Name: ________________________________ Score: _______________

Directions: Prepare a properly classified Statement of Financial Position using the REPORT FORM.

Mr. Julo, owned a photography business named Po Poy Snaps. He hired you to prepare his photography
business’ Statement of Financial Position for the year 2021. The following shows the assets and liabilities of
Mr. Julo:
a. His photography business has cash in bank account amounting to P250,000.
b. His photography business has uncollected sales from customers amounting to P195,000.
c. The total amount of Sony Camera and Lenses after inventory showed P190,000,000 on hand.
d. He already paid one year’s advertisement in advance in Facebook business suite amounting to P5,000.
e. Total value of all the Sony Camera and lenses amounted to P150,000
f. He bought batteries and SD cards on account from his supplier amounting to P65,000 to be paid within
six months after the year- end.
g. Salaries unpaid to his three employees totaled P30,000.00.
h. Utilities amounting to P9,000.00 remained unpaid as of year- end.
i. His outstanding loan balance amounted to P125,000 will be paid within 5 years.