.00 from
L. Marts for merchandise sold
16 - Returned supplies worth P25.00 to Vasquez Bros. and received a check therefor.
17 - The owner took home goods costing P100.00 and priced to sell at P150.00 for his family's use.
18 - Paid the note issued to Manila Trading on the 3rd with a check.
21 - Gave a salary advance of P100.00 cash to an employee
24 - A check was issued in. full payment of the owner's personal debt evidenced by his 30- day, 6% for P800.00.
27 - Collected the note of F. Galvez
30 - Cash sales P1,200.00
31 - Paid in cash salaries of P1,500.00 fro which deductions were made as follows:
for SSS premiums - P 40.00
for withholding taxes - P 20.00
for Salary advance - P100.00
Name: ________________________________________ Rating: ______________
Course: ________________________________________ Date: _______________
ABM 51
BOOKKEEPING AND ACCOUNTING
Exercise No. 5
Ledger- and Ledger Posting
OBJECTIVES:
1. To identify what are the different accounts and their classification;
2. To know the importance of using ledger and their relationship to journal; and,
3. To open accounts in the ledger and posting the transactions from the original entry.
PROCEDURE:
1. Read about the topics on ledger and ledger posting.
2. Analyze properly the given transactions and post it to the Journal for the original entry, and for the final entry to the general ledger.
3. Use the 2-money columns Journal and 2-money columns general ledger.
PROBLEMS
1. What are the different accounts and their classifications?
2. What are the importances of using ledger?
3. What are the relationship of ledger and Journal?
4. What are the proper procedures of posting transactions to the ledger?
5. Post the following transactions to the journal and to the general ledger?
The transactions of Pedro Dio for December 19A. were:
Dec. 1 - Began business with the following investments:
Cash - 15,000.00
Merchandise - 4,000.00
Furniture - 5,000.00
2 - Paid rent for December, P500.00
3 - Purchased a delivery truck from RAMCAR Co. for cash P3,000.00
5 - Sold merchandise, for rah to C. Rivera, P250.00
7 - Purchased merchandise for cash from light and sons P570.00
10 - Sold merchandise on account to C. Rivera, P5,000.00. Terms: 2/10, n/30
12 - Paid general expenses, P7,250.00
14 - Purchased merchandise on account from Jose Wenceslao, P500.00. Terms: 2/10, n/30.
15 - Mr. Dio withdraw cash for personal use, P500.00
17 - Sold on account to Juan Santos, P500.00 Terms n/10.
19 - Purchased merchandise on account from L. Librido , P3,000.00 Term. n/60.
20 - Received full payment in cash from C. Rivera for his account on December 10.
23 - Sold merchandise on account to Vic Mendoza, P2,4000. Terms: 2/10, n/30.
24 - Paid in full the account due Jose Wenceslao on the 14th.
26 - Returned merchandise to L Librado, P650.00. A credit memo was received for the return.
27 - Received a 30-day non-interest bearing note from Juan Santos in settlement of this account on the 17th.
28 - Utility expense bills paid, P120.00
29 - Received merchandise returned by Vic Mendoza, P200.00
30 - Wages paid, P500 00
Required
1. Make your own account that number based on the transactions above.
2. Post the transaction in the journal and in the general ledger.
3. Make subsidiary ledger for the account payable account receivable.
Name: ________________________________________ Rating: ______________
Course: ________________________________________ Date: _______________
ABM 51
BOOKKEEPING AND ACCOUNTING
Exercise No. 6
Trial Balance
OBJECTIVES:
1. To know the different kinds of trial balance.
2. To determine what are the importance of trial balance.
3. To identify the steps and put into practice in making trial balance.
PROCEDURE:
1. Study the lessons on Journalizing, posting, ruling the ledger and correcting errors.
2. Analyze properly your posting of transactions to the general Journal, general ledger and subsidiary ledger.
3. Use two-money columns. Journal from two-money columns ledger form, three-money columns subsidiary ledger from and two-money columns trial balance form.
PROBLEMS:
1. What are the different kinds of trial balance?
2. What are the importances of trial balance?
3. Discuss the procedure of footing the general ledger and subsidiary ledger accounts.
4. Whet are the steps in preparing a trial balance of balances and trial balance of totals?
5. What are the major uses of a trial balance out of balance?
6. Post properly the following transactions to Journal, ledger, subsidiary ledger and trial balance forms.
On September 1, 19A Mr. C. Jose had the following ledger account balances:
Cash P12,000.00
Accounts Receivable 2,400.00
E. Waldas 400.00
Juan 200.00
Nernesio 600.00
A. Santos 1,200.00
Merchandise Inventory P16,000.00
Office Supplies P640.00
Notes Payable P1,600 00
Accounts Payable P2,400.00
Resto Company 1,400.00
Perling Comp. 1,000.00
C. Jose Capital 27,040.00
-------------- -----------------
P31,040.00 P314040.00
======== ==========
Transactions:
September, 19A
2 - Paid September rent, P200.00
- Bought office supplies for cash, P40.00
3 - Cash sales, P550.00
4 - Paid telegraph bill, P6.00
5 - Account sales • A. Santos P120.00; K. Nemesiso. P150.00, E. Waldas, P100.00
6 - Paid store clerk's salary, P48.00; and delivery clerk's salary, P36.00
8 - Purchased merchandise for cash, P400.00
9 - Collected from C. Jose, P200.00, K. Nemesio, P300.00 on account
10 - Bought merchandise from Pering company, P700.00 terms, 30 days
11 - Cash sales, P650.00
12 - Received a note, face value, P600.00 from A. Santos on account
14 - Paid store clerk's salary, P48.00 and delivery clerk's salary, P36.00.
16 - Bought merchandise on account from Resto Company P900.00, 30 days.
19 - paid P30.00 fright on merchandise from Resto company
22 - Paid Pl,000.00 on the account to Pering company
24 - Paid P3000 for repairs to delivery truck
26 - Gave Resto Company a note for P1,000.00 00 on account
29 - Paid a note payable, P1,000.00
30 - Paid P40.00 for gasoline of delivery truck
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