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Ganibo - Fabm Accounting Equation

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Shereen Mallorca Ganibo
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60 views6 pages

Ganibo - Fabm Accounting Equation

Uploaded by

Shereen Mallorca Ganibo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Name: Ganibo, Shereen Grace M.

Grade & Section: ABM 11- Ruby

1. Continue the Analysis based on the following transactions. You may indicate your answer right below
the transaction using the same format above:

July 18 – Reyes made a cash withdrawal of Php5,000 for personal use.


Assets = Liabilities + Owner’s Equity .
Cash Php855,000 Loans Payable Php100,000 Reyes, Capital Php1,000,000
Cars 200,000 Accounts Payable 55,000 Withdrawal (5,000)
Furniture 45,000
Equipment 55,000

July 20 – The account due to Fortune was paid in cash.


Assets = Liabilities + Owner’s Equity .
Cash Php855,000 Loans Payable Php100,000 Reyes, Capital Php995,000
Cars 200,000 Accounts Payable 55,000
Furniture 45,000 (55,000)
Equipment 55,000
2. Finish the summary of the effects of all the transactions above, from July 1 - 20 using the following
format. July 1-15 transactions have been reflected. Your job is to finish July 18 and 20. Indicate the
balances every after transaction. The question marks are your sign which items to work on:

Date Assets Liabilities Owner’s Equity


July Cash Cars Furniture Equipment Loans Accounts Reyes, Capital
Payable Payable
1 800,000 200,000 1,000,000
2 100,000 100,000
Balances 900,000 200,000 100,000 1,000,000
7 (45,000) 45,000
Balances 855,000 200,000 45,000 100,000 1,000,000
15 55,000 55,000
Balances 855,000 200,000 45,000 55,000 100,000 55,000 1,000,000
18 (5,000) (5,000)
Balances 850,000 200,000 45,000 55,000 100,000 55,000 (5,000) 1,000,000
20 (55,000) (55,000)
Balances 795,000 200,000 45,000 55,000 100,000 0 (5,000) 1,000,000
TOTAL LIABILITIES &
TOTAL ASSETS 1,095,000 OWNER’S EQUITY 1,095,000

3. Try analyzing the following transactions. Remember that Income or Revenue increase the Owner’s
Equity (OE)and Expenses, decrease the OE. Follow the format of the Accounting Equation.

July 21 – A customer hired the services of Reyes. Cash of Php5,000 was received from the customer.
Revenue = Expenses + Owner’s Equity .
Cash Php5,000 Service Revenue Php5,000

July 22 – Cash was paid for the following: gas and oil, Php500 and car repairs Php1,000.
Revenue = Expenses + Owner’s Equity
Cash Php5,000 Gas and Oil Php500 Service Revenue Php3,500
Repair Expenses Php1,000

July 24 – Another customer hired the services of Reyes and promised to pay Php16,000 on July 31.
Revenue = Expenses + Owner’s Equity .
Cash Php5,000 Gas and Oil Php500 Service RevenuePhp,500
Account Receivable Php16,000 Repair Expenses Php1,000

July 25 – Paid Php500 for telephone bill.


Revenue = Expenses + Owner’s Equity .
Cash Php5,000 Gas and Oil Php500 Service RevenuePhp19,000
Account Receivable Php16,000 Repair Expenses Php1,000
Telephone Bill Php500

July 27 – Another customer hired the services of Reyes. A bill was issued to them for Php20,000; 50% was
collected.
Revenue = Expenses + Owner’s Equity .
Cash Php15,000 Gas and Oil Php500 Service RevenuePhp39,000
Account Receivable Php16,000 Repair Expenses Php1,000
Php10,000 Telephone Bill Php500

July 30 – The customer on July 24 paid 50% of his account in Cash.


Revenue = Expenses + Owner’s Equity .
Cash Php23,000 Gas and Oil Php500 Service RevenuePhp39,000
Account Receivable Php8,000 Repair Expenses Php1,000
Php10,000 Telephone Bill Php500

July 31 – Paid Php10,000 for rental of office space, and salaries of Php9,000.
Revenue = Expenses + Owner’s Equity .
Cash Php23,000 Gas and Oil Php500 Service RevenuePhp20,000
Account Receivable Php8,000 Repair Expenses Php1,000
Php10,000 Telephone Bill Php500
Rental Php10,000
Salaries Php9,000

5 MAJOR TYPES OF ACCOUNTS


1. ASSETS
Asset accounts usually include the tangible and intangible items your company owns. For example, your business may
have office materials like laptops that are tangible assets and design patents that are intangible. Other items you might
include in your assets account are:
 Vehicles: Company cars and other vehicles are tangible assets because they are physical tools your company uses.
 Machinery or equipment: You can also include company-owned machinery or equipment as tangible assets because
they are also physical objects.
 Property or buildings: Company property or buildings are also tangible assets because they are physical spaces or
structures.
 Copyrights: Copyrights are intangible because they are intellectual property.
 Logo: A company's logo is another intangible asset because it is part of their brand image and may influence how
consumers perceive their products or services.
 Trademarks: You can also include trademarks with your intangible assets because they are non-physical
protections that prevent others from using the company's logo or brand attributes.

2. EXPENSES
Your expense account can include the products or services your company purchases to help generate additional income.
This may include purchasing products or services to boost the productivity of your manufacturing or distribution
operations. Other expenses might be:
 Employee salaries
 Marketing costs
 Facility costs

3. INCOME

Income, or revenue, accounts record the amount of money your company earns from selling its products or services. You
can also include any dividends your company earns from investments. However, the actual investments themselves need
to be documented in your asset account. Essentially, your income account is where you maintain information about your
company's profits.

4. LIABILITIES

Your company's liabilities account can include items like outstanding debts, payment obligations to creditors and other
upcoming payments. Some specific examples of what your liabilities might include are:
 Business loans
 Late utility bills
 Outstanding facility maintenance costs
 Account overdrafts

5. EQUITY

Equity accounts show the value left in your assets after you've deducted your total liabilities to represent the current
worth of your company. To find the value of your equity account, create a balance sheet with an itemized list of everything
your company owes and owns. You can then reference the balance sheet to subtract your company's total liabilities from
its total assets. This allows you to understand the current equity level and value of your company, which can provide
insight into how you might choose to increase its worth.

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