Evocative Projected Fs

THE EVOCATIVE ESSENTIAL OIL AND SCENTED CANDLES
PROJECTED STATEMENT OF FINANCIAL POSITION

AS OF DECEMBER 31, 2022
(Amounts in Philippine Peso)
2022
ASSETS
Current Assets
Cash (Note 4) 671,912
Inventories (Note 5) 961,800
Prepayments (Note 6) 10,000
Total Current Assets 1,643,712
Non-Current Assets
Property and equipment - net (Note 7) 146,813
Other non-current assets (Note 8) 10,000
Total Non-Current Assets 156,813
TOTAL ASSETS 1,800,524
LIABILITIES AND PARTNERS' EQUITY
Current Liability
Trade and other payables (Note 9) 5,500
Total Current Liability 5,500
Total Liability 5,500
Partners' Equity (Note 10)

A. Bocabel Capital 359,005
A. Flores Jr. Capital 359,005
J. Laurel Capital 359,005
B. Vasquez Capital 359,005
C.Remulla Capital 359,005
Total Partners' Equity 1,795,024
TOTAL LIABILITIES AND PARTNERS' EQUITY 1,800,524

See Notes To Financial Statements
PROJECTED STATEMENT OF INCOME
FOR YEAR ENDED DECEMBER 31, 2022
2022
REVENUES (Note 11) 1,297,800
COST OF SALES (Note 12) (726,497)
GROSS INCOME 571,303
ADMINISTRATIVE EXPENSES (Note 13) (276,278)
LOSS BEFORE TAX 295,024
INCOME TAX BENEFIT (Note 14) -
NET LOSS AFTER TAX 295,024

PROJECTED STATEMENTS OF PARTNERS' IN EQUITY
2022
Partners' Equity (Note 10) A. Bocabel A. Flores Jr. J. Laurel B. Vasquez C.Remulla TOTAL
Partners' Capital Beg. 300,000 300,000 300,000 300,000 300,000 1,500,000
Share on Net Income 59,005 59,005 59,005 59,005 59,005 295,024
Partners' Capital End. 1,795,024 359,005 359,005 359,005 359,005 1,795,024
Profit Sharing Ratio 20% 20% 20% 20% 20% 100%
Total Shareholders' Equity P 1,795,024

PROJECTED STATEMENT OF CASH FLOWS
2022
Cash Flows from Operating Activities

Net Loss 295,024
Adjustments to reconcile net income to net cash
from operating activities:
Increase in:
Inventories (961,800)
Prepayments (10,000)
Other Non-Current Asset (10,000)
Trade and Other Payables 5,500
Total adjustment (976,300)
Cash from operations (681,276)
Net Cash from Operating Activities (681,276)
Cash Flow from Investing Activity

Acquisitions of property and equipment (Note 7) (146,813)
Net Cash used in Investing Activity (146,813)
Cash Flow from Financing Activities

Contributed Capital 1,500,000
Net Cash Provided by Financing Activities 1,500,000
Net Increase in Cash 671,912
Cash at the beginning of the year -
Cash at the end of the year 671,912

