Note 9. Intangible Assets
This account is composed of the following:
2024 2023
Intangible Assets
Computer Software ₱ 10,500.00 ₱ 10,500.00
Accumulated Amortization- (9,540.00)
(9,540.00)
Computer Software
Total Intangible Assets ₱ 960.00 ₱ 960.00
Note 10. Liabilities
This account is composed of the following:
CURRENT LIABILITIES
Financial Liabilities
Payables
Accounts Payable ₱ 15,576,282.61 ₱ 20,899,651.16
Due to Officers and Employees 0.00 322,645.69
Total Payables 15,576,282.61 21,222,296.85
Loans Payable – Domestic 8,877,333.36 64,360,666.62
Total ₱ 24,453,615.97 ₱ 85,582,963.47
Loan Payable-Domestic account represents the annual loan amortization due and
demandable within one year.
Details of loan obtained from Development Bank of the Philippines are the following:
Principal Amount: 79,896,000.00
Date Granted: April 16, 2021
Interest Rate: 5% per Annum
Maturity Date: March 16, 2031
Monthly Amortization: 739,777.78
Purpose of the Loan: Purchase of Various Brand New Heavy Equipment
For CY 2024, interest expenses of the Loans Account totaled Three Million Sixty Four
Thousand Nine Hundred Forty Pesos & 41/100 (₱3,064,940.41)
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