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Quiz 1 Prelims Solution

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Jerone Manlapaz
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16 views

Quiz 1 Prelims Solution

Uploaded by

Jerone Manlapaz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Test I - Conceptual Frameworks

1 d 21 h
2 b 22 a
3 b 23 b
4 c 24 e
5 b 25 k
6 a 26 h
7 b 27 i
8 b 28 International Accounting Standards Board
9 b 29 Going Concern
10 d 30 Capacity for Adaptation
11 b 31 Fund Theory
12 a 32 Understandability and Comparability
13 c 33 Relevance
14 c 34 Faithful Representation
15 b 35 Contingent Loss
16 f 36 Adequate Disclosure
17 j 37 Principle of Consistency
18 d 38 Timeliness
19 g 39 Matching Principle
20 c 40 Liabilities
SINGCO Company
Proof of Cash
December 31, 2022
November Receipts Disbursement December
Unadjusted Bank Balance 128,200 1,020,000 920,000 228,200
Add/(Deduct)
Deposit in Transit November 120,000 (120,000)
December 103,000 103,000
Outstanding Check November (3,200) (2,300) (900)
December 23,000 (23,000)
Erroneously recorded collection (3,000) (3,000)
Adjusted Bank Balance 245,000 1,000,000 940,700 304,300

Unadjusted Book Balance


Add/(Deduct) 228,500 1,169,250 931,000 466,750
CM for the loan November 120,000 (120,000)
DM for the amort. & int. 11,000 (11,000)
DM for the service charge 200 (200)
DM for NSF Check for November (1,500) (1,500)
Erroneously recordedNovember (102,000) 102,000
collection December (151,250) (151,250)
Adjusted Bank Balance 245,000 1,000,000 940,700 304,300

Transportation Expense 750.00


Supplies 1,500.00
Gas and Oil Expense 3,500.00
Repairs and Maintenance 2,000.00
Receivable from Petty Cashier 500.00
Miscellaneou Expense 100.00
Petty Cash Fund 8,350.00

Cash In Bank 304,300


Petty Cash Fund 11,650
Sinking Fund 580,000
Redeemable Preference Shares 55,000
120-dayTime Deposit 110,000
Cash and Cash Equivalent 1,060,950

Bank Balance 9,213


Deposit in Transit 1,324
Outstanding Checks (987)
Unrecorded Collections 350
Adjusted Cash Balance 9,900

Demand deposit 2,000,000


Undelivered Check 200,000
Company postdated check 110,000
Window dressing collection (450,000)
Demand deposit adjusted balance 1,860,000
Petty cash fund 10,000
Time deposit, if silent assume it is 3 mos or less 1,000,000
Cash and Cash Equivalent 2,870,000

Currency and coins 105.00


Replenishment check 230.00
Petty Cash Fund 335.00

Cash on Hand
Balance 18,600.00
NSF Check - 3,000.00
PDC Customer - 1,500.00 14,100.00
FilBank
Balance 47,500.00
Undelivered check 2,500.00
PDC issuance 4,300.00 54,300.00
Main Bank 62,000.00
PCF 335.00
Total Cash 130,735.00

COBank 90-day time deposit 15,000.00


BSP Treasury Bill 20,000.00
Cash 130,735.00
Cash and Cash Equivalent 165,735.00

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