Notes to Financial Statements
1. CORPORATE INFORMATION
THE EVOCATIVE ESSENTIAL OIL AND SCENTED CANDLES (the Company) was formed in the
Philippines and registered with the Securities and Exchange Commission (SEC) on February 21, 2022.
That the purpose/s for which this partnership is formed is to establish a business that provides a high
quality of scent products which are the scented candles and essential oils that sustain the values and
lifestyle of Filipino people. Moreover, they can express their personality and evoke a memory of an
experience.
The Company’s principal office is located at Barangay Zone 4 Commercial Building near the Municipal Hall
of Dasmariñas City, Cavite.
The projected financial statements of the Company as of June 12, 2022 and for the period from Februay
21, 2022 to December 31, 2022 were authorized for issue by the partners on June 1, 2022. The BOD is
empowered to make revisions on financial statements even after the date of issue.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies applied in the preparation of these financial statements are set forth to
facilitate the understanding of data presented in the financial statements. These policies have been
consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of Preparation of Financial Statements
(a) Statement of Compliance with Philippine Financial Reporting
The financial statements have been prepared in accordance with the appropriate Financial Reporting
Framework in conformity with the Philippine Financial Reporting Standard (PFRS) for Small Entities
(SEs) issued by the Philippine Financial Reporting Standards Council. The significant accounting
policies applied in the preparation of these financial statements are disclosed in this note.
The financial statements have been prepared using the measurement bases specified by the PFRS
for SEs for each type of asset, liability, income and expense. These financial statements have been
prepared on the historical cost convention and are drawn up in accordance with the provisions of the
PFRS for SEs.
Moreover, Republic Act No. 11232 or the Act Providing for the Revised Corporation Code (“the
Revised Code”) which took effect on February 23, 2019 have been applied in preparing these
financial statements. The Company adopted “the Revised Code” and the extent of the impact has
been determined. None of these is expected to have a significant effect on the financial statements
of the Company which was adopted for the Company’s calendar year 2022 financial statements.
(b) Functional and Presentation Currency
Items included in the financial statements of the Company are measured using the functional
currency. Functional currency is the currency of the primary economic environment in which the
Company operates. The financial statements are presented in Philippine peso (₱), the Company’s
functional and presentation currency.
1
2.2 Cash
Cash includes cash in bank and petty cash fund and these items are measured at face value.
2.3 Inventories
An entity shall measure inventories at the lower of cost or market value.
An entity shall include in the cost of inventories all costs of purchase, costs of conversion and other costs
incurred in bringing the inventories to their present location and condition.
The costs of purchase of inventories comprise the purchase price, import duties and other taxes (other
than those subsequently recoverable by the entity from the taxing authorities), and transport, handling and
other costs directly attributable to the acquisition of finished goods, materials and services. Trade
discounts, rebates and other similar items are deducted in determining the costs of purchase.
2.4 Prepayments and other assets
Prepayment and other current assets pertain to other resources controlled by the Company as a result of
past events. They are recognized in the financial statements when it is probable that the future economic
benefits will flow to the Company and the asset has a cost or value that can be measured reliably.
Other recognized assets of similar nature, where future economic benefits are expected to flow to the
Company beyond one year after the end of the reporting period or in the normal operating cycle of the
business, if longer, are classified as non-current assets.
Prepayments and other current assets consist of advance rental payment and prepaid taxes and which the
company expect to consume and receive within one year after the reporting period. These are measured
at the transaction cost.
2.5 Refundable deposits
Refundable deposits represent amount paid as a security for the lease of properties that is to be received
from the lessor at the end of the lease period. Deposits made are initially recognized at transaction price
and subsequently measured at amortized cost.
Security deposit refundable upon the lease expiration is accounted for as an asset in the statements of
financial position. It is classified as current when the security deposit is expected to be returned to the
Company within one year after the end of the reporting period. Otherwise, this is classified as noncurrent
asset.
The security deposit paid, less any amounts due to the lessor is returned to the Company at the end of the
lease period.
2.6 Property and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any
accumulated impairment losses. The cost of an asset comprises its purchase price and directly
attributable costs of bringing the asset to working condition for its intended use. Expenditures for
additions, major improvements and renewals are capitalized, expenditures for repairs and maintenance
are charged to expense during the period in which they are incurred.
2
Depreciation on property & equipment is calculated using the straight-line method over their estimated
useful lives. The useful lives of the depreciable assets are as follows:
In Years
Office Equipment 5
Furniture and Fixture 5
If there is an indication that there has been a significant change in the useful life or residual value of an
asset, the depreciation of that asset is revised prospectively to reflect the new expectations.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount (see Note 2.9)
Gains and losses on disposals of property, plant and equipment are determined by comparing the
proceeds with the carrying amount of the item and are recognized as part of Other Income in statement of
income.
2.7 Trade and other payables
Trade and other payables are measured initially at transaction price (including transaction costs) which is
the undiscounted amount owed to the supplier, which is normally the invoice price , and subsequently
measured at the undiscounted amount of cash or other consideration expected to be paid (i.e. net of
impairment).
Accrued payable are liabilities to pay for goods or services that have been received or supplied but have
not been paid, invoiced or formally agreed with the supplier. It is necessary to estimate the amount or
timing of accruals. However, the uncertainty is generally much less than for provisions. This is initially
measured at transaction price and are subsequently presented at undiscounted amount.
Trade and other payables are derecognized from the statement of financial position only when the
obligations are extinguished either through discharge, cancellation or expiration.
2.8 Revenue recognition
An entity shall measure revenue at the fair value of the consideration received or receivable. The fair value
of the consideration received or receivable is after deducting the amount of any trade discounts, prompt
settlement discounts and volume rebates allowed by the entity. The fair value also takes into account the
time value of money.
An entity shall include in revenue only the gross inflows of economic benefits received and receivable by
the entity on its own account. An entity shall exclude from revenue all amounts collected on behalf of third
parties, such as sales taxes, goods and services taxes and value added taxes collected on behalf of a
government.
3
• Sale of goods
An entity shall recognize revenue from the sale of goods when all the following conditions are satisfied:
a) the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;
b) the entity retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
c)
the amount of revenue can be measured reliably;
d) it is probable (i.e., more likely than not) that the economic benefits associated with the transaction will
flow to the entity; and
e)
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
For a straightforward sale of goods for cash or on credit, revenue is generally recognized on the date
when the goods are delivered to the customer
• Rendering of services
When the outcome of a transaction involving the rendering of services can be estimated reliably, an
entity shall recognize revenue associated with the transaction by reference to the stage of completion of
the transaction at the end of the reporting period (sometimes referred to as the percentage of
completion method). The outcome of a transaction can be estimated reliably when all the following
conditions are satisfied:
a) the amount of revenue can be measured reliably;

