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31-BSA-01

Financial Accounting Reporting III

FRIENDSHIPS CO.
Statement of Financial Position
December 31, 20X1

ASSETS Notes
Current Assets
Cash and Cash Equivalents 4 Php 62350
Trade and Other Receivables 5 4178625
Inventories 6 22117615
Held-for-Trading Securities 2834079
Prepaid Expenses 7 946013
TOTAL CURRENT ASSETS 39,350,144
Noncurrent Assets
Loan Receivable 8592522
Investment in Equity Securities-FVOCI
Investment in Associate
Land
Building
Note 4 Cash and Cash Equivalents

Cash on Hand Php 62,350


Cash-in-Bank BPI (savings) 1,720,500
Cash-in-Bank BPI (current) 1,890,234
Cash-in-Bank BD) (current) 567,891
Total Cash and Cash Equivalents Php 4,240,975

Note 5 Trade and Other Receivables

Accounts Receivable Php 8,341,689


Allowance for Doubtful Accounts (347,182)
Interest Receivable 946,013
Advance to Employees 57,610
Advance to Suppliers 34,981
Total Trade and Other Receivables Php 9,033,111

Note 6 Inventories

Raw materials inventory Php 7, 987,908


Work in process inventory 12,892,309
Finished Goods Inventory 234,125
Total Inventories Php 22,117,615

Note 7 Prepaid Expenses

Prepaid Income Tax Php234,125


Prepaid Supplies 890,239
Total Prepaid Expenses Php1,124,364

Note 8 Property, Plant and Equipment

Land Php3,980,751
Building 3,419,877
Equipment 917,387
Total 13,318,015
Less: Accumulated Depreciation Expense-Bldg 712,930
Accumulated Depreciation Expense-Eqpt 234,125
Carrying Amount Php12,370,960

Note 9 Trade and Other Payables

Accounts Payable Php 9,071,239


Accrued Liabilities 889,712
Income Tax Payable 721,346
Interest payable 341,782
Loans Payable 8,000,000
Discount on Loans Payable (746,252)
Total Trade and Other Payables Php 18,277,827