You were hired by Mr. Juan Dela Cruz to prepare his sari-sari store's Statement of Financial Position. In order to prepare, you identified the following assets and liabilities of Mr. Dela Cruz:

a. His sari-sari store has a cash deposited in a bank account amounting to P50,000

b. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000

c. The total amount of merchandise left inside the store is P30,000

d. He already paid one year's rent in advance amounting to P12,000

e. The value of all the company's furniture amounted to P100,000

f. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end

g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000

h. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000

i. He had a loan from the bank amounting to P50,000 to be paid in 3 years

Answer the Statement of Financial Position for the company (one in report form and one in account form)

Suggested Answer: (Topic: Preparation of the statement)

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