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Our audit and accounting firm integrates five members and is located in the city of Machala
in Junin and Rocafuerte first east.
ACCOUNTING ADVISING
UNDER IFRS (A.A.U.IFRS.)
Trial balance
Income Statement
Balance Sheet
Cash Flow
Calculations
PAPER TRAIL
OFFICE
SUPPLIES S.A
DEDICATED:
BUYING AND SELLING OFFICE SUPPLIES.
TAXPAYER ID:
0796558756001
ADDRESS:
JUNIN AND ROCAFUERTE FIRST EAST
PHONE:
928250
1. The Trading Company PAPER TRAIL OFFICE SUPPLIES S.A with tax payer. N
0796558756001 started operations in October, 1st , 2015 with the next Balance Sheet #1:
19.980,00
5.000,00
2.000,00
- 20,00
13.000,00
52.800,00
10.000,00
20.000,00
2.800,00
1.000,00
30.000,00
- 11.000,00
72.780,00
14.100,00
8.500,00
1.000,00
600,00
500,00
3.500,00
10.000,00
10.000,00
OWNERS EQUITY
Capital
Legal Reserve
Retained earnings
TOTAL OWNER EQUITY
38.680,00
2000,00
8000,00
_______________________
MANAGER
24.100,00
48.680,00
72.780,00
_______________________
ACCOUNTANT
2.
3.
October, 18 Selled in cash the 60% and 40% accounts receivable to period of 30 days
to Juan Perez (Natural Person Required to keep accounting) with Tax Payer N
0704142356001, the next:
10 desk lamp a $35,00 either one and
5 Cubicle divider $ 150,00 either one
Note: In this sell we must consider that the Price of product include VAT.
4.
October, 28 realiced to the company Ramirez S.A, with Tax Payer N 0796520310001
the next sell in cash:
8 Dry Eraser a $ 3,00 either one, plus VAT.
12 Binder a $ 1,50 either one, plus VAT.
5.
N
1
2
3
4
5
6
7
NAMES
Mario Flores Len
Wilson Barzallo Espinoza
Ana Cedeo Ramrez
Alex Andrade Bueno
Diego Aucay Salazar
Javier Len Balcazar
Monica Fajardo Bermeo
CHARTER
0706235689
0102035678
0104765324
0702328326
0104356789
0701349977
0702348976
CHARGE
Accountant
Administrator
Secretary
Head of sales
Selling 1
Selling 2
Assistant service
WORKS
DAYS
30
30
30
30
30
30
30
SALARY
1.300,00
1.500,00
354,00
720,00
354,00
354,00
354,00
Note: We must consider the extraordinary hours, overtime, the advances and fees.
6.
7.
8.
December, 10 Canceled the second share of Bank Loan and the interest.
9.
DESCRIPTION
Computing Equipment
Land
Office Fornitures
Vehicles
NUMBER
2
1
1
1
PRICE
EITHER
ONE
1.400,00
20.000,00
1.000,00
30.000,00
RESIDUAL
VALUE
200,00
2.400,00
100,00
5.000,00
YEARS
USEFUL
LIFE
4
22
10
5
10.
December, 21 The members agree distributed the 70% of the retained earnings.
11.
December, 27 Canceled in cash the Basic Services for the month of October and
November $ 300,00. ( CASH)
Its asked:
Prepare the accounting proccess and all balances of the company.
TAXPAYER ID #
0793245647001
ADDRESS: Bolivar & Julio Betancourt St.
