Accounting Questions Here...

[Wilam96]

ewan xenxA NA di ko talaga mapantay haiz di bale na nga lang

[Larry Tan]

further solution:

question: bakit po ganon ang daming treatment sa treasury stock and how do they know it was a treasury stock from just the description given on the trading securities portion.. and why it was on the reserves portion and why is it also deducted on the retained earning when in fact it had been deducted already on the she section of the face of the balance sheet.

haizt please i need an answer any one...

If you look closely, the company name is Dilemma Company. One of the securities in the trading equity securities is also Dilemma Co. share capital, so that means it's own company's shares - therefor, it's a treasury stock.

Treasury stock is deducted from the contributed capital section of the Stockholders' Equity Section. Moreover, if you have a treasury stock, you are required to appropriate an equal amount of retained earnings. Take note the unappropriated retained earnings will decrease, appropriated retained earnings will increase and the total retained earnings will remain the same

[Larry Tan]

please,, guys help me naman kahit dito lang...di k talaga mainttindihan..

Mortgage Payable in quarterly installment of 100,000........................................................2,000,000

QUESTION: BEFORE i LOOK on the solution i was confident that current liabilities of this account will be 300,000 and 1,600,000 for noncurrent liabilities, because i was thinking quarterly means dividing the year into four group of months which on the last quarter would be, october, november and december, so 100,000 each year will be 300,000 on current portion. so why it was 400,000???

haizt please i need an answer any one...

Current portion of long-term debt usually considers a one-year horizon (i.e., 12 months). There are four quarters in a year, P100,000 payment per year. Therefore, current portion is P100,000 x 4 = P400,000.

[Larry Tan]

Current portion of long-term debt usually considers a one-year horizon (i.e., 12 months). There are four quarters in a year, P100,000 payment per year. Therefore, current portion is P100,000 x 4 = P400,000.

Correction:
P100,000 payment per quarter.

[Wilam96]

thank you sir, you've been helping me always..

[AccIdPEx]

May tanong ako tungkol sa pagco-compute ng income tax for individuals.

Di ba may limit na 30,000 ang bonus? Yung limit ba na yun ay para sa 13th month pay lang at hindi kasama yung ibang mga bonus tulad ng 14th month, mid year, christmas, performance, etc.? At kung lumampas ba sa 30,000 yung amount, taxable na ba yung whole amount o yung amount lang na nag-exceed sa 30,000?
Halimbawa:
13th month: 15,000 so non taxable ang 15,000 diba.
Kapag 35,000, taxable na ba yung buong 35,000 o yung 5,000 lang?

13th month: 15,000 performance: 10,000.. taxable ba itong perormance na 10,000 o hindi dahil pasok siya sa 30,000 limit o dahil hindi siya 13th month, taxable siya?

Iba-ba kasi yung nakalagay sa internet pati yung mga natanungan ko, ano ba talaga?

[HannahSnowflakes]

What is the treatment for debit loan? Is it a direct deduction to the owner's capital?

[poorme]

May tanong ako tungkol sa pagco-compute ng income tax for individuals.

Di ba may limit na 30,000 ang bonus? Yung limit ba na yun ay para sa 13th month pay lang at hindi kasama yung ibang mga bonus tulad ng 14th month, mid year, christmas, performance, etc.? At kung lumampas ba sa 30,000 yung amount, taxable na ba yung whole amount o yung amount lang na nag-exceed sa 30,000?
Halimbawa:
13th month: 15,000 so non taxable ang 15,000 diba.
Kapag 35,000, taxable na ba yung buong 35,000 o yung 5,000 lang?

13th month: 15,000 performance: 10,000.. taxable ba itong perormance na 10,000 o hindi dahil pasok siya sa 30,000 limit o dahil hindi siya 13th month, taxable siya?

Iba-ba kasi yung nakalagay sa internet pati yung mga natanungan ko, ano ba talaga?

ang alam ko *** excess lang.
and for example may excess sa respective ceilings ng de minimis benefits, yung excess pwede syang isama sa 30000 na exempt hanggang hindi pa naabot ng 13th month pay yung 30000.
*** ang alam ko )

[iloveaccounting]

ask ko *** po kung paano to i,solve

petty cash fund -20000

The petty cash fund consisted of the following items on dec. 31 2012

C. and coins- 5000
IOUs from officers- 2000
Unreplenished petty cash vouchers- 12000

may shortage siya na 1000, panu ako mag adjust nito at compute for accountability?

your answers are highly appreciated... tnx!

[iloveaccounting]

page 187 - fin. acct 2012 edition valix peralta valix

ask *** po ako for the journal entries.
2013

jan.2 the deposit for the 20 cases of softdrinks is collected

31 a check was drawn to replenish the fund the composition was.
c. and currency-1000
postage stamps- 500
Memoranda showing expenditures since nov. 30 2012
postage- 5000
supplies-6000
payment of account-7000

tnx po!

