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Morning Co

The Morning Co.'s statement of financial position as of December 31, 20x1 shows total assets of PHP 10,930,000 consisting of current assets of PHP 4,830,000 including cash, receivables, inventory and held for trading assets, and non-current assets of PHP 6,100,000 including property, plant and equipment, investments and investment property. Total liabilities are PHP 4,630,000 consisting of current liabilities of PHP 2,070,000 including payables, tax and provisions, and non-current liabilities of PHP 2,560,000 including long-term borrowings and deferred tax. Total equity is PHP 6,300,000 consisting of share capital, share premium

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1K views3 pages

Morning Co

The Morning Co.'s statement of financial position as of December 31, 20x1 shows total assets of PHP 10,930,000 consisting of current assets of PHP 4,830,000 including cash, receivables, inventory and held for trading assets, and non-current assets of PHP 6,100,000 including property, plant and equipment, investments and investment property. Total liabilities are PHP 4,630,000 consisting of current liabilities of PHP 2,070,000 including payables, tax and provisions, and non-current liabilities of PHP 2,560,000 including long-term borrowings and deferred tax. Total equity is PHP 6,300,000 consisting of share capital, share premium

Uploaded by

Keahlyn Boticario
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Morning Co.

Statement of financial position


As of December 31,20x1
(in Philippine Pesos)

Assets Notes
Current Assets
Cash 6 1060000
Trade and other receivables 7 1770000
Inventory 1200000
Held for trading 800000
TOTAL CURRENT ASSETS 4830000

Non-current Assets
Property, Plant and Equipment 8 4900000
Investment in equity securities-
FVOCI 300000
Investment Property 900000
TOTAL NON-CURRENT ASSETS 6100000
1093000
TOTAL ASSETS 0

Liabilities
Current Liabilities
Trade and other payables 9 1140000
Current tax payable 500000
Provision 430000
TOTAL CURRENT LIABILITIES 2070000

Non-current liabilities
Long-term borrowings 10 2260000
Deferred tax liability 300000
TOTAL NON-CURRENT LIABILITY 2560000
TOTAL LIABILITIES 4630000

Equity
Ordinary Share Capital 4000000
Share premium 600000
Retained Earnings 1640000
Other Components of equity 11 60000
TOTAL EQUITY 6300000
1093000
TOTAL LIABILITIES AND EQUITY 0

Note 6

Cash on hand 60000


100000
Cash in bank 0
106000
Cash 0

Note 7
200000
Accounts receivable 0

Allow. For doubtful accts. -300000

Advances to employee 40000

Advances to suppliers 30000


177000
Trade and other receivables 0

Note 8
220000
Land 0
340000
Building 0

Accum. Dep.-B -700000


Property,plant and 490000
equipment 0

Note 9

Accounts payable 720000

Accrued liabilities 80000

Interest payable 340000


114000
Trade and other payable 0
Note 10
300000
Loans payable 0

Discount on loan payable -740000


226000
Net 0

Note 11
Revaluation
Surplus 90000

Translation loss -30000

Other components of equity 60000

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