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  1. valerie
    February 25, 2010 at 8:19 pm

    panu mgcompute ng eir if given only ung pv at face value ng note?

    • February 25, 2010 at 9:01 pm

      Dalawa yan:

      Pag ang note serial (meaning binabayaran yung principal annually) bale
      PV of Note / Annual payments = PV Factor. Ngayon hanapin mo sa table yung pv factor na yun under how many periods tapos kung saan matapat na rate, un ang EIR nya.

      Pag naman Term notes (meaning Principal is paid at the end of the loan agreement)

      PV of Note / Face Value ng note = PV Factor. Same thing, look for the EIR sa table.

      Kung gusto mo naman compute manually, medyo komplikado. Usually kasi gumagamit ng finance calculator para sa mga ganyan or ng Excel. Kung sa school lang, bihirang bihira ipacompute yan manually. Usually you have to refer to the table talaga πŸ™‚

  2. valerie
    February 25, 2010 at 9:38 pm

    pnu po ung interpolation?
    kc gnun daw po pgcompute ng eir pag walang table?

  3. valerie
    February 25, 2010 at 9:39 pm

    tnx tnx po….

  4. February 25, 2010 at 10:24 pm

    ahh Ang interpolation, kukuha ka ng dalawang posibleng rates tapos parang hahanapin mo yung gitna nila by ratio and proportion

  5. maret
    March 1, 2010 at 8:00 am

    Helo Kuya!

    pwede po ba paexplain yung methods ng pag compute ng depreciation..

  6. jim
    March 20, 2010 at 9:18 am

    jim :
    Finals na!
    Kuya, ang ganda talaga ng site na to. Anyways, two-fold ang itatanong ko:
    Gross Profit Variation Analysis
    Paano malalaman ang percentage increase/decrease kung ang tanong eh How much is the percentage in change in cost prices (asssuming hindi binigay yung actual at base year (budgeted costs). Pero given yung dalawang income statement for both years, tsaka ilang assumptions (e.g. Sales price increased by x%)
    Changes in Equity
    Kung may errors, Nahihilo parin ako kung alin at saang RE ba inaadjust.
    Thanks!!!… kahit simple explanations lang po… para lang malinawan ako before ng test..

    ang tanong eh percentage increase in cost prices…

  7. katrina
    March 26, 2010 at 8:17 am

    kuya joseph! help naman po… pwede nio po i-discuss ang hedging, hedge item, hedge accounting at hedging instrument pati narin po ang derivatives… sorry po kung msydo madami ang concern ko pero ilang beses ko na po binasa yang mga topics na yan. ibat ibang buks narin po ang nabasa ko (almost same lang ang mga nakasulat). SALAMAT PO SA TIME AND EFFORT….GOD BLESS YOU PO…=)

  8. March 29, 2010 at 6:11 am

    ano po ang pinakamahirap na accounting para sa inyo

    • March 31, 2010 at 5:16 pm

      Actually hindi accounting, Auditing Theory talaga ako nahirapan. Sunod advanced accounting (yung last part).

      • November 19, 2010 at 6:43 am

        same tau kuya .. hirap tlaga ng auditing theory haha

  9. April 5, 2010 at 3:13 am

    Kuya, hindi po ako magtatanong…gusto ko lang po magcomment. sobrang laking tulong po nitong site niyo lalo na sa aming mga hirap na accounting student. Thanks for sharing the knowledge:)

  10. maret
    April 13, 2010 at 3:39 am

    Kuya, anu po yung pagkakaiba ng Investment in equity securities sa investment in associate at held to maturity securities? Can you explain po these assets and what they are for? Salamat po!

  11. maret
    April 16, 2010 at 3:07 pm

    Kuya, nahihirapan ako mag compute kung magkano ang current liabilities.

    eto po yung problem.
    Canton cave company provided the following schedule of liabilities on Dec. 31, 2010

    A.P. 6500 000
    N.P.-bank 8000 000
    Interest Payable 150 000
    Mortgage N.P.-10% 2000 000
    Bonds Payable 4000 000

    -bank notes payable include two separate notes payable to first bank.

    a 3,000,000 10% note issued March 1,2008, payable on demand. Interest is payable every six months.

