MGR MEAT EXPRESS

Urdaneta City, Pangasinan

STATEMENT OF FINANCIAL POSITION

(Amounts in Php)
As of December 31
Notes 2019 2018
ASSETS
Current Assets
Cash 4,6 430,144.82 445,799.97
Inventories 4,7 104,327.63 366,540.82
Total Current Assets 534,472.45 812,340.79

Noncurrent Assets
Property and Equipment(net) 4,8 4,040,192.02 4,421,587.40
Total Noncurrent Assets 4,040,192.02 4,421,587.40

TOTAL ASSETS 4,574,664.47 5,233,928.19

LIABILITIES AND EQUITY

Current Liabilities
Trade and Other Payables 4,9 1,192,163.58 1,828,682.78
Total Current Liabilities 1,192,163.58 1,828,682.78

TOTAL LIABILITIES 1,192,163.58 1,828,682.78

OWNER'S EQUITY
M G Rosales capital, beginning 3,405,245.41 3,759,707.41
Net Income 477,255.48 445,538.00
Total 3,882,500.89 4,205,245.41
M G Rosales, Drawings 500,000.00 800,000.00
M G Rosales capital, ending 3,382,500.89 3,405,245.41

TOTAL LIABILITIES & OWNER'S EQUITY 4,574,664.47 5,233,928.19

See accompanying Notes to Financial Statements

MGR MEAT EXPRESS
Urdaneta City, Pangasinan

STATEMENT OF INCOME
(Amounts in Php)
Years ended December 31
Notes 2019 2018

Sales 4,11 20,654,660.89 39,323,266.75

Cost of sales 4,11 17,785,480.26 34,663,872.57
Gross Profit 2,869,180.63 4,659,394.18
Operating Expenses
Distributive expenses 13 2,041,085.56 3,657,028.19
Administrative expenses 12 247,806.65 289,180.42
Other expenses 14 103,032.94 267,647.57
Total Operating expenses 2,391,925.15 4,213,856.18

Net Income 477,255.48 445,538.00

See accompanying Notes to Financial Statements

MGR MEAT EXPRESS
Urdaneta City, Pangasinan

STATEMENT OF CASH FLOW

(Amounts in Php)
Years ended December 31
2019 2018
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) 477,255.48 445,538.00
Add back depreciation 381,395.38 875,564.95
Changes in current assets and liabilities
Franchise Amortization - -
Merchandise Inventory 262,213.19 (120,391.31)
Trade Payable (636,519.20) (225,376.46)
Income Tax Payable - -
Other Current Liabilities - -
Loans Payable-current - (470,237.70)
Cash generated from (used for) operation 484,344.85 505,097.48

CASH FLOW FROM INVESTING ACTIVITIES

Net addition to Property and Equipment - -
Net Cash Provided by (used in) investing activities - -

CASH FLOW FROM FINANCING ACTIVITIES

Payment of loan - -
Personal drawings (500,000.00) (800,000.00)
Net Cash Provided by (used in) Financing Activities (500,000.00) (800,000.00)

Net Change in Cash (15,655.15) (294,902.52)

