Compute the balance of the Home Office account on January 1, 2021
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- Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…MC33 On December 1, 2020, Kyle Corporation established a petty cash fund of P4,000. On December 31, 2020, the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses amounting to P3,640. In addition, there was cash amounting to P440. What entry would be required to record replenishment of the petty cash fund on December 31, 2020? (with solution) a. Petty Cash — P3,640 Cash Short and Over — P80 Cash in Bank — P3,560 b. Miscellaneous Expense — P3,640 Cash Short and Over — P80 Petty Cash — P3,560 c. Miscellaneous Expense — P3,640 Cash Short and Over — P80 Cash in Bank — P3,560 d. Miscellaneous Expense — P3,560 Cash Short and Over — P80 Cash in Bank — P3,640
- 7. Debbie Company reported collections from customers of P6,000,000 for the year ended December 31, 2020. Additional information follows: 12/31/2019 12/31/2020 Accounts receivable P1,000,000 P3,000,000 Allowance for doubtful accounts ( 100,000) (150,000) Debbie wrote off uncollectible accounts totaling P500,000 during 2020. Under accrual basis, Debbie would report 2020 sales of Group of answer choices P4,500,000 P8,000,000 P8,550,000 P8,500,000QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHSAccumulated fund (1/06/2019)23364000Massage Palour inventory at beginning (1/06/2019)4455000Massage Palour Purchases8382000Building (Cost)21153000Equipment (Cost)2640000Furniture and fittings (Cost)1650000Subscriptions1980000Affiliation Fees247500Savings Account5610000Venue of the "Weekend in Paradise Trip" 115500Executive Mens Club Entrance fees198000Massuer's Wages and Salaries825000Accumulated Depreciation Building 8461200Equipment 660000Furniture and Fittings 165000Salaries792000Rent 316800"Weekend in Paradise Trip" expenses198000Administrative expenses574200Interest on Savings account313500Sale of "Weekend in Paradise Trip" tickets2508000Bank account (Current)4125000Donation for "Weekend in Paradise Trip"610500Revenue from Massage Palour12540000Life membership fees610500Utilities326700102821400Additional Information1. Massage Palour inventory (31st May 2020)8910002. Subscription paid…40. Marc Company’s checkbook balance at December 31, 2021 was P167,085. In addition, Marc held the following items in its safe on that date: Check payable to Marc dated January 2, 2022 in payment of a sale made in December 2021, not included in December 31 checkbook balance P 15,000 Check draw on Marc’s account, payable to a vendor, dated and recorded in Marc’s books on December 31, but not mailed until January 10, 2022 8,275 Included in the book receipts which was recorded as P54,000. No correction was made yet by Marc Company. 45,000 What is the amount of cash in Marc’s December 31, 2021 statement of financial position?
- Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s EquityMC44 Gem Co. had the following cash balances at December 31, 2020: Petty cash fund — P1,500 Customer's certified check — P5,000 Customer's NSF check — P2,000 Customer's postdated check — P4,000 Unrestricted demand deposits — P486,000 Company checks written and deducted from the demand deposits but not scheduled to be mailed until January 2, 2021 — P12,000 Time deposits restricted for use (expected use in 2021) — P300,000 In exchange for a guaranteed line of credit, Gem has agreed to maintain a minimum balance of P100,000 in its unrestricted demand deposits account. How much should Gem report as "Cash" in its December 31, 2020 statement of financial position? (with solution) a. P399,500 b. P404,500 c. P480,500 d. P504,500ABSB established a $100 petty cash fund on January 1, 2021. On January 31, the fund had a $24 cash balance and petty cash receipts for postage of $28, Office supplies $20, and delivery expense of $30. Prepare Journal Entries to establish the fund on January 1, and to replenish the fund on January 31, 2021
- 31. Marc Company’s checkbook balance at December 31, 2021 was P167,085. In addition, Marc held the following items in its safe on that date: Check payable to Marc dated January 2, 2022 in payment of a sale made in December 2021, not included in December 31 checkbook balance P 15,000 Check draw on Marc’s account, payable to a vendor, dated and recorded in Marc’s books on December 31, but not mailed until January 10, 2022 8,275 Included in the book receipts which was recorded as P54,000. No correction was made yet by Marc Company. 45,000 What is the amount of cash in Marc’s December 31, 2021 statement of financial position?32. Hot Issue Company sold its machine with a carrying amount of P2,000,000 in exchange for P2,500,000 non-interest-bearing note that requires five annual payment of P500,000 starting on January 1, 2022. The market interest for similar notes was 10% and the relevant present value factors are: Present value of a single payment at 10%…Additional Information:1) A count of the petty cash fund on January 2, 2020 showed its composition asfollowsCurrency and coins P 6,000Petty cash vouchers, all dated 2019,Except for P 1,500 which pertains to 2020 6,000Employees postdated check 3,000Total P 15, 0002) The following are some of the December 31, 2019 reconciling items noted for cashin bank: a. Customers’ checks returned by the bank marked “DAIF” in December 2019, re-deposited in January 2020, P 35,000. b. A bank credit memo representing collection by bank from one of the company’smajor customers, P 40,000.c. A check drawn by another company for P 25,000 Incorrectly charged by bank inDecember 2019.d. Checks issued by the company in 2019 and not yet cleared by the bank as ofDecember 31, 2019 P 105,000.e. The company wrote several checks…Additional Information:1) A count of the petty cash fund on January 2, 2020 showed its composition asfollowsCurrency and coins P 6,000Petty cash vouchers, all dated 2019,Except for P 1,500 which pertains to 2020 6,000Employees postdated check 3,000Total P 15, 0002) The following are some of the December 31, 2019 reconciling items noted for cashin bank: a. Customers’ checks returned by the bank marked “DAIF” in December 2019, re-deposited in January 2020, P 35,000. b. A bank credit memo representing collection by bank from one of the company’smajor customers, P 40,000.c. A check drawn by another company for P 25,000 Incorrectly charged by bank inDecember 2019.d. Checks issued by the company in 2019 and not yet cleared by the bank as ofDecember 31, 2019 P 105,000.e. The company wrote several checks…
