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Income Statement
For the year ended December 31, 2015
Revenues
Income - Allowance PHP 19,200.00
Gain during Christmas Season 4,500.00
Gain on extra activities 1,000.00
Unrealized gain on FAFV-P&L 1,985.00 PHP 26,685.00
Expenses
Commissions Expense PHP 200.00
Snacks and Food 5,000.00
School Supplies 3,000.00
Photocopying 500.00
Transportation 3,375.00
Leisure 3,000.00
Miscellaneous 1,000.00 16,075.00
Assets Notes
Current Assets
Cash 1 PHP 10,200.00
FAFV-P&L 22,855.00
School Supplies 3,500.00 PHP 36,555.00
Non-current Assets
Gadgets 2 PHP 12,500.00
Books 3 6,000.00
18,500.00
Total Assets PHP 55,055.00
Liability
Accounts Payable PHP 175.00
Owner's Equity
Parel, Company 54,880.00
Note 1 - Depreciation
Depreciation - Laptop PHP 2,500.00
Depreciation - Phone 4,900.00
Depreciation - Books 1,000.00
Total Depreciation PHP 8,400.00
Note 2 - Cash
Cash on hand PHP 600.00
Cash on Bank 9,600.00
Total Cash PHP 10,200.00
Note 3 - Gadgets
Laptop PHP 30,000.00
Accumulated Depreciation - Laptop 17,500.00
Net Realizable Value PHP 12,500.00
Phone PHP 25,000.00
Accumulated Depreciation - Phone 9,800.00
Net Realizable Value 15,200.00
Total Gadgets PHP 27,700.00
Note 4 - Books
Books PHP 10,000.00
Accumulated Depreciation 4,000.00
Total Books PHP 6,000.00