Father Saturnino Urios University

ACCOUNTANCY PROGRAM

San Francisco St. Butuan City

An Outcome Based Education

Presented to

Kezia Theresse D. Mordeno, CPA

A Faculty of Accountancy Program

In Partial Fulfillment

Of the Requirements for the Course

Acctg 305B

(Financial Accounting 3)

By:

Lajos, Christy Joy E.

Mabras, Hanna Niña B.

Manlapas, Chinna Jean L.

Requirme, Andrea Louise M.

October 2017
 Petty Cash Fund Cash

30,000 18,625 528,000 30,000

4,755 5,000 53,720
36,000 1,375
73,470 76,900
1,092 10,670
2,250,000 28,500
208,000
31,500
16,130 3,984,470

Accounts Receivable Marketable Securities

1,809,330 76,230 251,090 14,740
53,700
31,500
1,818,300 236,350

Allowance for Doubtful Accounts Allowance for decline in value of Securities

76,230 55,180 9,270
47,309.80

26,259.80 9,270

Interest Income Prepaid Advertising

12,021 320,000 162,500

12,021 157,500

Prepaid Rent Prepaid Insurance

210,000 140,000 245,000 200,000

70,000 45,000
 Inventory Unused Office Supplies
3,637,450 51,250 51,250
110,000 178,000 180,500
76,900 69,250
3,525,850 231,750

Land Building
5,625,000 16,875,000

5,625,000 16,875,000

Machinery Delivery Equipment

1,393,000 425,000 1,385,000 82,760
675,000
10,670
968,000 1,987,910

Accumulated Depreciation Investment Property

69,310 588,750 10,500,000
335,750 5,240

188,930 10,500,000

Furniture and Fixtures Other Assets

649,200 274,000

649,200 274,000

Service Income Accounts Payable

50,000 858,160
81,667 36,000

131,667 984,160
Accrued Interest Receivable Unearned Service Income
12,021 50,000 320,000
81,667

12,021 188,333

Accounts Payable Income Tax Payable

36,000 440,164
5,625,000
16,875,000
1,393,000
675,000
10,500,000
67,330
250,000
5,760,000
41,181,330 440,164

Loan Payable Bonds Payable

1,300,000 2,500,000

1,300,000 2,500,000

Accrued Interest Payable Discount on Bonds Payable

25,644 250,000
50,000 33,333
75,644 283,333
 Sales Cost of Goods Sold
6,539,000 178,000 4,017,000
73,470 69,250
6,612,470 3,769,750

Loss on Litigation Retained Earnings

250,000 270,000 1,213,526

250,000 943,526

Paid in Capital Dividends Payable

2,700,000 270,000

2,700,000 270,000

Expenses Notes Receivable

18,625 4,755 3,637,450 5,000

13,870 3,632,450

Advertising Expense Rent Expense

162,500 140,000

162,500 140,000

Insurance Selling Expense

200,000 28,500

200,000 28,500
 Loss on Disposal Depreciation Expense
89,250 5,240
13,450
102,700 5,240

Accrued Expense Interest Expense

67,330 84,520 208,000
25,644
150,000
50,000
33,333
17,190 466,977
 MALAYA MERCHANTS CORPORATION
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2010

CURRENT ASSETS
Petty cash fund P 16,130
Cash 3,543,825
Marketable securities 236,250
Allowance for decline in value of securities (9,270)
Accounts receivable – trade 1,818,300
Allowance for doubtful accounts (26,259.80)
Note receivable 3,632,450
Inventories 3,525,850
Prepaid advertising 157,500
Prepaid insurance 45,00
Prepaid rent 70 000
Office supplies _231,750
Total Current Assets 13,241,525.20
NONCURRENT ASSETS
Furniture and fixtures 649,200
Delivery equipment 1,987,910
Land 5,625,000
Building 16,875,000
Machinery 968,000
Inventory property 10,500,000
Accumulated Depreciation (188,930)
Other assets __274,000
Total non-current asset 36,690,180
TOTAL ASSETS P 49,931,432.20

LIABILITES
Current Liabilities
Accounts payable – trade 41,181,330
Accrued interest payable 75,644
Notes payable 1,650,000
Accrued expenses 17,190
Income tax payable 440,164
Unearned service income _188,333
Total Current Liabilities 43,552,661
Noncurrent Liabilities
Bonds payable 2,500,000
Discount on bonds payable _(283,333)
Total Non-Current Liabilities _2,216,667

SHAREHOLDER’S EQUITY
Paid-in capital 2,700,000
Retained earnings 943,526
Total Shareholder’s Equity 1,756,474
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY P 47,525,802
 MALAYA MERCHANTS CORPORATION
PROFIT AND LOSS
Year Ended December 31, 2016

Sales P 6,612,470
Cost of goods sold (3,767,750)
Gross income 2 842 720
Other income 726 750
Service income 131 667
Total income 3 701 147
Expenses (13 870)
Advertising Expense (162 500)
Rent Expense (140 000)
Insurance
(200,000)
Interest Expense (466 977)
Loss on litigation (250 000)
Loss on disposal (102 700)
Depreciation Expenses (5 240)
Other charges (312 640)
Income Tax Payable (440 161)
Net Income 1 607 056
Retained Earnings, beg 396 080
Cash dividend (270 000)
Retained Earnings 1 733 136
Paid-in capital 2 700 000
Capital 4 433 136