GLC FINANCIAL STATEMENTS

July 2013
Patricia Concepcion, Enrique Romeo Mendoza & Karys Danielle Co

TRANSACTIONS
DATE JULY 1 TRANSACTIONS Purchase of 400 cylinders 11kg @ 1500, 50 cylinders of 50 kg @ 2500, 10 cylinders of 6 kg @ 700, 80 superkalan cylinders @ 787 1 Refill of 400 cylinders 11kg @ 726.27, 50 cylinders of 50 kg @ 3400, 20 cylinders of 6 kg @ 430, 80 superkalan cylinders @ 197.5 2 Purchases made by retail outlets on credit: 220 cylinder-refill of 11 kg @786, 45 cylinder-refill of 50 kg @3620 30 superkalan cylinde- refill @ 232. 2 Purchases made by walk in customers 5 cylinder-refill of 11 kg @786, 1 cylinder-refill of 50 kg @3620 5 superkalan cylinder-refill @ 232, 2 cylinders of 6 kg @ 455. 2 3 3 4 4 4 Purchase of 1 cylinder-refill of 50 kg on account by Max's Restaurant @ 3620. Payment to GLC Hauling services for the transfer of cylinders to and from Optimum Plant on July 1,2013. Sale on account of 5 cylinder- refill of 6 kg to retail outlets @ 455. Sales to walk in cutomers: 3 cylinder-refill of 11 kg @786, 2 superkalan cylinder-refill @ 232. Sales to carinderias: 11 cylinder-refill of 11 kg @786, 10 cylinder-refill of 6 kg @ 455. Cash purchases made by retail outlets: 25 cylinder-refill of 11 kg @786, 5 cylinder-refill of 50 kg @3620 6 superkalan cylinder- refill @ 232. 5 5 Payment of retail outlets for purchases made on June 5, 2013. Sales to walk in cutomers: 9 cylinder-refill of 11 kg @786, 15 cylinders of 6 kg @ 455, 6 superkalan cylinder- refill @ 232. 5 6 6 Sales to carinderias: 5 cylinder-refill of 11 kg @786, 2 cylinders of 6 kg @ 455,. Payment for repair of delivery truck with plate number DWW 2356. Purchases made by walk in cutomers: 23 cylinder-refill of 11 kg @786, 35 cylinders of 6 kg @ 455, 2 superkalan cylinder- refill @ 232, 8 cylinder-refill of 50 kg @3620

6 7 7

Purchases made by carinderias: 25 cylinder-refill of 11 kg @786, 18 cylinders of 6 kg @ 455,. Kim Castillo employee vale, P500. Purchases made by walk in cutomers: 15 cylinder-refill of 11 kg @786, 45 cylinder- refill of 6 kg @ 455, 13 superkalan cylinder- refill @ 232, 3 cylinder-refill of 50 kg @3620

Purchases made by retail outlets on account: 150 cylinder-refill of 11 kg @786, 65 superkalan cylinde- refill @ 232, 45 cylinder-refill of 6 kg @ 455.

8 8

Payment of Withholding taxes for the month of June 2013. Sales made by walk in cutomers: 28 cylinder-refill of 11 kg @786, 41 cylinder- refill of 6 kg @ 455, 1 cylinder-refill of 50 kg @3620.

8 9 9

Purchase of 2 50kg cylinder-refill by Chowking, on account @3620. Payment of SSS contributions, PAGIBIG and PHILHEALTH premiums of employees. Sales made to walk in cutomers: 25 cylinder-refill of 11 kg @786, 30 cylinder- refill of 6 kg @ 455, 2 superkalan cylinder- refill @ 232.

10 10

Payment of VAT Withholding Tax for the month of June 2013. Sales made by walk in cutomers: 5 cylinder-refill of 11 kg @786, 23 cylinder- refill of 6 kg @ 455, 25 superkalan cylinder- refill @ 232.

