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    16 views24 pages

    FS Sample

    Uploaded by

    Benjamin Jr Vidal
    AFS

    Copyright:

    © All Rights Reserved
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    of 24
    ee eee RPC eae | aa eg reap ADVISORY SANTOS nt Auditor's Ret ave audited the financial statements of JO-ANN A. ARELLANO(BRANDO-JOANN MEAT STORE. which comprise the Statement of Financial Position for the Year Ended December 31, 2020. the Statement of Operations, and Statement of Cash Flows for the years then ended, and notes to the financial statements, including a summary of significant accounting Poticies. In my opinion, the accompanying JO-ANN A. ARELLANO(BRANDO-JOANN MEAT STORE. which comprise the Statement of Financial Position for the Year Ended December 31, 2020. Of its financial performance and its cashflows for the years then ended in accordance with Philippine Financial Reporting Standard for Small and Medium-sized Entities (PFRS for SMES). Basis for Opinion | conducted my audit in accordance with Philippine Standards on Auditing (PSAS). My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. | am independent of the Association accordance with the Code of Ethics for Professional Accountants in the Philippines, and I have fulfilled my other ethical responsibilities in accordance with these requirements. | believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion, Responsibilities of Management and Those Charged for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with PFRS for SMES, and for such interna {control as management determines is necessary to enable the preparation of financial statement that are free from ‘material misstatement, whether due to fraud or error. In preparing the financial statements, managements i responsible for assessing the Association's ability to continue as a going concer, disclosing, as applicable, matters related to going concer and using the going concern basis of accounting unless management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so. ‘Those charged with govemance are responsible for overseeing the Association’s financial reporting process. 149 Pur: San Rear, Talvers, Nusa Ee :O917-88-4676 Tl. # (044)02-2205, ‘My objectives are to obtain reasonable assurance about whether the financial statements 5 a whole are free from material misstatements, whether due to fraud or error, and to ‘ssue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that that an audit conducted in accordance with PSAS will always detect a material misstatement when it exsts. misstatements can arise from fraud ‘or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. ‘As part of an audit in accordance with PSAS, | exercise professional judgment and maintain professional skepticism throughout the audit, | also: © Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain evidence that is sufficient and appropriate to provide a basis for my ‘opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional ‘omissions, misrepresentations, or the override of internal control. © Obtain an understanding of internal control relevant to the auait in order to design audit procedures that are appropriate in circumstances, but not for the purpose of ‘expressing an opinion on the effectiveness of the association's internal control. ‘© Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management ‘© Conclude on the appropriateness of management's use of the going concern basis of ‘accounting and, based on the evidence obtained, whether a material uncertainty exists elated to events or conditions that may cast significant doubt on the establishment's ability to continue as a going concer. I | conclude that a material uncertainty exists, [fam required to draw attention in my auditor's report to the related disclosures in the financial statements or, f such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's Feport. However, future events or conditions may cause the Association to cease to continue as a going concer. | communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant ‘deficiencies in internal contol that | identify during my audit. 9 pack Sn Rar Tove, Naa Ee KRPC Ie 5148-66 Te (OMTS OS LIANG *abemmcosst Penemecammmine Report on the Supplementary information Required Under Revenue Regulations 15-2010 My audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on taxes, duties and license fees in Notes to the financial statements is presented for purposes of filing with the Bureau of Internal Revenue and is not a required part of the basic financial statements. Such ‘information isthe responsibility of management. The information has been subjected to the auciting procedures applied in our audit of the basic financial statements. In my opinion, the information is fairy stated in all material respects in relation to the basic financial statements taken as awhole. [BOA Adetitation No: 8529 valid rom 12/06/2018 to 07/10/2021 BIK Accreditation No-04-007623-001-2019 valid until 06/26/2022 TIN: 739-095-671-000 PTR No.0378697 valid from 01/13/2021 to 12/31/2021 Talavera, Nueva Ecii ‘Moreh 18, 2021 BRANDO-JOANN