Evening Co.

Statement of Financial Position

As of December 31 20x1
(amounts in Philippine Peso)
Notes
ASSETS
Current Assets
Cash and Cash Equivalents 6
Trade and Other Receivables 7
Inventories
Total Current Assets
Non Current Assets
Property, Plant and Equipment 8
Dairy Cattle (used to produce milk)
Intangibles 9
Other Current Assets 10
Total Non-current Assets
Total Assets
LIABILITIES
Current Liabilities
Trade and other payables 11
Provision for Probable Lawsuit
Total Current Liabilities
Non-current Liabiliities
Net Defined Benefit Liability 12
Total Non-current Liabilities
Total Liabilities
EQUITY
Share Capital
Share Premium 13
Retained Earnings 14
Translation gain on foreign corporation
Treasuy shares
Total Equity
Total Liabilities and Equity
 Evening Co.
ent of Financial Position
f December 31 20x1
nts in Philippine Peso)

₱ 1,100,000
1,770,000
200,000
₱ 3,070,000

5,300,000
1,200,000
560,000
800,000
7,860,000
₱ 10,930,000

₱ 2,680,000
430,000
3,110,000

1,700,000
1,700,000
₱4,810,000

₱ 4,000,000
970,000
1,220,000
30,000
(100,000)
6,120,000
₱ 10,930,000
 Note 6: Cash and Cash Equivalent
Cash on hand
Cash in bank
Total Cash and Cash Equivalents

Note 7: Trade and Other Receivables

Account Receivables
Allowance for doubful accounts
Advances to employees
Advances to suppliers
Total Trade and Other Receivables

Note 8: Property Plant and Equipment

Land (held for long term capital appreciation)
Land (office building site)
Building
Accumulated depreciation bldg.
Total Property Plant and Equipment

Note 9: Intangible Asset

Patent
Accumulated Depreciation- Patent
Web site costs
Accumulated Depreciation- Web site
Total Intangible Assets

Note 10: Trade and Other Payables

Accounts Payable
Utility Payable
Loan Payables (short term bank loan)
Discount on loan payables
Deposit liability for returnable containers (short term)

Note 12: Net Defined Benefit Liability

Present Value of Defined Benefit Obligation
Fair Value of Plan Assets
Net Defined Benefit Liability

Note 13: Share Premium

Share Premium
Share Premium- Share warrants outstanding
Share Premium- Treasury shares
Total Share Premium

Note 14: Retained Earnings

Retained Earnings
Reserves for contingencies
Total Retained Earnings

Note 15: Other Components of Equity

Translation gain on foreign corporation
Treasuy shares
Total Other Components of Equity
uivalent
₱ 120,000
980,000
₱ 1,100,000

ceivables
₱ 2,000,000
(300,000)
40,000
30,000
₱ 1,770,000

quipment
₱ 900,000
1,200,000
4,800,000
(1,600,000)
₱ 5,300,000

set
₱ 440,000
(80,000)
250,000.00
(50,000)
₱ 560,000

Payables
₱720,000
80,000
2,500,000
(740,000)
120,000
₱ 2,680,000

t Liability
₱ 2,700,000
 (1,000,000)
₱ 1,700,000

um
₱ 600,000
300,000
70,000
₱ 970,000

ings
₱ 1,030,000
$ 190,000
₱ 1,220,000

of Equity
₱ 30,000
(100,000)
₱ 70,000
 Friendship Co.
Statement of Financial Position
As of December 31 20x1
(amounts in Philippine Peso)
Notes
ASSETS
Current Assets
Cash and Cash Equivalents 4 ₱ 4,240,975
Trade and Other Receivables 5 9,033,111
Inventories 6 22,117,615
Prepaid Expense 7 1,124,364
Held for trading securities 2,834,079
Total Current Assets
Investment in Equity Securities- FVOCI 987,234
Investment in Associates 1,290,347
Non Current Assets
Property Plant and Equipment 8 12,370,960
Loans Receivables Net 9 8,592,522
Deferred Tax Assets 1,092,387
Total Non Current Assets
Total Assets
LIABILITIES
Current Liabilities
Trade and other payable 10 18,277,827
Provisions for warranty obligations 432,187
Total Current Liabilities
Non Current Liabilities
Deferred credit 712,788.00
Deferred tax liability 918,732.00
Total Non Current Liabilities
Total Liabilities
EQUITY
Ordinary share capital 20,000,000
Share premium 600,000
Retained Earnings 11 16,344,664
Other components of equity 12 997,369
Total Equity
Total Liabilities and Equity
osition
x1
Peso)

₱ 39,350,144

2,277,581

22,055,869
₱ 63,683,594

₱ 18,710,014

1,631,520
₱ 20,341,534

43,342,060
₱ 63,683,594
 Note 4: Cash and Cash Equivalent
Cash on hand ₱ 62,350
Cash in bank BPI (Savings) 1,720,500
Cash in bank BPI (Current) 1,890,234
Cash in bank BDO (Current) 567,891
Total Cash and Cash Equivalent ₱ 4,240,975

Note 5: Trade and Other Receivables

Account Receivables ₱ 8,314,689
Allowance for doubful accounts (347,812)
Advances to employees 57,610
Advances to suppliers 34,981
Interest Receivable 946,013
Total Trade and Other Receivables ₱ 9,033,111

Note 6: Inventories
Raw materials inventory ₱ 1,237,938
Work in progress inventory 7,987,908
Finished goods inventory 12,892,309
Total Inventories ₱ 22,117,615

Note 7: Prepaid Expenses

Prepaid Income tax ₱ 234,125
Prepaid supplies 890,239
Total Prepaid Expenses 1,124,364

Note 8: Property Plant and Equipment

Land ₱ 8,980,751
Building 3,419,877
Accumulated Depreciation- Bldg (712,930)
Equipment 917,387
Accumulated Depreciation- Equipment (234,125)
Total Property Plant and Equipment ₱ 12,370,960

Note 9: Loans Receivable Net

Loans Receivable (due on March 1,20x2) ₱ 9,827,341
Unearned interest income 1,234,819
Loans Receivable Net 8,592,522

Note 10: Trade and Other Payable

Accounts Payable ₱ 9,071,239
Accrued liabilities 889,712
Income tax payable 721,346
Loans payable (due in 20x2) 8,000,000
Discount on Loans payable (746,252)
Interest payable (due on July 1, 20x2) 341,782
Total Trade and Other Payable ₱ 18,277,827

Note 11: Retained Earnings

Retained Earnings- unrestricted ₱ 15,144,664
Retained Earnings- appopriated 1,200,000
Total Retained Earnings ₱ 16,344,664

Note 12: Other Components of Equity

Revaluation Surplus ₱ 873,984.00
Unrealized gains on equity securities FVOCI 123,412
Total long term borrowings ₱ 997,369