INVOICE NUMBER
Phone: 928266
001-001
000000000-567
AUTHO RIZATIO N
IRS
116329894
#:
BILL TO:
ADDRESS:
Taxpayer ID #
QUANTITY
600
50
6
75
15
10
0 796558756001
DESCRIPTION
Paper Clips
Stapler
Desk Lamp
Note Pad
Cubicle Divider
File Cabinet
INVOICE DATE
Month
Day
Year
October
2015
UNIT PRICE
$
0,03
$
18,00
$
30,00
$
4,00
$
130,00
$
90,00
TOTAL
$
$
$
$
$
$
18,00
900,00
180,00
300,00
1.950,00
900,00
SUBTOTAL
4.248,00
DISCOUNT
TAX 12%
509,76
BALANCE DUE $
4.757,76
TAX 0%
SELLER
CUSTOMER
TRUJILLO GARCA FERNANDA MATILDE, GRAPHICS IMPRENTTRU RUC: 0704567892001- AUT #10620-12BLOCKS
(100*3)- DATE OF APPROVAL: 3-08-2015- EXPIRES AUGUST 3, 2016
TAXPAYER ID #: 0796558756001
WITHHOLDING
NUMBER: 001-003-00567
IRS AUTHORIZATION #: 1109984321
TAXPAYER ID #
Month
Day
Year
October
2015
0 793245647001
Invoi ce
Receipt of purchase #:
001-001-000000000-567
116329894
Date of issue:
October 5, 2015
FISCAL EXERCISE
TAXABLE
TAX
TAX CODE
% RETENTION
TIEBACK
2015
$ 4.248,00
INCOME TAX
312
1%
$ 42,48
TOTAL RETAINED
42,48
Angel Bolivar Carlos Mora / Printing Bolivar RUC . 1709876543001 , Aut 1059 1
100x2 Block No. 400 to 500 , Date of Approval: 01/01/2016 Valid until
01/01/2017 for issue
SIGNATURE RETENTION AGENT
TAXPAYER
Check N: 001-001-00455
Date: October 5, 2015
To: MEGA OFFICE SUPPLY,
S.A
Balance:
Deposit:
$
$
5.000,00
3.000,00
Bank Machala
4.715,28
Total
8.000,00
Check
4.715,28
Balance
3.284,72
Asignature
TAXPAYER ID #
0796558756001
INVOICE NUMBER
Phone: 928250
001-001
IRS
000000000-001
AUTHO RIZATIO N
354675689
#:
BILL TO:
JUAN PREZ
ADDRESS:
Taxpayer ID #
QUANTITY
10
5
0 704142356001
DESCRIPTION
Desk Lamp
Cubicle Divider
INVOICE DATE
Month
Day
Year
October
18
2015
SUBTOTAL
SELLER
DISCOUNT
TAX 12%
$
TAX 0%
BALANCE DUE $
312,50
669,64
982,14
117,86
1.100,00
CUSTOMER
TRUJILLO GARCA FERNANDA MATILDE, GRAPHICS IMPRENTTRU RUC: 0704567892001- AUT #10620-12BLOCKS
(100*3)- DATE OF APPROVAL: 3-11-2015- EXPIRES NOVEMBER 3, 2016
TAXPAYER ID #:0704142356001
TAXPAYER ID #
WITHHOLDING
NUMBER: 001-003-00867
IRS AUTHORIZATION #: 1109984076
Month
Day
Year
October
18
2015
0 796558756001
FISCAL EXERCISE
2015
TAXABLE
$ 982,14
Invoi ce
Receipt of purchase #:
001-001-000000000-001
354675689
Date of issue:
TAX
INCOME TAX
TAX CODE
312
% RETENTION
1%
TIEBACK
$ 9,82
TOTAL RETAINED
9,82
Angel Bolivar Carlos Mora / Printing Bolivar RUC . 1709876543001 , Aut 1059 1
100x2 Block No. 400 to 500 , Date of Approval: 01/01/2016 Valid until
01/01/2017 for issue
SIGNATURE RETENTION AGENT
TAXPAYER
N: 54698
FOR US: $ 436,07
CITY: Machala
DATE: October 18,2015
BILL OF EXCHANGE
CITY:
Machala
N
DATE:
54698
FOR US:
436,07
It must pay unconditionally in this place to thirty days of acceptance for this BILL OF EXCHANGE
, to order PAPER TRAIL OFFICE SUPPLIES S.A . The amount of four hundred thirty-six
dollars and seven cents, plus interest of 1.5% annually, and arrears 0,5 % annum swithout
protest.
