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    Midterm Exam FABM 2

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    Vee Ma
    The document contains a midterm examination for a grade 12 accounting class. It includes two problems testing knowledge of sole proprietorships, partnerships, and preparing a statement of changes in equity and statement of cash flows. Problem 1 requires calculating an owner's drawings account balance and preparing a statement of changes in equity for a sole proprietorship. Problem 2 requires preparing a statement of changes in equity for a partnership, including partner capital account balances and profit/loss sharing ratios. It also asks students to define a statement of cash flows and prepare one from a T-account of cash transactions.

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    Midterm Exam FABM 2

    Uploaded by

    Vee Ma
    881 views2 pages
    The document contains a midterm examination for a grade 12 accounting class. It includes two problems testing knowledge of sole proprietorships, partnerships, and preparing a statement of changes in equity and statement of cash flows. Problem 1 requires calculating an owner's drawings account balance and preparing a statement of changes in equity for a sole proprietorship. Problem 2 requires preparing a statement of changes in equity for a partnership, including partner capital account balances and profit/loss sharing ratios. It also asks students to define a statement of cash flows and prepare one from a T-account of cash transactions.

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    The document contains a midterm examination for a grade 12 accounting class. It includes two problems testing knowledge of sole proprietorships, partnerships, and preparing a statement of changes in equity and statement of cash flows. Problem 1 requires calculating an owner's drawings account balance and preparing a statement of changes in equity for a sole proprietorship. Problem 2 requires preparing a statement of changes in equity for a partnership, including partner capital account balances and profit/loss sharing ratios. It also asks students to define a statement of cash flows and prepare one from a T-account of cash transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    881 views2 pages

    Midterm Exam FABM 2

    Uploaded by

    Vee Ma
    The document contains a midterm examination for a grade 12 accounting class. It includes two problems testing knowledge of sole proprietorships, partnerships, and preparing a statement of changes in equity and statement of cash flows. Problem 1 requires calculating an owner's drawings account balance and preparing a statement of changes in equity for a sole proprietorship. Problem 2 requires preparing a statement of changes in equity for a partnership, including partner capital account balances and profit/loss sharing ratios. It also asks students to define a statement of cash flows and prepare one from a T-account of cash transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    THE HOLY LADY ACADEMY

    Network Ave., Meralco Village, Lias, Marilao, Bulacan


    S.Y. 2017-2018

    MIDTERM EXAMINATION
    in FUNDAMENTALS OF ACCOUTANCY, BUSINESS, AND MANAGEMENT 2
    Grade 12

    Name: _______________________________________ Score:_______________


    Date :___________________Grade : _________________ Teacher: Ms. Benny B. Carpio

    I. STATEMENT OF CHANGES IN EQUITY


    There are three basic forms of business organizations, namely:
    A. Corporation B. Partnership C. Sole Proprietorship
    Choose your answer from the three basic forms of business organizations, and write the letter of the
    correct answer on the space before the number.
    ________1. Allocation of net income is unique.
    ________2. It is managed by professional managers.
    ________3. Oftentimes, the owner is also a manager.
    ________4. It is owned by stockholders or shareholders.
    ________5. It is a business owned by two or more owners.
    ________6. It has legal personality separate from its owners.
    ________7. It is the simplest form of a business organization.
    ________8. The SFP and SoCE will present one capital account.
    ________9. It is the most complex form of business organization.
    ________10. There is allocating the net income to thousands of fast moving shareholders.

    Answer the following questions correctly and properly.


    PROBLEM #1: BBC STORE: SOLE PROPRIETORSHIP (15 points)
    Belen Castro is the owner of the BBC Store. The store was established on January 1, 20xA. Belen
    deposited 20,000.00PHP to a bank account in the name of BBC Store. She made four more deposits of
    1,500.00PHP each during the year from her personal account. The store generated net income of
    42,385.00PHP in 20xA. Belen regularly withdraws 2,000.00PHP per month from the stores banl
    K account for her personal experience.

    1. Determine the 20xA year-end balance of Belen Castro Drawings account.


    2. Prepare a Statement of Changes in Equity for the year-ended December 31,20xA.

    PROBLEM #2: PARTNERSHIP (25 points)


    The NOR Partnership was established 20xC. The partners, Nick, Oscar, and Rene have January 1, 20xD
    outstanding capital balances of 43,250.00PHP, 42,350.00PHP, and 45,550PHP respectively. Nick
    contributed 20,000.00PHP, Oscar also contributed 18,000.00PHP, and Rene for 16,000.00 during 20xD.
    The 20xD year-end balances of each partners Drawings account are as follows: Nick 10,000.00PHP,
    Oscar 12,000.00PHP, and Rene 15,000.00PHP. The partnership generated net income of
    110,000.00PHP in 20xD. According to the partnership agreement, the profit and loss sharing ratios are
    as follows: 25%, 40%, and 35% for Nick, Oscar, and Rene.

    1. Prepare the 20xD Statement Of Changes In Equity of NOR Partnership.


    II. STATEMENT OF CASH FLOWS
    1. What is a Statement of Cash Flow?(5 points)

    2. T-account of Cash of BBC Company (15 points)


    CASH bills
    DEBIT CREDIT
    January 1, 20x5 280,000PHP 1/28 Payment To Suppliers 65,000
    1/15 Cash from cash sales 2,000 2/26 Payment Of Utility Bills 8. 368
    2/16 Collection of AR 23,000 3/16Payment to employees 75,000
    3/24 Cash from cash sales 3,500 4/15 Acquisition of computers 45,000
    4/15 Collection of AR 33,000 5/12 Rent payments 26,000
    5/20Additional contribution from 6/01 Payment to suppliers 10,000
    Owner 76,500 7/05 Loan payment 15,000
    6/15 Collection of AR 85,000 8/12 Interest payment 8,500
    7/12Proceeds from bank borrowing 225,000 9/14 Owners drawing 3,800
    8/15 Collection of AR 2 8,000
    9/16 Cash from cash sales 8,000
    10/12 Collection of AR 12,000
    11/15 Collection of AR 18,000
    Total Debit Total Credit
    December 31, 20x5

    3. Prepare the Statement of Cash Flow by re-arranging and classifying the transactions in the cash T-
    account. (30 points)

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