NON-CURRENT LIABILITIES This account consists of the performance and bidders bond for completed projects covering the period 2009 to 2014 which are not yet returned to suppliers and bidders. CAPITAL PPI has authorized capital stock of P100 million, divided into one million (1,000,000) common shares at a par value of P100 per share. The Subscribed and Paid-in Capital of P37,500,000 consist of: Investor Amount 60% Philippine International Trading Corporation 22,500,000 40% National Development Company 15,000,000 Total 100% 37,500,000 RETAINED EARNINGS (DEFICIT) The year reported amount of (P345,058,083) was restated to (P344,192,657) to reflect the unexpired MCIT of P865,426 which was recognized as prepaid expense. PPI has a capital deficiency of P312,814,489 and P306,692,657 as of December 31, 2015 and December 31, 2014, respectively. SALES are broken down into the following categories of customers: 2015 2014 906,905,928 Department of Health 514,793,826 32,604,329 Other Government Accounts 43,010,734 1,747,997 Private Accounts 2,147,547 941,258,254 559,952,107 COST OF SALES The Cost of sales is computed as follows: 2015 2014 4,284,897 Beginning Inventory 28,395,749 890,072,077 Add: Purchases 494,379,372 894,356,974 Total Goods Available for Sale 522,775,121 3,136,953 Less: Ending Inventory 4,284,897 Cost of Sales 891,220,021 518,490,224
NON-CURRENT LIABILITIES This account consists of the performance and bidders bond for completed projects covering the period 2009 to 2014 which are not yet returned to suppliers and bidders. CAPITAL PPI has authorized capital stock of P100 million, divided into one million (1,000,000) common shares at a par value of P100 per share. The Subscribed and Paid-in Capital of P37,500,000 consist of: Investor Amount Philippine International Trading Corporation 60% 22,500,000 National Development Company 40% 15,000,000 Total 100% 37,500,000 RETAINED EARNINGS (DEFICIT) The year reported amount of (P345,058,083) was restated to (P344,192,657) to reflect the unexpired MCIT of P865,426 which was recognized as prepaid expense. PPI has a capital deficiency of P312,814,489 and P306,692,657 as of December 31, 2015 and December 31, 2014, respectively. SALES are broken down into the following categories of customers: 2015 2014 Department of Health 906,905,928 514,793,826 Other Government Accounts 32,604,329 43,010,734 Private Accounts 1,747,997 2,147,547 941,258,254 559,952,107 COST OF SALES The Cost of sales is computed as follows: 2015 2014 Beginning Inventory 4,284,897 28,395,749 Add: Purchases 890,072,077 494,379,372 Total Goods Available for Sale 894,356,974 522,775,121 Less: Ending Inventory 3,136,953 4,284,897 Cost of Sales 891,220,021 518,490,224
08PPI2015Part1NotestoFS.docx