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8.
Q.
A.
I am Patricia Javier, Filipino, 35 years old, married and a resident of Jordan, Guimaras, Philippines. I am
a certified public accountant.
Q.
How are you related to the plaintiff corporation Guimaras Lime Factory, Inc.?
A.
I have been with Guimaras Lime Factory, Inc. for almost 5 years now as its Finance Director and
Accountant.
Q.
A.
I perform financial functions related to the, accuracy, recording, analysis and presentation of the
company's financial operations. I present the company's financial data to people within and outside of
the business.
Q.
A.
Yes.
Q.
A.
It was a contract of sale of industrial lime entered into by Guimaras Lime, Inc. and defendant Passi
Sugar Central, Inc. on July 3, 2011. Guimaras Lime, Inc. (represented by its President Ric Cerbo, as
vendor, agreed to deliver to Passi Sugar Central, Inc. (as duly represented by Proceso Panes, its
President) 100 tons of Industrial Lime at P50, 000.00 per ton which shall be delivered 25 tons for every
quarter from the date of the execution of the contract on July 3, 2012, and payment of such shall be
upon each delivery to the defendant, the vendee.
Q.
A.
The first and second quarters went well, but until in the third quarter on January 3, 2013, wherein, the 25
ton delivery of the plaintiff was received by the defendant and that the latter issued a check in favor of
the former in the amount of P1,250,000.00, which check eventually was dishonored due to insufficiency
of funds. Our corporation made several oral and written demands of payment from the defendant, and
the insisting non-payment of the same, we were constrained to refuse delivery for the fourth quarter until
full payment of the third quarter obligation.
Q.
A.
The company suffered losses and was not able to realize its profits for the 3 rd and 4th quarter delivery.
We were constrained to sell the 4 th quarter 25 ton Industrial Lime at a lower price of P15, 000.00 per ton
with XYZ Sugar Central, Inc. ( Receipt of Transaction attached as Annex A).
Q.
How much would the loss due to unrealized profits be in Philippine currency?
A.
Q.
A.
I subtracted the cost of acquisition of the Industrial lime which is P10,000.00 per ton from the contract
price of P50,000.00 per ton. Projected profit amounts to P40,000.00 per metric ton.
Contract
of
Sale
entered
into
by
Guimaras
Lime,
Inc.
and
That is a projected profit of P1,000,000.00 for the third quarter which was fully unrealized due to nonpayment of such third quarter delivery. The unrealized profit for the fourth quarter delivery is projected
profit of P1,000,000.00 minus the profit realized from selling the industrial lime to XYZ Sugar Central
amounting to P125,000.00; giving us an unrealized profit of P875,000.00. Adding the two unrealized
projected profits amounts to P 1,875,000.00
9.
Q:
A:
None.
IN WITNESS WHEREOF, I have set my hand this 5th day of March 2014, at Iloilo City, Philippines.
Patricia Javier
ATTESTATION
I, Atty. Mary Louise S. Villegas, personally examined Patricia Javier; that I faithfully recorded or caused to be recorded, the questions I asked
in the local dialect and translated the same in the English language and the corresponding answers that the witness gave; and neither I nor
any other person then present or assisting him coached the witness regarding the latter's answers.
ATTY. MARY LOUISE S. VILLEGAS
Counsel for Plaintiff
Jaro, Iloilo City
Roll of Attorneys No. 1234567
IBP No. A-1234567
PTR No. A- 1234567
MCLE No. A-1234567
August,2,2014
SUBSCRIBED and SWORN to before me this 5th day of March 2014 in Iloilo City, Philippines. I hereby certify that I have personally
examined the Patricia Javier and John Raymond Leonor and I am satisfied that they freely and voluntarily executed and understood the
content of his sworn statement.
SHIELA BATUMBAKAL
NOTARY PUBLIC
Commission expires Dec. 31, 20014
Roll No.98756 March 20,2014
IBP No.98503 April,16,2014
MCLE No.98675 June 15,2014
P.T.R. No.97654 August,2,2014
P 50,000.00
a.
Cost of Acquisition
(Per ton of
Industrial Lime)
P 10,000.00
P 1,000,000.00
b.
c.
Projected Profit for the 4th quarter
Delivery
P1,000,000
1.
2.
a.
b.
Income statement:
Notes
Revenue
Cost of Sales
16
17
Gross Profit
Other Income
Distribution Cost
Administrative Expenses
Other Expenses
Finance Charges
18
19
20
21
22
2012
USD
120,000 100,000
(65,000) (55,000)
55,000
45,000
17,000
12,000
(10,000) (8,000)
(18,000) (16,000)
(3,000)
(2,000)
(1,000)
(1,000)
(15,000) (15,000)
40,000
30,000
2013
USD
23
(12,000)
(9,000)
Net Profit
28,000
21,000
- See more at: http://accounting-simplified.com/financial/statements/income-statement-profit-and-loss.html#example
Liabilities: Something a business owes to someone (e.g. creditors, bank loans, etc)
Equity: What the business owes to its owners. This represents the amount of capital that remains in the business after its assets are
used to pay off its outstanding liabilities. Equity therefore represents the difference between the assets and liabilities.
Expense: The cost incurred by the business over a period (e.g. salaries and wages, depreciation, rental charges, etc)
Investing Activities: Represents cash flow from the purchase and sale of assets other than inventories (e.g. purchase of a factory
plant)
Financing Activities: Represents cash flow generated or spent on raising and repaying share capital and debt together with the
payments of interest and dividends.
Dividend payments
Losses:
-costs which produced no benefit
-excess of expenditure over income
-contingent losses because of lawsuit