Activity 1.

3: Application Time Frame: 30 minutes

Directions: Prepare a Statement of Financial Position for the company (one in report form
and one in account form).

You were hired by Ms. Sharina Magdayao to prepare her sari-sari store’s Statement of
Financial Position in 2019. In order to prepare the statement, you identified the following
assets and liabilities of Ms. Magdayao:
a. Her sari-sari store has cash deposited in a bank account amounting to P40,000
b. Her sari-sari store had a lot of uncollected sales from customers amounting to
P65,000
c. The total amount of merchandise left inside the store is P20,000
d. She already paid one year’s rent in advance amounting to P10,000
e. The value of all the company’s furniture amounted to P90,000
f. She bought merchandise from her supplier amounting to P20,000 and the supplier
agreed that payment can be made 2 months after year-end
g. SSS, Philhealth and Pag-ibig Payables for her one employee totaled P4,000
h. The sari-sari store had outstanding liabilities to utility companies amounting to
P2,000
i. He had a loan from the bank amounting to P45,000 to be paid in 3 years

Accountancy, Business Date Developed:

and Management Bulacan Polytechnic August 2020
Date Revised: Page 09 of __
College
Fundamentals of July 2020
Accountancy, Business Document No. Developed by:
Romeo B. Tolentino Revision # 01
and Management 2