11 11 11 12 12 13 13

Payment for fuel of delivery trucks. Sales made by walk in cutomers: 15 cylinder- refill of 6 kg @ 455, 25 superkalan cylinder- refill @ 232. Cash purchases made by carinderias: 15 cylinder-refill of 11 kg @786, 28 cylinder-refill of 6 kg @455. Sales made to walk in cutomers: 55 cylinder- refill of 6 kg @ 455, 15 superkalan cylinder- refill @ 232. Cash purchases made by carinderias: 35 cylinder-refill of 11 kg @786, 15 cylinder-refill of 6 kg @455. Payment for Food allowance of Employees. Purchases made by walk in cutomers: 5 cylinder-refill of 11 kg @786, 23 cylinder- refill of 6 kg @ 455,

25 superkalan cylinder- refill @ 232. 13 14 Sales to walk in customers: 5 regulators @250 each. Purchases made by walk in cutomers: 15 cylinder-refill of 11 kg @786, 20 cylinder- refill of 6 kg @ 455, 15 superkalan cylinder- refill @ 232, 8 cylinder-refill of 50 kg @3620. 14 15 16 17 17 18 19 Purchases made by walk in customers: 2 heavy duty gas stoves @ 950 each. Payment of Salaries. Sales made by walk in cutomers: 8 cylinder-refill of 11 kg @786, 5 cylinder- refill of 6 kg @ 455, Purchase of batteries for delivery trucks. Sales to carinderias: 11 cylinder- refill of 6 kg @ 455. Purchases made by walk in cutomers: 31 cylinder-refill of 11 kg @786, 5 cylinder- refill of 6 kg @ 455. Purchases made by walk in cutomers: 5 cylinder-refill of 11 kg @786, 10 cylinder- refill of 6 kg @ 455. 12 superkalan cylinder- refill @ 232. 19 20 21 21 22 23 23 23 24 Sales to carinderias: 14 cylinder- refill of 6 kg @ 455. Purchases made by walk in cutomers: 8 cylinder-refill of 11 kg @786, 12 cylinder- refill of 6 kg @ 455. Payment made by retail outlets for purchases made in July 2, 2013. Purchases made by walk in cutomers: 12 cylinder-refill of 11 kg @786, 22 cylinder- refill of 6 kg @ 455. Purchases made by walk in cutomers: 17 cylinder- refill of 6 kg @ 455. Sales to carinderias: 25 cylinder- refill of 6 kg @ 455,5 cylinder-refill of 11 kg @786. Purchases made by walk in cutomers: 17 superkalan- refill of 6 kg @ 232. Sales to walk in customers:3 regulators @ 250 each and 60 meters hose @ 60 per meter. Purchases made by walk in cutomers: 25 cylinder-refill of 11 kg @786, 12 cylinder- refill of 6 kg @ 455, 9 superkalan cylinder- refill @ 232, 12 cylinder-refill of 50 kg @3620.

25 26 26 27

Purchases made by walk in cutomers: 5 superkalan cylinder- refill @ 232, 3 cylinder-refill of 50 kg @3620. Sales to carinderias: 23 cylinder- refill of 6 kg @ 455,5 cylinder-refill of 11 kg @786. Purchases made by walk in cutomers: 2 cylinder-refill of 50 kg @3620. Purchases made by retail outlets on account: 31 cylinder-refill of 11 kg @786, 10 cylinder-refill of 50 kg @3620 25 superkalan cylinde- refill @ 232, 56 cylinder-refill of 6 kg @ 455.

27 28

Purchases made by walk in cutomers: 18 cylinder-refill of 6 kg @ 455 Purchases made by walk in cutomers: 31 cylinder-refill of 11 kg @786, 25 cylinder- refill of 6 kg @ 455, 12 superkalan cylinder- refill @ 232, 8 cylinder-refill of 50 kg @3620.