b) it is probable that the economic benefits associated with the transaction will flow to the entity;
the stage of completion of the transaction at the end of the reporting period can be measured
c)
reliably; and
the costs incurred for the transaction and the costs to complete the transaction can be measured
d)
reliably.
• Finance income
Finance income comprises interest income on bank deposits. Interest income is recognized in profit or
loss as it accrues, using the effective interest method.
Cost and expense recognition
Expenses are decreases in economic benefits in the form of decreases in assets or incurrence of liabilities
that result in decreases in equity, other than those relating to distributions to equity participants. Cost and
administrative expenses are recognized in the statements of income upon consumption of the goods and
or utilization of the service or at the date they are incurred.
• Direct costs
Direct costs are recognized in profit or loss in the period the goods are sold. Costs of sales includes
raw materials and manufacturing costs that are directly attributed to the goods sold.
• General and administrative expenses

General and administrative expenses include compensations, professional fees, taxes and other
costs that cannot be associated directly to the goods sold.
2.9 Foreign Currency Transactions and Translation
The accounting records of the Company are maintained in Philippine pesos. Foreign currency
transactions during the year are translated into the functional currency at exchange rates which
approximate those prevailing on transaction dates.
4
Foreign currency gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies
are recognized in the statement of income.
2.10 Leases
(a) Company as a Lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks
and rewards of ownership of the leased asset to the Company. All other leases are classified as operating
leases.
Rentals payable or paid under operating leases are recognized as expense in the statement of income on
a straight-line basis over the term of the relevant lease.
(b) Company as a Lessor

