JON-GIL MEGA BUILDERS CORPORATION

Balance Sheet
For the year ended December 31, 2018

ASSETS

CURRENT ASSETS
Cash (Note 1) P 2,798,291
Other Current Assets (Note 2) -
2,798,291

NON-CURRENT ASSETS
Property and Equipment, net (Note 3) -

TOTAL ASSET 2,798,291

LIABILITIES AND STOCKHOLDERS EQUITY

CURRENT LIABILITIES
Trade and other payables (Note 4) -
-

STOCKHOLDERS EQUITY
Authorized Subscribed & Outstanding 2,779,514
Add: Net Income/(Loss) 18,777
2,798,291
TOTAL LIABILITIES & OWNERS EQUITY P 2,798,291
See Accompanying Notes to Financial Statements
-
JON-GIL MEGA BUILDERS CORPORATION
Statement of Income
For the year ended December 31, 2018

REVENUE (Note 9) P 908,857

COST OF SERVICES (Note 10) (657,900)

GROSS INCOME 250,957

ADMINISTRATIVE EXPENSES (Note 8) (232,180)

NET INCOME FROM OPERATIONS 18,777

NET INCOME BEFORE INCOME TAX 18,777

Provision for Income Tax (Note 12) -

NET INCOME AFTER TAX P 18,777

See Accompanying Notes to Financial Statements

JON-GIL MEGA BUILDERS CORPORATION
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the year ended 2018

CAPITAL STOCK - P 100.00 par value

Authorized-560,000 shares
Issued and Subscribed - 5,600 shares P 560,000
560,000
RETAINED EARNINGS
Balance at beginning of year 484,322
Additional Capital 2,295,192
Net income 18,777
Balance at end of year 2,798,291
P -
See accompanying Notes to Financial Statements.
JON-GIL MEGA BUILDERS CORPORATION
Statement of Changes in Equity
For the year ended December 31, 2018

Share Capital Accumulated Income Total Total

Unappropriated Appropriated Accumulated
Income
Note Note

Balances as of December 31, 2017 2,779,514 - - - 2,779,514

Net Income for the period 18,777 - 18,777 18,777

Balances as of the year ended December 31, 2018 2,779,514 18,777 - 18,777 2,798,291
See Accompanying Notes to Financial Statements
JON-GIL MEGA BUILDERS CORPORATION
Statement of Cash Flow
For the year ended December 31, 2018

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income / Net Loss P 18,777
Adjustment to reconcile net income to net cash
provided by operating expenses
Depreciation -
Changes in assets and liabilities -
Decrease (Increase) in :
Receivables -
Others Assets -
Increase (Decrease) in :
Trade and other payables -
Loans Payable -
Net cash provided from operating activities 18,777

CASH FLOWS FROM INVESTING ACTIVITIES

Additions / Disposals of Property & Equipment 2,219,514

NET INCREASE IN CASH 2,238,291

CASH AT BEGINNING OF THE YEAR 560,000

CASH AT END OF THE YEAR P 2,798,291

2. CASH AND CASH EQUIVALENTS
This account consists of:
2018
Cash in Bank P 2,798,291

3. RECEIVABLES
This account consists of: 2018

Trade Receivables P -

4. OTHER ASSETS
This account consists of: 2018

Inventories P -
Rental Deposit -
Other Assets -
P

5. PROPERTY AND EQUIPMENT

Property, plant and equipment consists of the following:

Cost 2018
Office Equipment P
Furniture & fixtures -
Transportation equipment -
-
Less: Accumulated depreciation -
P -

6. TRADE AND OTHER PAYABLES

This account consists of:
2018
Accounts Payable P -
Other Payable -
P -

7. LOANS PAYABLE
This account consists of:
2018
Loans Payable -
P -

8. ADMINISTRATIVE EXPENSES
This account consists of:
2018
Salaries & Wages P 30,000
Communication, Light & Water 105,900
Toll Fees 34,780
Transportation & Travel 45,900
Taxes & Licenses 15,600
Total Administrative Expenses P 232,180

9. Provision for income tax

A reconciliation of provision for income tax on income tax computed at the

statutory tax rate to provision for income tax as shown in the statements of
income and retained earnings follows:

INCOME TAX
2018
Net income before tax P 18,777
Tax rate 30%
INCOME TAX DUE P 5,633
1. CASH AND CASH EQUIVALENTS
This account consists of:
2016
Petty Cash Fund -
Cash in Bank P -
-
A reasonable amount of Petty Cash Fund is maintained to cover small payments not
covered by checks, such as transportation, small amount of office supplies, and other
payments as defined by the management
Cash in Bank represents savings/current account in one reputable local bank. Savings
account deposits earn interest at the respective bank deposit rates and current account
deposits do not earn interest. The company reconciles the books and bank balances
regularly as part of its cash monitoring and internal control measures.

2. OTHER ASSETS
This account consists of:
2016
Rental Deposit P -
Other Assets -
P -

3. FIXED ASSETS
Property, plant and equipment consists of the following:

Cost 2015
Office Equipment P 350,000
Furniture & Fixtures 121,989
471,989
Less: Accumulated depreciation -
P 471,989
Property and equipment are carried at cost less accumulated depreciation and amortization and any
impairment in value. The carrying amount of the property and equipment is equivalent to its
fair value.

4. TRADE AND OTHER PAYABLES

This account consists of:
2016
Accounts Payable P -
P -

5. ADMINISTRATIVE EXPENSES
This account consists of:
2016
Light & Water 34,240
 Office Supplies 27,881
Taxes & Licenses 25,890
Professional Fee 60,000
Total Administrative Expenses 148,011

Operating expenses are recognized in the statements of income upon utilization of the service or on the
date they are incurred.
9. Revenue from Services
This account consists of :
2016
Service Income P -

10. Cost of Sales

This account consists of:
2016
Beginning Inventory P -
Add: Freight & other charges -
Goods available for sale -
Less: Ending Inventory -
P -
11. Depreciation Expense
This account consists of :
2016
Office Equipment P 150,000
Furniture & Fixtures 80,000
Total P 230,000

12. Provision for income tax

A reconciliation of provision for income tax on income tax computed at the
statutory tax rate to provision for income tax as shown in the statements of
income and retained earnings follows:

INCOME TAX
2016
Net income before tax P (49,465)
Tax Rate 30%
INCOME TAX DUE (14,839.50)
ation and any
service or on the