Tiêu đề FAR Self Study Part 2.pdf ✅

1 VSA IRS CPA Review FINANCIAL ACCOUNTING AND REPORTING SELF STUDY MATERIALS (B) I. SIMPLE RECALL- PART 1 1. If cash in bank has a balance of P1,200,000 and it is net of overdraft amounting to P100,000, how much is the correct cash in bank balance? 2. If cash in bank has a balance of P1,200,000 and it is net of overdraft amounting to P100,000, what should be the classification of the bank overdraft? 3. The petty cash fund has an imprest system balance amounting to P50,000, unreplenished expenses amounted to P10,000, how much should be the correct petty cash fund after recording the appropriate expenses? 4. Accounts receivable has balance of P2,000,000. Such a balance is net of customers’ accounts with credit balance of P200,000, how much is the correct accounts receivable? 5. Inventory has balance of P2,500,000, it does not include inventory purchased FOB Shipping Point amounting to P300,000. Such inventory is in transit as of year-end. How much is the correct inventory balance? 6. Inventory has balance of P2,500,000, it includes inventory purchased FOB Destination amounting to P300,000. Such inventory is in transit as of year-end. How much is the correct inventory balance? 7. If accounts payable has a balance P3,000,000, and it is net of suppliers accounts with debit balance amounting to P400,000, how much is the correct accounts payable balance? 8. A 5% note payable issued on July 1, 2023 has a balance of P5,000,000. Interest is payable every June 30 starting June 30, 2024. How much is the interest expense for the year 2024? 9. A 5% note payable issued on July 1, 2023 has a balance of P5,000,000. Interest is payable every June 30 starting June 30, 2024. How much is the interest payable at the end of 2024? 10. Taxable income amounted to P6,000,000, income tax rate is 30%. P1,000,000 of the tax has already been paid, how much is the income tax payable at the end of the period? 11. Petty cash fund for the period amounted to P24,000. Undeposited receipts amounted to P1,150,000 and the cash in bank per bank statement is at P2,205,000. How much is the total cash? 12. Undeposited receipts reported during the period is at P1,220,000, it includes post-dated customer check amounting to P70,000. How much is the total cash? 13. Cash per bank statement is P2,245,000. Deposit in transit and outstanding checks were P50,000 and P90,000, respectively. How much is the adjusted cash balance? 14. Checking Account #1 has a balance of P175,000 and Checking Account #2 has a balance of (P100,000). Both checking accounts are under same bank and has legal right of offset, how much is the cash balance? 15. Beginning accounts receivables reports a P650,000 balance. Credit sales during the period is P2,700,000 and P2,150,000 were collected. What is the ending balance of accounts receivables? 16. Beginning accounts receivables reports a P650,000 balance. Credit sales during the period is P2,700,000 and P2,150,000 were collected. Sales returns and write-off are P75,000 and P40,000, respectively. What is the ending balance of accounts receivables? 17. Allowance for doubtful accounts beginning is P20,000. Doubtful accounts are recognized at 20% of sales and sales is P100,000. How much is the ending allowance for doubtful accounts? 18. Allowance for doubtful accounts beginning is P20,000. Doubtful accounts are recognized at 20% of sales and sales is P100,000. P5,000 is written off during the period. How much is the ending allowance for doubtful accounts? 19. Allowance for doubtful accounts beginning is P20,000. Doubtful accounts are recognized at 5% of sales and sales is P100,000. Allowance for doubtful accounts is 10% of ending accounts receivables and ending accounts receivable amounted to P60,000. How much is the ending allowance for doubtful accounts? 20. There is no beginning balance for allowance for doubtful accounts. Doubtful accounts are recognized at 5% of sales and sales is P100,000. Allowance for doubtful accounts is 10% of ending accounts receivables and ending accounts receivable amounted to P60,000. How much is the additional doubtful accounts at the end of the year? 21. Accounts receivable at the end of the period is recorded at P1,085,000. Allowance for future returns is P50,000 and allowance for uncollectible accounts is P110,000. How much is the net realizable value? 22. Total receivables are P9,500,000 and impairment loss is at 5%. Compute for the impairment loss on receivables. 23. There is actual impairment amounting to P3,500,000 on accounts receivables #1 and #2, and there is an estimated P475,000 impairment loss for accounts receivable #3 and #4. How much is the total impairment loss?