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INACC Problem 2-3

The document is a statement of financial position for Ji Chang Wook Grocery as of December 2020. It shows total current assets of ₱1,935,000 consisting of cash, accounts receivable, inventory, supplies and prepaid rent. Non-current assets total ₱535,000 including equipment and buildings. Total liabilities are ₱552,000 comprising current liabilities of ₱202,000 and non-current liabilities of ₱350,000. Owner's equity is ₱1,918,000 consisting of capital and drawings. The total position is ₱2,470,000.

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Luigi Enderez Balucan
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212 views3 pages

INACC Problem 2-3

The document is a statement of financial position for Ji Chang Wook Grocery as of December 2020. It shows total current assets of ₱1,935,000 consisting of cash, accounts receivable, inventory, supplies and prepaid rent. Non-current assets total ₱535,000 including equipment and buildings. Total liabilities are ₱552,000 comprising current liabilities of ₱202,000 and non-current liabilities of ₱350,000. Owner's equity is ₱1,918,000 consisting of capital and drawings. The total position is ₱2,470,000.

Uploaded by

Luigi Enderez Balucan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Lee Min Ho

Statement of Financial Position


As of December 2020

ASSET
Current Assets
Cash and Cash Equivalents ₱800,000.oo
Accounts Receivable 450,000.oo
Inventories 900,000.oo
Office Supplies Unused 50,000.oo
Prepaid rent 150,000.oo
Total current Assets ₱2,350,000.oo
Non-Current assets
Long term Investments ₱950,000.oo
Property Plants and Equipment ₱5,600,000.oo
Accumulated Depreciation 1,200,000.oo 4,400,000.oo
Patent 800,000.oo
Total Non-Current asset ₱6,150,000.oo
Total Assets ₱8,500,000.00

LIABILITIES
Current Liabilities
Accounts Payable ₱350,000.oo
Note Payable short term 200,000.oo
Accrued expense 100,000.oo
Total Current liabilities ₱650,000.oo
Non-Current liabilities
Note payable long term debt ₱500,000.oo
Mortgage Payable due in 5 years 1500,000.oo
Total Non-Current Assets ₱2,000,000.oo
Total Liabilities ₱2,650,000.oo

SHAREHOLDER'S EQUITY
Share Capital ₱4,000,000.oo
Share Premium 500,000.oo
Retained Earnings 1,350,000.oo
Total Shareholders’ Equity ₱5,850,000.oo
Total Liabilities and Shareholders’ Equity ₱8,500,000.oo
Ji Chang Wook Grocery
Statement of Financial Position
As of December 21, 2020
(in thousands of pesos in the
Philippines)
ASSET
Current Asset
Cash in Bank P 780,000
Accounts Receivable P120,OOO
Estimated Uncollectable Accounts 5,000 115,000
Merchandise Inventory 960,000
Unused Supplies Inventory 25,000
Accrued Income 30,000

Prepaid Rent 25,000


Total Current asset P1,935000
Non- Current Asset
Store Equipment 150,000
Accumulated Depreciation 15,000 135,000
Building 500,000
Accumulated Depreciation 100,000 400,000
Total Non-Current Assets P535,000
Total assets P 2,470,000

LIABILITIES
Current liabilities
Accounts Payable P 102,000
Notes Payable 50,000
Accrued Expense 20,000
Unearned Income 30,000
Total Current Liabilities P202,000
Non-Current Liablilities
Note payable due in three years P300,000
Chattel Mortgage 50,000
Total Non-Current Liabilities P350,000
Total Liabilities P552,000

OWNER'S EQUITY
SJK Capital P1,938,000
SJK Drawings 20,000
SJK Capital 1,918,00
Total Liabilities and OE P2,470,000

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