Problems for my Bookkeeping Students
Norliz, Khayvie c/o Jema and Zafra…
so sorry kasi medyo nalate ang supposed “email” ko na naging post sa friendster blog ko. Ngayon lang kasi ako nagising at paglabas ko naman ng house para mag-internet ay naiwan ko ang list ng mga email add ninyo. Hay! Eto yata ang epekto ng overload sa Decolgen…anyway eto na ang problems na iso-solve ninyo. I have here three problems with two questions each. Di ko na ginawang four kasi baka awayin ninyo ako. Good luck dito…kaya niyo yan!
1. ABC Co., is a company specializing in the production of Roll-a-Pen, a new age pen with compressed ink and precision features that allows for smooth unimpeded writing.
DEF Co., is a merchandiser of school supplies aiming to be at par with National Bookstore.
On November 11, 2008, ABC Co. and DEF Co. signed a contract of exclusivity, stating that only DEF Co. will have the distribution rights for Roll-a-Pen. The following day, November 12, 2008 DEF Co purchased 50 boxes of Roll-a-Pen on account.
*What principle should be recognized in the books of DEF Co.?
*What principle should be recognized in the books of ABC Co.?
2. On November 25, 2008, DEF Co. purchased additional 100 boxes of Roll-a-Pen from ABC Co., issuing a promissory not for the said merchandise. DEF co. also paid in full their previous purchases.
*What principle should be recognized in the books of ABC Co?
*What principle should be recognized in the books of DEF Co.?
3. DEF Co. was bale to sell 100 boxes of Roll-a-Pen by January 20, 2009. The maturity of the promissory note they issued to ABC Co was not until February 28, 2009, so they used 50% of the returns from the sale of Roll-a-Pen for the purchase of Php 100,000.00 worth of certificate of stocks from ABC Co.
*What principle should be recognized in the books of DEF Co.?
*What principle should be recognized in the books of ABC Co.?
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