Avoid filing for acceptance and payment, as well as notices for lack of these facts
ADDRESS:Junin and
Rocafuerte First East
EXPIRES: Novembre 18,
2015
PHONE: 942556
CITY: Machala
ATTENTIVELY
TAXPAYER ID #
0796558756001
INVOICE NUMBER
Phone: 928250
001-001
IRS
000000000-002
AUTHO RIZATIO N
354674323
#:
BILL TO:
ADDRESS:
Taxpayer ID #
QUANTITY
8
12
0 796520310001
DESCRIPTION
Dry Eraser
Binder
INVOICE DATE
Month
Day
Year
October
28
2015
SUBTOTAL
SELLER
DISCOUNT
TAX 12%
$
TAX 0%
BALANCE DUE $
24,00
18,00
42,00
5,04
47,04
CUSTOMER
TRUJILLO GARCA FERNANDA MATILDE, GRAPHICS IMPRENTTRU RUC: 0704567892001- AUT #10620-12BLOCKS
(100*3)- DATE OF APPROVAL: 3-11-2015- EXPIRES NOVEMBER 3, 2016
TAXPAYER ID #:0796520310001
TAXPAYER ID #
WITHHOLDING
NUMBER: 001-002-00867
IRS AUTHORIZATION #: 1109765321
Month
Day
Year
October
28
2015
0 796558756001
FISCAL EXERCISE
2015
TAXABLE
$ 42,00
Invoi ce
Receipt of purchase #:
001-001-000000000-002
354674323
Date of issue:
TAX
INCOME TAX
TAX CODE
312
% RETENTION
1%
TIEBACK
$ 0,42
TOTAL RETAINED
0,42
Angel Bolivar Carlos Mora / Printing Bolivar RUC . 1709876543001 , Aut 1059 1
100x2 Block No. 400 to 500 , Date of Approval: 01/01/2016 Valid until
01/01/2017 for issue
SIGNATURE RETENTION AGENT
TAXPAYER
PAYROLL
CHARTER
CHARGE
W\D
SALARY
EXTRA
HOURS
Accountant
30
$ 1.300,00 $
21,67
102035678
2 Wilson Barzallo E.
3 Ana Cedeo Ramrez 104765324
Administor
Secretary
30
30
$ 1.500,00 $
$ 354,00
37,50
0702328326
Head of sales
30
720,00
Selling 1
Selling 2
Assist. service
30
30
30
$
$
$
354,00
354,00
354,00
0706235689
TOTAL
OVERTIME
24,39
9,00
MANAGER
COM.
TOTAL INCOME
CONTRIB.
TOL IESS
ADVANCE
INCOME
TAX
TOTAL
REVENUES
NET TO PAY
1.346,06 $ 127,20
$ 32,27 $
159,47 $
1.186,59
$
$
1.537,50 $ 145,29
354,00 $ 33,45
$ 53,48 $
$
198,77 $
33,45 $
1.338,73
320,55
69,66 $
667,53
$
$
$
34,42 $
84,42 $
34,42 $
329,82
279,82
329,82
$ 8,19
737,19 $
69,66
$ 10,24
$ 10,24
$ 10,24
$
$
$
364,24 $
364,24 $
364,24 $
34,42
34,42 $
34,42
50,00
ACCOUNTANT
$ 4.452,84
TABLE OF PROVISIONS
TO DECEMBER 31
CHARGE
W/ DAYS
Accountant
2
3
4
5
6
7
Wilson Barzallo E.
Ana Cedeo Ramrez
Alex Andrade Bueno
Diego Aucay Salazar
Javier Len Balcazar
Monica Fajardo B.
