About
Hi! My name is Kuya Joseph! Ako po ay isang Philippine Certified Public Accountant (since October 20xx) and a US Certified Public Accountant (since March 2011). Ako po ay alumnus ng Royal and Pontifical Catholic University of Santo Tomas (Batch 2007). Nagwo-work po ako dito sa States as a corporate accountant in a publicly traded company.
Kung nandyan lang ako sa Pilipinas, malamang ay nagtuturo ako pero since wala ako dyan, dito nalang ako sa blog magtuturo π
Please post your questions and I would be more than happy to answer them to the best of my abilities.
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Congratulations to the Graduates of Year 2011!
NEW Problem Test Page
Kuya Joseph’s Mini Lectures
NAGBABALIK!!!
Ako po ay nagbabalik at nangangakong madalas na magrereply! Maglalaan na ko ng oras sa blog ko po para mas marami tayong matulungan! I hope wag po kayo magsawang sumubaybay! Post lang ng tanong then I'll get to it as soon as possible.
Sa mga nagtanong noong nakaraan na hindi ko nasagot, nais ko pong hingiin ang inyong paumanhin at paunawa, masyado lamang po ako busy noon at hindi nakapaglaan ng oras.
Nung nabasa ko yung mga comments nyo kasi, medyo nakunsensya ako at nainspire na maglaan ng oras para sa blog despite the busy schedule :P
Salamat po!!
Join our new Facebook Group!
If you have a facebook account, you could join our new group at:
Kuya Joseph Lectures.
Note: Please don't post your questions in our group's page. Post questions only here in our blog. I'll use it to update everyone for new lectures posted or questions answered.
Thanks!!
IMPORTANT NOTE
Hello po! To those submitting questions, as much as possible, please quote the source of the problem if you got it from a book (title of the book/author) to avoid plagiarism.
Just so you all know, I either compose my own problems or I get from books and quote the source.
I hope you understand that it is not my intention to use other people's work in this site without proper recognition and that I don't get any monetary compensation or any form of benefit in doing this blog. I do out of passion in teaching and accounting. :)
Paunawa :D
Recent Comments
josephmestrada on Petty Cash, Part 1 | |
Meryl Grio on Petty Cash, Part 1 | |
Ms. F on I’m back! | |
josephmestrada on I’m back! | |
josephmestrada on Petty Cash Part 2 |
Recent Posts
Notice po sa lahat
Hello po sa lahat, let's try to maintain a good academic atmosphere in this blog by observing correct usage of punctuations and capitalization of letters. Di naman ako strict sa grammar(sentence construction) kasi informal naman discussions natin dito at taglish, yung sa punctuations and caps lang. Minsan kasi mahirap intindihin yung mga punctuations and caps.
Salamat po!!
Bagong Queries Page
If your question does not relate to any of the topics I have published, you can post your question on the Queries Page (yung tab na katabi ng "About").
Sorry talaga kung di ako masyado nakakareply ngayon, medyo busy kasi pero soon enough, I'll be able to answer your questions po. Nababasa ko po yung mga pinopost nyong tanong at isa-isa ko sila ginagawaan ng lecture.
Categories
- Accounts Receivable (with sample problem)
- Accrual to Cash Accounting
- Adjusting Entries
- Adjusting Entries, Part II
- Adjusting Entries, Part III
- Adjusting Entries, sample problems
- AR Impairment
- AR Impariment Follow-up
- Backflush Costing
- Cash & Non-Cash Items
- Cash (bank recon and cash shortage) – Audprob sample problem
- Cash – Sample Problem
- Closing Entries
- Costs and Expenses in a Business
- CVP, Breakeven, Differential Analysis
- Deposits in Transit and Outstanding Checks
- Differential Income Analysis (follow-up)
- Error Correction (Sample Problem) β counterbalancing errors
- Intangible Asset
- Intangible Assets (Goodwill, explained)
- Interest Expense (and some aud prob advices)
- Interest Question
- Inventory – Periodic and Perpetual Inventory Method
- Investments (Q&A's with Alexis' contribution :) )
- Kiting, Explained (audit of cash)
- Margin of Safety
- Merchandising & Manufacturing
- Notes Receivable / Payable
- NSF Check and Bank Error treatment in Proof of Cash (for aud prob ppol)
- Operating Lease
- Petty Cash, Part 1
- Petty Cash, Part 2
- Petty Cash, Part 3
- Postal Cash/Money Order
- Proof of Cash
- Receivable: Factoring
- Receivable: Factoring (with questions)
- Receivables Questions and Answers
- Reversing Entries
- Uncategorized
- Warranty Liability (part 1)
- Warranty Liability (part 2)
- Warranty Liabilty (part 3)
yuyu..may ym ka po? pwede po ba magpadd?? eto po ym ko
yatch_clyde17@yahoo.com
salamat po..^^
di po kasi ako masyado nagwa-YM eh, pakimessage nalang po ako or email me at josephmestradacpa@yahoo.com kung gusto nyo confidential. Thanks!