29

Purchases made by walk in cutomers: 23 cylinder- refill of 6 kg @ 455, 36 superkalan cylinder- refill @ 232, 2 cylinder-refill of 50 kg @3620.

30 31 31 31

Purchases made by walk in cutomers: 18 cylinder- refill of 11 kg @ 455, 9 cylinder-refill of 50 kg @3620. Purchases made by walk in cutomers: 22 cylinder- refill of 11 kg @ 455. Payment of utilities. Payment of Salaries.

JOURNAL ENTRIES
DATE JULY 1 ENTRY Merchandise Inventory-11 kg cylinders Merchandise Inventory-50 kg cylinders Merchandise Inventory-6 kg cylinders Merchandise Inventory-superkalan cylinders Cash 794,960.00 1 Merchandise Inventory-11 kg refill Merchandise Inventory-50 kg refill Merchandise Inventory-6 kg refill Merchandise Inventory-superkalan refill Cash 484,908.00 2 Accounts Receivable-retail outlets Merchandise Inventory-11 kg refill 172,920.00 Merchandise Inventory-50 kg refill 162,900.00 Merchandise Inventory-superkalan refill 6,960.00 2 Cash Merchandise Inventory-11 kg refill 3,930.00 Merchandise Inventory-50 kg refill 3,620.00 Merchandise Inventory-6 kg refill 910.00 Merchandise Inventory-superkalan refill 1,160.00 2 Accounts Receivable-Max's Restaurant Merchandise Inventory-50 kg refill 3,620.00 3 Fuel/Oil and Other Transportation Expenses Cash 1,000.00 3 Accounts Receivable-retail outlets Merchandise Inventory-6 kg refill 2,275.00 4 Cash Merchandise Inventory-11 kg refill 2,358.00 2,822.00 2,275.00 1,000.00 3,620.00 9,620.00 342,780.00 290,508.00 170,000.00 8,600.00 15,800.00 DEBIT 600,000.00 125,000.00 7,000.00 62,960.00 CREDIT

Merchandise Inventory-superkalan refill 464.00 4 Cash Merchandise Inventory-11 kg refill 8,646.00 Merchandise Inventory-6 kg refill 4,550.00 4 Cash Merchandise Inventory-11 kg refill 19,650.00 Merchandise Inventory-50 kg refill 18,100.00 Merchandise Inventory-superkalan refill 1,392.00 5 Cash Accounts Receivable-retail outlets 221,000.00 5 Cash Merchandise Inventory-11 kg refill 7,074.00 Merchandise Inventory-superkalan refill 464.00 Merchandise Inventory-6 kg refill 6,825.00 5 Cash Merchandise Inventory-11 kg refill 3,930.00 Merchandise Inventory-6 kg refill 910.00 6 Repairs and Maintenance-Deliver Trucks Cash 7,000.00 6 Cash Merchandise Inventory-11 kg refill 18,078.00 Merchandise Inventory-superkalan refill 464.00 Merchandise Inventory-6 kg refill 15,925.00 Merchandise Inventory-50 kg refill 28,960.00 6 Cash Merchandise Inventory-11 kg refill 19,650.00 Merchandise Inventory-6 kg refill 8,190.00 27,840.00 63,427.00 7,000.00 4,840.00 14,363.00 221,000.00 39,142.00 13,196.00