Administor
Secretary
Head of sales
Selling 1
Selling 2
Assist,service
TOTAL INCOME
XIII SALARY
121
83
45
$
$
$
6.500,00 $
4.500,00 $
1.880,00 $
67
48
41
53
$
$
$
$
940,00
620,00
1.750,00
366,00
TOTAL
MANAGER
$
$
$
$
16.556,00 $
XIV SALARY
2.184,72 $
1.037,50 $
235,00 $
174,94
82,67
199,31
53,88
$
$
$
$
3.968,02 $
HOLIDAYS
123,02 $
84,38 $
45,75 $
68,12
48,80
41,68
53,88
$
$
$
$
465,63 $
270,83 $
187,50 $
78,33 $
39,17
25,83
72,92
15,25
EMPLOYER
CONTRIB.
RESERVE FUND
$
$
$
$
TOTAL
541,45 $
374,85 $
156,60 $
789,75 $
546,75 $
228,42 $
78,30
51,65
145,78
30,49
114,21
75,33
212,63
44,47
$
$
$
$
689,83 $ 1.379,11 $
ACCOUNTANT
3.909,77
2.230,98
744,11
$
$
$
$
474,74
284,28
672,31
197,97
2.011,55 $
8.514,16
Check N: 001-001-00456
Date: October 31 , 2015
To: EMPLOYERS
Balance:
Deposit:
$
$
3.284,72
6.436,85
Bank Machala
12.967,00
Total
8.000,00
Check
6.436,85
Balance
1.563,15
Asignature
23.980,00
Bank
Cash
Accounts receivable
Provision for uncollectible accounts
Merchandise Inventory
12.000,00
8.000,00
2.000,00
- 20,00
2.000,00
NON-CURRENT ASSETS
Lands
Buildings
Computing Equipment
Office Formiture
Vehicle
Accumulated Depreciation
TOTAL ASSETS
10.000,00
20.000,00
2.800,00
1.000,00
22.000,00
- 7.000,00
LIABILITIES
CURRENT LIABILITIES
Accounts Payable (Providers)
Payrolls Payable
IESS Payable
Commissions Payable
Income tax Payable
48.800,00
______72.780,00____
14.100,00
8.500,00
1.000,00
600,00
500,00
3.500,00
10.000,00
10.000,00
OWNERS EQUITY
Capital
Legal Reserve
Retained earnings
TOTAL OWNER EQUITY
38.680,00
2000,00
8000,00
24.100,00
48.680,00
_______________________
MANAGER
72.780,00
____________________
ACCOUNTANT
DETAIL
October, 1
-1Bank
FOLIO N 1
PARTIAL
5.000,00
Cash
FOLIO N_____01_____
DEBIT
HAVINGS
12.000,00
8.000,00
Accounts receivable
2.000,00
2.000,00
- 20,00
( 20,00)
Merchandise Inventory
13.000,00
2.000,00
Lands
10.000,00
10.000,00
Buildings
20.000,00
20.000,00
Computing Equipment
2.800,00
2.800,00
Office Formiture
1.000,00
1.000,00
Vehicle
30.000,00
22.000,00
Accumulated Depreciation
11.000,00
( 7.000,00)
8.500,00
1.000,00
Payrolls Payable
IESS Payable
600,00
Commissions Payable
500,00
3.500,00
Bank Loan
10.000,00
Capital
38.680,00
Legal Reserve
2000,00
Retained earnings
8000,00
-2PURCHASE
4.248,00
4.248,00
VAT PAID
509,76
42,48
42,48
BANK
4.715,28
Bank of Machala
4.715,28
-3CASH
654,11
BILL OF EXCHANGE
436,07
9,82
9,82
SALE
Sale rate 12%
982,14
982,14
VAT PAID
Vat paid rate 12%
117,86
117,86
78.637,76
78.637,76
FOLIO N 2
FOLIO N_____01_____