[peanut08]

ask ko *** po kung paano to i,solve

petty cash fund -20000

The petty cash fund consisted of the following items on dec. 31 2012

C. and coins- 5000
IOUs from officers- 2000
Unreplenished petty cash vouchers- 12000

may shortage siya na 1000, panu ako mag adjust nito at compute for accountability?

your answers are highly appreciated... tnx!

To account for this:

Other Receivables 2,000
Expenses 12,000
Cash Over & Short 1,000
Cash 14,000

Debit Cash Over and Short for shortage. (Naalala ko ang pagka-expain nang professor ko ay madalas kung may kulang kaltas sa sweldo nang custodian yan.)
Credit Cash Over and Short for excess

I hope I got this right.

[peanut08]

Nakalimutan ko lagyan kung debit o credit.

Other Receivables (Dr.) - IOUs from employees
Expenses (Dr.) - unreplenished cash vouchers (usually, the problem breaks them down what they are used for. Since you didn't specify anything. Expenses would suffice.)
Cash (Cr.) - To account for the replenishment.

[iloveaccounting]

maraming salamat po... medyo nalito ako dun sa cash short over kung isasali ko pa ba sa journal entry ko..

yung cash(cr.) is 14000, hindi po ba magiging 15000 yan? I mean isasali ko ba yung 1000 na cash short over sa entry ko?

[peanut08]

maraming salamat po... medyo nalito ako dun sa cash short over kung isasali ko pa ba sa journal entry ko..

yung cash(cr.) is 14000, hindi po ba magiging 15000 yan? I mean isasali ko ba yung 1000 na cash short over sa entry ko?

Sorry! My bad... I was half-asleep when I answered that. XD

15,000 yun cash.

[iloveaccounting]

Sorry! My bad... I was half-asleep when I answered that. XD

15,000 yun cash.

hahaha! ok ***, anyways maraming salamat.

[gr8tcher]

do you have any idea on how to answer the theory part of sir ocampo's aud prob buk? (substantive testing of each account) ahha.. di ko kasi masagutan. (mali mali sagot ko.) haha.. thanks.. nid ko ba bumili ng paps o psa for that??

ayun po, ano kayng pwedeng basahin.. tips.. nalilito pa ko sa difference ng existence and completeness.. well, definition alam pero pag andyan na yung tanong.. woot! di ko alam kung alin sa dalawa! (minsan, tama pero tyamba) haha..

[Larry Tan]

do you have any idea on how to answer the theory part of sir ocampo's aud prob buk? (substantive testing of each account) ahha.. di ko kasi masagutan. (mali mali sagot ko.) haha.. thanks.. nid ko ba bumili ng paps o psa for that??

ayun po, ano kayng pwedeng basahin.. tips.. nalilito pa ko sa difference ng existence and completeness.. well, definition alam pero pag andyan na yung tanong.. woot! di ko alam kung alin sa dalawa! (minsan, tama pero tyamba) haha..

You need to read an Auditing Theory book, try mo Ricchiutte. Existence is usually for balance sheet accounts, (do they really exist?). Completeness refers to completeness of recording of all transactions, it may refer to completeness of recording of balance sheet or income statement accounts.

[gr8tcher]

You need to read an Auditing Theory book, try mo Ricchiutte. Existence is usually for balance sheet accounts, (do they really exist?). Completeness refers to completeness of recording of all transactions, it may refer to completeness of recording of balance sheet or income statement accounts.

yup nabasa ko na din sir.. haha.. tapos lalo lang ako naguluhan.. haha.. baka ako na problema.. haha..

[andrea21941]

Ano po ba gagawin pag an petty cash ay included sa CASH for bank reconciliation? Ibabawas po ba to sa balance per book o idadagdag sa Balance per Bank...

Next question po ay

Pagmay bank overdraft pagnasa YEAR END CASH balance isasama babawas po ba ito sa CASH kahit 2 different banks.
Di ba po ang Bank Overdraft- ay current liability

Salamat po sa help ^___^

[peanut08]

Pagmay bank overdraft pagnasa YEAR END CASH balance isasama babawas po ba ito sa CASH kahit 2 different banks.
Di ba po ang Bank Overdraft- ay current liability

Salamat po sa help ^___^

If I recall correctly, bank overdraft could only be offset if they are on the same bank. Since they are of different banks, you should treat the overdraft as a current liability.

Di ako sure sa sagot ko regarding sa petty cash kaya hintayin na lang natin yun mas knowledgeable. Pasensya na, di kita matulong dyan.