    A one year, 5,000,000, 11% note issued January 2,2010
    On December 31,2010, Canton Cave negotiated a written agreement with first bank to replace the note with a 2 year, 5,000,000,10% note to be issued January 2,2011

    -the 10% note mortgage note was issued October 1,2007 with a term of 10 years . terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment within 10 days of the date the payment is due. On Dec. 31,2010, Canto cave is three months behind in paying its required interest payment.

    -the bonds payable are 10- year 8% bonds issued June 30,2001. Interest is payable semiannually on June 30 and December 31.

    Compute the total current liabilities on December 31,2010

    questions: sabi kase sa book considered as current kung ang liability ay due to be settled within 12 months, ibig bang sabihin nito kelangan ko mag advance ng computation sa mga interest hanggang sa December 30,2011 at isali ito sa current liabilities bago isubmit yunf F.S.???

    • nelmar
      November 25, 2010 at 6:56 pm

      Mark Nhewel Gudito :
      Kuya Joseph,
      tanong ko lng po..
      – assume that the custodian of a 500 petty cash fund has 82.25 in coins and currency plus 399.75 in receipts at the end of the week.
      (dr) expenses 399.75
      (cr) cash 399.75
      is this the correct entry?
      another question:
      – do we need to include the coins and currencies in the entries when replenishing the petty cash fund?
      thanks po!
      </blockqu

      • November 25, 2010 at 10:27 pm

        ^^ tama yung entry, kung replenishment lang. Assuming naman, year-end adjustment (without replenishment):

        (dr) expenses 399.75
        (dr) Cash Shortage/ Receivable from Custodian (kung chargeable sa custodian ang kulang) 18
        (cr) Petty Cash Fund 417.75

        Nope, we do not include the currencies and coins in the entry pag nagrereplenish. Ang purpose lang kasi ng replenishment is to recognize the expense and put funds in the petty cash fund. Ang tamang entry pag replenishment:

        (dr) Expenses xxx
        (dr) Receivables (for advances, IOU’s, etc)
        (dr) Prepaid Expenses (e.g postages)
        (cr) Cash (hindi petty cash fund, kasi imprest system) xxx

      • January 26, 2011 at 11:16 pm

        Yung Adjusing Entry na ginawa mo, tama yan pag nag-replenish ng petty cash fund. Iba’t iba ang entries ng petty cash fund: (1) replenishment, (2) Increase/Decrease PCF Balance, (3) Year End Adjustment with no replenishment made. Nadiscuss ko yung entries sa Petty Cash Fund Lectures.

        Regarding your question, no, you do not have to include the coins and currencies in the entries when you’re doing replenishment. You just have to do an entry for the amount spent and do not charge it off against the “Petty Cash Fund” account as a credit. Rather, charge it off against the “Cash” account, just like what you did in your entry because we are using the imprest system.

  12. maret
    April 19, 2010 at 3:28 pm

    anu pagkakaiba ng contingent at provision? anu po yung mga techniques na pwede malaman.

  13. theanthropy
    May 20, 2010 at 7:37 am

    Kuya Joseph,

    Hindi ako magtatanong (next time siguro) Bagkus ako ay magpapasalamat sa napakagandang site na binuo mo. Magkakaroon kami ng Qualifying Exams sa first week ng June at may mga hindi ako maaral na dito ka lang naintindihan. Mabuhay ka! πŸ™‚ more topics to come and God bless you, thank you kuya! πŸ™‚

  14. shazzy_rav
    June 7, 2010 at 8:56 pm

    hi kuya pede po ba padiscuss ng share based compensation…thanks po.

  15. Ianne Michael Perez
    June 18, 2010 at 10:28 pm

    Kuya nagseatwork po kami sa adjusting entries pero may hindi po ako masagutan at mga hindi sure. Bali eto po.

