You were hired by Mr. Agosto to prepare his sari-sari store’s Statement of Financial Position. In order to prepare the statement, you were given the following: a. His sari-sari store has cash deposited in a bank account amounting to P53,000 b. His sari-sari store had a lot of uncollected sales from customers amounting to P72,510 c. The total amount of merchandise left inside the store is P30,025 d. He already paid six month’s rent in advance amounting to P12,350 e. The value of all the sari-sari store’s equipment amounted to P110,000 f. He bought merchandise from his supplier amounting to P23,120 and the supplier agreed that payment can be made 3 months after year-end g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,160 h. The sari-sari store had outstanding liabilities to PLDT and water district amounting to P3,159 i. The store had a loan from the bank amounting to P55,000 to be paid in 3 years Required: Prepare a Statement of Financial Position for the company (one in report form and one in account form).
1. You were hired by Mr. Agosto to prepare his sari-sari store’s Statement of Financial Position. In order to prepare the statement, you were given the following:
a. His sari-sari store has cash deposited in a bank account amounting to P53,000
b. His sari-sari store had a lot of uncollected sales from customers amounting to P72,510
c. The total amount of merchandise left inside the store is P30,025
d. He already paid six month’s rent in advance amounting to P12,350
e. The value of all the sari-sari store’s equipment amounted to P110,000
f. He bought merchandise from his supplier amounting to P23,120 and the supplier agreed that payment can be made 3 months after year-end
g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,160
h. The sari-sari store had outstanding liabilities to PLDT and water district amounting to P3,159
i. The store had a loan from the bank amounting to P55,000 to be paid in 3 years
Required:
Prepare a Statement of Financial Position for the company (one in report form and one in account form).
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