DATE
DETAIL
PARTIAL
COME
DEBIT
HAVINGS
78.637,76
October, 28
78.637,76
-4CASH
46,62
0,42
0,42
SALE
42,00
42,00
VAT PAID
5,04
5,04
-5PRODUCTION PAYROLL
4.452,84
INCOME
5.067,47
Salaries Payable
4936,00
Extra Hours
59,17
Overtimes
33,39
Commissions
38,91
REVENUES
(614,63)
478,88
Advance
50,00
Income tax
85,75
8.514,16
XIII Salary
3.968,02
XIV Salary
465,63
Holidays
689,83
Reserve fund
1.379,13
Employer contribution
2.011,55
BANK
12.967,00
Bank of Machala
12.967,00
-6BANK LOAN
833,33
INTEREST
116.67
CASH
950,00
-7ADVERTISING
800,00
CASH
800,00
93.401,80
93.401,80
DETAIL
PARTIAL
COME
FOLIO N 3
FOLIO N_____01_____
HAVINGS
DEBIT
93.401,80
December, 10
93.401,80
-8BANK LOAN
833,33
INTEREST
106,94
CASH
940,27
-9DEPRECIATION OF PPyE
6.200,00
Computing Equipment
300,00
Land
800,00
Oficce fornitures
100,00
Vehicles
5.000,00
6.200,00
-10RETAINED EARNINGS
5.600,00
Shareholders
5.600,00
CASH
5.600,00
-11BASIC SERVICES
300,00
CASH
To register payment the Basic Services for the month of
October and November
TOTAL
300,00
106.442,07
106.442,07
_______________________
MANAGER
___________________
ACCOUNTANT
DETAIL
REFERENCE
To register its initial situation
1
$
To register Purchased to Mega Office
October, 5
2
Supply.
October, 31 To register Payroll and table of provisions.
5
TOTAL
DEBIT
12.000,00
CREDIT
$
12.000,00
BALANCE
$ 12.000,00
4.715,28
7.284,72
$ 12.967,00
(5.682,28)
(5.682,28)
17.682,28
DETAIL
REFERENCE
October, 1
TOTAL
DEBIT
$
2.000,00
2.000,00
BALANCE
CREDIT
$
2.000,00
2.000,00
DETAIL
REFERENCE
October, 1
TOTAL
DEBIT
$
BALANCE
CREDIT
20,00
20,00
20,00
20,00
DETAIL
REFERENCE
October, 1
TOTAL
DEBIT
$
2.000,00
2.000,00
BALANCE
CREDIT
$
2.000,00
2.000,00
ACCOUNT: Lands
DATE
DETAIL
REFERENCE
October, 1
TOTAL
DEBIT
$
BALANCE
CREDIT
10.000,00
10.000,00
10.000,00
10.000,00
ACCOUNT: Buildings
DATE
DETAIL
REFERENCE
October, 1
TOTAL
DEBIT
$
BALANCE
CREDIT
20.000,00
20.000,00
20.000,00
20.000,00
DETAIL
REFERENCE
October, 1
TOTAL
DEBIT
$
2.800,00
2.800,00
BALANCE
CREDIT
$
2.800,00
2.800,00
DETAIL
REFERENCE
October, 1
TOTAL
DEBIT
$
1.000,00
1.000,00
BALANCE
CREDIT
$
1.000,00
1.000,00
ACCOUNT: Vehicle
DATE
DETAIL
REFERENCE
October, 1
DEBIT
$
TOTAL
BALANCE
CREDIT
22.000,00
22.000,00
22.000,00
22.000,00
DETAIL
REFERENCE
October, 1
December, 19
TOTAL
DEBIT
$
7.000,00
7.000,00
BALANCE
CREDIT
$
7.000,00
6.200,00
800,00
6.200,00
800,00
DETAIL
To register its initial situation
REFERENCE
DEBIT
TOTAL
BALANCE
CREDIT
8.500,00
8.500,00
8.500,00
8.500,00
DETAIL
