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MYou
AUDITING
AUDIT
PROBLEM
aCPAnwere
iREVIEW
OF
lNO.
PROBLEMS
PROPERTY,
engaged
a 1SCHOOL
inPLANT
OF
making
THEANDPHILIPPINES
your
EQUIPMENT
second annual
QUIZZERS
examination of Indigo Company. Th
PAccumulated
eMachine
Machinery
10,000
Machinery
4,000
0No.
6/01/05
01/01/05
Depreciation
and
3 .
MAccumulated
achine
PBalance
654,000
No.
1P2/31/05
500,000
P 23
654,000
Depreciation
150,000
Balance
09/01/05
01/01/06
12/31/05
P accounts
344,400
Sale
Balance
Bof
alance
01/01/05
machine
are
P 644,000
644,000
shown
Balance
No.0below:
9/01/05
3 P 280,000
Dismantling

of
Your
The
31/05
company
examination
Depreciation
has depreciated
disclosed
64,400
the
all
P following
344,400
items of
P 344,400
information:
equipment
01/01/06
at 10%
Balance
per annum.
P 344,400
The
 oldest
The
itemfollowing
owned isadjusted
seven years
balances
old asappeared
of December
on December
31, 2005.
31, 2004 working papers: Eq
Machine
uipment No.P500,000;
3, whichAccumulated
was purchased
Depreciation
on March 1, 2001,
P 280,000.
at a cost of P80,000, was s
old on September
Included
in charges
1, to
2005Repairs
for P10,000
and Maintenance
cash.
account was an invoice for instal
lation
It
is the
of company
Machine sNo.
policy
23, in
tothe
takeamount
full year
of P35,000.
s depreciation in the year of acquisiti
on andonnone
Based
QUESTIONS:
theininformation
the year ofpresented
disposition.
above and the result of your audit, answer th
e following:
a.
How
much
P38,000
is the adjusted
loss on the
b.balance
sale
P37,333
of the
Machine
Machinery
no. 3?
c.account
P42,000
as of Decemberd.31, 200
0
5?
a. P644,000
b. P296,500
c. P605,000
d. P60
How much
9,000
a.
P64,400
is the total depreciation
b. P60,500expense on machinery
c. P50,000
for 2005?
d. P58
How much is the balance of the Accumulated Depreciation account as of December 3
,125
1, 2005?
a.
P308,500
b. P344,000
c. P301,458
d. P34
0,500