Advances to employees Cash

500.00 500.00

Cash Merchandise Inventory-11 kg refill

46,141.00 11,790.00

Merchandise Inventory-superkalan refill 3,016.00 Merchandise Inventory-6 kg refill 20,475.00 Merchandise Inventory-50 kg refill 10,860.00 8 Accounts Receivable-retail outlets Merchandise Inventory-11 kg refill 117,900.00 Merchandise Inventory-superkalan refill 15,080.00 Merchandise Inventory-6 kg refill 20,475.00 Merchandise Inventory-50 kg refill 325,800.00 8 Taxes and Licenses Cash 6,020.00 8 Cash Merchandise Inventory-11 kg refill 22,008.00 Merchandise Inventory-6 kg refill 18,655.00 Merchandise Inventory-50 kg refill 3,620.00 8 Accounts Receivable-Chowking Merchandise Inventory-50 kg refill 7,240.00 9 SSS and Medicare Contributions Cash 520.00 9 Cash Merchandise Inventory-11 kg refill 19,650.00 Merchandise Inventory-superkalan refill 464.00 Merchandise Inventory-6 kg refill 13,650.00 10 Taxes and Licenses Cash 11,325.00 11,325.00 33,764.00 520.00 7,240.00 44,283.00 6,020.00 479,255.00

10

Cash Merchandise Inventory-11 kg refill

20,195.00 3,930.00

Merchandise Inventory-superkalan refill 5,800.00 Merchandise Inventory-6 kg refill 10,465.00 11 Fuel/Oil and Other Transportation Expenses Cash 1,250.00 11 Cash Merchandise Inventory-6 kg refill 6,825.00 Merchandise Inventory-superkalan refill 5,800.00 11 Cash Merchandise Inventory-6 kg refill 11,790.00 Merchandise Inventory-11 kg refill 12,740.00 12 Cash Merchandise Inventory-6 kg refill 25,025.00 Merchandise Inventory-superkalan refill 3,480.00 12 Cash Merchandise Inventory-6 kg refill 27,510.00 Merchandise Inventory-11 kg refill 6,825.00 13 Salaries and Allowances Cash 2,612.00 13 Cash Merchandise Inventory-11 kg refill 3,930.00 Merchandise Inventory-superkalan refill 5,800.00 Merchandise Inventory-6 kg refill 10,465.00 13 Cash Merchandise Inventory-regulators 1,250.00 14 Cash Merchandise Inventory-11 kg refill 11,790.00 53,330.00 1,250.00 20,195.00 2,612.00 34,335.00 28,505.00 24,530.00 12,625.00 1,250.00

Merchandise Inventory-superkalan refill 9,100.00 Merchandise Inventory-6 kg refill 3,480.00 Merchandise Inventory-50 kg refill 28,960.00 14 Cash Merchandise Inventory-Gas stove,heavy duty 1,900.00 15 Salaries and Allowances Cash 15,037.00 Advances to employees 500.00 16 Cash Merchandise Inventory-11 kg refill 6,288.00 Merchandise Inventory-6 kg refill 2,275.00 17 Fuel/Oil and Other Transportation Expenses Cash 500.00 17 Cash Merchandise Inventory-6 kg refill 5,005.00 18 Cash Merchandise Inventory-11 kg refill 24,366.00 Merchandise Inventory-6 kg refill 2,275.00 19 Cash Merchandise Inventory-11 kg refill 3,930.00 Merchandise Inventory-6 kg refill 4,550.00 Merchandise Inventory-superkalan refill 2,784.00 19 Cash Merchandise Inventory-6 kg refill 6,370.00 20 Cash Merchandise Inventory-11 kg refill 6,288.00 Merchandise Inventory-6 kg refill 5,460.00 21 Cash 221,413.00 11,748.00 6,370.00 11,264.00 26,641.00 5,005.00 500.00 8,563.00 15,537.00 1,900.00

