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Natacc Exam

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B.S.

College of Industrial Examination


College Program Hospitality End - Term
Technology Term
Management
Course Course Fundamentals 1st Sem.
NATACC Semester/A.Y.
Code Title of Accounting 2021-2022
Studen ERAMIZ, ANDY J. Yr. and Benjie C.
t Name 1-C Instructor Alimon
Section

I. TRUE or FALSE (10 points)

1. Accounting is the art of recording, classifying and summarizing in a significant manner


and in terms of money, transactions and events which are, in part at least, of a
financial character, and interpreting the results thereof. TRUE

2. The sole proprietor, a partner in the partnership, and stockholder in the corporation
and in a one-person corporation are all investors in their own right. TRUE

3. The accountant may use estimates in the financial statements; one example of
estimate is the life of the property. FALSE

4. Accounting principles are rules and procedures that were developed based on
customs, usage, business practice, corporate experience, government interventions,
laws, and opinions of accountants and other professionals. TRUE

5. Chronological order means transactions are recorded based on the date it happened.
TRUE

6. In an Asset account, debit signifies decrease while credit signifies increase. FALSE

7. Balances of each account can be determined in the journal. FALSE

8. Accounts and amounts found in the trial balance are extracted from the journal.
FALSE

9. An Income Statement is a financial statement that summarizes the revenue and


expenses earned and incurred by the business for a certain period of time. TRUE

10. A Balance Sheet can be prepared using two formats: Single Step and Multiple Step.
FALSE
II. MATCHING TYPE (Match column A with Column B) – 10 points

COLUMN A COLUMN B
C1. The owner of the corporation is one person only a. Franchise
H2. Journal b. Accounting equation
J3. “T” – Account c. One-Person Corporation
F4. Acquiring materials to process into finished d. Journalization
products
I5. Transaction recorded in the journal e. Revenue is more than expenses
G6. Official receipt f. Manufacturing concern business
A7. Intangible asset g. Business paper
E8. Net Income h. Simplest form of the account
D9. 1st step in the accounting cycle i. Business transaction
B10. Asset = Liabilities + Owner’s Equity j. Book of original entry

III. ANALYSIS OF BUSINESS TRANSACTION, RECORDING AND POSTING

Clarence Decena Delivery Services Company started on December 2021 with a plan of
establishing the Delivery services business that will allow companies to receive essential
supplies without having to physically shop for the items, saving time and offering convenience
for employees. The business had the following transactions on the first month of operation in
December 2021:
Dec. 1 Clarence invested 200,000 and deposited the amount under the current account of the
business. He also invested his own car with the current fair market value of P300,000.
1 Bought one unit computer and printer for P30,000 cash for office use.
2 Paid the following regulatory fees: P6,500 for mayor’s permit, P500 for BIR registration fees
and DTI registration fees of P140.
3 Paid P21,000 for the advance payment for one month and two months security deposit of
security guards.
4 Bought computer table, office table, chairs, filing cabinet, and other furniture for office use
for cash, P50,000.
5 Bought office supplies, stapler, puncher, and other office supplies for cash P4,000 for office
use.
6 Paid P8,000 for the neon light bearing the name of the shop.
7 Hired office clerk with a salary of P12,000 per month and two delivery boys with a starting
salary of P12,000 per month.
8 Purchased two motorcycles. Terms P50,000 down payment with monthly amortization of
P10,000. Amortization will start on January 2, 2022 for 12 months.
9 Paid P30,000 for cost of advertisement such as flyers, tarpaulin, and radio advertisement.
10 After a week of preparation, Clarence Decena formally opened the business and spent
P10,000 for food in the opening ceremony.
11 On the first day of the operation, Clarence received P18,000 from clients.
15 Paid salary of employees P7,500 for one week, net of withholding tax of P1,200; paid
P2,000 for the office supplies.
20 For the last two weeks he received P120,000 from customers.
30 Spent total amount for gasoline, P3,000.
31 Paid salary of the personnel, P18,000, net of P300 SSS premium, and P200 PhilHealth
premiums.

Use the following accounts to record the transactions:

Cash in bank 101


Office supplies 102
Prepaid rent 103
Office Equipment 104
Office furniture and fixture 105
Car and vehicle 106
Motorcycles 107
Security Service Deposit 108
Accounts Payable 210
SSS premium payable 202
PhilHealth Premium payable 203
Withholding tax payable 204
Office supplies expense 302
Advertising expense 303
Salary expense 304
Taxes and license expense 305
Gas and oil expense 306
Service Income 401
Clarence Decena, capital 501
Clarence Decena, drawing 502

Prepare the following:


1) Journal entries using the two-column general journal. Transactions
from Dec.1 – 9 will be page 1 of the journal and Dec. 10 – 31 will be page
2.
(40 points)

DATE PARTICULARS F DEBIT CREDIT

2020
1 CASH IN BANK 101 P200,000
CAR AND VEHICLE
JERICHO LANCE, CAPITAL 106 300,000
TO RECORD INITIAL INVESTMENT
P500,000

1 OFFICE EQUIPMENT 104 30,000


CASH IN BANK
TO RECORD PURCHASE OF 101
COMPUTER AND PRINTER P30,000

2 TAXES AND LICENSES EXPENSE 305 7,140


CASH IN BANK 101 7,140
TO RECORD MAYOR’S PERMIT, BIR
AND DTI REGISTRATION.

3 SECURITY SERVICE DEPOSIT 108 21,000


CASH IN BANK 101 21,000
TO RECORD SECURITY DEPOSIT
AND ADVANCES.

