RAMMAR FARM SUPPLY

Poblacion, Urdaneta City, Pangasinan

STATEMENT OF FINANCIAL POSITION

As of December 31, 2020 and 2019
(All Amounts in Philippine Peso)

Notes 2020 2019

ASSETS
Current Assets
Cash 4,5 1,800,000.00 2,000,000.00
Accounts Receivable 120,000.00 150,000.00
Inventories 4,6 126,642.00 127,838.00
Other Current Asset 4,7 - -
Total Current Assets 2,046,642.00 2,277,838.00

Noncurrent Assets
Property and Equipment(net) 4,8 1,020,000.00 1,160,000.00
Total Noncurrent Assets 1,020,000.00 1,160,000.00

TOTAL ASSETS 3,066,642.00 3,437,838.00

LIABILITIES AND EQUITY

OWNER'S EQUITY
M.J. M. Rayos Capital, Beginning 3,297,838.00 3,215,961.00
Net Income 345,118.26 407,770.30
Total 3,642,956.26 3,623,731.30
M.J. M. Rayos Capital, Drawings 716,314.26 325,893.30
M.J. M. Rayos Capital, Ending 2,926,642.00 3,297,838.00

TOTAL LIABILITIES & OWNER'S EQUITY 2,926,642.00 3,297,838.00

See accompanying Notes to Financial Statements

 RAMMAR FARM SUPPLY
Poblacion, Urdaneta City, Pangasinan

STATEMENT OF FINANCIAL PERFORMANCE

For the years ending December 31, 2020 and 2019
(All Amounts in Philippine Peso)

Notes 2020 2019

Sales 4,11 6,013,385.00 19,049,955.80

Cost of sales 4,11 5,058,558.00 17,819,921.44
Gross Profit 954,827.00 1,230,034.36
Operating Expenses
Distributive expenses 12 529,180.00 767,180.00
Administrative expenses 13 80,528.74 55,084.06
Total Operating expenses 609,708.74 822,264.06

Net Income Before Tax 345,118.26 407,770.30

See accompanying Notes to Financial Statements

 RAMMAR FARM SUPPLY
Poblacion, Urdaneta City, Pangasinan

STATEMENT OF CASH FLOW

For the years ending December 31, 2020 and 2019
(All Amounts in Philippine Peso)

Notes 2020 2019

CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) 345,118.26 407,770.30
Add back depreciation 4,8 140,000.00 140,000.00
Changes in current assets and liabilities
(Increase) Decrease in accounts receivable 30,000.00 (150,000.00)
(Increase) Decrease in inventories 4,6 1,196.00 (127,838.00)
(Increase) Decrease in other current assets 4,7 - -
Increase(Decrease) in trade and other payable 4,10 - -
Increase (Decrease) in accrued expenses 4,10 - -
Increase (Decrease) in income tax payable - -
Cash generated from (used for) operation 516,314.26 269,932.30

CASH FLOW FROM INVESTING ACTIVITIES

Net addition to Property and Equipment - -
Net Cash Provided by (used in) investing activities - -

CASH FLOW FROM FINANCING ACTIVITIES

Personal drawings (716,314.26) (325,893.30)
Capital Infusion - 2,055,961.00
Net Cash Provided by (used in) Financing Activities (716,314.26) 1,730,067.70

