Morning Co.

Statement of Financial Position

As of December 31, 20x1
(Amounts in Philippine Pesos)
Notes 20x1
ASSETS
Current Assets
Cash and cash equivalents 1 1,060,000.00
Trade and other receivables 2 1,770,000.00
Inventories 1,200,000.00
Held for trading securities 800,000.00
Total Current Assets 4,830,000.00
Noncurrent Assets
Invetment in equity securities - FVOCI 300,000.00
Investment Property 900,000.00
Property, plant, and equipment 3 4,900,000.00
Total Noncurrent Assets 6,100,000.00
TOTAL ASSETS 10,930,000.00

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables 4 1,140,000.00
Income tax payable 500,000.00
Provisions 430,000.00
Total Current Liabilities 2,070,000.00
Noncurrent Liabilities
Loans payable - net 5 2,260,000.00
Deferred tax liability 300,000.00
Total Noncurrent Liabilities 2,560,000.00
Total Liabilities 4,630,000.00

EQUITY
Ordinary share capital 4,000,000.00
Share premium 600,000.00
Retained earnings 1,640,000.00
Other components of equity 6 60,000.00
Total Equity 6,300,000.00
TOTAL LIABILITIES AND EQUITY 10,930,000.00
Note 6: Cash and cash equivalents
This line item consists of the following:

Cash on hand 60,000.00

Cash in bank 1,000,000.00
Cash and cash equivalents 1,060,000.00

Note 7: Trade and other receivables

This line item consists of the following:

Accounts receivable 2,000,000.00

Allowance for doubtful accounts (300,000.00)
Advances to employees 40,000.00
Advances to suppliers 30,000.00
Trade and other receivables 1,770,000.00

Note 8: Property, plant, and equipment

This line item consists of the following:

Land 2,200,000.00
Building 3,400,000.00
Accumulated Depreciation - Building (700,000.00)
Property, plant, and equipment 4,900,000.00

Note 9: Trade and other payables

This line item consists of the following:

Accounts payable 720,000.00

Accrued liabilities 80,000.00
Interest payable 340,000.00
Trade and other payables 1,140,000.00

Note 10: Loans payable - net

This line item consists of the following:

Loans payable 3,000,000.00

Discount on loans payable (740,000.00)
Loans payable - net 2,260,000.00

Note 11: Other components of equity

This line item consists of the following:

Revaluation surplus 90,000.00

Translation loss on foreign operation (30,000.00)
Other components of equity 60,000.00