Leases wherein the Company substantially transfers to the lessee all risks and benefits incidental to
ownership of the leased item are classified as finance leases. All other leases are classified as operating
leases.
Rentals receivable or received under operating leases are recognized as income in the statement of
income on a straight-line basis over the term of the relevant lease.
2.11 Impairment of Assets
At each reporting date, property & equipment are reviewed to determine whether there is any indication
that those assets have suffered an impairment loss. If there is an indication of possible impairment, the
recoverable amount of any affected asset (or group of related assets) is estimated and compared with its
carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its
estimated recoverable amount, and an impairment loss is recognized immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets)
is increased to the revised estimate of its recoverable amount (estimated selling price less costs to
complete and sell, in the case of inventories), but not in excess of the amount that would have been
determined had no impairment loss been recognized for the asset (group of related assets) in prior years.
A reversal of an impairment loss is recognized immediately in profit or loss.
2.12 Employee Compensation and Other Benefits
Employee benefits are all forms of consideration given by the Company in exchange for service rendered
by employees, including directors and management. The Company shall recognize the cost of all
employee benefits to which its employees have become entitled as a result of service rendered to the
entity during the reporting period: a) as a liability, after deducting amounts that have been paid directly to
the employees; and b) as an expense,
Employee benefits are recognized when the employee earns those benefits, not when those benefits are
paid in cash.
• Short-term employee benefits
Short-term employee benefits are employee benefits (other than termination benefits) that are wholly
due within twelve months after the end of the period in which the employees render the related service.
5
When an employee has rendered service to the Company during the reporting period, the Company
shall measure the amounts recognized at the undiscounted amount of short-term employee benefits
expected to be paid in exchange for that service.
• Post-employment benefit plans

The Company should account for the post-employment benefit plan using the accrual approach in
accordance with the minimum retirement benefits required under Republic Act (RA) No. 7641, otherwise
known as The Philippine Retirement Pay Law, or company policy if superior than that provided by RA
7641.
Accrual approach is applied by calculating the expected liability as of reporting date using the current
salary of the entitled employees and the employees’ years of service, without consideration of future
changes in salary rates and service periods.
The Company shall recognize the liability for such post-employment benefit plan at the net total of the
following amounts: a) the accrued amount of the retirement benefits at the reporting date; less b) the fair
value of plan assets (if any) at the reporting date out of which the obligations are to be settled directly.
• Other long-term employee benefits