kuya kuya!! π accountancy student din po ako π
paturo naman po nung discounting of own notes. yung interest bearning at non interest bearing, yung pag aammortize tska po yung mga entries na kelangan kase po sa wednesday ay exam ko na po sa financial accounting 1 π naghahanda lang po ako.
tska po kuya yung sa assignment of a/r yung mga meron pang conditional sales at secured borrowings. kase po hindi masyadong nadiscuss yun at natatakot lang po akong baka iexam din yun kaya papaturo po ako. ty po! π
yuyu..papost naman po ng discussion sa ForEx,Hedging at Derivatives…hehe..pati ung ngtuturo sa min di daw maintindihan to eh panu na lng kea kami.hahaha..haynaku..salamat po..^^ goodluck po sa AICPA exams..^^
Hi kuya, ang ganda ng site mo mas lalo akong matuto dito at inspired sa pagaaral. Reviewee pala ako at magtatake ng CPA sa October 2010. I must admit na 2times refresher na ako ksi working ako. Pede bang magpaturo? Ano ba ung concepts ng computations ng mga accrued interest sa notes receivables at interest income. Kasi pag nababasa ako ng Financial accounting madali lng ung mga illustrations pero pag auditing problems na nakakalito ung mga computations. Ano bang concepts dun? Thanks kuya in advance, more power and God bless.
please see https://kuyajosephlecture.wordpress.com/category/interest-expense-and-some-aud-prob-advices/
Hi Kuyaseph, thanks sa explaination mo, kasi meron akong naguguluhang problem e. Okay lang ba po?
On January 1, 2005, Rosalyn company sold goods to Miko company costing PHP 300,000 and receive in exchange a PHP 750,000 non-interest bearing note with a maturity date of January 1, 2009. The note has no ready market but an effective interest of 11% is considered appropriate for a note of this type which will approximate the inventory’s fair value at the time of sale.
On July 1, 2007, Rosalyn Company which was in need of immediate cash discounted the note issued by Miko company to Clark Finance at 14%.
Questions:
1. Total Amount of income to be recognized in 2005.
2. Carrying value of the note to be presented in Dec 31, 2006 Balance Sheet.
3. Proceeds from the discounting of the note in July 1, 2007.
4. Gain/Loss arising from the discounting of the note in July 1, 2007.
Eto po kasi ung talaga hindi ko masolve kahit iapply ko na ung concepts ng notes receivables. Paki enlighten naman po ako baka mali mali talga ung concepts na naiisip ko.
Thanks in advance.
kuya may follow-up po akong tanong sa Accrual to Cash (tnx!) nasa comment box
Kua, thank you s lahat ng tulong,,, IAC PA at graduation na…
Natapos n yung agony dun s paghihintay n lumabas yung grade s net…
hi po,
nakakatuwa naman po itong blog site nyo dami kong natutunan! keep it up po, im currently reviewing sa CPAR – at the same time working po ako so malaking tulong ang pagbasa ko ng blog nyo habang nasa work.
Thanks a lot! – God bless po.
kuya joseph, question? what is the accounting treatment on savings deposit in a closed bank?
It depends kung anong mangyayari sa pera mo. Kapag sinabing may makukuha ka pa’ng amount, it will be treated as a Current Receivable. Usually may limit yun. Pag medyo minalas-malas at hindi umabot sa limit nila, i-dederecognize mo na yung cash mo dun. Pero pag ayun nga, may marereceive ka pa, treat it as a current receivable.
kuya joseph, thank you very much. na inspire naman ako magreview uli. please keep it up. while im working, your website helps me a lot.
