Dakak Company

Statement of Financial Position

December 31, 2023

ASSETS

Current assets: Note

Cash and Cash equivalents 500,000
Financial assets held for trading 600,000
Accounts receivable 750,000
Inventories 850,000
Total noncurrent assets 2,700,000

Noncurrent assets:
Property, plant and equipment 1 4,000,000
Long-term investment 2 2,250,000
Total noncurrent assets 6,250,000
Total assets 8,950,000

LIABILITY & SHAREHOLDERS EQUITY

Current liabilities:
Trade and other payables 3 1,500,000
Bonds payable-current portion 500,000
Total current liabilities 2,000,000

Noncurrent liabilities
Bonds payable remaining portion 1,500,000
note payable, due December 31,2025 800,000
Advances from officer 4 200,000
Total noncurrent liabilities 2,500,000

Equity:
Share capital, P100 par, 50,000 shares 5,000,000
Share premium 500,000
Retained earnings (deficit) 5 -1,050,000
Total equity 4,450,000
Total liabilities and equity 8,950,000
 Dakak company

Note 1 – property, plant and equipment

Property, plant and equipment 6,000,000

Accumulated depreciation -2,000,000
Carrying amount 4,000,000

Note 2 – long term investment

Advances to subsidiary 2,250,000

Note 3 – trade and other payables

Account payables 1,000,000

Accrued expenses 100,000
Customers’ deposit 400,000
Total 1,500,000

Note 4 – other noncurrent liability

Advances from officer, 200,000

Note 5 – retained earnings

Equity per book 4,800,000

Contributed capital 5,500,000
Unadjusted retained earnings -700,000
Writeoff of goodwill -350,000
Deficit -1,050,000