Other long-term employee benefits are employee benefits (other than post-employment benefits and
termination benefits) that are not wholly due within twelve months after the end of the period in which the
employees render the related service.
The Company shall recognize a liability for other long-term employee benefits measured at the net total
of the following amounts: a) the present value of the benefit obligation at the reporting date; less b) the
fair value of plan assets (if any) at the reporting date out of which the obligations are to be settled
directly .
• Termination benefits
Termination benefits are employee benefits payable as a result of either the company’s decision to
terminate an employee’s employment before the normal retirement date, or an employee’s decision to
accept voluntary redundancy in exchange for those benefits. Because termination benefits do not
provide an entity with future economic benefits, an entity shall recognize them as an expense in profit or
loss immediately. This will normally be on payment of the benefits unless formal plans are developed in
advance.
2.13 Income Tax
Tax expense represents the sum of the current tax and deferred tax. The current tax is based on taxable
profit for the year and measured using the tax rates and laws that have been enacted or substantively
enacted at the end of the reporting period.
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the
financial statements and their corresponding tax bases (known as temporary differences). Deferred tax
liabilities, with certain exceptions, are recognized for all temporary differences that are expected to
increase taxable profit in the future. Deferred tax assets are recognized only if it is probable that future
taxable amounts will be available to utilize those temporary differences and losses.
6
Deferred tax is calculated at the tax rates that are expected to apply to the taxable profit (tax loss) in the
periods in which the Company expects the deferred tax asset to be realized or the deferred tax liability to
be settled, on the basis of tax rates that have been enacted or substantively enacted by the end of the
reporting period.
Deferred tax assets and deferred tax liabilities are offset if the Company has a legally enforceable right to
set-off current tax assets against current tax liabilities and the deferred taxes relate to the same entity and
the same taxation authority.
Most changes in deferred tax assets or liabilities are recognized as a component of tax expense in profit or
loss, except to the extent that it relates to items recognized in other comprehensive income or directly in
equity. In this case, the tax is also recognized in other comprehensive income or directly in equity,
respectively.
The Company establishes liabilities for probable and estimable assessments by the Bureau of Internal
Revenue (BIR) resulting from any known tax exposures. Estimates represent a reasonable provision for
taxes ultimately expected to be paid and may need to be adjusted over time as more information becomes
available.
2.14 Equity
Share capital represents the nominal value of shares that have been issued.
Deficit represenst all current and prior period results of operations as reported in the statements of
income.
2.15 Related Party Transactions and Relationship
Related party transactions are transfers of resources, services or obligations between the Company and
its related parties, regardless whether a price is charged.
Parties are considered to be related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial and operating decisions. These parties
include: (a) individuals owning, directly or indirectly through one or more intermediaries, control or are
controlled by, or under common control with the Company; (b) associates; and, (c) individuals owning,
directly or indirectly, an interest in the voting power of the Company that gives them significant influence
over the Company and close members of the family of any such individual.
In considering each possible related party relationship, attention is directed to the substance of the
relationship and not merely on the legal form.
2.16 Events After the End of the Reporting Period
Any post-year-end event that provides additional information about the Company’s financial position at the
end of the reporting period (adjusting event) is reflected in the financial statements. Post-year-end events
that are not adjusting events, if any, are disclosed when material to the financial statements.
7
3. SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgments and estimates that
affect amounts reported in the financial statements and related notes. These judgments and estimates
are continually evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.
The Company believes the following represent a summary of these significant judgments and estimates
and related impact and associated risks in the financial statements.
3.1 Critical Management Judgments in Applying Accounting Policies
a. Functional currency
Based on the economic substance of the underlying circumstances relevant to the Company, the
functional currency is determined to be the Philippine peso (₱). The Philippine peso (₱) is the currency of
the primary economic environment in which the Company operates. It is the currency in which the
Company measures its performance and reports its operating results.
b. Financial assets
PFRS for SEs requires certain financial assets to be carried at fair value, which require the use of
extensive accounting judgments. While significant components of fair value measurement were
determined by using verifiable objective evidence (i.e. stock exchange quoted market price, foreign
exchange rates, interest rate, and volatility rates), the amount of changes in fair value of these financial
assets are recognized in profit or loss.
4. CASH
2022
This account consists of:
Cash on Hand 671,912
671,912
Cash in banks generally earn interest at rates based on daily bank deposit rates. Cash in bank is
unrestricted and immediately available for use in current operation.
5. INVENTORIES
2022
Raw Materials 961,800
961,800
Inventories as at December 31, 2020 are stated at cost, which is lower than its estimated selling price less
cost to complete and sell.
8
6. PREPAYMENTS
2022
Prepaid Rent 10,000
10,000
Prepaid rent and advances to suppliers are advance payment for services to be performed that are usually
delivered within 30 days from date of payment.
No provision for impairment has been recorded since management believes that the accounts are fully
realizable.
7. PROPERTY AND EQUIPMENT - NET
Net Carrying
Accumulated
Cost Value, December
Depreciation
31, 2022
Equipment 148,366 (29,673) 118,693
Furniture and Fixture 35,150 (7,030) 28,120
183,516 (36,703) 146,813
The Company’s property and equipment are free from liens or encumbrances.
8. OTHER NON-CURRENT ASSETS
2022
Security deposit 10,000
10,000
The Company's refundable security deposits for the leased properties is classified as noncurrent since it
will be refunded at the end of the lease period which is beyond one year after the end of the reporting
period. Deferred tax asset arises from the deferred tax on net operating loss carry over (NOLCO) incurred
in 2022 (see Note 14).
9. TRADE AND OTHER PAYABLES
2022
Withholding Tax Payable 5,500
5,500
Withholding Tax Payable pertains to the 5% multiplied by the monthly rental which is subject to withholding
tax
9
10. PARTNERS' EQUITY
A. Bocabel A. Flores Jr. J. Laurel B. Vasquez C.Remulla TOTAL