4 OFFICE FURNITURE AND FIXTURE 105 50,000


CASH IN BANK 101 50,000
TO RECORD PURCHASE OF
OFFICE FURNITURE

5 OFFICE SUPPLIES 102 4,000


CASH IN BANK 101 4,000
TO RECORD PURCHASE OF
OFFICE SUPPLIES

6 ADVERTISING EXPENSES 303 8,000 8,000


CASH IN BANK 101
TO RECORD PURCHASE OF NEON
LIGHTS

8 MOTORCYCLES 107 170,000


CASH IN BANK 101 50,000
TO RECORD PURCHASE OF TWO
MOTORCYCLES 210 120,000

9 ADVERTISING EXPENSE 303 30,000


CASH IN BANK 101 30,000
TO RECORD COST OF FLYERS,
TARPAULIN AND RADIO
ADVERTISEMENT.

10 ADVERTISING EXPENSE 303 10,000


CASH IN BANK 101 10,000
TO RECORD PURCHASE OF FOOD
FOR OPENING DAY

11 CASH IN BANK 101 18,000


SERVICE INCOME 401 18,000
TO RECORD REVENUES FROM
SERVICE RENDERED.

15 SALARY EXPENSE 304 8,700


OFFICE SUPPLIES 102 2,000
CASH IN BANK
WITHHOLDING TAX PAYABLE 101 9,500
TO RECORD PAYMENT OF SALARY 204 1,200

20 CASH IN BANK 101 120,000


SERVICE INCOME 401 120,000
TO RECORD REVENUES FROM
SERVICES RENDERED

30 GAS AND OIL EXPENSE 306 3,000


CASH IN BANK 101 3,000
TO RECORD REVENUES FROM
SERVICES RENDERED.

31 SALARY EXPENSE 304 18,500


CASH IN BANK 101 18,000
SSS PREMIUM PAYABLE
PHILHEALTH PREMIUM PAYABLE 202 300
TO RECORD PAYMENT OF 203 200
SALARIES.

2) General Ledger (40 points)

GENERAL LEDGER OF CLARENCE DECENA DELIVERY SERVICES


COMPANY

CASH IN BANK
DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT
2020

DEC. 1 CASH INVESTMENT P1 P200,000 DEC. 1 PURCHASE COST OF P1 30,000


COMPUTER

11 SERVICE RENDERED P2 18,000 2 PAYMENT OF MAYOR’S P1 7,140


PERMIT
20 SERVICE RENDERED P2 120,000 3 RENTAL DEPOSIT AND P1 21,000
ADVANCES

TOTAL DEBIT 338,000 4 COMPUTER TABLE AND P1 50,000


CHAIRS

5 OFFICE SUPPLIES P1 4,000

CASH IN BANK DEBIT P97,360 6 COST OF NEON LIGHTS P1 8,000


BALANCE

8 DOWN PAYMENT P1 50,000

9 ADVERTISING P1 30,000

10 OFFICE SUPPLIES EXPENSE P2 10,000

15 PAYMENT OF SALARY P2 7,500

15 PAYMENT OF SUPPLIES P2 2,000

30 GASOLINE P2 3,000

31 PAYMENT OF SALARY P2 18,000

TOTAL CREDIT: 240,640

CAR AND VEHICLE


DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. 1 INVESTMENT P1 P300,000

JERICHO LANCE, CAPITAL


DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC.1 INVESTMENT P1 P500,000

OFFICE EQUIPMENT
DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. 2 PURCHASE OF P1 P30,000


COMPUTER &
EQUIPMENT

TAXES AND LICENSES EXPENSES


DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. 3 MAYOR’S PERMIT P1 P7,140


AND BIR, DTI
REGISTRATIONS

SECURITY SERVICE DEPOSIT


DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. 4 PURCHASE OF P1 P50,000


OFFICE FURNITURE

OFFICE FURNITURE AND FIXTURE


DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. 1 INVESTMENT P1 P300,000

OFFICE SUPPLIES
DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. 5 PURCHASE OF P1 P4,000


OFFICE SUPPLIES

P6,000

ADVERTISING EXPENSE
DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. 6 PURCHASE OF P1 P8,000


OFFICE NEON
LIGHTS

9 COST OF TARPAULIN P1 30,000

10 FOOD FOR OPENING P2 10,000


DAY

48,000
MOTORCYCLE
DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. 8 PURCHASE OF TWO P1 P170,000


MOTORCYCLES

ACCOUNTS PAYABLE
DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. 8 PURCHASE OF P1 P120,000


MOTORCYCLES

SERVICE INCOME
DATE PARTICULAR F DEBIT DATE PARTICULAR F DEBIT

DEC. SERVICE RENDERED P2 18,000


11

20 SERVICE RENDERED P2 120,000

138,000

SALARY EXPENSE
DATE PARTICULAR F DEBIT DATE PARTICULAR F DEBIT

DEC. SALARY FOR ONE P2 8,700


15
WEEK

31 SALARY (DEC. 16-31) P2 18,500

27,200

GAS AND OIL EXPENSE


DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. PURCHASE OF P2 P3,000


30
GASOLINE

SSS PREMIUM PAYABLE


DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. PAYMENT OF P2 P300


31
SALARY
PHILHEALTH PREMIUM PAYABLE
DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. PAYMENT OF P2 P200


31
SALARY

WITHHOLDING TAX PAYABLE


DATE PARTICULAR F DEBIT DATE PARTICULAR F CREDIT

DEC. SALARY FOR ONE P2 P1,200


15
WEEK

----GOOD LUCK----

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