Net Change in Cash (200,000.00) 2,000,000.00

Cash Balance, beginning 2,000,000.00 -

CASH, END OF YEAR 1,800,000.00 2,000,000.00

See accompanying Notes to Financial Statements

Changes Arising from the Transition to PFRS

At June 1, 2008 At May 31, 2009

(Date of Transition) (end of last period presented under previous GAAP)
Effect of Effect of
transition to Previous transition to
Notes Previous GAAP PFRS PFRS GAAP PFRS PFRS
ASSETS
Current Assets
Cash 2,5,31,32 5,102,563 - 5,102,563 4,296,145 - 4,296,145
Trade & Other Receivables 2,6,31,32 49,569,648 - 49,569,648 56,909,486 - 56,909,486
Inventories 2,7,32 10,774,845 - 10,774,845 10,930,059 - 10,930,059
Other Current Assets 2,8,32 4,885,875 - 4,885,875 5,281,001 - 5,281,001
70,332,931 - 70,332,931 77,416,690 77,416,690
Noncurrent Assets -
Property & Equipment 2,9,22,24,26,32 55,255,414 - 55,255,414 57,331,902 - 57,331,902
Other Noncurrent Assets 2,10,32 2,328,568 - 2,328,568 2,148,568 - 2,148,568
57,583,982 57,583,982 59,480,470 59,480,470
TOTAL ASSETS 127,916,913 - 127,916,913 136,897,161 - 136,897,161
LIABILITIES & EQUITY
Current Liabilities
Trade & Other Payables 2,11,31,32 53,483,413 - 53,483,413 19,572,520 - 19,572,520
Other Current Liabilities 2,12,29,32 49,874 - 49,874 49,874 - 49,874
Loans Payable 2,13,31,32 - - - 4,812,500 - 4,812,500
53,533,287 - 53,533,287 24,434,894 - 24,434,894
Noncurrent Liabilities
Accounts Payable-Others 2,14,32 - - 10,634,105 - 10,634,105
Miscellaneous Deposits 2,14,32 - - 12,871,451 - 12,871,451
23,505,556 23,505,556

Fund Balance -
Contributed Capital 2,15,32 1,200,000 - 1,200,000 1,200,000 - 1,200,000
Donated Surplus 2,16,32 30,923,481 - 30,923,481 30,968,631 - 30,968,631
Cumulative Fund 2,17,18,32 42,260,144 - 42,260,144 56,788,080 - 56,788,080
74,383,626 - 74,383,626 88,956,711 - 88,956,711
TOTAL LIABILITIES & EQUITY 127,916,913 127,916,913 136,897,161 - 136,897,161

At May 31, 2009

(end of last period presented under previous GAAP)

Effect of
Previous transition to
Notes GAAP PFRS PFRS
REVENUES 4,11 #REF! - #REF!
Cost of Sales and Services 4,11 #REF! - #REF!
Gross Profit #REF! - #REF!
Other Income 0 #REF! - #REF!
Gross Income #REF! - #REF!
Administrative Expenses #REF! #REF! - #REF!
Distribution Cost #REF! #REF! - #REF!
Finance Cost #REF! #REF! - #REF!
Total #REF! #REF!

EXCESS OF REVENUES OVER EXPENSES #REF! - #REF!

 Page 5 of 17

RAMMAR FARM SUPPLY

Poblacion, Urdaneta City, Pangasinan
Notes to Financial Statements
December 31, 2020 and 2019

1. RAMMAR FARM SUPPLY INFORMATION

The company was organized under the laws of the Republic of the Philippines and duly registed with th
Department of Trade and Industry as RAMMAR FARM SUPPLY, owned and managed by Ms. Josefina M. Ramo
The company is engaged in business of contracting for the purchase and sale of all kinds of agricultural or farm
products as well as customized products for domestic food service account; to buy, sell, market and trade.
The company's registered office address which is also the principal place of business is located at Poblacio
Urdaneta City, Pangasinan
2. STATUS OF OPERATION
The accompanying financial statements have been prepared on a going concern basis, which contemplate th
realization of assets and settlement of liabilities in the normal course of business.
3. BASIS OF PREPARATION
Statement of Compliance
The accompanying financial statements have been prepared in accordance with Philippine Financial Reportin

Standards (PFRS) for Small Entities (SE’s) issued by the Philippine Financial Reporting Standards Council.
Basis of Measurement
The financial statements of the Company have been prepared on historical cost basis and they are presented i
Philippine Peso, which is the Company’s functional and presentation currency.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are set out below
These policies have been consistently applied to all the years presented, unless otherwise stated.
Cash
Cash includes cash in bank that are unrestricted and available for current operations. This is stated in th
statement of financial position at face amount.
Accounts Receivable
Trade receivables, which are based on normal credit terms and do not bear interest, are recognized and carrie
at original invoice amounts. Where credit is extended beyond normal credit terms, receivables are measured a
amortized cost using the effective interest method. At the end of each reporting period, the carrying amounts o
trade are reviewed to determine whether there is any objective evidence that the amounts are not recoverabl
If so, an impairment loss is recognized immediately in profit or loss.