Partners' Capital 300,000 300,000 300,000 300,000 300,000 1,500,000
Beg.
Share on Net
59,005 59,005 59,005 59,005 59,005 295,024
Income
Partners' Capital
359,005 359,005 359,005 359,005 359,005 1,795,024
End.
Profit Sharing
Ratio 20% 20% 20% 20% 20% 100%
11. SALE OF GOODS
2022
Sales of Goods 1,297,800
1,297,800
12. COST OF GOODS SOLD
2022
Raw materials - beginning -
Purchases 961,800
Freight in -
Total raw materials available 961,800
Raw materials - ending 961,800
Total raw materials used -
Direct labor 574,080
Factory overhead
Operating supplies 152,417
726,497
13. ADMINISTRATIVE EXPENSES
2022
Rental 110,000
SSS, PHIC and HDMF - ER Contributions 66,600
Depreciation 36,703
Office supplies 36,324
Taxes and Licenses 8,851
Utilities Expense 7,300
Research and Development Expense 5,000
Pre-Marketing Expense 3,000
Trainings and Seminars Expense 2,500
276,278
10
14. INCOME TAXES
2022
Loss before Tax 295,024

Multiplied by the prevailing income tax rate 20%
Net creditable income tax Exempt
The Partnership is general partnership and income derived as such is exemp form income tax
15. SUPPLEMENTARY INFORMATION REQUIRED BY THE BUREAU OF INTERNAL REVENUE
15.1 Requirements Under Revenue Regulations (RR) 15-2010
15.1(e) Documentary Stamp Tax (DST)
DST on lease agreement 241

241
15.1(f) Taxes and Licenses

The details of Taxes and Licenses account in 2022 is broken down as follows:
Mayor's Permit 2,000

Baranggay Clearance 2,000
Notarial Fee 1,500
Sanitary Inspection & Health Certificate Fees 880
Locational Clearance 600
Certification Fee for Registration 500
Registration Fee 500
Fire Safety Certificate 500
DST 241
Name Verification/Reservation Fee 100
Documentary Stamp Tax 30
8,851
15.1(g) Withholding Taxes

The details of total withholding taxes for the year ended December 31, 2022 are as follows:
Expanded 5,500
5,500
15.1(h) Deficiency Tax Assessment and Tax Cases

The Company does not have any tax deficiency assessment and tax cases as of December 31,
2022.
15.2 Requirements under Revenue Regulations 19-2011
RR 19-2011 requires schedules of taxable revenues and other non-operating income, costs of sales and
services, itemized deductions and other significant tax information, to be disclosed in the notes to financial
statements.
15.2(a) Revenue
The Company's incurred sales in 2022 is are follows:
11

Sales of Goods 1,297,800
1,297,800
15.2(b) Cost of Sales

The Company's deductible cost of sales in 2022 is are follows:
Raw materials - beginning -
Purchases 961,800
Freight in -
Total raw materials available 961,800
Raw materials - ending 961,800
Total raw materials used -
Direct labor 574,080
Factory overhead -
Operating
Rental
supplies 152,417
726,497
15.2(c) Itemized Deductions

The details of itemized deductions in 2022 is broken down as follows:
Rental 110,000
SSS, PHIC and HDMF - ER Contributions 66,600
Depreciation 36,703
Office supplies 36,324
Taxes and Licenses 8,851
Utilities Expense 7,300
Research and Development Expense 5,000
Pre-Marketing Expense 3,000
Trainings and Seminars Expense 2,500
276,278
12
Trial Balance
Unadjusted Adjustments Adjusted