    The ff. were obtained from an analysis of the accounts of Zim Trading company as of March 31 2006, in preparation of the annual report. The company records current transactions in nominal accounts but does not prepare reversing entries.

    Prepaid Insurance has a balance of 28200. Zim has the following policies in force:
    Policy Date Term Cost Coverage
    A 1/1/06 2 yrs 7200 Equipment
    B 12/1/05 6 mos 3600 Fixtures
    C 7/1/05 3 yrs 24000 Buildings

    1) At March 31,2006, the Prepaid Insurance account should be increased (decreased) by?

    Interest Payable has a balance of 825. zim owes a 10% 90-day note for 450000 dated 3/1/06. Assume a 360-day year.

    2) What is the correct amount of Interest Payable that should be reported in Zim’s March 31, 2006 balance sheet?

    Tapos eto po another problem..

    On January 21, 2005, Jupiter comany acquired the copyright a book owned by Garner for royalties of 15% of future book sales. Royalties are payable on September 30 for sales in January through June of the same year and on March 31 for sales in Jul and December if the preceding year. During 2005 and 2006, Jupiter remitted royalty checks to Garner as follows:
    3/31 9/30
    2005 – 250000
    2006 220000 400000

    Jupiter sales of the Garner book totaled 3000000 for the last half of 2006.

    How much royalty expense should Jupiter report in its 2006 income statement?

    Yan lang po. thanks kuya!

  16. Marisse
    June 20, 2010 at 6:29 am

    Hi Kuya! Tanong ko lang po, sa installment sales, di po ba pag may repossession wala namang Realized Gross Profit? Sa collections lang po ba galing ang RGP? Tska bakit po ina-add ang under-allowance/dinededuct and overallowance? Medyo di ko po kasi na-gets yung explanation sa amin…

    Sample problem din po:
    LMN co is a dealer of air conditioners. For Period May 1, 2010 to May 31, 2010. LMN Co. gives a trade discount of 30% to all its buyers. On May 1, 2010, five units of a/c with total list price of P150,000 and total cost of P79,000 were sold to Mr. RST. LMN Co granted an allowance of P10,000 for Mr. RST’s used a/c as trade in, the current market value of the a/c is P15,000. . The balance was payable as follows: 40% of the bal paid at the time of purchase; the rest payable in 8 months starting June 1, 2010. After 6 months of paying, Mr. RST defaulted in the payment of Dec. 31, 2010. The 5 units of a/c were repossessed and it would require P2000 reconditioning cost for each a/c before it could be resold for P6000 each. A 15% gross profit rate was usual from the sale of used eqpt. OPEX amounted to P7,190. How much is the RGP? Net Income?

    Thank you po! God bless. πŸ™‚

  17. renalyn caluag
    June 29, 2010 at 7:16 am

    2nd year accountancy student po aku. .

    naguguluhan pu kc aku sa adjusting pa pinaghahalu halu na yung mga notes pati interest then me mga given dates na hindi specific kng months ba o days lang ikukumpyut. .i2 pu. .

    the notes payable worth 30,000 is a 90-12% note acquired on November 30, 2009. No interest has been recorded. .

    ska po may possibility ba na sa isang comprehensive problem is merong dalawang accounts payable sa Adjusting Entry? ?

    me adjustment pu ba sa gantu. .
    the co. ends december 31, 2009. . the 1000 of insurance expense is applicable to the first qqqquarter of 2010? ?

    pasensya na pokung maraming tanung ang galing nyu po kc mag explain n mga thought na kailangan ng mga nagvivisit ng blog nyu eE. .

    GODBLESS po! ! thamks in advance. .

  18. rhena matos
    June 29, 2010 at 7:20 am

    salamat pu ulet and goodluck. .