Cash Balance, beginning 445,799.97 740,702.49

CASH, END OF YEAR 430,144.82 445,799.97

See accompanying Notes to Financial Statements

Changes Arising from the Transition to PFRS

At June 1, 2008 At May 31, 2009

(Date of Transition) (end of last period presented under previous GAAP)
Effect of Effect of
transition to Previous transition to
Notes Previous GAAP PFRS PFRS GAAP PFRS PFRS
ASSETS
Current Assets
Cash 2,5,31,32 5,102,563 - 5,102,563 4,296,145 - 4,296,145
Trade & Other Receivables 2,6,31,32 49,569,648 - 49,569,648 56,909,486 - 56,909,486
Inventories 2,7,32 10,774,845 - 10,774,845 10,930,059 - 10,930,059
Other Current Assets 2,8,32 4,885,875 - 4,885,875 5,281,001 - 5,281,001
70,332,931 - 70,332,931 77,416,690 77,416,690
Noncurrent Assets -
Property & Equipment 2,9,22,24,26,32 55,255,414 - 55,255,414 57,331,902 - 57,331,902
Other Noncurrent Assets 2,10,32 2,328,568 - 2,328,568 2,148,568 - 2,148,568
57,583,982 57,583,982 59,480,470 59,480,470
TOTAL ASSETS 127,916,913 - 127,916,913 136,897,161 - 136,897,161
LIABILITIES & EQUITY
Current Liabilities
Trade & Other Payables 2,11,31,32 53,483,413 - 53,483,413 19,572,520 - 19,572,520
Other Current Liabilities 2,12,29,32 49,874 - 49,874 49,874 - 49,874
Loans Payable 2,13,31,32 - - - 4,812,500 - 4,812,500
53,533,287 - 53,533,287 24,434,894 - 24,434,894
Noncurrent Liabilities
Accounts Payable-Others 2,14,32 - - 10,634,105 - 10,634,105
Miscellaneous Deposits 2,14,32 - - 12,871,451 - 12,871,451
23,505,556 23,505,556

Fund Balance -
Contributed Capital 2,15,32 1,200,000 - 1,200,000 1,200,000 - 1,200,000
Donated Surplus 2,16,32 30,923,481 - 30,923,481 30,968,631 - 30,968,631
Cumulative Fund 2,17,18,32 42,260,144 - 42,260,144 56,788,080 - 56,788,080
74,383,626 - 74,383,626 88,956,711 - 88,956,711
TOTAL LIABILITIES & EQUITY 127,916,913 127,916,913 136,897,161 - 136,897,161

At May 31, 2009

(end of last period presented under previous GAAP)

Effect of
Previous transition to
Notes GAAP PFRS PFRS
REVENUES 4,11 #REF! - #REF!
Cost of Sales and Services 4,11 #REF! - #REF!
Gross Profit #REF! - #REF!
Other Income 0 #REF! - #REF!
Gross Income #REF! - #REF!
Administrative Expenses #REF! #REF! - #REF!
Distribution Cost 2,27,33 #REF! - #REF!
Finance Cost 2,31,33 #REF! - #REF!
Total #REF! #REF!

EXCESS OF REVENUES OVER EXPENSES #REF! - #REF!

 Page 5 of 13

MGR MEAT EXPRESS

Notes to Financial Statements
December 31, 2019

1. MGR MEAT EXPRESS INFORMATION

The company was organized under the laws of the Republic of the Philippines and duly registered with the
Department of Trade and Industry as MGR Meat Express, owned and managed by Ms. Marinella G. Rosales The
company is engaged in retailing of dressed chicken.

2. STATUS OF OPERATION
The accompanying financial statements have been prepared on a going concern basis, which contemplate the
realization of assets and settlement of liabilities in the normal course of business.

3. BASIS OF PREPARATION
Statement of Compliance
The accompanying financial statements have been prepared in accordance with Philippine Financial Reporting
Standards (PFRS) for Small Entities (SE’s) issued by the Philippine Financial Reporting Standards Council.

Basis of Measurement
The financial statements of the Company have been prepared on historical cost basis and they are presented in
Philippine Peso, which is the Company’s functional and presentation currency.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.

Cash
Cash includes petty cash fund and cash in bank that are unrestricted and available for current operations. This is
stated in the statement of financial position at face amount.

Inventories
Inventories are assets which are held for sale in the ordinary course of business, in the process of production for such
sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services.
Inventories are valued at the lower of cost and net realizable value.

Other Current Asset

Other current assets are carried at face value, and include prepayments made to supplier and unused office supplies.

Property and Equipment

Property and equipment are initially measured at its cost and subsequently measured at cost less any accumulated
depreciation/amortization and any accumulated impairment losses.

The initial cost of property and equipment comprises of its purchase price and any costs directly attributable to
bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by
management.
A part of some items of property and equipment may require replacement at regular interval. The entity decides not to
add to the carrying amount of an item of property and equipment the cost of replacing part of such an item when that
cost is incurred if the replacement part is expected not to provide incremental future benefits to the entity.

