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Jenny Merchandising Financial Position 2018

This document is the statement of financial position for Jenny Merchandising as of December 31, 2018. It lists the company's current assets of ₱5,025,000 including cash, receivables, inventories, and other items. Non-current assets total ₱3,975,000 including property and long-term investments. Total assets are ₱9,000,000. Liabilities include trade payables of ₱1,162,500 and a bank loan of ₱3,000,000 for total liabilities of ₱4,162,500. Owner's equity includes a capital contribution of ₱5,087,500 less drawings of

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3K views2 pages

Jenny Merchandising Financial Position 2018

This document is the statement of financial position for Jenny Merchandising as of December 31, 2018. It lists the company's current assets of ₱5,025,000 including cash, receivables, inventories, and other items. Non-current assets total ₱3,975,000 including property and long-term investments. Total assets are ₱9,000,000. Liabilities include trade payables of ₱1,162,500 and a bank loan of ₱3,000,000 for total liabilities of ₱4,162,500. Owner's equity includes a capital contribution of ₱5,087,500 less drawings of

Uploaded by

MedicareMinstun Project
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
  • Statement of Financial Position
  • Notes to Financial Statement

John Emmanuel Medina ABM – Ford

Problem 3.1
JENNY Merchandising
Statement of Financial Position
As of December 31, 2018

Assets
Current assets
Cash and cash equivalents (Note 1) ₱ 1,372,500
Trade and other receivables (Note 2) 2,137,500
Inventories 600,000
Held for trading securities 675,000
Prepaid expense (Note 3) 90,000
Advances to employees 150,000
Total current assets ₱ 5,025,000
Non-current assets
Property, plant and equipment (Note 4) ₱ 2,625,000
Long-term investment (Note 5) 1,350,000
Total non-current assets ₱ 3,975,000
Total assets ₱ 9,000,000

Liabilities and Owner’s Equity


Current liabilities Notes
Trade and other payables (Note 6) ₱ 1,162,500
Bank loan payable ₱ 3,000,000
Total liabilities ₱ 4,162,500
Owner’s Equity
Jenny, Capital ₱ 5,087,500
Less: Jenny, Drawing (250,000)
Total owner’s equity ₱ 4,837,500
Total liabilities and owner’s equity ₱ 9,000,000
JENNY Merchandising
Notes to Financial Statement
As of December 31, 2018

Note 1 – Cash and cash equivalents


Cash in bank ₱ 1,350,000
Petty cash fund 22,500
Total cash and cash equivalents ₱ 1,372,500

Note 2 – Trade and other receivables


Accounts receivable – trade ₱ 1,575,000
Allowance for doubtful accounts (187,500)
Notes receivable – trade 750,000
Total trade and other receivables ₱ 2,137,500

Note 3 – Prepaid expense


Prepaid Advertising ₱ 52,500
Office Supplies ₱ 37,500
Total prepaid expense ₱ 90,000

Note 4 – Property, plant and equipment


Property, plant and equipment ₱ 3,750,000
Accumulated depreciation (1,125,000)
Total property, plant and equipment ₱ 2,625,000

Note 5 – Long-term investment


Long-term investment in bonds ₱ 1,125,000
Land held for speculation 225,000
Total long-term investment ₱ 1, 350,000

Note 6 – Trade and other payables


Accounts payable – trade ₱ 900,000
Accrued expenses 262,500
Total trade and other payables ₱ 1,162,500

John Emmanuel Medina ABM – Ford Problem 3.1 JENNY Merchandising Statement of Financial Position As of Decemb
JENNY Merchandising Notes to Financial Statement As of December 31, 2018 Note 1 – Cash and cash equivalents Cash in ban

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