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NOTES TO FINANCIAL STATEMENTS

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1. CORPORATE INFORMATION
XXX, Inc. (XXX or the Company) was incorporated in the Philippines
on ___________________________.
The Companys registered office
address
and
principal
place
of
business
is
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______________.
The
primary
purposes
of
XXX
are
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
___________________________________________.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
The accompanying financial statements of the Company have been
prepared on a historical cost basis and are presented in Philippine Peso.
Statement of Compliance
The financial statements of the Company have been prepared in
compliance with the Philippine Financial Reporting Standards (PFRS).
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3. SIGNIFICANT ACCOUNTING POLICIES
3.1 Cash
Cash includes cash on hand and in banks.
3.2 Receivables
Receivables are carried at book value minus provision for impairment,
if any.
3.3 Equipment
Equipment includes computer equipment and office equipment which
are carried at cost less accumulated depreciation. The initial cost of
the asset includes its purchase price and any incidental costs
necessary in bringing the asset to working condition and location for its
intended use. The breakdown of Equipments account is as follows:

Major repairs and improvements, renewals and betterment, which


extend the useful life of the Equipment are recognized in the carrying
amount of the asset and depreciated accordingly. All other cost of
repairs and maintenance are charged to operations as incurred.
Depreciation is calculated on straight line basis over the estimated
and/or remaining life of the asset.
3.4 Furnitures & Fixtures
Furnitures and Fixtures are carried at book value less accumulated
depreciation, which is calculated on straight line basis over the
estimated and/or remaining life of the asset. The details of the account
are as follows:
3.5 Leasehold Improvements
Leasehold Improvements are carried at book value less accumulated
depreciation, and calculated on straight line basis over the estimated
and/or remaining life of the asset. The details of the account are as
follows:
3.6 Company Vehicle
Company Vehicle is carried at book value less accumulated
depreciation, and calculated on straight line basis over the estimated
and/or remaining life of the asset. The initial cost of the asset includes
its purchase price and any incidental costs incurred in procuring the
asset. The details of the accounts are as follows:
Major repairs and improvements, renewals and betterment, which
extend the useful life of the Company Vehicle are recognized in the
carrying amount of the asset and depreciated accordingly. All other
cost of repairs and maintenance are charged to operations as incurred.
Depreciation is calculated on straight line basis over the estimated
and/or remaining life of the asset.
3.7 Other Assets
Other Assets account is composed of all other assets not classified as
Equipment,
Furnitures and Fixtures, Leasehold Improvements,
Software Licenses, Prepayments and Miscellaneous Receivables. It
includes tools, computer accessories, office accessories, cables and the
like.
3.8 Expenses
Expenses are recognized as they are incurred.
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4. CAPITAL STOCK
The authorized capital stock of the company consists of 1,000,000
common shares with a par value of Php1.00 per share. 250,000 shares
of the 1,000,000 common shares have been issued and outstanding.
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5. FINANCIAL REPORTS
The financial statements were authorized for issue by the Board of
Directors on January 2, 2014 during the Companys Annual Meeting.