Love Company

Trial Balance
31-Dec-20

DR. CR.
Cash 56,300.00
Trading Securities 36,000.00
Allowance for decline in value of securities 10,000.00
Accounts Receivable 879,110.00
Allowance for doubtful accounts 34,050.00
Accounts Receivable-Others 20,000.00
Advances to affiliate 24,000.00
Inventories 125,000.00
Property and equipment 1,385,000.00
Accumulated Depreciation 620,000.00
Accounts payables and others 204,308.00
Income tax payable 35,630.00
Long-term debt 30,000.00
Share capital 1,021,000.00
Retained earnings 450,422.00
Revaluation increment 120,000.00
Sales 1,385,762.00
Cost of Sales 1,134,802.00
Operating Expenses 85,311.00
Other charges 50,000.00
Income from continuing operations before tax
Provision for income tax (35%)
Income from continuing operations after tax
Loss on disposal of discontinued segment
Net income
Retained earnings, beginning
Retained earnings, end

PBC 01.10.21
Love Company
Working Balance Sheet
Dec. 31, 2020 Audit

Unaudited PAJE 12/31/2020

Audited 12/31/2019
Audited
WP Ref. Balance Debit Credit Balance Balance % Change
Cash 56,300.00 24,000.00 - 80,300.00
Trading Securities TS 26,000.00 10,000.00 10,000.00 26,000.00
Accounts Receivable AR 865,060.00 34,400.00 101,261.00 798,199.00
Advances to affiliate 24,000.00 - 24,000.00 -
Inventory 125,000.00 14,000.00 - 139,000.00
Total Current Assets 1,096,360.00 82,400.00 135,261.00 1,043,499.00

Property and equipment PPE 765,000.00 80,000.00 20,000.00 825,000.00

Total Noncurrent Assets 765,000.00 80,000.00 20,000.00 825,000.00

Total Assets 1,861,360.00 162,400.00 155,261.00 1,868,499.00

Accounts Payable and others 204,308.00 7,200.00 10,000.00 207,108.00

Income tax payable 35,630.00 12,131.20 - 23,498.80
Long-term debt-Current Portion - - 15,000.00 15,000.00
Total Current Liabilities 239,938.00 19,331.20 25,000.00 245,606.80

Long-term debt 30,000.00 15,000.00 - 15,000.00

Total Noncurrent Liabilities 30,000.00 15,000.00 - 15,000.00

Share capital 1,021,000.00 - - 1,021,000.00

Retained earnings RE 450,422.00 80,111.00 46,581.20 416,892.20
Revaluation increment 120,000.00 - 60,000.00 180,000.00
Unrealized Loss-OCI - 10,000.00 - 10,000.00
Total Shareholder's equity 1,591,422.00 80,111.00 106,581.20 1,607,892.20
Total Liabilities and Shareholder's equity 1,861,360.00 114,442.20 131,581.20 1,868,499.00
- -
Love Company
Working Income Statement
Dec. 31, 2020 Audit

Unaudited PAJE 12/31/2020

Audited 12/31/2019
Audited
WP Ref. Balance Debit Credit Balance Balance % Change
Sales 1,385,762.00 600.00 7,200.00 1,392,362.00
Cost of Sales 1,134,802.00 - 4,000.00 1,130,802.00
Operating Expenses 85,311.00 65,261.00 10,000.00 140,572.00
Other charges 50,000.00 - 10,000.00 40,000.00
Income from continuing operations before tax 115,649.00 80,988.00
Provision for income tax 40,477.00 12,131.20 28,345.80
Income from continuing operations after tax 75,172.00 52,642.20
Loss on disposal of discontinued segment 9,750.00 - 3,250.00 6,500.00
Loss on Early Extinguishment of Debt - 10,000.00 - 10,000.00
Loss on delivery - 1,000.00 - 1,000.00
Net income 65,422.00 76,861.00 46,581.20 35,142.20
Love Company
Trading Securities Schedule
Dec. 31, 2020 Audit

Unaudited PAJE 12/31/2020

Audited 12/31/2019
Audited
WP Ref. Balance Debit Credit Balance Balance % Change
Trading Securities 36,000.00 - 10,000.00 26,000.00
Allowance for decline in value of securities 10,000.00 10,000.00 - -
- -
Total Trading Securities 26,000.00 10,000.00 10,000.00 26,000.00
Love Company
Accounts Receivable Schedule
Dec. 31, 2020 Audit

Unaudited PAJE 12/31/2020

Audited 12/31/2019
Audited
WP Ref. Balance Debit Credit Balance Balance % Change
Accounts Receivable 879,110.00 - 36,000.00 843,110.00
Allowance for doubtful accounts 34,050.00 15,000.00 65,261.00 84,311.00
Accounts Receivable-Others 20,000.00 19,400.00 - 39,400.00

Total Accounts Receivable 865,060.00 34,400.00 101,261.00 798,199.00

Love Company
Property and equipment Schedule
Dec. 31, 2020 Audit

Unaudited PAJE 12/31/2020

Audited
WP Ref. Balance Debit Credit Balance
Property and equipment 1,385,000.00 80,000.00 - 1,465,000.00
Accumulated Depreciation 620,000.00 - 20,000.00 640,000.00

Total property and equipment 765,000.00 80,000.00 20,000.00 825,000.00

12/31/2019
Audited
Balance % Change
Love Company
Retained Earnings Schedule
Dec. 31, 2020 Audit

Unaudited PAJE 12/31/2020

Audited 12/31/2019
Audited
WP Ref. Balance Debit Credit Balance Balance % Change
Retained earnings 385,000.00 3,250.00 - 381,750.00
Net income WIS 65,422.00 76,861.00 46,581.20 35,142.20 -
- - -
Retained earnings, end 450,422.00 80,111.00 46,581.20 416,892.20
Love Company
PAJE
Dec. 31, 2020 Audit

DR. CR.
Cash 24,000.00
Advances to affiliate 24,000.00

Allowance for decline in value of securities 10,000.00

Trading Securities 10,000.00

Loss on delivery 1,000.00

Sales 600.00
Accounts Receivable-Others 19,400.00
Accounts Receivable 21,000.00

Accounts Payable and others 7,200.00

Sales 7,200.00

Allowance for Doubtful Accounts 15,000.00

Accounts Receivable 15,000.00

Operating Expenses 65,261.00

Allowance for Doubtful Accounts 65,261.00

Inventory 4,000.00
Cost of Sales 4,000.00

Property and Equipment 80,000.00

Accumulated Depreciation 20,000.00
Revaluation Increment 60,000.00

Inventory 10,000.00
Accounts Payable and others 10,000.00

Loss on Early Extinguishment of Debt 10,000.00

Operating Expenses 10,000.00

Unrealized Loss-OCI 10,000.00

Other Charges 10,000.00

Retained earnings 3,250.00

Loss on disposal of discontinued segment 3,250.00
Income Tax Payable 12,131.20
Provision for income tax 12,131.20

Long-term debt 15,000.00

Long-term debt-Current Portion 15,000.00