VUICO

PROJECTED STATEMENT OF FINANCIAL POSITION

For the year ended December 31, 2020

Note
ASSETS
Current Assets
Cash & Cash Equivalents 1 108,108.14
Prepayments 2 40,786.75
Total 148,894.89

Non- Current Assets

Property, Plant & Equipment 3 181,916.72
Other Assets 4 12,000.00
Total 193,916.72

TOTAL ASSETS 342,811.61

LIABILITIES & PARTNER'S EQUITY

Current Liabilities 5 25,927.42

Partner's Equity 6 316,884.19

TOTAL LIABILITIES & EQUITY 342,811.61

100

82
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82
 VUICO
PROJECTED STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2020

Note

Income 7 1,742,940.00
Less: Cost of Service 8 1,002,107.00
Gross Income 740,833.00
Less: Operating Expense 9 730,998.44
Net Income Before Tax 9,834.56
Income Tax Expense 10 2,950.37

Net Income After Tax 6,884.19

101
0.425047908

-
 VUICO
PROJECTED STATEMENT OF CASH FLOWS
For the year ended December 31, 2020

Note

Cash Flows from Operating Activities

Net Income/Loss before tax 9,834.56
Adjustments for:
Depreciation Expense 36,383.28
Operating Income before working capital changes 46,217.84
(Increase)/Decrease In:
Advances to Employees (7,000.00)
Advance Rental (12,000.00)
Unused Supplies & Materials (21,786.75)

Increase/(Decrease) In:
Accrued Expense 18,859.55
Income Tax Payable 2,950.37
W/holding Tax Payable 600.00
SSS/PHIC/HDMF W/held 3,517.50
Cash Generated from Operations 31,358.51

Income Tax Paid (2,950.37)

Net Cash Provided from Operating Activities 28,408.14

Cash Flows from Investing Activities

Acquisition of Delivery Equipment (60,000.00)
Acquisition of Furnitures & Fixtures (16,800.00)
Acquisition of Machineries & Equipment (129,000.00)
Leasehold Improvements (12,500.00)
Security Rental Deposit (12,000.00)
Net Cash Used in Investing Activities (230,300.00)

Cash Flows from Financing Activities

Partners, Capital 360,000.00
Partners, Drawing (50,000.00)
Net Cash Used in Financing Activities 310,000.00

Net Increase (Decrease) in Cash 108,108.14

Cash Balance, Jan. 1 -

Cash Balance, Dec 31 108,108.14

102
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 VUICO
PROJECTED STATEMENT OF CHANGES IN PARTNER'S EQUITY
For the year ended December 31, 2020

Partner's Capital, Beginning 360,000.00

Add: Net Income 6,884.19
Total 366,884.19
Less: Withdrawals 50,000.00

Partner's Capital, End 316,884.19

Sharing of Capital
Partner 1's Share 63,376.84
Partner 2's Share 63,376.84
Partner 3's Share 63,376.84
Partner 4's Share 63,376.84
Partner 5's Share 63,376.84
Total Share 316,884.19

103
Note 1- Cash & Cash Equivalents
This account consists of the following:

Cash in Bank 97,297.33

Cash on Hand 10,810.81
Total 108,108.14

Note 2- Prepayments
This account consists of the following:

Advances to Employees 7,000.00

Advance Rental 12,000.00
Unused Supplies & Materials 21,786.75
Total 40,786.75

Note 3- Property, Plant & Equipment

This account consists of the following:

Leasehold
Delivery Furnitures
Improveme
Equipment & Fixtures
nts
Cost
January 8 60,000.00 16,800.00 12,500.00
Additions
Disposal/ Adjustments
December 31 60,000.00 16,800.00 12,500.00

Accumulated Depreciation and Amortization

January 1
Provisions 9,999.96 2,799.96 2,083.32
Disposals
December 31 9,999.96 2,799.96 2,083.32

Net Book Value 50,000.04 14,000.04 10,416.68

Note 4- Other Assets

This account consists of the following:

Security Rental Deposit 12,000.00

Note 5- Current Liabilities

This account consists of the following:

Accrued Expense 18,859.55

 Income Tax Payable 2,950.37
W/holding Tax Payable 600.00
SSS/PHIC/HDMF W/held 3,517.50
Total 25,927.42

Note 6- Partner's Equity

This account consists of the following:

Partners, Capital 360,000.00

Partners, Drawing 50,000.00
Total 310,000.00
Net Income/Loss 6,884.19
Total 316,884.19

Note 7- Revenue
This account consists of the following:

Yearly Income 1,742,940.00

Total 1,742,940.00

Note 8- Cost of Service

This account consists of the following:

Materials & Supplies 435,735.00

Salaries & Wages 333,432.00
Depreciation Expense 31,500.00
Utilities Expense 35,840.00
Incentives 165,600.00
Total 1,002,107.00

Note 9- Operating Expense

This account consists of the following:

13th Month Pay 42,072.00

Salaries & Wages 333,432.00
Rent Expense 144,000.00
Depreciation Expense 4,883.28
Utilities Expense 35,840.00
Communication Expense 13,943.52
Office Supplies 6,971.76
Housekeeping Materials 3,485.88
Professional Fees 23,000.00
SSS/PHIC/HDMF Contribution 69,450.00
 Miscellaneous Expense 3,000.00
Representation Expense 4,500.00
Gasoline Expense 17,920.00
Organization Cost 28,500.00
Percentage Tax 52,288.20
Total 730,998.44

Note 10- Income Tax Computation

Net Income before tax 9,834.56

Normal Income Tax Rate 30%
Income Tax Due 2,950.37
Machineries
Total
& Equipment

129,000.00 218,300.00

129,000.00 218,300.00

-
21,500.04 36,383.28

21,500.04 36,383.28

107,499.96 181,916.72
-
Year 2020

Date Useful Acquisition Monthly

Description Jan 2020 Feb 2020 Mar 2020 Apr 2020
Acquire Life Cost Amortization

Delivery Equipment 6 60,000.00 833.33 833.33 833.33 833.33 833.33

Furnitures & Fixture 6 16,800.00 233.33 233.33 233.33 233.33 233.33
Leasehold Improvement 6 12,500.00 173.61 173.61 173.61 173.61 173.61
Machineries & Equipment 6 129,000.00 1,791.67 1,791.67 1,791.67 1,791.67 1,791.67
Total ### 3,031.94 ### ### ### ###

Year 2020
 Total
May 2020 Jun 2020 Jul 2020 Aug 2020 Sept 2020 Oct 2020 Nov 2020 Dec 2020 Depreciatio
n
833.33 833.33 833.33 833.33 833.33 833.33 833.33 833.33 9,999.96
233.33 233.33 233.33 233.33 233.33 233.33 233.33 233.33 2,799.96
173.61 173.61 173.61 173.61 173.61 173.61 173.61 173.61 2,083.32
1,791.67 1,791.67 1,791.67 1,791.67 1,791.67 1,791.67 1,791.67 1,791.67 21,500.04
### ### ### ### ### ### ### ### 36,383.28
Book value

50,000.04
14,000.04
10,416.68
107,499.96
###