The entity derecognises an item of property and equipment on disposal, or when no future economic benefits are
expected from its use or disposal. The entity recognises the gain or loss on derecognition of an item of property and
equipment in profit or loss when the item is derecognised. The entity not classifies such gains as revenue. The entity
determines the gain or loss arising from derecognition of an item of property and equipment as the difference between
the net disposal proceeds, if any, and the carrying amount of the item.
The entity derecognises an item of property and equipment on disposal, or when no future economic benefits are
expected from its use or disposal. The entity recognises the gain or loss on derecognition of an item of property and
equipment in profit or loss when the item is derecognised. The entity not classifies such gains as revenue. The entity
Page 6 of 13
determines the gain or loss arising from derecognition of an item of property and equipment as the difference between
the net disposal proceeds, if any, and the carrying amount of the item.

The Company assesses as at reporting date whether there is an indication that an asset may be impaired. If any such
indication exists, or when annual impairment testing for an asset is required, the Company makes an estimate of the
asset’s recoverable amount. An asset’s recoverable amount is calculated as the higher of the asset’s or cash-generating
unit’s fair value less costs to sell and its value in use or its net selling price and is determined for an individual asset,
unless the asset does not generate cash inflows that are largely independent of those assets or groups of assets. Where
the carrying amount of an asset exceeds it recoverable amount, the asset is considered impaired and is written down to
its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific
to the asset. Impairment losses are recognized in the statements of income in those expense categories consistent with
the function of the impaired asset.

An assessment is made at each reporting date as to whether there is an indication that previously recognized
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used
to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the
carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying
amount that would have been determined, net of depreciation and amortization, had no impairment loss been
recognized for the asset in prior years. Such reversal is recognized in the statements of income unless the asset is
carried at revalued amount, in which case the reversal is treated as revaluation increase. After such a reversal, the
depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual
value, on a systematic basis over its remaining useful life.

Loans payable-current
Loans payable current is the portion of Loans payable that is expected to be paid within the year.
Trade and Other Payables
Trade payables pertain to accounts payable and other payables pertain to accruals. Trade and other payables are
initially measured at an invoice cost and subsequently measured at undiscounted amount of cash or other
considerations expected to be paid.
Loans payable
Loans payable are long term borrowings net of current portion and measured at their fair values and subsequently
recognized at amortized cost less settlement/payments.
Income Tax Payable
The tax currently payable for the year is computed based on applicable tax rates based on existing tax laws.
Owner's Equity
Equity account pertains to the investment by the owner, plus additions earned through profitable operations minus
reductions of personal withdrawal by the owner.

Revenue recognition
Revenue is recognized when it is probable that the economic benefits associated with the transaction will flow to the
Company and the amount of the revenue can be measured reliably.

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable
for goods or services provided in the normal course of business.
Cost and expense recognition
Expenses are decreases in economic benefits in the form of decreases in assets or incurrence of liabilities that result in
decreases in equity. Expenses are generally recognized when the services are received or when the expenses are
incurred.
Employee Benefits
Employee Benefits represents:

Short-term benefits
 Page 7 of 13

Short-term benefits given by the Company to its employees include salaries and wages, 13th month pay, employer
share contributions

Income tax

Income tax expense includes current tax expense. The current tax expense is based on taxable profit for the year.

5. MANAGEMENT’S SIGNIFICANT ACCOUNTING JUDGEMENT AND ESTIMATE

a.       Judgments
The preparation of the financial statements in accordance with Philippine Financial Reporting Standards for SMEs
requires the Company to make estimates and assumptions that affect the amounts reported in the Company’s financial
statements and accompanying notes. Future events may occur which will cause the assumption used in arriving at the
estimates to change. The effects of changes in estimates will be reflected in the financial statements as they become
reasonably determinable.

b. Estimates

In the application of the Company’s accounting policies, management is required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and future periods if the revision affects both current and future periods.

Critical Management Judgments in Applying Accounting Policies

In the process of applying the Company’s accounting policies, the management has made the following judgments,
apart from those involving estimation, which have the most significant effect on the amounts recognized in the
financial statements:

Key Sources of Estimation Uncertainty

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the
end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.

a)       Useful Lives of Property and Equipment

The Company estimates the useful lives of property and equipment based on the period over which the assets are
expected to be available for use. The estimated useful lives of property and equipment are reviewed periodically and
are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial
obsolescence and legal or other limits on the use of the assets.

