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    Assignment 1 OF ALAIZA LANON

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    Alaiza Maas Lanon
    This document contains an assignment with multiple accounting problems and questions. It provides details of three business scenarios involving assets, liabilities, and owner's equity. It asks the reader to determine missing values using the accounting equation and solve other accounting questions. It also provides a table with capital accounts for five cases and asks the reader to calculate ending capital.

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    Assignment 1 OF ALAIZA LANON

    Uploaded by

    Alaiza Maas Lanon
    139 views2 pages
    This document contains an assignment with multiple accounting problems and questions. It provides details of three business scenarios involving assets, liabilities, and owner's equity. It asks the reader to determine missing values using the accounting equation and solve other accounting questions. It also provides a table with capital accounts for five cases and asks the reader to calculate ending capital.

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    © © All Rights Reserved

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    This document contains an assignment with multiple accounting problems and questions. It provides details of three business scenarios involving assets, liabilities, and owner's equity. It asks the reader to determine missing values using the accounting equation and solve other accounting questions. It also provides a table with capital accounts for five cases and asks the reader to calculate ending capital.

    Copyright:

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

    Assignment 1 OF ALAIZA LANON

    Uploaded by

    Alaiza Maas Lanon
    This document contains an assignment with multiple accounting problems and questions. It provides details of three business scenarios involving assets, liabilities, and owner's equity. It asks the reader to determine missing values using the accounting equation and solve other accounting questions. It also provides a table with capital accounts for five cases and asks the reader to calculate ending capital.

    Copyright:

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

    Assignment #1

    ALAIZA MAAS. LANON


    BSBA- FM
    I-Direction: Solve for the following problems.
    A. Mrs. Reyes has P100, 000. She bought shop assets on account from Ace Furniture for P50,
    000.
    Questions:
    A. How much are the assets of the business? P150,000 (100,000+50,000)
    B. What is the amount of liabilities? P50,000
    C. How much is the owner’s equity? P100,000 (150,000-50,000)
    D. Give the accounting equation applicable to this. ASSETS=LIABILITIES=OWNER’S
    EQUITY

    B. Kristan Repair Shop is owned by Cristina Tan. The business showed the following items:
    Cash P30, 000
    Furniture and Equipment 10, 000
    Delivery van 100,000
    Accounts payable 40, 000
    Questions: Determine the following:
    A. Total assets -P140,000 (30,000+10,000+100,000)
    B. Total liabilities -P40,000
    C. Owner’s equity -P100,000 (140,000-40,000)
    D. Give the accounting equation applicable to this. OWNER’S EQUITY= ASSETS-
    LIABILITIES

    C. Ms. Adelaida Garcia invested assets amounting to P160, 000. She never bought anything on
    account.
    Questions: Determine the following:
    A. Assets= P160,000
    B. Liabilities= 0, NO LIABILITIES
    C. Owner’s Equity= P160,000
    D. Accounting equation applicable to this ASSETS=LIABILITIES + OWNER’S EQUITY

    II- Direction: Supply the missing item using the accounting equation:

    ASSETS LIABILITIES OWNER’S EQUITY


    Case 1 P120, 000 P20, 000 P100,000
    2 110,000 60, 000 50, 000
    3 80, 000 50,000 30, 000
    4 160,000 60, 000 100, 000
    5 160, 000 60, 000 100,000
    6 90, 000 10, 000 80,000
    7 110,000 30, 000 80, 000
    8 30, 000 10,000 20, 000
    9 60, 000 10, 000 50,000
    10 75, 000 25,000 50, 000

    Owner’s Equity

    Capital Gross Expenses Drawing Capital


    Beginning Income Ending

    Case 1 P20, 000 P5, 000 P1, 000 P500 P23,500


    2 49,000 10, 000 4, 000 ---- P55, 000
    3 50, 000 20,000 5, 000 1, 000 64, 000
    4 58, 000 20, 000 10,000 3, 000 65, 000
    5 50, 000 30, 000 10, 000 5,000 65, 000

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