MEAT STORE Paludpod, Talavera, Nueva Ecija STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS "he auditee is responsible forall information and representations contained in the financial statements Year Ended December 31, 2020, The financial statements have been prepared in conformity with the Philippine Financial Reporting Standards for Small and Medium-sized Entities and reflect amounts that are based on my best estimates and informed judgment with an appropriate consideration to materiality. In this regard, we maintain a system of accounting and reporting which provides for the vecessay internal controls to ensure that transactions are properly authorized and recorded, assets are safeguarded against unauthorized use or disposition and liabilities are recognized We reviewed the financial statements before such statements are approved and submitted to the users. Kevin Roy P. Corpuz, CPA, the independent auditor we have appointed, has examined the ‘nancial statements in accordance with Philippine Standards on Auditing and has expressed his opinion on the fairness of presentation upon completion of such examination, in his report gi BRANDO-JOANN MEAT STORE ___Paludpod, Talavera, Nueva Ecija STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR ANNUAL INCOME TAX RETURN, The auslte is responsible for all information and representations contained inthe Annual Income Tax Return for the Year Ended December 31, 2020. Management is likewise ‘esponsible for al information and representations contained in the financial statements {ecompanying the (Annual Income Tax Return or Annual Information Return) covering the same reporting period. Furthermore, the Management is responsible for al information and representations contained in all other tax returns fled for the reporting period, including, but not limited, to the value added tax and/or percentage tax returns, withholding tax returns, documentary stamp tax returns, and any and all other tax returns, ifany. \n this regard, the Management affirms that the attached audited financial statements for the Year Ended December 31, 2020, and the accompanying Annual Income Tax Return are in accordance with the books and records, complete and correct in all material respects ‘Management likewise affirms that: (2) the Annual income Tax Return has been prepared in accordance with the provisions (of the National internal Revenue Code, as amended, and pertinent tax regulations ‘and other issuances of the Department of Finance and the Bureau of internal Revenue; (b) any disparity of figures in the submitted reports arising from the presentation of financial statements pursuant to financial accounting standards and the preparation ofthe in (6) come tax return pursuant to tax accounting rules has been reported as reconciling ‘tems and maintained in the company’s books and records in accordance with the Fequirements of Revenue Regulations No. 82007 and other relevant issuances, (6) the management has filed all applicable tax returns, reports and statements, ifany required to be fled under Philippine tax laws for the reporting period, and all taxes ‘and other impositions shown thereon tobe due and payable have been paid for the reporting period, except those contested in good falth JO-ANN A ARELLANO JO-ANN A. ARELLANO BRANDO-JOANN MEAT STORE. Paludpod, Talavera, Nueva Eci STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31,202 Notes saues a P 520,000,000 ss Po z 756,000,000 ‘General Operating Bapense z 604,800,000. SEtNcoME 351,200,000. See notes to fnanclal statements JO-ANN A. ARELLANO. BRANDO-JOANN MEAT STORE Paludpod, Talavera, Nueva Ecija STATEMENT OF FINANCIAL POSITION _Asat December 31,2020 Notes ASSETS Current Assets Cash 35 P 23,250,800 Trade and Other Recelvables 36 35,090,381 Inventory 37. 474,000 Total Current Assets P 38815,181 Non-Current Assets Property and Equipment sap 182,079,042 “Total Non-Current Assets P 82,079,042 ii Reet scene ope LIABILITIES AND STOCKHOLDER'S EQUITY ‘CURRENT LIABILITIES Accounts Payable 2 P 4,080,650 Income Tax Payable 38. - “Total Current Liabilities P 7,050,650 Total Liabilities P 4,080,650 Equiry Equity 3 oP 136,813,573, “Total Equity P 136,813,573, TOTAL LIABILITIES AND OWNER'S EQUITY P 140,894,223, JO-ANN A. ARELLANO BRANDO-JOANN MEAT STORE Palucpod, Talavera, Nueva Ecija STATEMENT OF caSHt FLOWS For the Years Ended December 31, 2020 CASH FLOWS FROM OPERATING ACTIVITIES PROFIT FOR THE YEARS Adjustments for: Depreciation and Amortization, Bad Debts, Tax Expense tng Profit before changes in working capital ses in Working Capital [Increase ) Decrease in Trade and Other Receivable [Increase ) Decrease in Inventory increase ( Decrease )n Income Tax Payable Increase ( Decrease ) in Non-currents Liabilities Increase ( Decrease } in Accounts Payable Net Cash Flow Fro Operating Activities ‘CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Property and Equipment ‘CASI FLOWS FROM FINANCING ACTIVITIES Personal Withdrawal Additional Investment of the Owner Net Increase ( Decrease in Cash Cash and Cash Equivalent at Beginning ofthe Year Cash and Cash Equivalent at End ofthe Years Pp P P 151,200,000 