The residual values and estimated useful lives of property and equipment are reviewed, and adjusted if appropriate, at
the end of each reporting period.

b)      Asset Impairment

The Company assesses the value of property and equipment which require the determination of future cash flows
expected to be generated from the continued use and ultimate disposition of such assets, and require the Company to
make estimates and assumptions that can materially affect the financial statements. Future events could cause the
Company to conclude that property and equipment and other long-lived assets are impaired. Any resulting
impairment loss could have a material adverse impact on the Company’s financial condition and results of operations.

The preparation of the estimated future cash flows involves significant judgment and estimations. While the
Company believes that its assumptions are appropriate and reasonable, significant changes in these assumptions may
materially affect the Company assessment of recoverable values and may lead to future additional impairment
charges.
 The preparation of the estimated future cash flows involves significant judgment and estimations. While the8 of 13
Page
Company believes that its assumptions are appropriate and reasonable, significant changes in these assumptions may
materially affect the Company assessment of recoverable values and may lead to future additional impairment
charges.

c)       Evaluation of asset impairment

The Company assesses the impairment of assets whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. The factors that the Company considers important which could
trigger an impairment review include significant changes in asset usage, significant decline in assets’ market value
and obsolescence or physical damage of an asset. If such indications are present and where the carrying amount of the
asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

The recoverable amount is the higher of an asset’s net selling price and value in use. The net selling price is the
amount obtainable from the sale of an asset in an arm’s length transaction while value in use is the present value of
estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its
useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating
unit to which the asset belongs.

In determining the present value of estimated future cash flows expected to be generated from the continued use of the
assets, the Company is required to make estimates and assumptions that may affect property and equipment.

d)      Revenue recognition

The Company’s revenue recognition policies require the use of estimates and assumptions that may affect the reported
amounts of revenues and receivables. Differences between the amounts initially recognized and actual settlements are
taken up in the accounts upon reconciliation. However, there is no assurance that such use of estimates may not result
to material adjustments in future periods.

6. CASH

Cash consists of petty cash and cash deposited in local banks. These items are set aside for current purposes and
measure at face value.
2019 2018
Petty cash 20,000.00 20,000.00
Cash in bank 410,144.82 425,799.97
Total 430,144.82 445,799.97

7. INVENTORIES

This account consists of:

2019 2018
Inventories 104,327.63 366,540.82
Total 104,327.63 366,540.82

8. PROPERTY AND EQUIPMENT

Property and Equipment consist of the following:
December 31, Retirement / December 31,
Cost Addition
2018 (Disposal) 2019
Leasehold Improvements 2,579,140.00 - 2,579,140.00
Delivery Vehicle 200,000.00 - 200,000.00
Furnitures & Fixtures 284,799.00 - 284,799.00
Store Equipment 3,323,682.00 - 3,323,682.00
Service Vehicle 1,900,000.00 - 1,900,000.00
8,287,621.00 - - 8,287,621.00
Less: Accumulated. Depreciation
 Page 9 of 13

Leasehold Improvements 606,197.00 85,971.33 692,168.33

Delivery Vehicle 120,000.00 20,000.00 140,000.00
Furnitures & Fixtures 81,189.90 14,239.95 95,429.85
Store Equipment 1,538,646.70 166,184.10 1,704,830.80
Service Vehicle 1,520,000.00 95,000.00 1,615,000.00
3,866,033.60 381,395.38 - 4,247,428.98
Carrying Value 4,421,587.40 4,040,192.02

Depreciation Expense 2019

Leasehold Improvements 85,971.33
Delivery Vehicle 20,000.00
Furnitures & Fixtures 14,239.95
Store Equipment 166,184.10
Service Vehicle 95,000.00
Total 381,395.38
Depreciation is computed on a straight line method over the estimated useful life of the assets.

9. TRADE AND OTHER PAYABLES

This account represents the following:
2019 2018
Trade Payable 1,032,457.77 1,593,627.37
Accrued Salaries 81,953.46 95,538.50
Accrued Utilities 40,561.42 22,848.06
Vat Payable 9,190.93 31,168.85
Accrued Rent 28,000.00 85,500.00
Total 1,192,163.58 1,828,682.78

Trade and other payables are initially recorded at transaction price and subsequently measured at their costs less
settlement payments.

