FAMDEV PHILIPPINES MARKETING COOPERATIVE
Malaybalay City, Bukidnon
COMPARATIVE STATEMENT OF FINANCIAL CONDITION
As of December 2021 NOTES 2021 2020
ASSET
CURRENT ASSET
Cash on Hand 1 P 56,837.05 P 25,975.56
TOTAL CURRENT ASSET P 56,837.05 P 25,975.56
NON-CURRENT ASSET
Store Equipments-Freezers & Chillers 2 P 117,400.00 P 117,400.00
Store Furnitutres & Fixtures 2
Office Equipment 2 24,500.00 24,500.00
Organizational Cost 2 55,423.35 55,423.35
Store Tools & Crates 2 11,500.00 11,500.00
Store Signage 2 10,000.00 10,000.00
Delivery Vehicle-KAK 6073 2 200,000.00
Total Property, Plant and Equipment P 418,823.35 P 218,823.35
Less : Accumulated depreciation 140,490.01 106,658.68
Property plant and equipment (net) P 278,333.34 P 112,164.67
Total Non-Current Asset P 278,333.34 P 112,164.67
TOTAL ASSETS P 335,170.39 P 138,140.23
LIABILITIES, MEMBER'S EQUITY & NETWORTH
LIABILITIES
Accounts Payable P 218,240.33 P
Loans Payable 30,000.00 60,000.00
Interest Payable 12,269.90 10,469.90
TOTAL LIABILITIES P 260,510.23 P 70,469.90
MEMBER'S EQUITY
Common Share Capital-Authorized Share Capital 3,800
Shares at P100 per value
Subscribed Share Capital-Common P 95,000.00 P 95,000.00
Less: Subscription Receivable-Common 30,800.00 30,800.00
Paid Up Common Share Capital P 64,200.00 P 64,200.00
Add/Less: Undivided Net Surplus/(Loss) 10,460.16 3,470.33
TOTAL MEMBER'S EQUITY 74,660.16 67,670.33
TOTAL LIABILITIES, MEMBER'S EQUITY & NETWORTH P 335,170.39 P 138,140.23
(See accompanying Notes to Financial Statements)
FAMDEV PHILIPPINES MARKETING COOPERATIVE
Malaybalay City, Bukidnon
COMPARATIVE STATEMENT OF OPERATIONS
For the Period Ended December 31 2021 2020
Sales P 1,100,560.00 P 907,493.00
Less: Sales Returns & Allowances - -
Net Sales P 1,100,560.00 P 907,493.00
Less: Cost of Sales:
Merchandise Inventory, Beg. P 12,920.00 P 8,789.00
Add: Purchases 641,500.00 501,220.00
Freight in - 3,147.00
Total Purchases P 654,420.00 P 513,156.00
Less: Purchases Returns & Allowances - -
Goods Available for Sale P 654,420.00 P 513,156.00
Less: Merchandise Inventory, End 25,750.00 12,920.00
Total Goods Available for Sale P 628,670.00 P 500,236.00
GROSS INCOME ON SALES P 471,890.00 P 407,257.00
Less: Operating Expenses
Fare & Meals-Store Volunteer Check P 159,300.00 P 120,920.00
Store Space Rental 171,000.00 180,000.00
Withholding Taxes 11,500.00 7,800.00
Power, Light & Water 61,232.51 53,250.00
Philhealth Premium Expense 4,200.00 3,600.00
Volunteer's Welfare 2,200.00 1,000.00
Permits, Licenses & Fees 5,671.00 4,346.00
Penalties, Interest & Surcharges 6,000.00
Promotions & Advertisements
Office Supplies 515.00 359.00
Store Supplies 2,930.00 2,847.00
Store Repair & Maintenance 420.00 480.00
Interest Expense 1,800.00 1,800.00
Depreciation & Amortization 33,831.33 26,664.67
Miscellaneous 830.00 720.00
Total Operating Expenses P 461,429.84 P 403,786.67
NET SURPLUS/(LOSS) P 10,460.16 P 3,470.33
SATUTORY FUNDS
Reserve Fund (10%) P 1,046.02 P 347.03
Cooperative Educational Training Fund (CETF 5%) 523.01 347.03
Due to Federation/Unions (5%) 523.01
Optional Fund (7%) 732.21 347.03
Community Development Fund (CDF 3%) 313.80 347.03
Total Statutory Fund 3,138.05 1,388.13
Interest on Share Capital & Patronage Refund 7,322.11 2,082.20
NET SURPLUS P 10,460.16 P 3,470.33
(See accompanying Notes to Financial Statements)
-=
FAMDEV PHILIPPINES MARKETING COOPERATIVE
Malaybalay City, Bukidnon
STATEMENT OF CASH FLOW
December 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Surplus (Loss)
Adjustments to reconcile net surplus to net cash P 10,460.16
provided by operating activities
Depreciation 33,831.33
Increase/(Decrease) in Liabilities 190,040.33
Net cash provided by (used in) operating activities P 234,331.82
CASH FLOW FROM INVESTING ACTIVITIES
Income Distribution P (10,460.16)
Statutory Funds 6,989.83
Purchase of Property, Plant and equipment (200,000.00)
Net cash provided by (used in) investing activities P (203,470.33)
CASH FLOW FROM FINANCING ACTIVITIES
Loan proceeds P -
Net cash provided by (used in) financing activities P -
NET INCREASE (DECREASE) IN CASH P 30,861.49
ADD: CASH AND CASH EQUIVALENTS, Jan 1 P 25,975.56
