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Note 1-Trade and Other Receivables

The document contains 8 notes summarizing various assets, liabilities, and equity accounts of a company. Note 1 lists accounts receivable, notes receivable, trading securities, and allowance for doubtful accounts totaling ₱870,000 under trade and other receivables. Note 2 shows inventories totaling ₱1,250,000 comprising of finished goods, goods in process, raw materials, and factory supplies. Note 3 contains prepaid insurance of ₱20,000. Note 4 presents the property, plant and equipment at a total book value of ₱4,640,000 including land, building, machinery, and tools. Note 5 lists long-term investments totaling ₱2

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65 views2 pages

Note 1-Trade and Other Receivables

The document contains 8 notes summarizing various assets, liabilities, and equity accounts of a company. Note 1 lists accounts receivable, notes receivable, trading securities, and allowance for doubtful accounts totaling ₱870,000 under trade and other receivables. Note 2 shows inventories totaling ₱1,250,000 comprising of finished goods, goods in process, raw materials, and factory supplies. Note 3 contains prepaid insurance of ₱20,000. Note 4 presents the property, plant and equipment at a total book value of ₱4,640,000 including land, building, machinery, and tools. Note 5 lists long-term investments totaling ₱2

Uploaded by

meng kaba
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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Note 1- Trade and other receivables

Accounts receivable ₱500,000


Claim receivable 20,000
Allowance for doubtful accounts (50,000)
Notes receivable 150,000
Trading securities 250,000
Total trade and other receivables ₱870,000

Note 2- Inventories
Finished goods ₱400,000
Goods in process 600,000
Raw materials 200,000
Factory supploes 50,000
₱1,250,00
Total Inventories 0

Note 3- Prepaid expenses


Prepaid insurance ₱20,000

Note 4- Property, plant and equipment


Cost Book
Accumulated Depreciation
Value Value
₱1,500,00 ₱1,500,00
Land 0 - 0
₱4,000,00 ₱2,400,00
Building 0 (₱1,600,000) 0
₱2,000,00
Machinery 0 (₱1,300,000) ₱700,000
Tools ₱40,000 - ₱40,000
₱4,640,00
Total PPE (Book Value) 0

Note 5- Long-term investments


Plant expansion fund ₱500,000
Investment in bonds 1,500,000
₱2,000,00
Total long-term investments 0

Note 6- Intangible assets


Franchise ₱200,000
Goodwill 100,000
Total other noncurrent assets ₱300,000

Note 7- Trade and other payables


Accounts payable ₱300,000
Notes payable 100,000
Accrued interest on notes payable 10,000
Income tax payable 60,000
Advances from customers 100,000
Employees income tax payable 20,000
Accrued expenses 30,000
Total trade and other payables ₱620,000

Note 8- Reserves
Share premium ₱500,000

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