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AnsKey Q1FT V2

The document contains the answer key and computations for a final term quiz on accounting, divided into two parts: theory and practical problems. It includes various accounting topics such as bank reconciliation, proof of cash, accounts receivable, notes receivable, loans receivable, and loan impairment. Detailed calculations and balances for each section are provided to illustrate the accounting principles discussed.

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tornadoess69
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3 views3 pages

AnsKey Q1FT V2

The document contains the answer key and computations for a final term quiz on accounting, divided into two parts: theory and practical problems. It includes various accounting topics such as bank reconciliation, proof of cash, accounts receivable, notes receivable, loans receivable, and loan impairment. Detailed calculations and balances for each section are provided to illustrate the accounting principles discussed.

Uploaded by

tornadoess69
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Version 2_Quiz No.

1_Final Term (Answer Key and Computations)

PART I
Theory of Accounts
1 B
2 B
3 B
4 B
5 D

Practical Accounting Problems


BANK RECON
1 CIB, depositor's ledger 1,020,000
Book error - 9,000
CM 15,000
DM - 2,000
Adjusted CIB 1,024,000

2 Adjusted CIB 1,024,000


DIT - 25,000
OC 18,000
CIB, per bank statement 1,017,000

PROOF OF CASH
Particulars Nov Receipts Disbursements Dec
Unadjusted balances 900,000 3,070,000 2,950,000 1,020,000
CM - Nov 15,000 - 15,000
CM - Dec 10,000 10,000
DM - Nov - 1,500 - 1,500
DM - Dec 1,000 - 1,000
913,500 3,065,000 2,949,500 1,029,000

929,500 3,058,000 2,936,500 1,051,000


DIT - Nov 28,000 - 28,000
DIT - Dec 35,000 35,000
OC - Nov - 44,000 - 44,000
OC - Dec 57,000 - 57,000

Unadjusted balances 913,500 3,065,000 2,949,500 1,029,000

PART II
Theory of Accounts
1 D 5 C
2 B 6 B
3 A 7 D
4 B 8 B
Practical Accounting Problems
ACCOUNTS RECEIVABLE
Reqt. No. 1 Accounts receivable
Balance 1/1 2,000,000 Collections 7,889,000
Credit sales 8,500,000 Sales discount 161,000
Restablishment 5,000 Write-off 12,000
Sales return 20,000
Collections-reco 5,000
Balance 12/31 2,418,000
Total 10,505,000 Total 10,505,000

Reqt. No. 2
Credit sales 8,500,000
Sales discount - 161,000
Sales return - 20,000
Net credit sales 8,319,000
Rate 1%
Provision 83,190

Allowance for doubtful accounts


Write-off 12,000 Balance 1/1 80,000
Balance 12/31 156,190 Recovery 5,000
Provision 83,190
Total 168,190 Total 168,190

Accounts receivable, 12/31 2,418,000


Allowance for doubtful accounts 156,190
Net realizable value (Reqt. No. 3) 2,261,810

NOTES RECEIVABLE
1 Downpayment 300,000
Present value of note receivable (P 1,200,000 x 0.71) 852,000
Credit to the Sales account at the time of sale 1,152,000

2 Present value of note receivable 12.31.25 (P852,000 x 1.12) 954,240

3 Interest income for the year 2026 (P954,240 x 12%) 114,509

LOANS RECEIVABLE
Face amount of the loan receivable 5,000,000
Direct origination costs incurred by the bank 100,000
Origination fees charged to the borrower - 354,000
Carrying amount, 01/01/2024 4,746,000
Amortization for the year 2024 (P4,746,000 x 10% - P400,000) 74,600
Carrying amount, 12/31/2024 4,820,600
LOAN IMPAIRMENT
Face amount of the loan receivable 6,000,000
Accrued interest 480,000
Total carrying amount, 12/31/2026 6,480,000
Present value of expected cash flows:
12.31.2028 2,000,000 0.86 1,720,000
12.31.2029 4,000,000 0.79 3,160,000
Total present value 4,880,000
Impairment loss 1,600,000
Accrued interest - 480,000
Allowance for loan impairment 1,120,000

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