  19. Josephus the Enthusiast
    June 30, 2010 at 6:57 am

    Kuya,, pwede pa po bang mag request ng mas marami pang lecture at sample problems sa Financial accounting 1,, especially about receivables… Thank you po… you’re a big help sa studies namin..

  20. odc
    July 1, 2010 at 1:08 am

    kuya seph! πŸ˜€ pwede din ba mgpaturo dito ng financial management? πŸ˜€ hahaha! paturo na din po dito ng notes payable πŸ˜› wahahaha πŸ˜€ yung mga medyo mahirap hirap nman po πŸ˜€ hahaha πŸ˜€

    • July 2, 2010 at 6:53 pm

      Sure, magtanong ka lang about Financial Management.

      Gaano bang hirap ang gusto mong hirap? ehehe. I usually teach the basics lang kasi, yung mga deep thoughts/theories, ang students usually nagdedevelop nun. Masyadong magiging broad ang discussion ko pag diniscuss ko lahat kaya pakitanong yung particular na mahirap na question tapos sasagutin ko. Thanks!

  21. July 1, 2010 at 6:44 am

    hi kuya anu po bA ung businEsS c0mbinatioN?., s advaC2 andae po nyang aSsumptioNs naguguluhan aku

    • July 2, 2010 at 6:54 pm

      Hello po, magsabi po kayo ng subtopic ng business combination ang gusto nyo idiscuss ko na nahihirapan kayo para hindi masyadong broad po ang tanong. Kasi mahabang mahaba yun pag diniscuss ko dito πŸ˜› Salamat!

  22. July 2, 2010 at 5:47 am

    …panu po to. problem sa job order costing….

    “the work in process of Imang Corp. on july 1 2005 is given as follows:

    Per general ledger————22250

    Per cost sheets Job333 Job334
    Direct Materials 6000 8000
    Direct Labor 3000 2500

    Factory costs for July 2005
    Job333 Job334 Job335 Job336
    Direct materials 3000 2000 6000 4500
    Direct Labor 1000 1500 2600 2000

    Factory overhead is charge to production based on direst labor cost. Jobs 333 and 334 are completed during the month.

    REQUIRED:
    1.)Factory overhead rate
    2.)Costs of goods manufactured
    3.)Work in process as of July 31, 2005

  23. July 2, 2010 at 5:50 am

    …panu po to. problem sa job order costing….
    β€œthe work in process of Imang Corp. on july 1 2005 is given as follows:
    Per general ledgerβ€”β€”β€”β€”22250
    Per cost sheets Job333 Job334
    Direct Materials 6000 8000
    Direct Labor 3000 2500
    Factory costs for July 2005
    Job333 Job334 Job335 Job336
    Direct materials 3000 2000 6000 4500
    Direct Labor 1000 1500 2600 2000
    Factory overhead is charge to production based on direst labor cost. Jobs 333 and 334 are completed during the month.
    REQUIRED:
    1.)Factory overhead rate
    2.)Costs of goods manufactured
    3.)Work in process as of July 31, 2005

  24. maputo
    July 8, 2010 at 2:03 pm

    keep blogging kuya joseph.

    isa ako sa tagasubaybay ng blog mo.

  25. dahdah
    July 12, 2010 at 5:24 am

    hi po..

    kuya, ask q lng…pnu po kung sa problem ng discounting of N/R, months ung period hindi days?…ididivide b xa sa 12 months???

    • July 28, 2010 at 7:38 pm

      Depende sa problem. Pero usually days. Pag in months yung nakalagay sa problem, divide by 12 pero pag nagbigay ng exact dates, divide by 365 days.

