Activity 3 Colleagues

Comendador, Princess Arren B.
BSA-3A
Ad ju stin g En trie s
c . In ve n to ry 200,000
Ac c o u n ts Pa ya b le 200,000
d . In ve stm e n t p ro p e rty 100,000

G a in in c h a n g e o f fa ir va lu e 100,000
e . De p re c ia tio n e xp e n se - Bu ild in g 405,000

Ac c u m u la te d d e p re c ia tio n - Bu ild in g 405,000
f. De p re c ia tio n e xp e n se - Eq u ip m e n t 320,000
Ac c u m u la te d d e p re c ia tio n -Eq u ip m e n t 320,000
g . Am o rtiza tio n e xp e n se 30,000

Ac c u m u la te d a m o rtiza tio n 30,000
h . In ve n to ry 108,000
In te re st e xp e n se 108,000
i. In te re st e xp e n se 189,486
Disc o u n t o n b o n d s p a ya b le 189,486
Disc o u n t o n Bo n d s p a ya b le 932,240
C a sh 932,240
j. Utilitie s e xp e n se 360,000
Utilitie s p a ya b le 360,000
k. In c o m e ta x e xp e n se 719,854
C u rre n t ta x a sse t 719,854
Asse ts No te s
C u rre n t Asse ts
C a sh a n d c a sh e q u iva le n ts 4 6,017,760
5 2,980,000
C u rre n t Ta x Asse t 6 30,146

To ta l C u rre n t A sse ts 11,635,906
No n -c u rre n t Asse ts
In ve stm e n t p ro p e rty 7 2,900,000

Pro p e rty, Pla n t a n d Eq u ip m e n t 8 5,925,000
In ta n g ib le Asse t 9 870,000
O th e r No n -c u rre n t Asse ts 10 1,660,000
To ta l Asse ts 24,590,906
Lia b ilitie s a nd Eq uity
Tra d e a n d o th e r p a ya b le s 11 2,850,000
C u rre n t p o rtio n o f lo n g -te rm b o rro w in g s 400,000
To ta l C u rre n t Lia b ilitie s 3,250,000
No n -c u rre n t Lia b ilitie s

No n -c u rre n t p o rtio n o f lo a n s p a ya b le 1,600,000
Bo n d s p a ya b le -n e t 12 7,257,246
To ta l Lia b ilitie s 12,107,246
Eq uity
Re ta in e d e a rn in g s 13 6,223,660
260,000
To ta l e q uity 12,483,660
Colleagues Co.
To ta l Lia b ilitie s a nd e q uity
Statement of Profit or Loss 24,590,906
For the year ended December 31, 20X1
(amounts in Philippine Pesos)
Note
Sales 16,800,000
Cost of Sales (7,200,000)
Gross Profit 9,600,000
Other Income 100,000
Total Income 9,700,000
Distribution Costs 14 (2,424,000)
Administrative Costs 15 (3,755,000)
Finance Costs 16 (1,121,486)
Profit before tax 2,399,514
Income tax expense (719,854)
Profit for the year 1,679,660
Colleagues Co.
Statement of Comprehensive Income
For the year ended December 31, 20X1
(amounts in Philippine Pesos)
Profit or loss 1,679,660

Other comprehensive income:
Items that will not be reclassified subsequently to profit or loss:
Unrealized gain on equity securities- FVOCI 260,000
Items that may be reclassified subsequently to profit or loss:

Other comprehensive income for the year 260,000
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR 1,939,660
Note 10 Other Non-current Assets
Cash surrender value 860,000
Bond sinking fund 800,000
Other Non-current Assets 1,660,000
Notes to Financial statements
Note
Note11 4 Trade
Cash andandCash
otherequivalents
payables
Account
Cash onpayable
hand 1,090,000 450,000
Interest
Cash inpayable
bank 1,040,000 3,867,760
Accrued liabilities
Money market placements 360,000 1,700,000
Utilities payable
Cash and cash equivalents 360,000 6,017,760
Trade and other payables 2,850,000
Note 5 Trade and other receivables
Note 12 Bonds
Accounts payable
receivable 3,900,000
Bonds payable
Allowance for bad debts 8,000,000 (920,000)
Discount
Trade and bonds
on payable
other receivables (742,754) 2,980,000
Bonds payable- net 7,257,246
Note 6 Current Tax Asset
Note 13 tax
Current Retained
asset Earnings 750,000
Retained earnings
Income tax expense for the year 4,544,000 (719,854)
Profit
Current tax asset 1,679,660 30,146
Retained earnings 6,223,660
Note 7 Investment property
Land and Building 2,800,000
Gain in change in fair value 100,000
Investment property 2,900,000
Note 8 Property, Plant and Equipment

Land 1,600,000
Building 4,500,000
Accum. Dep.-B (855,000)
Equip ment 1,400,000
Accum. Dep.-E (720,000)
Property, plant and Equipment 5,925,000
Note 9 Intangible Asset

Patent 900,000
Accumulated amortization (30,000)
Intangible Asset 870,000
Note 14 Distribution Costs

Freight out 870,000
Sales commissions 504,000
Salaries of sales personnel 870,000
Utilities expense 180,000
Distribution Costs 2,424,000
Note 15 Administrative Costs
Salaries of administrative personnel 2,820,000
Depreciation expense- Building 405,000
Depreciation expense- Equipment 320,000
Amortization expense 30,000
Utilities expense 180,000
Administrative Costs 3,755,000
Note 16 Finance Costs
Interest expense 1,040,000
Interest expense- Bonds payable 189,486
Interest expense (108,000)
Finance Costs 1,121,486

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Comendador, Princess Arren B.

d . In ve stm e n t p ro p e rty 100,000

e . De p re c ia tio n e xp e n se - Bu ild in g 405,000

g . Am o rtiza tio n e xp e n se 30,000

C u rre n t Ta x Asse t 6 30,146

In ve stm e n t p ro p e rty 7 2,900,000

Lia b ilitie s a nd Eq uity

No n -c u rre n t Lia b ilitie s

To ta l Lia b ilitie s 12,107,246

Profit or loss 1,679,660

Note 8 Property, Plant and Equipment

Note 9 Intangible Asset

Note 14 Distribution Costs

Sales commissions 504,000

Salaries of sales personnel 870,000

Utilities expense 180,000

Distribution Costs 2,424,000

Note 15 Administrative Costs

Salaries of administrative personnel 2,820,000

Depreciation expense- Building 405,000

Depreciation expense- Equipment 320,000

Amortization expense 30,000

Utilities expense 180,000

Administrative Costs 3,755,000

Note 16 Finance Costs

Interest expense 1,040,000

Interest expense- Bonds payable 189,486

Interest expense (108,000)

Finance Costs 1,121,486

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