Relax Company

Trial Balance
December 31, 2020

Acount Titles Debit

Cash P 400,000
Accounts Receivable 800,000
Allowance for Doubtful Accounts
Inventories 1,000,000
Prepaid Expenses 100,000
Land 500,000
Building 5,000,000
Accumulated Depreciation- Building
Machinery 3,000,000
Accumulated Depreciation- Machinery
Equipment 400,000
Accumulated Depreciation- Equipment
Secret Processes and Formulas 200,000
Trademark 150,000
Investment in Associate 1,300,000
Notes Payable
Accounts Payable
Acrrued Expenses
Income Tax Payable
Estimated Liability for damages
Current portion of Mortgage Notes Payable
Bank Loan Payable
Non-current Portion of Mortgage Notes Payable
Share Capital
Share Premium
Retained Earnings Approciated for Plant Expansion
Retained Earnings Approciated for Contingencies
Retained Earnings
Totals P 12,850,000
 Report Form
Relax Company
Statement of Financial Position
As of December 31, 2020

Debit Credit ASSETS

P 400,000
800,000
P 50,000 Current Assets:
1,000,000 Cash
100,000 Trade and other receivables
500,000 Inventories
5,000,000 Prepaid expenses
2,000,000 Total Current Assets
3,000,000
1,200,000 Non-Current Assets:
400,000 Property,Plant,and Equipment
100,000 Investment in associate
200,000 Intangible Assets
150,000 Total Non-Current Assets
1,300,000 Total Assets
750,000
350,000 LIABILITIES AND SHAREHOLDERS' EQUIT
60,000
50,000 Current Liabilities:
140,000 Trade and other payables
400,000 Estimated Liability for Damages
500,000 Current portion of Mortgage Notes Payable
1,600,000 Total Current Liabilities
3,000,000
300,000 Non-Current Liabilites:
1,000,000 Bank Loan Payable
100,000 Non-Current Portion of Mortgage Notes Payable
1,250,000 Total Non-Current Liabilities
P 12,850,000 P 12,850,000 Total Liabilities

Shareholders' Equity
Share Capital
Reserves
Retained Earnings
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
 Note 1- Trade and other receivables
elax Company
t of Financial Position Account Receivables
December 31, 2020 Allowance for Doubtful Accounts

SETS Total Trade and Other Receivables

Note
Note 2- Property, Plant, and Equipment
P 400,00
(1) 750,000 Land
1,000,000 Building
100,000 Machinery
2,250,000 Equipment
Total
Accumulated Depreciation
(2) 5,600,000 Carrying Amount
1,300,000
(3) 350,000 Accumulated Depreciation:
7,250,000 Building
P 9,500,00 Machinery
Equipment
D SHAREHOLDERS' EQUITY Total Accumulated Depreciation

(4) P 1,210,00
Note 3- Intangible Assets
140,000
400,000 Secret Process and Formulas
1,750,000 Trademark
Total Intangible Assets

500,000
1,600,000
Note 4- Trade and Other Payables
2,100,000
P 3,850,00 Accounts Payable
Notes Payable
Income Tax Payable
P 3,000,00 Accrued Expense
(5) 1,400,000 Total Trade and Other Payables
1,250,000
5,650,000
P 9,500,00
Note 5- Reserves

Share Premium
Retained Earnings Approciated for Plant Expansion
Retained Earnings Approciated for Contingencies
Total Reserves
 Account Form
eivables
Relax Company
800,000 Statement of Financial Positio
(50,00 As of December 31, 2020

750,000 Assets
Current Assets:
Cash P 400,00
Trade and other receivables 750,000
Equipment
Inventories 1,000,000
P 500,00 Prepaid expenses 100,000
5,000,000 Total Current Assets P 2,250,00
3,000,000
400,000
P 8,900,00 Non-Current Assets:
(3,300,00 Property,Plant,and Equipment P 5,600,00
P 5,600,00 Investment in associate 1,300,000
Intangible Assets 350,000
Total Non-Current Assets P 7,250,00
P 2,000,00
1,200,000
100,000
Depreciation P 3,300,00

P 200,00 Total Assets P 9,500,00

150,000
P 350,00

yables
P 350,00
750,000
50,000
60,000
P 1,210,00

P 300,00
for Plant Expansion 1,000,000
for Contingencies 100,000
P 1,400,00
 Relax Company
ement of Financial Position
As of December 31, 2020

Liabilities and Equity

Current Liabilities:
Trade and other payables P 1,210,00
Estimated Liability for Damages 140,000
Current portion of Mortgage Notes 400,000
Payable
Total Current Liabilities P 1,750,00

Non-Current Liabilites:
Bank Loan Payable P 500,00
Non-Current Portion of Mortgage Notes 1,600,000
Payable
Total Non-Current Liabilities P 2,100,00
Total Liabilities P 3,850,00

Shareholders' Equity
Share Capital P 3,000,00
Reserves 1,400,000
Retained Earnings 1,250,000
Total Shareholders' Equity P 5,650,00

Total Liabilities and Shareholders' Equity P 9,500,00