Accounts Receivable-retail outlets 221,413.00 21 Cash Merchandise Inventory-11 kg refill 9,432.00 Merchandise Inventory-6 kg refill 10,010.00 22 Cash Merchandise Inventory-6 kg refill 7,735.00 23 Cash Merchandise Inventory-6 kg refill 11,375.00 Merchandise Inventory-11 kg refill 3,930.00 23 Cash Merchandise Inventory-superkalan refill 3,944.00 23 Cash Merchandise Inventory-regulators 750.00 Merchandise Inventory-hose 3,600.00 24 Cash Merchandise Inventory-11 kg refill 19,650.00 Merchandise Inventory-superkalan refill 2,088.00 Merchandise Inventory-6 kg refill 5,460.00 Merchandise Inventory-50 kg refill 43,440.00 25 Cash Merchandise Inventory-superkalan refill 1,160.00 Merchandise Inventory-50 kg refill 10,860.00 26 Cash Merchandise Inventory-11 kg refill Merchandise Inventory-6 kg refill 10,465.00 26 Cash Merchandise Inventory-50 kg refill 7,240.00 27 Accounts Receivable-retail outlets 91,846.00 7,240.00 14,395.00 3,930.00 12,020.00 70,638.00 4,350.00 3,944.00 15,305.00 7,735.00 19,442.00

Merchandise Inventory-11 kg refill 24,366.00 Merchandise Inventory-superkalan refill 5,800.00 Merchandise Inventory-6 kg refill 25,480.00 Merchandise Inventory-50 kg refill 36,200.00 27 Cash Merchandise Inventory-6 kg refill 8,190.00 28 Cash Merchandise Inventory-11 kg refill 24,366.00 Merchandise Inventory-superkalan refill 2,784.00 Merchandise Inventory-6 kg refill 11,375.00 Merchandise Inventory-50 kg refill 28,960.00 29 Cash Merchandise Inventory-superkalan refill 8,352.00 Merchandise Inventory-6 kg refill 10,465.00 Merchandise Inventory-50 kg refill 7,240.00 30 Cash Merchandise Inventory-50 kg refill 32,580.00 Merchandise Inventory-11 kg refill 8,190.00 31 Cash Merchandise Inventory-11 kg refill 10,010.00 31 Communication, Light and Water Cash 1,210.00 31 Salaries and Allowances Cash 15,575.00 15,575.00 1,210.00 10,010.00 40,770.00 26,057.00 67,485.00 8,190.00

INCOME STATEMENT
CONCEPCION SHELLANE CENTER
Gliceria L. Concepcion-Proprietor Income Statement For the month ended July 2013 REVENUE Sales Cost of Sales Inventory, beginning Purchases Cost of Goods Available for Sale Inventory, end Cost of Sales Gross Profit on Sales EXPENSES Salaries and allowances SSS and Medicare Contributions Fuel/Oil and Other Transportation Expenses Communication, Light and Water Taxes and Licenses Total Operating Expenses GROSS PROFIT 1,147,510.40 484,908.00 1,632,418.40 244,047.00 1,388,371.40 91,916.60

1,480,288.00

33,724.00 520.00 2,750.00 1,210.00 6,020.00 44,224.00 47,692.60

STATEMENT OF OWNERS EQUITY

CONCEPCION SHELLANE CENTER

Gliceria L. Concepcion-Proprietor Statement of Owner's Equity For the month ended July 2013 Capital,beginning Additional Investments Net Income for July 2013 TOTAL Less: Withdrawals Net increase in owner's equity Capital,end 6,612,001.40 P 47,692.60 47,692.60 47,692.60 P 6,659,694.00

BALANCE SHEET
CONCEPCION SHELLANE CENTER
Gliceria L. Concepcion-Proprietor Balance Sheet As of July 2013 ASSETS CURRENT ASSETS Cash Accounts Receivable Merchandise Inventory NON-CURRENT ASSETS Delivery Truck Office Equipment Furniture and Fixtures TOTAL ASSETS LIABILITIES AND CAPITAL LIABILITIES CURRENT LIABILITIES Accounts Payable Trade NON-CURRENT LIABILITIES TOTAL LIABILITIES CAPITAL Capital, beginning Net Profit for July 2013 Drawings Capital,end TOTAL LIABILITIES AND CAPITAL P P 1,632,400.00 1,047,103.00 244,047.00

3,455,850.00 458,320.00 56,824.00 6,894,544.00

234,850.00 234,850.00 6,612,001.40 47,692.60 6,659,694.00 6,894,544.00