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Juan de Banana Financial Statement Notes

Juan de Banana is a Philippines partnership established in 2019 to engage in retail trading of dessert goods. It is wholly owned by Filipino individuals. The financial statements note details the partnership's financial instruments including cash, receivables, payables, and related party balances. Inventories are expected to be recovered within 12 months and none have been pledged as security. Current assets include operating equipment and supplies. Payables include accrued expenses and taxes. Operating expenses consist of rental costs, marketing, and legal documents. Capital stock represents loans from banks, and employee benefits include mandatory government benefits. Dividends were declared as shown in the owner's equity section.

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4 views3 pages

Juan de Banana Financial Statement Notes

Juan de Banana is a Philippines partnership established in 2019 to engage in retail trading of dessert goods. It is wholly owned by Filipino individuals. The financial statements note details the partnership's financial instruments including cash, receivables, payables, and related party balances. Inventories are expected to be recovered within 12 months and none have been pledged as security. Current assets include operating equipment and supplies. Payables include accrued expenses and taxes. Operating expenses consist of rental costs, marketing, and legal documents. Capital stock represents loans from banks, and employee benefits include mandatory government benefits. Dividends were declared as shown in the owner's equity section.

Uploaded by

Gen Luis
Copyright
© All Rights Reserved
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JUAN DE BANANA

NOTES TO FINANCIAL STATEMENT

1. PARTNERSHIP INFORMATION

JUAN DE BANANA ( the “Company”) was incorporated and registeres with the Philippines

Securities and Exchange Commission (SEC) on January 2019. The prinicipal activty of the

Company is to engage in the business of trading goods such as desserts on retail basis.

The company is wholly-owned by Filipino individuals.

2. FINANCIAL INSTRUMENTS

Financial assets measured at amortized cost pertains to cash on hand only.

Financial assets measures at amortized cost less impairment comprise of cash in trade and

other receivables.

Financial liabilities measured at amortized cost comprise of trade and other payables

(excluding due to government agencies and uneraned partnership fee) and due to related

parties.

3. CASH

For the purpose of cash flows, cash includes cash on hand and in banks.

4. TRADE – net

Trade pertain to the receivables from the customers.

No interest is charge to th etrade receivables.

5. INVENTORIES
Details of the company's inventories are shown in Table 3.19.

The cost of invetories recognized as expense for the Years 1-5 and disclosed on

Inventories are expected to be recovered within twelve (12) months from the end of the

reporting period.

In five (5) respective years, no inventories has been pledged as a security for the Company's

liabilities.

6. CURRENT ASSETS

Current assets pertain to the Machineries and Equipment, Furniture and Fixtures, Office

Supplies, Kitchen Tools, and Consumable Supplies.

7. PAYABLES

Accrued expenses pertain to professional fees, manpower fee.

Government agencies pertain to taxes payable

8. OPERATING EXPENSES

This account is composed of Rental, Marketing and Promotions, the procurement of Legal

Documents

9. CAPITAL STOCK

The capital stock of the company as stated in Financial condition was the loan from the banks

care of the partners.

10. EMPLOYEE BENEFITS


The employee benfits pertain to the government mandatory benefits of the employee this

include overtime pay and 13th month pay.

11. DIVIDENDS DECLARED

The company declared a dividends as shown on Owner's Equity.

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