10. REVENUE AND COST RECOGNITION

2019 2018
GROSS RECEIPTS 20,654,660.89 39,323,266.75
Total 20,654,660.89 39,323,266.75

Revenue is recognized to the extent that is probable that the economic benefits will flow to the Company and the
amount of revenue can be reliably measured.

Cost of Sales 2019 2018

Merchandise Inventory, beg. 366,540.82 246,149.51
Purchases 17,792,007.30 35,064,685.92
Less: Purchased Discount (268,740.23) (280,422.04)
Total Goods Available for Sale 17,889,807.89 35,030,413.39
Merchandise Inventory, end 104,327.63 366,540.82
Total 17,785,480.26 34,663,872.57

11. ADMINISTRATIVE EXPENSES

2019 2018
Taxes & Licenses 38,500.00 26,303.00
Professional Fees 90,000.00 120,000.00
Communication, Light and Water 52,596.95 109,193.92
 Page 10 of 13

SSS, PHIC, Pag-ibig 66,709.70 33,683.50

Total 247,806.65 289,180.42

Administrative expense are recognized in the statement of income on the date they are incurred.

12. DISTRIBUTIVE COST

2019 2018
Salaries and Allowances 1,021,664.86 1,260,290.40
Repairs and Maintenance 14,820.00 86,109.00
Transportation and Travel 52,622.45 117,243.64
Representation & Entertainment - 23,600.85
Rental 528,500.00 1,001,000.00
Fuel and Oil 11,000.00 5,420.00
Store Supplies 31,082.87 287,799.35
Depreciation 381,395.38 875,564.95
Total 2,041,085.56 3,657,028.19

13. OTHER EXPENSE

2019 2018
Royalties 93,200.55 217,227.02
Miscellaneous Expenses 9,832.39 50,420.55
Total 103,032.94 267,647.57

14. SUPPLEMENTARY TAX INFORMATION UNDER REVENUE REGULATION NO. 15-2010 AND 19-2011

On November 25, 2010, The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) 15-2010, which
required certain information on taxes, duties and license fees paid or accrued during taxable year to be disclosed as
part of the notes to financial statements. This supplemental information, which is an addition to the disclosures
mandated under PFRS for SMEs, is presented as follows:

(a) Output VAT Net

Output VAT
Revenue (Collection)
Taxable Revenue
Regular 1,043,466.30 125,215.96
Total 1,043,466.30 125,215.96

(b) Input VAT

Net Purchases Input Tax
Purchase of Capital Goods not exceeding P1Million 527,674.77 63,320.97
Total 527,674.77 63,320.97

(c) Taxes and Licenses

This account consists of: 2019 2018
Annual registration fee 1,500.00 2,000.00
Business license & permit 37,000.00 55,837.44
Total 38,500.00 57,837.44
 NAME
ASSETS 2019 2018
CURRENT ASSETS - -
Cash - -
Petty cash fund 20,000.00 20,000.00
Cash in bank 410,144.82 425,799.97
Other Assets - -
Merchandise inventory 104,327.63 366,540.82
Total 534,472.45 812,340.79
NON-CURRENT ASSETS
Leasehold Improvements 1,972,943.00 2,101,900.00
Delivery Vehicle 80,000.00 100,000.00
Furnitures & Fixtures 203,609.10 217,849.05
Store Equipment 1,785,035.30 2,117,403.30
Service Vehicle 380,000.00 760,000.00
Total 4,421,587.40 5,297,152.35
Less: Accumulated depreciation 381,395.38 875,564.95
Carrying value 4,040,192.02 4,421,587.40
TOTAL ASSETS 4,574,664.47 5,233,928.19
LIABILITIES AND CAPITAL
LIABILITIES
Accounts payable 1,032,457.77 1,593,627.37

Salaries 81,953.46 95,538.50

Electricity/Water 40,561.42 22,848.06
Vat Payable 9,190.93 31,168.85
Accrued Rent 28,000.00 85,500.00
1,192,163.58 1,828,682.78

