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Garnet Company

Statement of Financial Posi


December 31, 2015
Assets
Current Assets:
Cash and Cash Equivalents
Trading Securities
Trade and Other Receivables
Inventory
Non-Current Assets:
Property, Plant and Equipment
Investment Property
Investment in Associates
Intangibles
TOTAL ASSETS
Liabilities and Shareholders' Equity
Current Liabilities
Trade and other Payables
Income Tax Payable
Non-current Liabilities
Bonds Payable
Deferred Tax Liability
Shareholders' Equity
Share Capital
Additional Paid-In Capital
Retained Earnings
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

Schedules to Present Details of Items on th Face of the Statement of Financial Statement (P


Note 5- Trade and other Receivables
Accounts Receivable
Allowance for Bad Debts
Net Trade and Other Receivables
Note 6- Property, Plant and Equipment
Buildings
Less: Accumulated Depreciation- Building

Equipment
Less: Accumulated Depreciation- Equipment
Land
Total Property, Plant and Equipment
Note 7- Intangibles
Patents
Less: Accumulated Amortization- Patents
Trademarks
Less: Accumulated Amortization- Trademarks
Total Intangibles
Note 8 -Trade and Other Payables
Accounts Payable
Salaries Payable
Witholding taxes Payable
Total Trade and other payables
Note 9- Bonds Payable
Bonds Payable (due in 2017)
Less: Discount on Bonds Payable
Total
Note 10- Share Capital
Ordinary Share Capital, P10 par
Preference Share Capital, P100 par
Share Dividends Distributable
Total
Note 11- Additional Paid-In Capital
Share Premium- Preference
Share Premium- Ordinary
Total
Notes 12- Retained Earnings
Appropriated
Unapproprited
Total Retained Earnings

Garnet Company

tement of Financial Position


December 31, 2015
Assets
Note
PHP 86,250.00
61,000.00
107,000.00
322,000.00

(5)

(6)

PHP

(7)

PHP 576,250.00

1,433,000.00
1,000,000.00
250,000.00
141,000.00

2,824,000.00
PHP 3,400,250.00

eholders' Equity
(8)

PHP

286,000.00
150,000.00

(9)

PHP

731,000.00
50,000.00

(10)
(11)
(12)

PHP

781,000.00

1,534,000.00
321,000.00
307,000.00
PHP

1,854,988.00
2,635,988.00

of Financial Statement (Presented as part of the Notes to the Financial Statements):

PHP
PHP

PHP

1,440,000.00
530,000.00

115,000.00
(8,000.00)
107,000.00

910,000.00

624,000.00
351,000.00
PHP

PHP

120,000.00
22,000.00
60,000.00
17,000.00

273,000.00
250,000.00
1,433,000.00

98,000.00

PHP

PHP

PHP

PHP
PHP

PHP

PHP

PHP
PHP

PHP
PHP

43,000.00
141,000.00

236,000.00
20,000.00
30,000.00
286,000.00

800,000.00
(69,000.00)
731,000.00

1,300,000.00
210,000.00
24,000.00
1,534,000.00

81,000.00
240,000.00
321,000.00

45,000.00
262,000.00
307,000.00

Ruby Corporation
Statement of Financial Position
December 31, 2015
Assets
Current assets
Cash and cash equivalents
Financial assets held for trading (Note 5)
Trade and other receivables (Note 6)
Inventories (Note 7)
Prepaid Expenses
Non-current assets held for sale (Note 8)
Noncurrent assets
Property, plant and equipment (Note 9)
Other financial assets (Note 10)
Intangible assets (Note 11)
TOTAL ASSETS
Liabilities and Shareholders' Equity
Current Liabilities
Trade and other payables
Income taxes payable
Unearned revenues
Provision for product warranty
Noncurrent liabilities
Bonds payable (Note 12)
Shareholders equity
Share capital (Note 13)
Additional paid in capital (Note 14)
Retained earnings
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