  26. dahdah
    July 12, 2010 at 5:26 am

    Sa discountong of n/r, dun sa entries pnu po mgcompute ng interest expense and revenue??

    thanks po…

    • July 28, 2010 at 7:57 pm

      Pag nagdidiscount ka ng Notes Receivable, iaaccrue mo yung interest na na-earn mo from the time na huli kang nag-accrue ng interest (e.g. previous year end) up to the date of the discounting and at the same time you should bring your NR balance to the PV of the Note at Discount Date

      Present Value of Notes receivable * Interest rate ng notes receivable mo * ( x days over 365)

      Entry:
      (dr) Interest Receivable (eto yung periodic payment)
      (dr) Disct on NR (if NR is at a Discount)
      (cr) Interest Income (PV of note * Note Interest Rate)
      (cr) Premium on NR (if NR is at a Premium)

      Now, to get the income from the discounting:

      1. kunin mo yung maturity value ng Note mo (and take this down)
      2. Multiply mo yung MV ng note sa “DISCOUNTING RATE” then allocate (Maturity Date – Discount Date)/365
      3. Ideduct mo yung Discount na makukuha mo sa number 2 at yan yung Proceeds mo
      4. Now, deduct the Proceeds with the present value of your notes kasi eto ang entry mo:

      (dr) Cash
      (dr) Discount on NR (if nr is at a discount)
      (dr) Loss from discounting (if Cash PV of NR at discount date)

      Kung gusto mo mabasa yung pinaka-basic principle ng NR Discounting, andun sya sa topic na “Notes Receivable/Payable”

      πŸ˜€

  27. Kthln
    July 27, 2010 at 10:40 pm

    Kuya Joseph, taga-UST ka? πŸ™‚

  28. marc
    July 28, 2010 at 5:55 am

    pwede po b pkiexplain po ung loans and receivables??

    • July 28, 2010 at 11:18 pm

      Pakilinaw po yung tanong πŸ˜€ Alin po doon ang gust nyon glinawin ko? πŸ˜€

  29. KthLn
    July 28, 2010 at 10:02 pm

    Sabi na eh.. Yung mga sample prob kasi puro lugar sa Uste. Hahaha.

    Ano po pala difference ng conditional sale sa secured borrowing? :))
    Salamat.

  30. marc
    July 29, 2010 at 4:43 am

    e2 po ung example problem namin..

    Easy company engaged in the ff. transaction during the month of July:

    July 1 Sold merchandise to A Company for 50,000,2/10,n/30
    2 Sold merchandise to B Company for 200,000,2/10,n/30
    12 Received payment from B Company for the July 2 sale
    30 Received payment from A Company for the July 1 sale

    Required:

    1. Journal entries using gross method
    2.Journal entries using net method

    Panu poh b gwin 2…thanks poh..

  31. JunPYo
    August 20, 2010 at 12:01 pm

    kuya.. ang ganda ng mga blogs mo.. great help tlaga pra sa amin..:) ur so kind kua.. cnishare mo yung knowledge mo.. hop mor blessings b w/ u:)

  32. JunPyo
    August 30, 2010 at 12:23 pm

    Kuya.. pwedi po mgpost po kayu tungkol sa loan receivable and its treatment towards impairment.. thanks kuya

  33. miah
    October 3, 2010 at 4:59 am

    kuya joseph, sana mag post po kau ng tungkol sa inventory costing method… ung pong fifo, lifo, weighted ave. and specific identification.. wala po kc kaung explanation tungkol dun..thank u

  34. Mark Nhewel Gudito
    October 11, 2010 at 6:05 am

    Kuya Joseph,
    tanong ko lng po..
    – assume that the custodian of a 500 petty cash fund has 82.25 in coins and currency plus 399.75 in receipts at the end of the week.
    (dr) expenses 399.75
    (cr) cash 399.75
    is this the correct entry?

    another question:
    – do we need to include the coins and currencies in the entries when replenishing the petty cash fund?
    thanks po!

  35. October 14, 2010 at 8:15 pm

    kuya 2nd yr student po ako…

    pde po b pdiscuss ng inventory estimation,.ang galing nyo po kc mgpliwanag eh hehe
    tnx in advnce:)

  36. dee madrilejo
    November 16, 2010 at 2:48 am

    ang laking tulong ng site na ito…

  37. November 28, 2010 at 10:51 pm

    kuya, ito po ung problem. nguguluhan po kasi ako.

