JJJ Partnership

Income Statement
For the year ended December 31, 2019

Note
Net sales revenue (1) P
Cost of sales (2)
Gross profit P
Operating expenses: (3)
Net income P

Division of profit

James P
John
Jude
TOTAL P

Note 1

Sales P
Less: Sales Returns & Allowances P
Sales Discount
Net sales revenue and Service Income P

Note 2
Merchandise Inventory, January 1 P
Add: Net cost of purchases
Purchases P
Less: Purchase Discount
Net Purchases
Add: Freight-In
Cost of goods available for sale P
Less: Merchandise Inventory, end
Cost of sales P

Note 3
Salaries and Wages Expense P
Utilities Expense
Rent Expense
Supplies Expense
Total operating expenses P
 RGem Trading
Income Statement
For the year ended December 31, 2019

Note
Net sales revenue (1) P
Cost of sales (2)
Gross profit P
Operating expenses:
Administrative expenses P
Distribution expenses
Net income P

Note 1
Sales P
Less: Sales Returns & Allowances P
Sales Discount
Net sales revenue and Service Income P

Note 2
Merchandise Inventory, January 1 P
Add: Net cost of purchases
Purchases P
Less: Purchase Returns & Allowances
Purchase Discounts
Net Purchases
Add: Freight-In
Cost of goods available for sale P
Less: Merchandise Inventory, end
Cost of sales P
 RGem Trading
Statement of Changes in Owner's Equity
For the year ended December 31, 2019

Gem Romy Total

Capital, Beginning P P P
Add: Profit
Salaries
Interest
Bonus
Balance
Total share in profit
Total Additions
Less: Withdrawal
Capital, Ending P P P
 RGem Trading
Statement of Financial Position
December 31, 2019
ASSETS
Current Assets
Cash P
Investment in Trading Securities
Trade and other receivables ( Note 3)
Merchandise Inventory
P
Non-Current Assets
Property, Plant and Equipment ( Note 8)
Total Assets P

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Trade and other payables ( Note 9 ) P
Non-Current Liabilities
Notes Payable
Total Liabilities P

Owner's Equity
Gem, Capital P
Rom, Capital
Total Liabilities and Owner's Equity P

Notes to the Financial Statement

Note 3:
Accounts Receivable P
Allowance for Doubtful Accounts P
Notes Receivable
Prepaid Expense
Total Trade and other receivables P
Note 4:
Delivery Equipment P
Less: Accumulated Depreciation
Net Book Value P

Note 5:
Accounts Payable P
SSS & Medicare Contributions Payable
Withholding Taxes Payable
Total trade and other payables P