.12

The adjusting entry to correct the entry made in recording sale of Machine no. 3
Loss
Accumulated
Both
No
SUGGESTED
PROBLEM
On
will
adjusting
January
aoninclude
and
sale
NO.
ANSWERS:
b2depreciation
1,
of2004,
entry
a machinery
debit
isOlive
C,
to B,Corporation
necessary.
C,
A, C
purchased
P42,000
P32,000 a tract of land (site number 101
) with a building for P1,800,000. Additionally, Olive paid a real state broker s
commission of P108,000, legal fees of P18,000 and title guarantee insurance of P
54,000. The closing statement indicated that the land value was P1,500,000 and
the building value was P300,000. Shortly after acquisition, the building was ra
zed atentered
Olive
a cost into
of P225,000.
a P9,000,000 fixed-price contract with Waylili Builders, Inc.
on March 1, 2004 for the construction of an office building on the land site 10
1. The building was completed and occupied on September 30, 2005. Additional c
The
onstruction
Plans,
Architect
building
specifications
s fees
costs
is estimated
for
were
design
and
incurred
to
blueprints
and
havesupervision
asafollows:
forty-year life from date of completion
P285,000
36,000 and
willfinance
To
be depreciated
the construction
using thecost,
150%-declining-balance
Olive borrowed P9,000,000
method.on March 1, 2004. T
he loan is payable in ten annual installments of P900,000 plus interest at the r
ate of 14%. Olive used part of the loan proceeds for working capital requiremen
ts. Olive s average amounts of accumulated building construction expenditures wer
e asthe
For
Olive
Based
QUESTIONS:
Cost
a.
follows:
P1,905,000
of
P10,581,000
isoffice
on
period
land
usingsite
the
above
March
January
the
building
b.number
allowed
and
1 the
P2,205,000
1tob.101
toDecember
alternative
result
September
P10,360,500
c.of31,P1,800,000
your
31,
2004audit,
treatment
2005 d.
c.determine
for P2,151,000
borrowing
P10,329,000
P2,700,000
the
6,900,000
cost.
following:
d. P10
Depreciation
,960,500
a.
P96,800 of office building
b. P102,800
for 2005
c. P97,100
d. P99
SUGGESTED
,197
PROBLEM
Rose
Corporation,
NO.ANSWERS:
3
aB,manufacturer
B, C
of steel products, began operation on October 1
, 2003. The accounting department of Rose has started the fixed-asset and depre
DFor
Acquisition
Assets
Depreciation
Salvage
Cost
2005
2004
ciation
ROSE
Fixed
epreciation
LFiscal
and
CORPORATION
Asset
presented
A10/1/2003
Years
Date
and
Expense
Method
Depreciation
Ended
below.
?ENst.
Year
/ASeptember
NLife
/AEnded
N/ASchedule
in
N/ASept.
NYears
/A
30,Building
2004,
30
and
A10/1/2003
September
?P40,000
30, 2005
Straight-line?P17,450?Land B1
-/AStraight-line
N/AN/AN/ABuilding
30-?Donated
BUnderequipment
Construction
10/2/2003
P320,000
?3,000
to150%
datedeclining balance10??Machine A10/2/2
You
00Sum-of-the-years
have been asked-digits
to assist
8??Machine
in completing
B10/1/2004
this
?-Sschedule.
traight-line
In20addition
-?N/A
in
Notascer
applicable
taining that the data already on the schedule are correct, you have obtained the
Land
following
A and Building
information
A were
fromacquired
the Company
fromsarecords
predecessor
and personnel:
corporation. Rose paid P
820,000 for the land and building together. At the time of acquisition, the lan
d had an appraised value of P90,000, and the building had an appraised value of
Land B was acquired on October 2, 2003, in exchange for 2,500 newly issued share
P810,000.
s of Rose s common stock. At the date of acquisition, the stock had a par value o
f P5 per share and a fair value of P30 per share. During October 2003, Rose pai
d P16,000 to demolish an existing building on this land so it could construct ne
w building. of building B on the newly acquired land began on October 1, 2004.
Construction
By September 30, 2005, Rose has paid P320,000 of the estimated total constructi
on costs of P450,000. It is estimated that the building will be completed and o
ccupied equipment
Certain
by July 2006.
was donated to the corporation by a local university. An inde
pendent appraisal of the equipment when donated placed the fair market value at
P30,000 andA the
Machinery
s total
salvage
costvalue
of P164,900
at P3,000.
includes installation expense of P600 and nor
mal repairs and maintenance of P14,900. Salvage value is estimated at P6,000.
Machinery
On
OctoberA1,was2004,
soldMachinery
on February
B was
1, acquired
2005.
with a down payment of P5,740 and t
he remaining payments to be made in 11 annual installments of P6,000 each beginn
ing October 1, 2004. The prevailing interest rate was 8%. The following data w
ere abstracted
Present
value offrom
P1 at
the8%present-value
for 11 yearstables
0.429Present
(rounded):
value of an ordinary annuity of
P1 at 8% for 11 years7.139Present value of an annuity due of P1 at 8% for 11 years7.
Based
QUESTIONS:
The
a.
710 cost
P82,000
P91,000
P46,260
on of
theMachine
Building
Land
aboveB is
and
BAisis
the
b. result
P738,000
P75,000
P48,574
of your audit,c.answer
P820,000
P28,500
P48,722
the following: d. P52
P0
The total
,000
a.
P33,037
depreciation expense
b. P51,875
for the year endedc.September
P33,20830, 2005 is d. P32
SUGGESTED
,826
PROBLEM
Your
audit
NO.ANSWERS:
of4 Teal Corporation
B, A, D, C for the year 2005 disclosed the following propert
Cyost
dispositions:
Acc. Dep.ProceedsFair valueModeLandP3,200,000-2,480,0002,480,000CondemnationBuilding1,2
00-288,000-DemolitionWarehouse5,600,000880,0005,920,0005,920,000Destruction by fireMachine6
On
Land
000January
256,000715,
2,000
a5condemnation
76,000Exchange
award
Delivery
was received
truck800,000
as consideration
380,000376,000for
376,000
theSforced
ale
sale of the company s land and building, which stood in the path of a new highway
.Building
On
March 12, land and building were purchased at a total cost of P4,000,000, of
which 30% was allocated to the building on the corporate books. The real estate
was acquired with the intention of demolishing the building, and this was accom
plished during the month of August. Cash proceeds received in September represe
nt July
On
Warehouse
the net
4, the
proceeds
warehouse
from was
demolition
destroyed
of by
building.
fire. The warehouse was purchased on
January 2, 1997. On December 12, the insurance proceeds and other funds were us
ed December
On
Machine
to purchase
15,athe
replacement
machine was
warehouse
exchanged
at for
a cost
a similar
of P4,800,000.
machine having a fair va
lueNovember
Delivery
On
Based
QUESTIONS:
ofonP504,000
Truck
the
13,
above
andand
the
cashtheofresult
delivery
P72,000
truckofwas
was
your
sold
received.
audit,
to a compute
used carthe
dealer.
gain or loss to be
recognized
a.
Land
P2,480,000
for each
gainof the
b. following
P3,200,000
dispositions:
loss
c. P720,000 loss
d. P288,000
a.
Building
P0
gain
b. P912,000 loss
c. P1,488,000 loss
d. P1,200,000
a.
Warehouse
P0
gain
b. P3,600,000 loss
c. P320,000 gain
d. P24,000
a.
Machine
P0
gain
b. P192,000 gain
c. P18,000 gain

a. P424,000
d.
Delivery
P0 truckloss
b. P44,000 loss
c. P424,000 gain
d. P44
,000angain
SUGGESTED
PROBLEM
On
audit
NO.ANSWERS:
5
engagement
C, D,forA,2005
B, Byou handled the audit of fixed assets of Gold Mi
nes. This mining company bought the exploration rights of Tamashi Mineral Explo
ration on June 30, 2005 for P29,160,000. Of this purchase price, P19,440,000 wa
s allocated to copper which had remaining reserves estimated at P6,480,000 tons.
Gold Mines expects to extract 60,000 tons of ore a month with an estimated sel
ling price of P50 per ton. Production started immediately after some new machin
eries costing P2,400,000 were bought on June 30, 2005. These new machineries ha
d estimated useful life of 15 years with a scrap value of 10% of cost after the
ore estimate has been extracted from the property, at which time the machineries
will already be useless. Among the operating expenses of Gold Mines at Decembe
rAP-5903Q
Depletion
Based
QUESTIONS:
Recorded
a.
b.
SUGGESTED
Page
31,
End on
2005
of
PAGE
Overstated
Understated
the
depletion
depreciation
AP-5903Q
expense
ANSWERS:
were:
3 above
of  NUMPAGES
P1,620,000
by
and
expense
C,
byP40,000
P360,000
Aexpense
P360,000
P40,000
the5was
result
Depreciation
was of yourd.
c.
onaudit,
machineries
Overstated
Understated
c.answer160,000
the
Overstated
byfollowing:
by P540,000
P540,000
P80,000
by P80,000

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