    The information below is from the books of the Seminole Corporation on June 30:
    Balance per bank statement ~ 11,164
    Receipts recorded if not yet deposited in the bank~ 1,340
    Bank charges not recorded~ 16
    Note collected by the bank and not recorded on books~ 1,120
    Outstanding Checks~ 1,100
    NSF Checks-not recored on books nor redeposited ~ 160

    Assuming no errors were made, compute cash balance per books on June 30 before any reconciliation adjustments.

    ANSWER: 10,460

    nguguluhan lang po ako pano nging 10, 460 yung sagot. ptulong nmn po kuya. SALAMAT PO!. πŸ˜‰ (request po kua pwde pki-post din sa tumblr page ko yung sagot) Thanks po ulet. ;D

    • January 26, 2011 at 11:26 pm

      Ganito, diba pag gumagawa ka ng bank reconciliation, you make it side by side. You start off with the unadjusted balances of both then proceed with the adjustment. Base sa problem mo, given yung unadjusted bank balance at ang hinahanap ay yung UNADJUSTED BOOK BALANCE. So, ang unang papasok sa isip mo, pano mo makokompyut yun. macocompute mo yun pag nakuha mo yung Adjusted Cash Balance. Dapat, ang Adjusted Bank Balance at ang Adjusted Book Balance ay equal. So, kung ano mang adjusted bank balance mo, sya ring adjusted book balance mo. Kung gayon, since maari mo macompute ang Adjusted bank balance, masasagot mo yung problem. SO:

      Unadjusted Bank Balance: 11,164
      Plus: Receipts Recorded not yet deposited (deposits in transit): 1,340
      Less: Outstanding Checks: 1,100
      Equals: Adjusted Bank Balance of 11,404

      so you can safely say that the Adjusted BOOK balance is also 11,404. So you need to work back from the end pabalik sa Unadjusted Book Balance, which is what’s being asked by the problem. So: (working back)

      Adjusted BOOK Balance: 11,404
      PLUS: Bank Charges of 16
      LESS: Note Collected by the bank and not recorded on books (credit memo’s): 1,120
      PLUS: NSF Checks of 160
      Equals: UNADJUSTED BOOK BALANCE of 10,460

      πŸ™‚

  38. ton
    December 7, 2010 at 2:06 am

    hi! tanong ko lang po kung dapat itama yung balance ng unadjusted receipts at disbursements from bank statement sa pagkuha ng adjusted bank/book receipts/disbursements. Halimbawa po sa problem 2-18 sa amv book, hindi po binawas ng prof namin yung value ng notes collected by bank na included sa value ng given na receipts from bank statement, basta na lang po niya inadjust(diba pa yung notes collected by bank ay isang book recon item – credit memo?, bakit po di binawas?)..ang ginamit po naming method ay yung 2 column book & bank

    • January 26, 2011 at 12:06 am

      Pede mo po ipost ung whole problem? Kasi ang NOTES, (tama ka, credit memo), ay adjustment sa BOOK, not in the bank. So dapat addition sya sa Book Receipts para mareflect sa book mo since hindi pa sya narereflect sa books mo. Are we on the same page?

  39. wijo
    January 31, 2011 at 8:46 pm

    Paano malalaman sa problem kung ang gagamitin ay single sum o ordinary annuity?

    • February 1, 2011 at 7:22 pm

      When you have to get the present value of a single payment in the future or multiple payments of different amounts in the future, use use the Single Sum Present value for each payments.

      On the other hand, when you have MULTIPLE EQUAL PAYMENT amounts in the future, that’s when you have to use Ordinary Annuity.

  40. rainbow
    February 3, 2011 at 1:21 am

    kuya joseph..me tanung po ako..anu po treatment pag me post dated at ante dated checks sa total ng outstanding checks??

    • February 3, 2011 at 6:55 pm

      Unang itatanong mo sa sarili mo, kaninong cash ba yun?