Note 5- Financial assets held for trading

Financial assets held for trading, costing P150,000, are reported at market v

Note 6 Trade and other receivables


Accounts receivable
Less Allowance for bad debts
Net trade receivables

Note 7 Inventories (at lower of cost and NRV)


Finished goods
Goods in process
Raw materials
Total

Note 8 Non-current assets held for sale


A machinery with a carrying value of P240,000 and
has a sales price of P250,000 less cost to sell of P40,000
which equals to P210,000 is expected to be consummated in May 2016

Note 9 Property, plant and equipment


Land
Land held for future use
Buildings
Less accumulated depreciation- buildings
Machinery
Less accumulated depreciation-machinery
Equipment
Less accumulated depreciation-equipment

Land Held for use is classified as Property, plant


and equipment because it doesn't qualify to be an
investment property.

Note 10 Other financial assets


Investment in XYZ bonds, at amortized cost
Cash surrender value of life insurance
Total Other financial assets

Note 11 Intangible assets


Patents
Less Accumulated amortization
Total Intangible assets

Note 12 Bonds payable


Bonds payable
Premium on bonds payable
Total Bonds payable

Note 13 Share Capital


Preference share capital
Ordinary share capital

Total Share Capital

Note 14 Additional paid in capital


Share premium - preference
Share premium - ordinary
Total

Ruby Corporation
ment of Financial Position
December 31, 2015

PHP

PHP

116,000.00
160,000.00
308,000.00
985,000.00
31,000.00
210,000.00

1,810,000.00

3,248,000.00
339,000.00
182,000.00
PHP

PHP

580,000.00
247,000.00
62,000.00
73,000.00

3,769,000.00
5,579,000.00

962,000.00
848,000.00

PHP

2,028,000.00
537,000.00
1,204,000.00
PHP

150,000, are reported at market values

PHP

323,000.00
15,000.00
308,000.00

3,769,000.00
5,579,000.00

PHP

PHP

416,000.00
347,000.00
222,000.00
985,000.00

sell of P40,000
e consummated in May 2016

PHP
PHP 1,824,000.00
622,000.00
319,000.00
106,000.00
530,000.00
212,000.00

1,320,000.00
195,000.00
1,202,000.00
213,000.00

PHP

PHP
PHP

PHP
PHP

PHP
PHP

PHP

318000.00
3,248,000.00

250,000.00
89,000.00
339,000.00

200,000.00
18,000.00
182,000.00

800,000.00
48,000.00
848,000.00

400,000.00
1,628,000.00

PHP

2,028,000.00

PHP

234,000.00
303,000.00
537,000.00

PHP

Diamond Company
Statement of Financial Position
December 31, 2015
Assets
Current assets
Cash
Financial assets at fair value through profit or loss
Trade and other receivables (Note 5)
Inventory
Prepaid expenses (Note 6)
Noncurrent assets
Property, plant and equipment (Note 7)
Financial assets at fair value through OCI
Intangible assets
Deferred tax asset
TOTAL ASSETS
Liabilities and Shareholders Equity
Current liabilities
Trade and other payables (Note 8)
Unearned rent
Noncurrent liabilities
Bonds payable (Note 9)
Shareholders equity
Ordinary share capital, P10 par
Share Premium
Retained earnings
Treasury shares, at cost
Accumulated holding gains (losses) investments
through other comprehensive income
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

Note 5 Trade receivables


Accounts receivable
Less Allowance for uncollectible accounts
Net trade receivables

Note 6 Prepaid expenses


Office supplies
Prepaid insurance
Total Prepaid expenses

Note 7 Property, plant and equipment


Land
Buildings and equipment
Less accumulated depreciation
Total Property, plant and equipment

