Assignment in CFAS
Assignment in CFAS
BSA1_B
AE100-CFAS
Page 162
Simple Company
Statement of Financial Position
31-Dec-20
ASSETS
Current Assets: Note
Cash ₱ 420,000
Trading securities ₱ 250,000
Trade and other receivables 1 ₱ 620,000
Inventories 2 ₱ 1,250,000
Prepaid expenses 3 ₱ 20,000
Total Current Assents ₱ 2,560,000
Non-current Assets
Property, plant and equipment 4 ₱ 4,640,000
Long-term investments 5 ₱ 2,000,000
Intangible assets 6 ₱ 300,000
Total Non-Current Assents ₱ 6,940,000
Total Assets ₱ 9,500,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Trade and other payables 7 ₱ 620,000
Serial bonds payable - current
portion ₱ 500,000
Total Current Liabilities ₱ 1,120,000
Non-Current Liabilities
Serial bonds payable - remaining portion ₱ 2,000,000
Total Liabilities ₱ 3,120,000
Shareholder's Equity
Share capital ₱ 5,000,000
Share premium ₱ 500,000
Retained earnings ₱ 880,000
Total Shareholders' Equity ₱ 6,380,000
Total Liabilities and Shareholders'
Equity ₱ 9,500,000
Note 1 - Trade and other receivables
Accounts Receivable ₱ 500,000
Allowance for doubtful accounts -₱ 50,000
Notes receivable ₱ 150,000
Claim receivable ₱ 20,000
Total ₱ 620,000
Note 2 - Inventories
Finished goods ₱ 400,000
Goods in process ₱ 600,000
Raw materials ₱ 200,000
Factory supplies ₱ 50,000
Total ₱ 1,250,000
Note 3 - Prepaid
expenses
Prepaid insurance ₱ 20,000
Note 4 -Property, plant and equipment
Cost Accum. Depreciation Book Value
Land ₱ 1,500,000 ₱ 1,500,000
Building ₱ 4,000,000 ₱ 1,600,000 ₱ 2,400,000
Machinery ₱ 2,000,000 ₱ 1,300,000 ₱ 700,000
Tools ₱ 40,000 ₱ 40,000
Total ₱ 7,540,000 ₱ 2,900,000 ₱ 4,640,000
Note 5 - Long-term Investments
Investment in bonds ₱ 1,500,000
Plant expansion fund ₱ 500,000
Total ₱ 2,000,000
Note 6 - Intangible Assets
Franchise ₱ 200,000
Goodwill ₱ 100,000
Total ₱ 300,000
Note 7 -Trade and other payables
Accounts payable ₱ 300,000
Notes payable ₱ 100,000
Income tax payable ₱ 60,000
Advances from customers ₱ 100,000
Accrued expense ₱ 30,000
Accrued interest on notes payable ₱ 10,000
Employee’s income tax payable ₱ 20,000
Total ₱ 620,000
Page 165
Simple Company
Statement of Financial Position
31-Dec-20
ASSETS
Not
Current assets: e
Cash and cash equivalents 1 ₱ 700,000
Trade and other receivables 2 ₱ 830,000
Inventory ₱ 1,200,000
Prepaid Expense ₱ 100,000
Total current assets ₱ 2,830,000
Noncurrent assets:
Property, plant and equipment 3 ₱ 5,500,000
Investment property ₱ 700,000
Bond sinking fund ₱ 2,000,000
Intangible assets 4 ₱ 370,000
Total noncurrent assets ₱ 8,570,000
Total assets ₱ 11,400,000
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
Trade and other payables 5 ₱ 2,050,000
₱ 2,050,000
Noncurrent liabilities
Bonds payable due June 30, 2021 ₱ 2,000,000
Deferred tax liability ₱ 650,000
₱ 2,650,000
Shareholders' equity
Share capital 6 ₱ 3,500,000
Reserves 7 ₱ 500,000
Retained earnings ₱ 2,700,000
Total shareholders' equity ₱ 6,700,000
Total Liabilities and Shareholders' Equity ₱ 11,400,000
NOTE 1 - Cash and Cash Equivalents
Cash on hand ₱ 50,000
Cash in bank ₱ 650,000
₱
Total cash and cash equivalents 700,000
NOTE 2 - Trade and other receivables
Accounts receivable ₱ 650,000
Allowance for doubtful accounts -₱ 50,000
Accrued interest receivable ₱ 30,000
Notes receivable ₱ 200,000
Total trade and other receivables ₱ 830,000
NOTE 3 - Property, plant and equipment
Cost Depreciation Book Value
₱ ₱
Building ₱ 5,500,000 2,500,000.00 3,000,000
₱ ₱
Furniture and Equipment ₱ 2,400,000 900,000.00 1,500,000
₱
Land ₱ 1,000,000 1,000,000
₱ ₱
Total ₱ 8,900,000 3,400,000.00 5,500,000
NOTE 4 - Intangible assets
Patent ₱ 370,000
₱ 370,000
NOTE 5 - Trade and other payables
Accounts payable ₱ 1,000,000
Notes payable ₱ 850,000
Other accrued liabilities ₱ 150,000
Accrued Taxes ₱ 50,000
Total trade and other payables ₱ 2,050,000
NOTE 6 - Share Capital
Share capital, 50,000 shares, P100 par ₱ 5,000,000
Unissued share capital ₱ 2,000,000
₱
Issued Capital 3,000,000.00
Subscribed share capital, 2,000 shares ₱ 1,000,000
₱
Share subscription receivable ₱ 500,000 500,000.00
₱
Paid in capital 3,500,000.00
NOTE 7 - Reserves
Share premium ₱ 300,000
Retained earnings appropriated for
contingencies ₱ 200,000
₱
500,000.00