Below are the statements of financial position of Need Bang Picturan Photo Company (NBBPC) as at March 31, 2021 and March 31, 2020, together with the statement comprehensive income for the year ended March 31, 2021.

NEED BANG PICTURAN PHOTO COMPANY
STATEMENTS OF FINANCIAL POSITION
AS AT MARCH 31, 2021 AND 2020
(In Pesos)
	2021	2020
ASSETS
Noncurrent Assets
Property, plant and equipment	1,125,000	742,000
Intangible assets	320,000	150,000
Financial asset at amortized cost	289,600	294,000
Investment in associate	144,000	120,000
Total Noncurrent Assets	1,878,600	1,306,000
Current Assets
Inventories	390,000	237,000
Prepaid expenses	23,000	15,000
Trade receivables	284,000	319,000
Financial assets at fair value through profit or loss (FVPL)	175,000	325,000
Temporary investments	148,000	46,000
Cash	54,000	102,000
Total Current Assets	1,074,000	1,044,000
TOTAL ASSETS	2,952,600	2,350,000
EQUITY AND LIABILITIES
Equity
Share capital P1 ordinary shares	550,000	400,000
Share premium	300,000	100,000
Revaluation surplus	130,000	60,000
Retained earnings	321,100	264,000
Retained earnings appropriated	250,000	100,000
Treasury shares	(17,500)	(25,000)
Total Equity	1,533,600	899,000
Noncurrent Liabilities
Long-term loans	175,000	295,000
Bonds payable	378,000	329,000
Finance lease liabilities	100,000	80,000
Deferred tax liability net	78,000	65,000
Total Noncurrent Liabilities	731,000	769,000
Current Liabilities
Trade payables	264,000	348,000
Unearned revenue	15,000	41,000
Accrued expenses	113,000	56,000
Interest payable	16,000	4,000
Income tax payable	56,000	123,000
Finance lease liabilities	17,000	12,000
Short-term loans	138,000	98,000
Notes payable non-trade	69,000
Total Current Liabilities	688,000	682,000
TOTAL EQUITY AND LIABILITIES	2,952,600	2,350,000

NEED BANG PICTURAN PHOTO COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED MARCH 31, 2021
(In Pesos)
	2021
REVENUE	1,771,200
COST OF SALES	(989,300)
GROSS PROFIT	781,900
OPERATING EXPENSES	(237,100)
FINANCE COSTS	(60,000)
OTHER INCOME (EXPENSES) NET	108,200
INCOME BEFORE INCOME TAX	593,000
INCOME TAX EXPENSE	(136,900)
NET INCOME	456,100
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant, and equipment	70,000
TOTAL COMPREHENSIVE INCOME	526,100

Notes:

1. During 2021, items of property, plant and equipment with a carrying amount of P103,000 were sold for P110,000. Profit on sale was included in Other income (expenses) net. Depreciation charged in the year on property, plant and equipment totaled P57,000. NBPPC purchased P56,000 of property, plant and equipment by means of finance leases, payments being made in arrears on the last day of each accounting period. At the fiscal year-end, a six-month note payable for P69,000 was issued toward the purchase of a new property, plant and equipment.
2. During 2021, amortization of P60,000 was charged on intangible assets.
3. The ending balance of Allowance for asset impairment - Receivables is P21,000 and P43,000 as of March 31, 2021 and 2020, respectively. The ending balance of Allowance for asset impairment - Inventory is P59,000 and P18,000 as of March 31, 2021 and 2020, respectively. Movements in allowance for asset impairment is included in Operating expenses of provisions or in Other income (expenses) net for reversals.
4. There were no acquisitions nor disposals of financial asset at amortized cost. NBPPC earned interest income of P29,200 from this investment.
5. The share in profit of associate for the current year is P40,000. NBPPC received dividends of P16,000 from its investment in associate.
6. During the year, a financial asset at FVPL that had a carrying amount of P100,000 was sold for P140,000. No financial assets at FVPL were purchased for during the year. Dividends of P20,000 were received from this type of investment. The financial assets at FVPL are not held for trading. Any unrealized gains (losses) recognized is included in Other income (expenses) net.
7. The temporary investments are government bonds and management has decided to classify them as cash equivalents, in accordance with PAS 7 Statement of Cash Flows.
8. During the year NBPPC made a 1 for 5 bonus issue, capitalizing its retained earnings, followed by a rights issue.
9. During 2021, treasury shares were sold for P5,000 more than their cost.
10. New bonds were issued on April 1, 2020 at face value. The discount on bonds payable is P12,000 and P21,000 on March 31, 2021 and 2020, respectively.
11. The accretion expense on finance lease liabilities amounted to P3,000 and the amortization of bond discount are included in Finance costs.
12. The deferred tax liabilitynet includes the tax effect on the current year revaluation increment amounting to P30,000.
13. NBPPC observes the following in preparing its statement of cash flows: interest and dividends paid are presented under financing activities, while interest and dividends received are presented under investing activities.