Note 8 Trade and other payables


Accounts payable
Salaries payable
Taxes payable
Total Trade and other payables

Note 9 Bonds payable


Bonds payable
Less Discount on bonds payable
Net

mpany
cial Position
, 2015

PHP

PHP

230,000.00
320,000.00
510,000.00
600,000.00
130,000.00

1,790,000.00

3,450,000.00
1,030,000.00
470,000.00
70,000.00
PHP

PHP

1,390,000.00
90,000.00

5,020,000.00
6,810,000.00

1,480,000.00
1,000,000.00

PHP

1,200,000.00
1,040,000.00
2,300,000.00
(330,000.00)
120,000.00
PHP

PHP
PHP

PHP
PHP

4,330,000.00
6,810,000.00

590,000.00
80,000.00
510,000.00

80,000.00
50,000.00
130,000.00

PHP

PHP

810,000.00

PHP

2,640,000.00
3,450,000.00

3,560,000.00
920,000.00

PHP

PHP

PHP
PHP

990,000.00
150,000.00
250,000.00
1,390,000.00

1,100,000.00
100,000.00
1,000,000.00

Emerald Company
Statement of Financial Position
December 31, 2015
Assets
Current assets
Cash
Trading securities
Trade and other receivables
Inventories
Prepaid expenses
Non-current asset held for sale
Noncurrent assets
Property, plant and equipment
Investment property
Other financial assets
Intangibles
TOTAL ASSETS
Liabilities and Shareholders Equity
Current liabilities
Trade and other payables
Income taxes payable
Provision for warranties
Noncurrent liabilities
Notes payable
Bonds payable
Mortgage payable
Total Liabilities
Shareholders equity
Share capital
Share premium
Retained earnings
Total
Treasury shares, at cost
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

Notes
(5)
(6)

(7)
(8)
(9)
(10)
(11)

(12)

(13)
(14)

(15)

Note 5 Trading securities


The trading securities, costing P460,000 have a fair market value of
Note 6 Trade and other receivables
Accounts receivable

Notes receivable (due July 1, 2016)


Allowance for uncollectible accounts
Net trade and other receivables

Note 7 Noncurrent asset held for sale


The non-current asset held for sale represents land that is available for immediate s
Its fair value less cost to sell is 1,400,000
Note 8 Property, plant and equipment
Land
Buildings
Less accumulated depreciation
Equipment
Less accumulated depreciation
Total
Note 9 Investment property
Land
Building
Accumulated depreciation
Total
Note 9 Other financial assets
Investment in Day Corporation bonds
Sinking fund for bond retirement
Total
Note 10 Intangibles
Patents
Less accumulated amortization
Trademarks
Less accumulated amortization
Total
Note 11 Trade and other payables
Accounts payable
Wages payable
Mortgage Payable-current
Total
Note 12 Notes payable
The notes payable was issued on June 30, 2014 and matures on June 30, 2016. As
of December 31, 2012, the company has negotiated with the lender to extend the
maturity date to June 30, 2017. The amount is

Note 13 Bonds payable


Bonds payable
Add premium on bonds payable
Total
Note 14 Share capital
Preference share capital
Ordinary share capital, P50 par
Total
Retained earnings before adjustment
Unrealized gain on trading securities
Adjusted Retained earnings after recognition of ga in

mpany
ncial Position
1, 2015

PHP

PHP

380,000.00
485,000.00
2,780,000.00
450,000.00
290,000.00
1,200,000.00

5,585,000.00

5,600,000.00
2,900,000.00
1,600,000.00
960,000.00
PHP

PHP

PHP

PHP

market value of

11,060,000.00
16,645,000.00

1,750,000.00
720,000.00
200,000.00

2,670,000.00

1,000,000.00
4,430,000.00
1,600,000.00

7,030,000.00

1,700,000.00
1,820,000.00
3,605,000.00
7,125,000.00
(180,000.00)
PHP

PHP

PHP

6,945,000.00
16,645,000.00

485,000.00 as of December 31, 2015

1,850,000.00

PHP

1,000,000.00
(70,000.00)
2,780,000.00

at is available for immediate sale

PHP
PHP

PHP

4,340,000.00
1,800,000.00
2,960,000.00
1,300,000.00

2,540,000.00

PHP

1,660,000.00
5,600,000.00

PHP

1,200,000.00

PHP

1,700,000.00
2,900,000.00

2,000,000.00
(300,000.00)