4,734,832, eC oe 35,090,381 "474,000 4,080,650 a24451,101° 27,980,000 73,220,300 JO-ANN A. ARELLANO, BRANDO-JOANN MEAT STORE Paludpod, Talavera, Nueva Eetja STATEMENT OF CHANGES IN EQUITY For the Years Ended December 31,2020 ___Note/s = Owners Capital Beginning 310 P__ 58,833,873 Profit for the Year 751,200,000 Investme : Withdrawal 73,220,300 Balances, end ofthe year P 136,813,573 “Owners Equity-End. P 136,813,573 eB 136,813,573 BRYAN.24 CHICKEN DRESSING PLANT JO"ANN A. ARELLANO. [NOTES TO THE RINANCIAL STATEMENTS [AS ATDECEMBER 3 2020 [NOTE 1 GENERALINFORMATION. JO-ANN A. ARELANO wor regitered vith the Deparment of rade and Industry and Bureau of iniema Revenve wih TN 407-17202600 ls piincipaloffew af andl Aine. Taavers. Nueva Eoia with eheken ‘move nee rates and fhe cartoon hat ony ve culating eengerman elecormuricaton Contac hal provice Mg to copacty and ake-opay eon re nsubstarce lees Section, Provitons and Contingencies - Adon of caving quance on the undve cost oreo tremohon Anpicoton of ‘unde costo flex well ara new requrement for enti 1 scan fsrrecsoning orang sven an exompion Section 22. obties and Eauy The amendment clr ance on closing franca insu nts {2 eau of 0 laty. Exemption rom the ies recurrent or ec.y ira ed ct a of 3 Eieres combination, inclxing buxnesr combinafone of wate: or Busines under commen eoata ‘nl exemption equtcinens fr dsfoutors of non-cash aes ulna cand bythe roma por lore ales he canoer FRIC 19 ierpretaon ‘0 prowde quetance on deot for egy snc’ tehen the tones bobay ke negeiaed nd the deblorexingahes tre Yabtly by sung eauhy IRckomen's Fuhr carly that income tox elatng to dion hotest uty swoon ah ‘taneacton com of an ecaly Wansacton should be oecounies for Madteaton #0 raqurs fhat the [Gbity componact of 9 compound franc rsfurent is accounted fori he sama way oo irr Nanceone financial tabi. Adon of an undue cos! of eet exampton fom The recoremon fe Incanae the lablly lb pay avnoncah dekouton ot the for value of Ine noncosy asst tbe ‘Gevbvied and crtyng guidance en accountng fr he seMtemert ol he vidend payable Section 27, Impalment of Asiots ~The amendments claty hat section 27 dost nat apely to ats rang rom common contact Section 8, tmployee denefs — The lication ofthe applcaton ofthe accounting rcptements 19 Choe ong term ecployee Bena and removal othe reautements 0 declowe the accounting potey fortamnaron beret Section 29, Income Tak Algnment ofthe main principles of Secon 29 wih IAS 12 income Take for tne recoorion and messutement cf defared inccme fx. bul modfed fo ba constert wi the ot ‘egurements nthe IFS for SME: Adon of on undue cos or efor Sxemplion Ta the foster! 1 ‘tet income fx ats and abies. Secon 30 Foreign Curency tranation ~ Ckflcaion an thal francis stuments that dovve ther YEE fon he change n'@ specie fougn exchange rte are excluded om Secton 30 bt not 10 nsruments denomnatedn tore Comency, Section 33. Related Paty Oscionres-Algrment of ne detntion of eaied pay’ wih IAS 24 Relates Paty Dilonres. incding incorporation of the rename to fhe deton IAS 24 Kom ANnust Improvements fo Ss 2010-2012 Cyete,taved mn December 213. which Ieude a management eniy rovcng key management pesonresencein tie depiion of arested Day. Section 84 Specioied Actives - Removal af he requtemant to diclose comparative inferation for ne reconciason of changortn he canyig omeunt of tog cst he other amendments carly exsing requremen’s or odd supporting guidance. rahe thon change the unceringrequremants f PFS Tor SMEs. Coruequeny the amandients ae expacted To Improve \nentoncing of he exsing requtements. wahoo! having asgnfean effect onthe fnoncilreporing Accounting Standards Adopted The folowing accountng standards amendments and interetatios fo exsing standards adopted bythe Company: ors PERS fr Sesto PRS ors Section |- Stand Medum Sued Enso Sm Enis Section. Concept ond Perse Pine: Section’ Financial Stalement esas Section & Sofement at nancial Portion Section 5 statement of Comereherave come and income Statement to Statement ctincome Section Slatement of anger nenatyanaSatemont of Rese and Retanea Eom Section Statement of Cash ows Section. Noterio he Francia tatemerts Section 10: Accounting Foes Estates ond Gros Seton I3 Inventories Section |7fropany, Pant and Eqoment Seetion 20 Leaver Section 21. Proven and Contingencies Sect 2 Uti or ey Section 25 Borowing Cot Section 27. mpormant ot cts Secton 28 Emoloyee Benetts Seckon 32 Sven car he endothe Repoing Prod Scoten 33 Retated ary tansactone Secon M Specilzed Avie Seetion 5 anatono the PES for SMEs (orton othe PRS tr SE) ‘TION ‘mie “APRICABE Nor APRUCABLE T MALL AND WEBTON-SUED ENTS fo SAL] —7 = exis z | CONCES AND PERVASVEPERORLS 7 7 3 FRANCA STEEN PREEETATON ae z ‘STATEMENT OF FRANC. POSTION 3 STATENENT OF COMPRERENSVE NCOWE AND] 7 INCOME STATEMENT 10 STATEMENT OF INCOME ATEVENT OF CHANGES IN _EQUITY_anD] 7 STATEMENT OF NCOME AND RETAINED EARNINGS 31 [r [SAINT OF CASHROWS Pale raeee| i TOTES TO THE FRANC ATES 7 : [— ~ | EORSOLOATED AO SEPARA ARNOT | orl eceeecaeaea | Sxovoas [TO] ACN FORCES ATES ARO ERRORT To oees | Bsciosuees recuReD iv TIC NCA TRON

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