Friendshp Co.

Adjusted Trial Balance

As of December 31, 20x1
(in Philippine Peso)

Cash on Hand
Cash in Bank - BPI (Savings)
Cash in Bank - BPI (Current)
Cash in Bank - BDO (Current)
Accounts Receivable
Allowance for doubtful accounts
Advances to employees
Loans receivable (due in 20x4)
Unearned interest income
Raw materials inventory
Work in Pocess inventory
Finished Goods inventory
Prepaid Income Tax
Prepaid supplies
Advances to suppliers
Held for trading securities
Investment in equity securities - FVOCI
Investment in associate
Interest receivable (due on Mar, 1, 20x1)
Land
Building
Accumulated Depreciation - Bldg.
Equipment
Accumulated Depreciation - Equipt.
Accounts Payable
Accrued Liabilities
Income tax payable
Deferred tax asset
Deferred tax liability
Loans payable (due in 20x2)
Discount on loan payable
Interest payable (due on July 1, 20x2)
Deferred credits
Provision for warranty obligations
Ordinary share capital
Share premium
Retained earnings - unrestricted
Retained earnings - appropriated
Revaluation Surplus
Unrealized gains on equity securities - FVOCI
Totals
 Dr. Cr.
62,350.00
1,720,500.00
1,890,234.00
567,891.00
8,341,689.00
347,182.00
57,610.00
9,827,341.00
1,234,819.00
1,237,398.00
7,987,908.00
12,892,309.00
234,125.00
890,239.00
34,981.00
2,834,079.00
987,234.00
1,290,347.00
946,013.00
8,980,751.00
3,419,877.00
712,930.00
917,387.00
234,125.00
9,071,239.00
889,712.00
721,346.00
1,092,387.00
918,732.00
8,000,000.00
746,252.00
341,782.00
712,788.00
432,187.00
20,000,000.00
6,000,000.00
15,144,664.00
 1,200,000.00
873,984.00
123,412.00
66,958,902.00 66,958,902.00
 Frienshp Co.
Statement of Financial Position
As of December 31, 20X1
(amounts-in Philippine peso)

NOTES
ASSETS
Current Assets
Cash and cash equivalents 1
Trade and other receivables 2
Marketable Securities
Current tax Assets
Inventories 3
Total Currnt Assets

Non Current Asset

Long-term loans receivable
Investment in equity instruments
Investment accounted using the equity method
Property, Plant and Equipment 4
Deferred Tax Asset
Total Non Current Assets
Total Assets

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables 5
Short-term borrowings 6
Curent Tax Liability
Provisions
Total Current Liabilities

Non Current Liabilities

Deferred tax liability
Total Non Current Liabilities
Total Liabilities

EQUITY
Share capital
Additional paid-in capital
Retained earnings 7
Other Components of Equity 8
Total Equity
Total Liabilities and Equity
cial Position

4,240,975.00
9,923,350.00
2,834,079.00
234,125.00
22,117,615.00
39,350,144.00

9,827,341.00
987,234.00
1,290,347.00
12,370,960.00
1,092,387.00
25,568,269.00
64,918,413.00

12,250,340.00
7,253,748.00
721,346.00
432,187.00
20,657,621.00

918,732.00
918,732.00
21,576,353.00

20,000,000.00
6,000,000.00
16,344,664.00
997,396.00
43,342,060.00
64,918,413.00
 NOTES

Note 1: Cash and cash equivalents

Cash on Hand 62,350.00
Cash in Bank - BPI (Savings) 1,720,500.00
Cash in Bank - BPI (Current) 1,890,234.00
Cash in Bank -BDO (Current) 567, 891.00
Cash and cash equivalents 4,240,975.00

Note 2: Trade and other receivables

Accounts receivable 8,341,689.00
Allowance for bad debts (347,182.00)
Advances to employees 57,610.00
Prepaid Supplies 890,239.00
Advances to suppliers 34,981.00
Interest receivable (due on Mar, 1, 20x1) 946,013.00
Trade and other receivables 9,923,350.00

Note 3: Inventories
Raw materials inventory 1,237,398.00
Work in Pocess inventory 7,987,908.00
Finished Goods inventory 12,892,309.00
Inventories 22,117,615.00

Note 6: Property, Plant and Equipment

Land 8,980,751.00
Building 3,419,877.00
Accumulated Depreciation - Bldg. (712,930.00)
Equipment 917,387.00
Accumulated Depreciation - Equipt. (234,125.00)
Property, Plant and Equipment 12,370,960.00

Note 5:Trade and other payables

Uneraned Interest Income 1,234,819.00
Accounts Payable 9,071,239.00
Accrued Liabilities 889,712.00
Interest Payable (due on July 1, 20x2) 341,782.00
Deferred Credits 712,788.00
Trade and other payables 12,250,340.00

Note 6: Short-term borrowings

Loans payable (due in 20x2) 8,000,000.00
Discount on loan payable (746,252.00)
Short-term borrowings 7,253,748.00

Note 7: Retained Earnings

Retained earnings - unrestricted 15,144,664.00
Retained earnings - appropriated 1,200,000.00
Retained Earnings 16,344,664.00

Note 8: Other Components of Equity

Revaluation Surplus 873,984.00
Unrealized gains on equity securities - FVOCI 123,412.00
Other Components of Equity 997,396.00