Number (3) specifically on SPL
The Chart of Accounts is shown below. s in the INSTRUCTIONS: (1) Complete the adjustments section of the worksheet [WS]. Use the following information. (a) On November 1, the company paid P90,000 for a 6-month insurance contract with Assurance Guaranteed. (b) On November 21, the company issued a 90 -day 6% note for money borrowed from A1 Loan amounting to P150,000. (c) On November 22, Aim High Trading contracted the company to deliver specialized hardware. The company received P53,600 in advance from Aim High Trading. P23,600 worth of parts have been delivered by month-end. (d) On November 30, the company has earned commissions of P8,000 from Steadfast Faith Company for goods sold on consignment basis. This remains to be uncollected at monthend. (e) On November 30 , the company received its utilities bill for the month of November amounting to P23,000. This remains to be unpaid at month-end. (f) On November 30, Store Supplies costing P5,000 were on hand. (g) The company purchased the equipment on July 1, 2022. The equipment was estimated to have a useful life of five years and a residual value of 10% of cost. (h) The company purchased the furniture on July 1, 2022. The furniture was estimated to have a useful life of four years with no residual value. (i) The allowance for doubtful accounts is estimated at 3% of accounts receivable. (j) Based on a physical count, ending inventory was determined to be P130,000. 3) Prepare a functional form Statement of Profit or Loss for the month ended November 30,2022 [SPL \& SOE]. Include supporting notes to the functional-form statement of profit or loss Cleaning Services Expense, Insurance Expense, Rent Expense, and Utilities Expense are allocated as follows: Office: 40% Store: 60% The Chart of Accounts is shown below. s in the INSTRUCTIONS: (1) Complete the adjustments section of the worksheet [WS]. Use the following information. (a) On November 1, the company paid P90,000 for a 6-month insurance contract with Assurance Guaranteed. (b) On November 21, the company issued a 90 -day 6% note for money borrowed from A1 Loan amounting to P150,000. (c) On November 22, Aim High Trading contracted the company to deliver specialized hardware. The company received P53,600 in advance from Aim High Trading. P23,600 worth of parts have been delivered by month-end. (d) On November 30, the company has earned commissions of P8,000 from Steadfast Faith Company for goods sold on consignment basis. This remains to be uncollected at monthend. (e) On November 30 , the company received its utilities bill for the month of November amounting to P23,000. This remains to be unpaid at month-end. (f) On November 30, Store Supplies costing P5,000 were on hand. (g) The company purchased the equipment on July 1, 2022. The equipment was estimated to have a useful life of five years and a residual value of 10% of cost. (h) The company purchased the furniture on July 1, 2022. The furniture was estimated to have a useful life of four years with no residual value. (i) The allowance for doubtful accounts is estimated at 3% of accounts receivable. (j) Based on a physical count, ending inventory was determined to be P130,000. 3) Prepare a functional form Statement of Profit or Loss for the month ended November 30,2022 [SPL \& SOE]. Include supporting notes to the functional-form statement of profit or loss Cleaning Services Expense, Insurance Expense, Rent Expense, and Utilities Expense are allocated as follows: Office: 40% Store: 60%
