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Ailarie Parel Company

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

Net Profit PHP 10,610.00


Ailarie Parel Company
Statement of Financial Position
December 31, 2015

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

Liabilities and Owner's Equity

Liability
Accounts Payable PHP 175.00

Owner's Equity
Parel, Company 54,880.00

Total Liabities and Owner's Equity PHP 55,055.00


Notes to Financial Statements

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