Inventories
Inventories are assets which are held for sale in the ordinary course of business, in the process of production fo
such sale or in the form of materials or supplies to be consumed in the production process or in the rendering o
services. Inventories are valued at the lower of cost and net realizable value.
Inventories are stated at the lower of cost or market value (e.e., the probable selling price to willing buyers as a
the reporting date). Cost is determined using the first-in, first out (FIFO) method.

Property and Equipment

Property and equipment are initially measured at its cost and subsequently measured at cost less an
accumulated depreciation/amortization and any accumulated impairment losses.
The initial cost of property and equipment comprises of its purchase price and any costs directly attributable t
bringing the asset to the location and condition necessary for it to be capable of operating in the manne
intended by management.
 Page 6 of 17

The initial cost of property and equipment comprises of its purchase price and any costs directly attributable t
bringing the asset to the location and condition necessary for it to be capable of operating in the manne
intended by management.
A part of some items of property and equipment may require replacement at regular interval. The entity decide
not to add to the carrying amount of an item of property and equipment the cost of replacing part of such an item
when that cost is incurred if the replacement part is expected not to provide incremental future benefits to th
entity.
The entity derecognises an item of property and equipment on disposal, or when no future economic benefi
are expected from its use or disposal. The entity recognises the gain or loss on derecognition of an item o
property and equipment in profit or loss when the item is derecognised. The entity not classifies such gains a
revenue. The entity determines the gain or loss arising from derecognition of an item of property and equipmen
as the difference between the net disposal proceeds, if any, and the carrying amount of the item.

The Company assesses as at reporting date whether there is an indication that an asset may be impaired. If an
such indication exists, or when annual impairment testing for an asset is required, the Company makes a
estimate of the asset’s recoverable amount. An asset’s recoverable amount is calculated as the higher of th
asset’s or cash-generating unit’s fair value less costs to sell and its value in use or its net selling price and
determined for an individual asset, unless the asset does not generate cash inflows that are largely independen
of those assets or groups of assets. Where the carrying amount of an asset exceeds it recoverable amount, th
asset is considered impaired and is written down to its recoverable amount. In assessing value in use, th
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflec
current market assessment of the time value of money and the risks specific to the asset. Impairment losses ar
recognized in the statements of income in those expense categories consistent with the function of the impaire
asset.
An assessment is made at each reporting date as to whether there is an indication that previously recognize
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amoun
is estimated. A previously recognized impairment loss is reversed only if there has been a change in th
estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized.
that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amoun
cannot exceed the carrying amount that would have been determined, net of depreciation and amortization, ha
no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statements o
income unless the asset is carried at revalued amount, in which case the reversal is treated as revaluatio
increase. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset
revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

Income Tax Payable

The tax currently payable for the year is computed based on applicable tax rates based on existing tax laws.

Owner's Equity
Equity account pertains to the investment by the owner, plus additions earned through profitable operation
minus reductions of personal withdrawal by the owner.
Revenue recognition
Revenue is recognized when it is probable that the economic benefits associated with the transaction will flow t
the Company and the amount of the revenue can be measured reliably.

Revenue is measured at the fair value of the consideration received or receivable and represents amoun
receivable for goods or services provided in the normal course of business.
Cost and expense recognition
Expenses are decreases in economic benefits in the form of decreases in assets or incurrence of liabilities tha
result in decreases in equity. Expenses are generally recognized when the services are received or when th
expenses are incurred.
 Page 7 of 17
Expenses are decreases in economic benefits in the form of decreases in assets or incurrence of liabilities tha
result in decreases in equity. Expenses are generally recognized when the services are received or when th
expenses are incurred.

Income tax
Income tax expense includes current tax expense. The current tax expense is based on taxable profit for the year

5. CASH
Cash consists of cash on hand and cash deposited in local banks. These items are set aside for current purpose
and measure at face value.
2020
Petty cash fund 20,000.00
Cash in bank 1,780,000.00
Total 1,800,000.00

6. ACCOUNTS RECEIVABLES
This account consists of:
2020
Accounts Receivable 120,000.00
Total 120,000.00

7. INVENTORIES
This account consists of:
2020
Inventories 126,642.00
Total 126,642.00

8. PROPERTY AND EQUIPMENT

Property and Equipment consist of the following:
December 31, Retirement /
Cost Addition
2019 (Disposal)
Truck 1 800,000.00 -
Truck 2 450,000.00 -
Furnitures & Fixtures 150,000.00 -
1,400,000.00 - -
Less: Accumulated. Depreciation
Truck 1 200,000.00 100,000.00
Truck 2 135,000.00 25,000.00
Furnitures & Fixtures 45,000.00 15,000.00
380,000.00 140,000.00 -
Carrying Value 1,020,000.00

Depreciation Expense 2020

Truck 1 100,000.00
Truck 2 25,000.00
Furnitures & Fixtures 15,000.00
Total 140,000.00

Depreciation is computed on a straight line method over the estimated useful life of the assets.