Kuya Joseph,
wala lng..hahaha..pede mo ba me turuan sa nursing.hmm..mukhang maganda nga tong site na ito.I’ll suggest my friends who will be taking Accountancy this year.Goodluck.!Keep up the good job.dpat may aniversary ka or somthing like that.ingat ka lagi..see you soon..haahah..hmm..magaccountancy n lng din kaya ako..^_^
kuya,
paturo nman kung panu mgcompute ng outstanding checks and deposit in transit..
thanks,..c:c:
hello kuya, just wanna tell you all also that i will recommend your website to my friends in accounting as well. thanks a lot again and more power. cheers!
hi kuya, thank you po sa lectUre nyo tUngkol sa pRoOf of cAsh, dahil i pasS my quizZ in auditing, hehe, keEp it up,
Marami po kayoNg naTuTulungan , g0dbleSs po :p
HI kuya JOSEPH.! Good Day..me tanong po ako..yung unrecorded po buh na check na collection ng company tsaka at the same time undeposited po xa,isasama po buh yun sa cash in bank balance..? panu po..? thanks.
Sir Joseph:
Just logging in. Thank you..
hi po sir joseph .. or should i say kua joseph π
salamat po sa lessons especially sa proof of cash . kakalito po kc ehhh . hehe’ mas madali qung naintindihan kc po taglish . hehehehe’ cge po .. salamat po .. wait nlng po 4 my further questions ( dami po ehh ) hehe’ GODBLESS ..
— I WANT TO BE LIKE YOU SIR :(( nakakainspire magaraL ! mejo hirap po kc aq ehh ..
Hi po kuya! Finally nakahanap ako ng site kung saan pwede ako matuto at magtanong about sa accounting. π Freshmen palang po ako. THANK YOU po sa inyo.Inspired ako. π GBU
Habang binabasa ko po lectures mo, parang kaharap lang kita at kausap. π
Kuya, tanong ko lang kung ung amount ba ng cash na makukuha ko sa statement of cash flows is same amount na dapat mag-appear sa entry ng cash sa balance sheet? Entrepreneurship student po kasi ako, bale sa business implementation subject namen pinapagawa kami ng financial report. Bakit din po di nagma-match ung amount ng cash na nakuha namin sa cash flow statement dun sa actual na pera na hawak namin? Okay lang po ba yun? Thanks!
Yung amount na makukuha mo sa Cash Flow Statement (sum of Operating, Investing and Financing activities) ay dapat equal sa difference ng beginning at ending balance ng Cash account mo sa balance sheet. Ang purpose kasi ng CFS ay ipakita ang details about the changes in the balance of the Cash account.
Thanks kuya! Nakuha ko na rin sa wakas. Sa uulitin! Thanks again!
hello kuya joseph… thanks sa mga TIPS na e binigay mo, about sa accounting… ^^
thank you po s lahat ng tulong, from an amv student to reviewee to examinee and finally as passer CPA n rin ako sa wakas. =)
helow poh..
ala po discussion sa cost
Sir Joseph Im new here. π I browse all the pages of this blog and I might say magaganda po ung lectures nyo and discussion. even if hindi nakakapagusap madami kami ( ako personally ) napupulot na kaalam d2 in prep sa Board. π
Ask ko lang po how can I post may question ( MS and Audit Prob) para po madiscuss sa lahat. Thank you po. :))
JM
Just Post your question in the “Queries” tab then sasagutin ko po!! π
thank you po sir joseph.
sir joseph or kahit sino po dito ask ko lang po kung may site ba sa internet na makakpagdownload ng IFRS/PAS. thank you po.
Kuya joseph, pls. Help me nmn po about share split, dividends and stock rights.. if hindi po kau masiyadong buzy. I hope na makagawa po kau ng topic. About po dito. Naguguluhan pa rin po kasi ako. Thank u po and more power to you. Godbless π
Hi kuya Joseph, meron po bang account title na Allowance for purchase discount ( contra AP) and allowance for sales discount (contra AR) .. thank you po…
On Payables, wala, we don’t anticipate discounts. We only record discounts when taken (remember conservatism?). On AR, though, we do have allowances but normally for bad debts. Contra-asset accounts on receivables are used to measure the realizable value of your AR (probability of collectibility). Allowance for sales discount is normally found on your P&L, as a contra-revenue account for sales discounts taken.