ACCOUNT TITLE Debit Credit Debit Credit Debit Credit
Cash on hand 671,911.60 671,911.60
Prepaid Expense - Rent 10,000.00 10,000.00
Security Deposit 10,000.00 10,000.00
Office Equipment 148,366.00 148,366.00
Accumulated depreciation - office equipment 29,673.20 29,673.20
Furniture and Fixture 35,150.00 35,150.00
Accumulated depreciation - furniture & fixture 7,030.00 7,030.00
Withholding tax expanded - 5% 5,500.00 5,500.00
Share Capital 1,500,000.00 1,500,000.00
Income 1,297,800.00 1,297,800.00
Raw Materials 961,800.00 961,800.00
Overhead 152,417.40 152,417.40
Rental 110,000.00 110,000.00
Office supplies 36,324.00 36,324.00
Taxes and Licenses 8,851.00 8,851.00
Research and Development Expense 5,000.00 5,000.00
Trainings and Seminars Expense 2,500.00 2,500.00
Utilities Expense 7,300.00 7,300.00
Pre-Marketing Expense 3,000.00 3,000.00
Depreciation 36,703.20 36,703.20
Salaries 574,080.00 574,080.00
SSS, PHIC and HDMF - ER Contributions 66,600.00 66,600.00
2,840,003.20 2,840,003.20 - - 2,840,003.20 2,840,003.20
- - -

Evocative Projected Fs

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Evocative Projected Fs

Uploaded by

Copyright:

Available Formats

THE EVOCATIVE ESSENTIAL OIL AND SCENTED CANDLES

PROJECTED STATEMENT OF FINANCIAL POSITION

TOTAL ASSETS 1,800,524

LIABILITIES AND PARTNERS' EQUITY

Total Liability 5,500

Partners' Equity (Note 10)

TOTAL LIABILITIES AND PARTNERS' EQUITY 1,800,524

REVENUES (Note 11) 1,297,800

COST OF SALES (Note 12) (726,497)

GROSS INCOME 571,303

ADMINISTRATIVE EXPENSES (Note 13) (276,278)

LOSS BEFORE TAX 295,024

INCOME TAX BENEFIT (Note 14) -

NET LOSS AFTER TAX 295,024

Profit Sharing Ratio 20% 20% 20% 20% 20% 100%

Total Shareholders' Equity P 1,795,024

Cash Flows from Operating Activities

Cash Flow from Investing Activity

Cash Flow from Financing Activities

Net Increase in Cash 671,912

Cash at the beginning of the year -

Cash at the end of the year 671,912

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation of Financial Statements

(a) Statement of Compliance with Philippine Financial Reporting

(b) Functional and Presentation Currency

An entity shall measure inventories at the lower of cost or market value.

2.4 Prepayments and other assets

2.5 Refundable deposits

2.6 Property and equipment

2.7 Trade and other payables

2.8 Revenue recognition

a) the amount of revenue can be measured reliably;

Cost and expense recognition

• General and administrative expenses

2.9 Foreign Currency Transactions and Translation

(a) Company as a Lessee

(b) Company as a Lessor

2.11 Impairment of Assets

2.12 Employee Compensation and Other Benefits

• Short-term employee benefits

• Post-employment benefit plans

• Other long-term employee benefits

2.13 Income Tax

2.15 Related Party Transactions and Relationship

2.16 Events After the End of the Reporting Period

3. SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES

3.1 Critical Management Judgments in Applying Accounting Policies

7. PROPERTY AND EQUIPMENT - NET

8. OTHER NON-CURRENT ASSETS

9. TRADE AND OTHER PAYABLES

10. PARTNERS' EQUITY

A. Bocabel A. Flores Jr. J. Laurel B. Vasquez C.Remulla TOTAL

11. SALE OF GOODS

12. COST OF GOODS SOLD

13. ADMINISTRATIVE EXPENSES

14. INCOME TAXES

Loss before Tax 295,024

15. SUPPLEMENTARY INFORMATION REQUIRED BY THE BUREAU OF INTERNAL REVENUE

15.1 Requirements Under Revenue Regulations (RR) 15-2010

15.1(e) Documentary Stamp Tax (DST)

DST on lease agreement 241

15.1(f) Taxes and Licenses