9. REVENUE AND COST RECOGNITION

 Page 8 of 17

2020
SALES 6,013,385.00
Total 6,013,385.00

Revenue is recognized to the extent that is probable that the economic benefits will flow to the Company and th
amount of revenue can be reliably measured.

Cost of Sales 2020

Merchandise Inventory, beg. 127,838.00
Purchases (Net) 5,057,362.00
Exempt Purchases -
Total Goods Available for Sales 5,185,200.00
Merchandise Inventory, end 126,642.00
Total 5,058,558.00

10. DISTRIBUTIVE COST

2020
Depreciation 140,000.00
Entertainment, Amusement & Recreation -
Rentals 357,180.00
Salaries, Allo. & 13th month 32,000.00
Transportation and Travel -
Total 529,180.00

11. ADMINISTRATIVE EXPENSES

2020
SSS, PHIC, Pag-ibig 19,000.00
Taxes and licenses 61,528.74
Total 80,528.74
Administrative expense are recognized in the statement of income on the date they are incurred.

12. SUPPLEMENTARY TAX INFORMATION UNDER REVENUE REGULATION NO. 15-2010 AND 19-2011

On November 25, 2010, The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) 15-2010, whic
required certain information on taxes, duties and license fees paid or accrued during taxable year to be disclose
as part of the notes to financial statements. This supplemental information, which is an addition to th
disclosures mandated under PFRS for SEs, is presented as follows:

(a) Output VAT Net

SALES
Taxable Revenue
Regular 6,013,385.00
Total 6,013,385.00

(b) Input VAT

Net Purchases
Purchase of Capital Goods not exceeding P1Million 5,057,362.00
Total 5,057,362.00

Taxes and Licenses

 Page 9 of 17

This account consists of: 2020

BIR - Annual Registration Fee 500.00
Taxes & Lisc. 61,028.74
Total 61,528.74
 Page 10 of 17

RAMMAR FARM SUPPLY

Poblacion, Urdaneta City, Pangasinan
otes to Financial Statements
December 31, 2020 and 2019

r the laws of the Republic of the Philippines and duly registed with the
as RAMMAR FARM SUPPLY, owned and managed by Ms. Josefina M. Ramos.
s of contracting for the purchase and sale of all kinds of agricultural or farm
ducts for domestic food service account; to buy, sell, market and trade.
dress which is also the principal place of business is located at Poblacion

ents have been prepared on a going concern basis, which contemplate the
of liabilities in the normal course of business.

ents have been prepared in accordance with Philippine Financial Reporting

(SE’s) issued by the Philippine Financial Reporting Standards Council.

mpany have been prepared on historical cost basis and they are presented in
ny’s functional and presentation currency.

pplied in the preparation of these financial statements are set out below.
y applied to all the years presented, unless otherwise stated.

e unrestricted and available for current operations. This is stated in the

e amount.

on normal credit terms and do not bear interest, are recognized and carried
credit is extended beyond normal credit terms, receivables are measured at
nterest method. At the end of each reporting period, the carrying amounts of
hether there is any objective evidence that the amounts are not recoverable.
ed immediately in profit or loss.

d for sale in the ordinary course of business, in the process of production for
or supplies to be consumed in the production process or in the rendering of
he lower of cost and net realizable value.
of cost or market value (e.e., the probable selling price to willing buyers as at
ned using the first-in, first out (FIFO) method.

ally measured at its cost and subsequently measured at cost less any
tion and any accumulated impairment losses.
ipment comprises of its purchase price and any costs directly attributable to
and condition necessary for it to be capable of operating in the manner
 Page 11 of 17

d equipment may require replacement at regular interval. The entity decides

an item of property and equipment the cost of replacing part of such an item
placement part is expected not to provide incremental future benefits to the

property and equipment on disposal, or when no future economic benefits

sal. The entity recognises the gain or loss on derecognition of an item of
r loss when the item is derecognised. The entity not classifies such gains as
gain or loss arising from derecognition of an item of property and equipment
sposal proceeds, if any, and the carrying amount of the item.

