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Junior Philippine Institute of Accountants

This document provides notes to the financial statements for the Junior Philippine Institute of Accountants for the period ended May 21, 2018. Note 1 lists accounts receivable totaling 21,325. Note 2 lists office supplies totaling 1,025. Note 3 lists multimedia equipment totaling 90,812, with several items listed as defective. Note 4 lists office equipment totaling 4,440. Note 5 lists furniture and fixtures totaling 25,046. Note 6 provides details of accumulated depreciation for the period, totaling 75,086.32.

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Francis Tumamao
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84 views4 pages

Junior Philippine Institute of Accountants

This document provides notes to the financial statements for the Junior Philippine Institute of Accountants for the period ended May 21, 2018. Note 1 lists accounts receivable totaling 21,325. Note 2 lists office supplies totaling 1,025. Note 3 lists multimedia equipment totaling 90,812, with several items listed as defective. Note 4 lists office equipment totaling 4,440. Note 5 lists furniture and fixtures totaling 25,046. Note 6 provides details of accumulated depreciation for the period, totaling 75,086.32.

Uploaded by

Francis Tumamao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Isabela State University – Echague Campus

College of Business, Accountancy and Public Administration


JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS
Federation Year 2017-2018

Notes to Financial Statements


For the Period Ended May 21, 2018

Note 1 – ACCOUNTS RECEIVABLE


Uncollected Membership Fee 2880.00
Receivable from SDF-SSC 15,000.00
Receivable from SBO 140.00
Uncollected Contributions 3,305.00
Total 21,325.00

Note 2 – OFFICE SUPPLIES


White Board Markers 330.00
Printer Ink 240.00
Other Supplies (Folders, Bond Papers, Clips) 455.00
Total 1025.00

Note 3 – MULTIMEDIA EQUIOMENT


Audio Set 10,127.00
Printer 7,200.00
Printer (Defective) 7,595.00
Acer Projector (Defective) 25,000.00
Epson Printer (Defective) 4,600.00
Computer Set (Defective) 15,150.00
Speaker (Fully Depreciated) 2,000.00
Projector 19,000.00
Speaker 140.00
Total 90,812.00

Note 4 – OFFICE EQUIPMENT


Electric Fan (Fully Depreciated) 2,340.00
White Board Slates 2,100.00
Total 4,440.00

Note 5 – FURNITURE AND FIXTURES


Filing Cabinet 7,071.00
Display Cabinet 2,850.00
Computer Table 1,885.00
Bulletin Board 1,680.00
Tables 1,080.00
Academic Center 10,480.00
Total 25,046.00

Note 6 – ACCUMULATED DEPRECIATION


Depreciable Assets Historical Historical Useful Monthly Depreciation
Cost Date Life in Depreciation
months
Epson Projector 19,000.00 01/08/2017 96 197.92 10 1,979.20
Acer Projector 25,000.00 31/03/2013 ----- ----- ----- 12,500.00
(Defective)
Audio Set 10,127.00 31/03/2013 178 56.89 12 686.68
Printer (Defective) 4,600.00 31/03/2013 ----- ----- ----- 0.00
Epson Printer 7,200.00 01/08/2017 36 200 8 1,600.00
Epson Printer (Defective) 7,595.00 01/02/2016 ----- ----- ----- 3,795.50
Computer Set 15,150.00 01/02/2016 ----- ----- ----- 7,575.00
(Defective)
Paper Cutter (Defective) 850.00 31/03/2014 ----- ----- ----- 340.00
Speaker 4,500.00 01/08/2017 24 187.5 8 1,500.00
Speaker 140 01/08/2017 24 5.83333 12 70.00
Speaker (Fully 2,000.00 31/03/2013 ----- ----- ----- 0.00
Depreciated)
Electric Fan (Fully 2,340.00 30/09/2012 ----- ----- ----- 0.00
Depreciated)
White Board Slates 2,100.00 31/03/2014 60 35 12 420.00
Filing cabinet 7,071.002 01/03/2013 178 39.72 12 476.64
Display cabinet 2,850.00 15/11/2013 171 16.67 12 200.04
Computer table 1,885.00 31/03/2013 58 32.5 12 390.00
Bulletin board 1,680.00 31/03/2013 168 10 12 120.00
Tables 1,080.00 30/08/2013 108 10 12 120.00
Academic center 10,480.00 31/10/2014 ----- ----- ----- 0.00
Total Depreciation 31,773.09
ADD: Accumulated 43,313.23
Depreciation, Beg
Accumulated 75,086.32
Depreciation, End

Francis D. Tumamao
VP for Finance

Meinard A. Mejia
VP for Audit

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