      Post-dated checks: ang post dated checks ay mga checks na naka-date sa FUTURE kaya “post” dated, or “after” dated. So, sayo pa ba yung cash? Oo! Kasi hindi pa sya readily convertible into cash ergo, post dated checks are NOT considered as outstanding checks. Sa audit, kailangan mo mag-adjust for Post-Dated checks:
      (DR) Cash
      (CR) AP (or any liability na chinarge mo nung original entry)

      Ante-dated checks: ang ante-dated checks ay mga cheke na naka-date sa past. Kunyari ang petsa ngayon Feb 2, 2011 tapos ang nakasulat sa cheke mo na date ay Jan 20, 2011, it is considered as ante-dated. Walang kaso dun. It just means na readily convertible na yung check mo anytime since the check date. Therefore, kung hindi pa na-eencash ng payee, it’s a part of your outstanding checks.

      • rainbow
        February 18, 2011 at 2:43 am

        thx kuya joseph nakuha ko na ^^,

  41. Victoria Ilano
    February 6, 2011 at 4:36 am

    hi kuya! 4th year accountancy po ako.. nalilito po ako sa inventories.. ung adjusting journal entry.. possible po ba na nabenta na ung goods pero nasa inventory end pa din xa ng company.. ung for example.. “On the evening of dec 31, there was a truck in the company siding: Truck # MGM. 357 was loaded and sealed on December 31 but leave the company premises on January 2. This order was sold for 150,000 per Sales Invoice # 868. based on cost po ung gross profit. 25%. ang adjusting journal entry po ay debit Inventory 120,000 ; credit Profit / loss summary 120,000.. pakisubstantiate po.. salamat!

  42. luvrgurl
    February 7, 2011 at 12:57 am

    kuya padiscust nmn po ng Property,plant and equipment (PPE) sobrang broad po kasi tnx Po.

  43. miah
    February 7, 2011 at 8:13 pm

    wla po b kaung lectures sa partnership and corporation..?

  44. chibi
    March 2, 2011 at 7:57 pm

    kuya joseph, may tanung po ako regarding sa ERROR CORRECTION PO. anu po ang sagot nyo dito sa dalawang magkaibang tnung na ito. ung isa po kasi expense method yung gamit, yung isa naman po asset method yung gamit. nalilito lang po kasi ako kasi magkaiba po kame ng sgot ng klasmate ko. sana po matulungan nyo ako. salamat!

    eto po ung tnung:

    4. PREPAID EXPENSES: KENZO CO. entered into a contract with an advertising agency to provide and develop promotional ads for its products. On August 31, 2010, a total of P18,000 was paid to the agency and this was booked as expenses. The ad will run for a period of one year. No adjustment was made as of the year end.

    2010 2011
    Expense
    Prepaid Expenses
    Net income
    RE before closing
    RE after closing

    5. PREPAID EXPENSES: On March 1, 2010, BRUCE CO., paid P36,000 for 12 months rent in advance and the entire amount was included in the Prepaid rent account and was charged to expenses only on the following year.

    2010 2011
    Expense
    Prepaid Expenses
    Net income
    RE before closing
    RE after closing

    salamat po ulit in advance!:D

  45. rainbow
    March 3, 2011 at 3:00 pm

    kuya joseph la po ba kayo lecture about correction of errors medyo po kasi nakakalito yun. I mean pag marame na tanung tapos state mo kung anu tinamaan na mga accounts wether overstated cla or understated nakakalito po eh.

  46. luffy
    March 8, 2011 at 8:39 am

    kua joseph, bakit po ba minsan nakakaencounter ako ng credit balance sa accounts receivable? gnun din po sa accounts payable, minsan po may debit balance. eh diba po debit ang normal balance ng receivable?
    anu po ba ang mga possible reasons or causes ng pagkakarun ng credit balance ng isang receivable at debit balance naman po sa accounts payable??

    maraming salamat po!