ng date whether there is an indication that an asset may be impaired. If any

nual impairment testing for an asset is required, the Company makes an
amount. An asset’s recoverable amount is calculated as the higher of the
r value less costs to sell and its value in use or its net selling price and is
unless the asset does not generate cash inflows that are largely independent
Where the carrying amount of an asset exceeds it recoverable amount, the
s written down to its recoverable amount. In assessing value in use, the
scounted to their present value using a pre-tax discount rate that reflects
me value of money and the risks specific to the asset. Impairment losses are
ome in those expense categories consistent with the function of the impaired

orting date as to whether there is an indication that previously recognized

xist or may have decreased. If such indication exists, the recoverable amount
zed impairment loss is reversed only if there has been a change in the
set’s recoverable amount since the last impairment loss was recognized. If
t of the asset is increased to its recoverable amount. That increased amount
that would have been determined, net of depreciation and amortization, had
d for the asset in prior years. Such reversal is recognized in the statements of
at revalued amount, in which case the reversal is treated as revaluation
e depreciation charge is adjusted in future periods to allocate the asset’s
sidual value, on a systematic basis over its remaining useful life.

ar is computed based on applicable tax rates based on existing tax laws.

estment by the owner, plus additions earned through profitable operations

rawal by the owner.

obable that the economic benefits associated with the transaction will flow to
revenue can be measured reliably.

alue of the consideration received or receivable and represents amounts

vided in the normal course of business.

c benefits in the form of decreases in assets or incurrence of liabilities that

nses are generally recognized when the services are received or when the
 Page 12 of 17

t tax expense. The current tax expense is based on taxable profit for the year.

ash deposited in local banks. These items are set aside for current purposes

2019
20,000.00
1,980,000.00
2,000,000.00

2019
150,000.00
150,000.00

2019
127,838.00
127,838.00

December 31,
2020
800,000.00
450,000.00
150,000.00
1,400,000.00

300,000.00
160,000.00
60,000.00
520,000.00
880,000.00

2019
100,000.00
25,000.00
15,000.00
140,000.00

ght line method over the estimated useful life of the assets.
 Page 13 of 17

2019
19,049,955.80
19,049,955.80

that is probable that the economic benefits will flow to the Company and the
measured.

2019
355,961.00
17,591,798.44
-
17,947,759.44
127,838.00
17,819,921.44

2019
140,000.00
10,000.00
357,180.00
200,000.00
60,000.00
767,180.00

2019
19,000.00
36,084.06
55,084.06
zed in the statement of income on the date they are incurred.

TION UNDER REVENUE REGULATION NO. 15-2010 AND 19-2011

u of Internal Revenue (BIR) issued Revenue Regulation (RR) 15-2010, which

es, duties and license fees paid or accrued during taxable year to be disclosed
statements. This supplemental information, which is an addition to the
or SEs, is presented as follows:

Output VAT

721,606.20
721,606.20

Input Tax
606,883.44
606,883.44
 Page 14 of 17

2019
500.00
35,584.06
36,084.06
 RAMMAR FARM SUPPLY
Poblacion, Urdaneta City, Pangasinan
STATEMENT OF FINANCIAL POSITION
As of December 31, 2020 and 2019