PHP
PHP

PHP

1,400,000.00

820,000.00
230,000.00
520,000.00
150,000.00

900,000.00
700,000.00
1,600,000.00

590,000.00

PHP
PHP

370,000.00
960,000.00

PHP

940,000.00
410,000.00
400,000.00
1,750,000.00

PHP

1,000,000.00

matures on June 30, 2016. As


with the lender to extend the

PHP
PHP

PHP
PHP
PHP
PHP

4,000,000.00
430,000.00
4,430,000.00

600,000.00
1,100,000.00
1,700,000.00
3,580,000.00
25,000.00
3,605,000.00

Sapphire Company
Current Assets
Cash and cash equivalents (1,240,000-500,000)
Investment in securities held for trading:
Fair market value
Time deposit
Interest on time deposit
Trade Accounts Receivable
Unadjusted Trade Accounts Receivable
Customer's Deposit
Allowance for Bad Debts
Notes Receivable
Creditor's account with debit balance
Merchandise Inventory
TOTAL CURRENT ASSETS
Current Liabilities
Trade Accounts Payable
Unadjusted Trade Accounts Payable
Purchase not recorded
Debit balance on Accounts Payable
Customer Deposit
Notes Payable
Unadjusted Notes Payable
Bank loan due 12/31/17
Bonds Payable-current
Accrued Interest on Bonds Payable
Employees Income Tax Withheld
Income Taxes Payable
TOTAL CURRENT LIABILITIES

Company

PHP
PHP

PHP

900,000.00
500,000.00
7,000.00

1,407,000.00

1,220,000.00
50,000.00
(60,000.00)

PHP

PHP

PHP

740,000.00

750,000.00
150,000.00
100,000.00

1,210,000.00
920000
100000
1360000
5,737,000.00

1,000,000.00
50000

1,500,000.00
300,000.00

PHP

1,200,000.00
500000
125000
40000
280000
3,195,000.00

Turqoise Company
Current Liabilities
Accounts Payable
Mortgage note payable
Bank notes payable
Interest Payable
Withholding Tax Payable
Provision for Damages
VAT Payable
Income Taxes Payable
TOTAL CURRENT LIABILITIES

PHP

PHP

270,000.00
1,300,000.00
100,000.00
7,500.00
120,000.00
650,000.00
288,000.00
116,500.00
2,852,000.00

Mortgage note payable is classified as current


asset because as of the reporting period it
doesn't have the discretion to roll over the
note. It is refinanced on its due date,
February 15, 2015 which is beyond the
reporting period.

Opal Company
Current assets
Cash
Cash in bank, net of overdraft
Bank overdraft
Postdated check
Petty Cash Balance
Cash in bank, for Payroll
Accounts Receivable
Accounts Receivable, net
Postdated check
Allowance for uncollectible accounts
Inventories
Inventories
Goods held on consignment
Prepaid Insurance
Prepaid Insurance
Cash surrender value of life insurance
TOTAL CURRENTS ASSETS

PHP

400,000.00
20,000.00
(30,000.00)
25,000.00
540,000.00

PHP

800,000.00
30,000.00
(150,000.00)

PHP

1,200,000.00
(40,000.00)

PHP

250,000.00
(50,000.00)

955,000.00

680,000.00

1,160,000.00

200,000.00
PHP 2,995,000.00

Aquamarine Company

Reported totals

a.
b.
c.
d.
e.

Sinking fund for


retirement on long-term
debt
Treasury Shares, cost
Cash for taxes due
Advances and sales
commissions payable
Provision for damages
Adjusted Amounts

CURRENT
NON-CURRENT
ASSETS
ASSETS
3,500,000.00
8,000,000.00

CURRENT
LIABILITES
2,400,000.00

380,000.00
(500,000.00)
140,000.00

140,000.00

210,000.00

210,000.00
168,000.00
2,918,000.00

3,850,000.00

7,880,000.00

NON-CURRENT
LIABILITIES
2,700,000.00

380,000.00

3,080,000.00