CASH AND CASH EQUIVALENTS, December 31 P 56,837.05
56,837.05
(0.00)
FAMDEV PHILIPPINES MARKETING COOPERATIVE
Malaybalay City, Bukidnon
COMPARATIVE STATEMENT OF FINANCIAL CONDITION
For the Period Ended December 31 2021 2020
Common Share Capital-Authorized Share
Capital 3,800 Shares at P100 per value
Subscribed Share Capital-Common P 95,000.00 P 95,000.00
Less: Subscription Receivable-Common 30,800.00 30,800.00
Paid Up Common Share Capital P 64,200.00 P 64,200.00
Add/Less: Undivided Net Surplus/(Loss) 10,460.16 3,470.33
TOTAL MEMBER'S EQUITY P 74,660.16 P 67,670.33
FAMDEV PHILIPPINES MARKETING COOPERATIVE
Malaybalay City, Bukidnon
NOTES TO FINANCIAL STATEMENT
As of December 31, 2021
I. GENERAL INFORMATION
FAMDEV PHILIPPINES MARKETING COOPERATIVE was formally organized as a cooperative with registration
number 9520-1010000000035473 granted by Cooperative Development Authority (CDA). It's principal office was
II. SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statement with notes and supporting schedules were prepared in substantial conformity
with
the Philippine Financial Reporting Standards (PFRS) and adherence to the following applicable Philippine
Accounting Standards(PAS).
PAS Presentation of the Financial Statements
The standards prescribed the basis in the preparation of the financial reports. The financial statements substantially
comply
with the qualitative requirements of the standards which dictate that financial report must be reliable with the form
and
to becontent
truly reflective of the financial condition and result of operation of the enterprises.
The firm adopts the Calendar Year as its accounting period.
To keep management and other users of the financial reports and financial data understandable, the year end
reports
includes the following:
1. Independent Accountant Audit Report
2. Statement of Management Responsibility
3. Comparative Statement of Financial Condition (Balance Sheet)
4. Comparative Statement of Income
5. Statement of Cash Flows
6. Statement of Changes of Owners Equity
7. Notes to Financial Statement
The consolidated financial statement for the year ending December 31, 2021 were presented by line item with
details
PAS Events after Balance Sheet Date
No significant and extra ordinary events which might materially altered the financial position nor the results of
operation for noted after the calendar year to the date of the financial reporting.
the year ended
Financial Reporting
As a cooperative financial statements are prepared on a calendar basis or every 31st of December.
III.2 Other Policicies
In compliance to the Cooperative Code of 2008 (RA9520). Allocation and Distribution of Net Surplus for current
accounting years
were allocated as follows:
RESERVE FUND ALLOTMENT PERCENTAGE
Reserve Fund (10%) 10%
Cooperative Educational Training Fund (CETF 5%) 5%
Due to Federation/Unions (5%) 5%
Optional Fund (7%) 7%
Community Development Fund (CDF 3%) 3%
Interest or Share Capital Patronage Refund 70%
TOTAL ALLOCATION OF CURRENT YEARS SURPLUS 100%
IV. SUMMARY OF ACCOUNTS
NOTE 1 : CASH AND OTHER CASH EQUIVALENTS
This account consists of:
2020 2021
Cash On Hand : 56,837.05 25,975.56
Total Cash and other cash equivalents 56,837.05 25,975.56
NOTE 2 : PROPERTY, PLANT AND EQUIPMENT
This account consists of: BEGINNING ADDITIONS/
BALANCE (DISPOSAL) ENDING BALANCE
Store Equipments-Freezers & Chillers 117,400.00 117,400.00
Store Furnitutres & Fixtures
Office Equipment 24,500.00 24,500.00
Organizational Cost 55,423.35 55,423.35
Store Tools & Crates 11,500.00 11,500.00
Store Signage 10,000.00 10,000.00
Delivery Vehicle-KAK 6073 200,000.00 200,000.00
Total Property, Plant and Equipment 418,823.35
BEGINNING 418,823.35
ACCUMULATED DEPRECIATION BALANCE DEPRECIATION ACCUM. DEP.
Store Equipments-Freezers & Chillers 58,720.00 14,680.00 73,400.00
Store Furnitutres & Fixtures
Office Equipment 3,600.00 900.00 4,500.00
Organizational Cost 44,338.68 11,084.67 55,423.35
Store Tools & Crates 3,833.33 3,833.33
Store Signage 3,333.33 3,333.33
Delivery Vehicle-KAK 6073
TOTAL 106,658.68 33,831.33 140,490.01
NET BOOK VALUE 278,333.34