ASSETS 2020 2019

CURRENT ASSETS - -
Cash on Hand
Petty cash fund 20,000.00 20,000.00
Cash in bank 1,780,000.00 1,980,000.00
Accounts Receivable 120,000.00 150,000.00
Inventory 126,642.00 127,838.00
Other Current Assets (CIT)
Total Current Asset 2,046,642.00 2,277,838.00
NON-CURRENT ASSETS
Property Plant and Equipment:
Truck 1 600,000.00 700,000.00
Truck 2 315,000.00 340,000.00
Furnitures & Fixtures 105,000.00 120,000.00
Total 1,020,000.00 1,160,000.00
Less: Depreciation 140,000.00 140,000.00
Carrying value 880,000.00 1,020,000.00
Intangible Asset
Total Noncurrent Asset 880,000.00 1,020,000.00
TOTAL ASSETS 2,926,642.00 3,297,838.00
LIABILITIES AND CAPITAL
LIABILITIES
Accounts payable
Trade Payable
Other Payables - Accrued Expenses
- -
Income Tax Payable -
Owner's equity
Capital beg. 3,297,838.00 3,215,961.00
Net Income 345,118.26 407,770.30
Additional Investment - -
Total 3,642,956.26 3,623,731.30
Drawings 716,314.26 325,893.30
Total 2,926,642.00 3,297,838.00
Prior period adjustments
Total 2,926,642.00 3,297,838.00
TOTAL LIABILITIES AND CAPITAL 2,926,642.00 3,297,838.00
- -
Statement of Financial Performance
For the year December 31, 2020 and 2019
GROSS SALES 6,013,385.00 19,049,955.80
LESS: COST OF SALES
Merchandise Inventory, beg. 127,838.00 355,961.00
Purchases (Net) 5,057,362.00 17,591,798.44
Exempt Purchases
Total Goods Available for Sales 5,185,200.00 17,947,759.44
Merchandise Inventory, end 126,642.00 127,838.00
Total 5,058,558.00 17,819,921.44
GROSS PROFIT 0.1587836135554 954,827.00 1,230,034.36
OTHER INCOME - -
LESS: OPERATING EXPENSES:
Depreciation 140,000.00 140,000.00
Entertainment, Amusement & Recreation 10,000.00
Rentals 357,180.00 357,180.00
Representation Expense
Salaries, Allo. & 13th month 32,000.00 200,000.00
Supplies
Transportation and Travel 60,000.00
Utilities
DISTRIBUTATIVE COST 529,180.00 767,180.00
Communication, light and water
SSS, PHIC, Pag-ibig 19,000.00 19,000.00
Taxes and licenses 61,528.74 36,084.06
ADMINISTRATIVE EXPENSES 80,528.74 55,084.06
Miscellaneous expense
OTHER EXPENSES - -
TOTAL OPERATING EXPENSES 609,708.74 822,264.06
PROFIT 345,118.26 407,770.30
Less: Provision for income tax 0% - -
Net Income before tax 345,118.26 407,770.30
Tax Due
Net Income after TAX 345,118.26 407,770.30
Statement of Cash Flows
As of December 31, 2020 and 2019
CASH FLOWS FROM OPERATING ACTIVITIES: 2020 2019
Net income (after tax) 345,118.26 407,770.30
Adjfor: Depreciation 140,000.00 140,000.00
Changes in Operating Assets & Liabilities:
(Increase) Decrease in accounts receivable 30,000.00 (150,000.00)
(Increase) Decrease in inventories 1,196.00 (127,838.00)
(Increase) Decrease in other current assets - -
Increase(Decrease) in trade and other payable - -
Increase (Decrease) in accrued expenses -
Increase (Decrease) in income tax payable - -
CASH GENERATED FROM (USED IN) OPERATION 516,314.26 269,932.30
CASH FLOW FROM INVESTING ACTIVITIES
Net addition to Property and Equipment
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES - -
CASH FLOW FROM FINANCING ACTIVITIES
Decrease in capital
Payment for Property and Equipment -
Capital Infusion - 2,055,961.00
Personal Drawing (716,314.26) (325,893.30)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (716,314.26) 1,730,067.70
NET INCREASE IN CASH (200,000.00) 2,000,000.00
CASH, BEG. 2,000,000.00
CASH, ENDING BALANCE 1,800,000.00 2,000,000.00

Output VAT Net Revenue Output Vat

Taxable Revenue 6,013,385.00 721,606.20

Input VAT Net Purchases Input Tax

Purchase of Capital Goods not exceeding P1Million 5,057,362.00 606,883.44

Schedule of Taxes and Licenses

Particulars Amount Amount
BIR - Annual Registration Fee 500.00 500.00
Business Permit
Bureau of Fire & Protection
Real Property Tax
Taxes & Lisc. 61,028.74 35,584.06
Total 61,528.74 36,084.06

Schedule of Depreciation
PPE - -
Building 600,000.00 700,000.00
Service Vehicles 315,000.00 340,000.00
Equipment - 1,020,000.00 1,160,000.00

- 1,935,000.00 2,200,000.00