Sample spreadsheet problem

Sample Problems on Business Transactions

The following is the unadjusted trial balance of P.D. trading on December 31, 2007, the end of the accounting period.

Cash

P 10,000.00

Accounts Receivable

40,000.00

Allowance for Bad Debts

P 400.00

Notes Receivable

12,000.00

Inventory, January 1

22,000.00

Furniture and Equipment

25,000.00

Accumulated Depreciation

10,000.00

Land

115,000.00

Accounts Payable

60,000.00

Notes Payable-bank debt in 2 years

20,000.00

Mortgage Payable-due in 5 years

50,000.00

P.D., Capital

99,000.00

Sales

360,000.00

Sales Returns and Allowance

11,000.00

Purchases

280,000.00

Freight In

6,200.00

Salaries

36,000.00

Rent Expense

24,000.00

Insurance

4,800.00

Other Operating Expenses

12,000.00

Interest Expense

1,800.00

Interest Income

600.00

Total

P 600,000.00

P 600,000.00

Additional information for adjustments:

a. Estimated bad debts are 2 ½% of accounts receivable.

b. A note receivable P8,000.00, 60-day 6% is dated Nov. 16, 2007.

c. The furniture and equipment were acquired on Jan. 1, 2005 and are estimated to last two years from December 31, 2007.

d. The note payable to bank is 15% note dated Sept. 1, 2007.

e. Accrued interest on mortgage is P1,500.00.

f. Accrued salaries 1,200.00.

g. Prepaid rent P8,000.00

h. Unexpired insurance P600.00.

i. Prepaid interest expense P300.00.

j. Prepaid interest income P100.00.

k. Inventory, December 31, 2007, P62,440.00.

9 Komento ng Ulirang Guro:

Sir/Madam,

Can you also please provide a sample problem for the ICT basic encoding for elementary.
Thanks

jon

we will try to find some sample questions

why the unadjusted trial balance is not balance?

in balance sheet, It is always have a problem as maker of this test is not CPA. That is why a CPA judge or a practicing accounts is highly recommended.

Sir/Madam,

Do we already have guidelines for 2009 STEP Skills Competition?

is the problem in the regional competition different from the national?

same problem structure but more difficult

good day! i will just ask the contest guidelines for the different categories in secondary.please provide us a copy..the pages are not found ..thank you very much..

umm. sa contest proper po ba, gnito rin ho ibibigay niyo but w. different structure/problem? thnx.