    • March 9, 2011 at 5:29 am

      Maraming reason kung bakit. Sa AR, maaring over-application ng receipts from customers, maling pagpost ng account, maling pagcharge against sa AR. Maaring nung nagbayad na yung advances mo sa employees or officer, aksidente mong na-charge sa AR. The possibilities are endless.

      Same thing with AP – maaring overapplied yung payment mo to vendors, maaring aksidente mong na-charge yung AP mo instead na ibang accounts, etc.

      Matututunan mo yan sa auditing.

  47. JohnMichael
    March 24, 2011 at 12:40 am

    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.

    • patrick
      July 2, 2011 at 7:19 pm

      try mo iasplus.com ata…

  48. Jay
    March 31, 2011 at 12:24 pm

    Share ko lang tong problem na galing sa student ko:

    San Carlos operates a general hospital but rents space and beds to separate entities for specialized tratment such as pediatrics, maternity, psychiatric etc. San Carlos charges each separate entity for common services to its patients like meals and laundry and for all administrative services such as billings , collections. All uncollectible accounts are charged directly to the entity. Space and bed rentals are fixed for the year.

    For the entire year ended June 30, the pediatrics department at San Carlos hospital charged each patient an average of P650 per day, had a capacity of 60 beds, operated 24 hours per day for 365 days , and had revenue of P10,676,250.

    Expenses charged by the hospital to the pediatrics department for the year ended June 30 were:

    Basis of Allocation: Patient Days , Bed Capacity

    Dietary
    PD – 328,500

    Janitorial
    BC – 118,400

    Laundry
    PD – 197,100

    Lab, others
    PD – 410,625

    Pharmacy
    PD – 410,625

    Repairs and maintenance
    PD – 65,700 BC – 66,045

    General administrative services
    BC – 1,218,780

    Rent
    BC – 2,546,710

    Billings and collections
    PD – 689,850

    Bad debt expense
    PD – 246,375

    Others
    PD – 114,975
    BC – 240,315

    Total PD – P2,463,750
    Total BC – P4,190,250

    The only personnel directly employed by the Pediatrics Department are supervising nurses, nurses and aides. The hospital has minimum personnel requirements based on total annual patient days. The staffing levels below represent full-time equivalents, and it should be assumed that the Pediatrics departments always employs only the minimum number of required fulltime equivalent personnel. Annual salaries for each class of employee follow: supervising nurses, P180,000 ;nurses, P130,000; and aides, P50,000. Salary expense for the year ended June 30 for supervising nurses, nurses, and aides was P720,000, P1,560,000, and P1,100,000, respectively.

    Hospital requirements beginning at the minimum, expected level of operation follow:

    Annual Patient Days
    10,000 – 14,000 Aides – 21 Nurses – 11 Supervising nurses – 4
    14,001-17,000 ” 22 ” 12 ” 4
    17,001-23,725 ” 22 ” 13 ” 4
    23,726-25,550 ” 25 ” 14 ” 5
    25,551-27,375 ” 26 ” 14 ” 5
    27,376-29,200 ” 29 ” 16 ” 6

    The Pediatrics Dept. operated at 100% capacity during 111 days of the past year. It is estimated that during 90 of these capacity days, the demand average 17 patients more than capacity and even went as high as 20 patients more on some days. The hospital has an additional 20 beds available for rent for the coming fiscal year.

    1. Compute the variable cost per patient days
    2. How much were the total fixed costs for the hospital’s pediatrics dept. during the year ended june 30?
    3. What is the break-even point?
    4. Assume that the hospital operates during the year at 12,500 patient days. How much fixed costs are expected for the Pediatrics dept.?
    5. Compute the total amounts of costs if the company will operate at 100% throughout 365 days next year.

  49. patrick
    July 2, 2011 at 7:23 pm

    good day kuya joseph. ask ko lang kung my idea ka sa canada standards? ng test, accounting standard, ethics, work standard, education. kung indi ako nagkakamali parang nasa abroad ka? ndi ko lang sure kung saan eh.

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