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    IA3 Engaging Activity, PT1 PT2 PT3 & QUIZ

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    Kaye Ann Abejuela Ramos
    1. Profit for 20x1 was PHP 720,000 2. Other comprehensive income decreased by PHP 70,000 3. Total comprehensive income for 20x1 was PHP 650,000 4. Additional share capital of PHP 400,000 was issued 5. Dividends of PHP 200,000 were declared The ending balance as of December 31, 20x2 was total equity of PHP 2,850,000.

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    IA3 Engaging Activity, PT1 PT2 PT3 & QUIZ

    Uploaded by

    Kaye Ann Abejuela Ramos
    55 views8 pages
    1. Profit for 20x1 was PHP 720,000 2. Other comprehensive income decreased by PHP 70,000 3. Total comprehensive income for 20x1 was PHP 650,000 4. Additional share capital of PHP 400,000 was issued 5. Dividends of PHP 200,000 were declared The ending balance as of December 31, 20x2 was total equity of PHP 2,850,000.

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    1. Profit for 20x1 was PHP 720,000 2. Other comprehensive income decreased by PHP 70,000 3. Total comprehensive income for 20x1 was PHP 650,000 4. Additional share capital of PHP 400,000 was issued 5. Dividends of PHP 200,000 were declared The ending balance as of December 31, 20x2 was total equity of PHP 2,850,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    55 views8 pages

    IA3 Engaging Activity, PT1 PT2 PT3 & QUIZ

    Uploaded by

    Kaye Ann Abejuela Ramos
    1. Profit for 20x1 was PHP 720,000 2. Other comprehensive income decreased by PHP 70,000 3. Total comprehensive income for 20x1 was PHP 650,000 4. Additional share capital of PHP 400,000 was issued 5. Dividends of PHP 200,000 were declared The ending balance as of December 31, 20x2 was total equity of PHP 2,850,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    Best Friend's Co.

    A.
    {Inv. on hand + [Freight in x (Inv on hand/ Purchase)]}
    {370000 + [320000 x (370000/ 7400000)]}

    Inventory- End 386,000


    Income Summary 386,000

    B.
    Ending Inventory 386,000
    NRV (270,000)
    Total 116,000

    Loss on invetory 116,000


    write-down
    Inventory- End 116,000

    C.
    Bad debt expense 50,000
    Allowance for bad debts 50,000

    D.
    Loss on reclassificat 200,000
    Held for trading security 200,000

    Held for trading secu 180,000


    Unrealized gain 180,000

    E.
    Income tax expense 1,572,000
    Income tax payable 1,572,000
    Best Friends Co.
    Statement of profit or loss and other comprehensive income
    For the year ended Dec. 31 20x1

    Sales ₱22,800,000
    Cost of Sales (9,664,000)
    Gross Profit 13,136,000
    Distribution costs 1,470,000
    Administrative expenses (6,400,000)
    Gain on impairment recovery of property plant and equipment (720,000)
    Loss on inventory write- down (116,000)
    Bad debt expense (50,000)
    Reclassification on financial assets (200,000)
    Unrealized gain on financial assets (180,000)
    Finance costs (560,000)
    Profit before tax 5,240,000
    Income tax expense (1,572,000)
    Profit of the year 3,668,000
    Other comprehensive income
    Items that will not be reclassifies subsequently
    Revaluation increase during the period 130,000
    Items that maybe reclassified subsequently to profit or loss
    Other Comprehensive Income 130,000
    TOTAL COMPREHENSIVE INCOME FOR THE YEAR ₱3,798,000
    A.
    Investment on bond 150000
    Gain on derecognition

    B.
    Unrealized loss on biological asset 300000
    Biological asset

    C.
    Investment in associate 46000
    Dividends income 90000
    Share in increase in profit of associate
    Share in the revaluation increase

    D.
    Retirement benefits expense 588000
    Remeasurement to the net defined benefit liability 252000
    Defined benefit cost
    150000

    300000

    100000
    36000

    840000
    Buddies Co.
    Statement of profit or loss and other comprehensive income
    For the year ended Dec. 31 20x1

    Revenues from sevice fees ₱12,000,000


    Cost of Sales (4,000,000)
    Gross Profit 13,136,000
    Salaries Expense (3,000,000)
    Advertising Expense (680,000)
    Gain on derecognition of investment in bonds (588,000)
    Unrealized loss on biological asset (588,000)
    Retirement benefit expense (588,000)
    Profit before tax 7,692,000
    Income tax expense (2,307,600)
    Profit of the year 5,384,400
    Other comprehensive income
    Items that will not be reclassifies subsequently
    Items that maybe reclassified subsequently to profit or loss
    Remeasurement of net defined benefit liability 252,000
    Other Comprehensive Income 252,000
    TOTAL COMPREHENSIVE INCOME FOR THE YEAR ₱5,636,600
    4. D
    Operating loss (2,000,000.00)
    Impairment loss (8M-1.5M) (1,500,000.00)

    Total loss from discontinued


    operations before taxes

    (3,500,000.00)

    5. D
    Operating loss (200,000.00)
    Loss on disposition of assets (700,000.00)

    Total loss from discontinued


    operations before taxes

    (900,000.00)

    6. A
    Operation loss (1,000,000.00)
    Impairment loss (400,000.00)

    Total loss from discontinued


    operations before taxes

    (1,400,000.00)
    ABC Co.
    Statement of Changes in Equity
    For the year ended December 31,20x2
    (amounts in Philippine Pesos)
    Share Capital Retained Earnings
    Balance, Jan. 1, 20x1 ₱ 1,000,000 ₱ 800,000
    Changes in Equity for 20x1:
    Profit for the year 720,000
    Other comprehensive income
    Total Comprehensive Income
    Issue of Share Capital 400,000
    Dividends (200,000)
    Bal., Dec. 31,20x2 ₱ 1,400,000 ₱ 1,320,000
    BC Co.
    Changes in Equity
    ed December 31,20x2
    Philippine Pesos)
    Unrealized gain FVOCI securities Total Equity
    ₱ 200,000 ₱ 2,000,000

    720,000
    (70,000) (70,000)
    650,000
    400,000
    (200,000)
    ₱ 130,000 ₱ 2,850,000

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