Income tax payable - -

Loans payable-current - -
Loans payable-long term - -
- -

Owner's equity
Capital beg. 3,405,245.41 3,759,707.41
Net Income 477,255.48 445,538.00
Total 3,882,500.89 4,205,245.41
Drawings 500,000.00 800,000.00
Total 3,382,500.89 3,405,245.41
TOTAL LIABILITIES AND CAPITAL 4,574,664.47 5,233,928.19

SALES 20,654,660.89 39,323,266.75

LESS: COST OF SALES
Merchandise Inventory, beg. 366,540.82 246,149.51
Purchases 17,792,007.30 35,064,685.92
Less: Purchased Discount (268,740.23) (280,422.04)
Total Goods Available for Sales 17,889,807.89 35,030,413.39
Merchandise Inventory, end 104,327.63 366,540.82
Total 17,785,480.26 34,663,872.57
GROSS PROFIT 2,869,180.63 4,659,394.18
OTHER INCOME - -
LESS: ADMINISTRATIVE EXPENSES:
Salaries & 13th month 1,021,664.86 1,260,290.40
Amortization - -
Employees benefit - -
Director's fees - -
Professional fees 90,000.00 120,000.00
Other services - -
Representation and Entertainment - 23,600.85
Interest expense - -
Commission - -
Repairs and maintenance 14,820.00 86,109.00
Rent Expense 528,500.00 1,001,000.00
Fuel and oil 11,000.00 5,420.00
Communication, light and water 52,596.95 109,193.92
Supplies 31,082.87 287,799.35
Stationaries and Supplies - -
SSS, PHIC, Pag-ibig 66,709.70 33,683.50
Taxes and licenses 38,500.00 26,303.00
Transportation and Travel 52,622.45 117,243.64
Depreciation 381,395.38 875,564.95
Toll fee - -
Royalties 93,200.55 217,227.02
Miscellaneous expense 9,832.39 50,420.55
TOTAL OPERATING EXPENSES 2,391,925.15 4,213,856.18
PROFIT 477,255.48 445,538.00
Less: Provision for income tax 0% - -
Net Income/(Loss) 477,255.48 445,538.00
CASH FLOWS FROM OPERATING ACTIVITIES: 2019 2018
Net income 477,255.48 445,538.00
Adjfor:Depreciation 381,395.38 875,564.95
Increase (Decrease) in Amortization - -
Increase (Decrease) in inventories 262,213.19 (120,391.31)
Increase (Decrease) in Trade Payable (636,519.20) (225,376.46)
Increase(Decrease) in other current liabilities - -
Increase (Decrease) in income tax payable - -
CASH GENERATED FROM OPERATION 484,344.85 975,335.18
CASH FLOW FROM INVESTING ACTIVITIES - -
Payment of loan-current - (470,237.70)
Payment of loan-long term - -
Acquisition of Property -
Personal Drawing (500,000.00) (800,000.00)
NET INCREASE IN CASH (15,655.15) (294,902.52)
CASH, BEG. 445,799.97 740,702.49
CASH, ENDING BALANCE 430,144.82 445,799.97

Output VAT Net Revenue Output Vat

Taxable Revenue 1,043,466.30 125,215.96
Exempt Sales 19,611,194.59 -
20,654,660.89 125,215.96

Input VAT Net Purchases Input Tax

Purchase of Capital Goods not exceeding P1Million 527,674.77 63,320.97
Exempt Purchases 17,264,332.53 -
 17,792,007.30 63,320.97

Schedule of Taxes and Licenses

Particulars Amount Amount
Business license & permit 37,000.00 55,837.44
Res. Cert. - -
BIR-annual registration fee 1,500.00 2,000.00
Total 38,500.00 57,837.44
PPE - -
Leasehold Improvements 1,972,943.00 2,101,900.00
Delivery Vehicle 80,000.00 100,000.00
Furnitures & Fixtures - 203,609.10 217,849.05
Store Equipment - 1,785,035.30 2,117,403.30
Service Vehicle - 380,000.00 760,000.00
- 4,421,587.40 5,297,152.35