To register its initial situation
TOTAL
REFERENCE
DEBIT
BALANCE
CREDIT
1.000,00
1.000,00
1.000,00
1.000,00
DETAIL
To register its initial situation
REFERENCE
DEBIT
TOTAL
BALANCE
CREDIT
600,00
600,00
600,00
600,00
DETAIL
To register its initial situation
TOTAL
REFERENCE
DEBIT
BALANCE
CREDIT
500,00
500,00
500,00
500,00
DETAIL
REFERENCE
DEBIT
TOTAL
BALANCE
CREDIT
$
3.500,00
3.500,00
3.500,00
3.500,00
ACCOUNT:Bank Loan
DATE
DETAIL
REFERENCE
DEBIT
BALANCE
CREDIT
October, 1
November, 10
833,33
9.166,67
December,10
833,33
8.333,34
8.333,34
TOTAL
1.666,66
10.000,00
10.000,00
10.000,00
ACCOUNT: Capital
DATE
October, 1
DETAIL
To register its initial situation
REFERENCE
DEBIT
TOTAL
BALANCE
CREDIT
38.680,00
38.680,00
38.680,00
38.680,00
DETAIL
To register its initial situation
TOTAL
REFERENCE
DEBIT
BALANCE
CREDIT
2.000,00
2.000,00
2.000,00
2.000,00
DETAIL
REFERENCE
October, 1
December, 21
10
DEBIT
$
TOTAL
BALANCE
CREDIT
5.600,00
5.600,00 $
8.000,00
8.000,00
8.000,00
2.400,00
2.400,00
ACCOUNT: PURCHASE
DATE
October, 5
DETAIL
To register Purchased to Mega Office Supply.
TOTAL
REFERENCE
2
DEBIT
$
BALANCE
CREDIT
4.248,00
4.248,00
4.248,00
4.248,00
DETAIL
REFERENCE
October, 18
October, 28
TOTAL
DEBIT
$
$
BALANCE
CREDIT
117,86
117,86
5,04
122,90
122,90
122,90
DETAIL
REFERENCE
DEBIT
BALANCE
CREDIT
October, 5
October, 18
9,82
32,66
October, 28
0,42
32,24
32,24
TOTAL
10,24 $
42,48
42,48
42,48
ACCOUNT: CASH
DATE
DETAIL
REFERENCE
DEBIT
BALANCE
CREDIT
October, 1
8.000,00
8.000,00
October, 18
654,11
8.654,11
October, 28
46,62
8.700,73
November, 10
950,00
7.750,73
November, 22
800,00
6.950,73
December,10
940,27
6.010,46
December, 21
10
5.600,00
410,46
December, 27
11
300,00
110,46
110,46
TOTAL
8.700,73
8.590,27
DETAIL
To register Salled to Juan Prez
TOTAL
REFERENCE
DEBIT
BALANCE
CREDIT
436,07
436,07
436,07
436,07
ACCOUNT: SALE
DATE
DETAIL
REFERENCE
DEBIT
BALANCE
CREDIT
October, 18
982,14
October, 28
42,00
TOTAL
- $
1.024,14
982,14
1.024,14
1.024,14
DETAIL
To register Payroll and table of provisions.
TOTAL
REFERENCE
DEBIT
BALANCE
CREDIT
4.452,84
4.452,84
4.452,84
4.452,84
DETAIL
REFERENCE
DEBIT
TOTAL
BALANCE
CREDIT
8.514,16
8.514,16
8.514,16
8.514,16
ACCOUNT: INTEREST
DATE
DETAIL
REFERENCE
DEBIT
November, 10
116,67
December,10
106,94
TOTAL
223,61
BALANCE
CREDIT
116,67
223,61
223,61
ACCOUNT: ADVERTISING
DATE
November, 22
DETAIL
REFERENCE
DEBIT
TOTAL
BALANCE
CREDIT
800,00
800,00
800,00
800,00
DETAIL
To register Purchased to Mega Office Supply.
TOTAL
REFERENCE
DEBIT
BALANCE
CREDIT
509,76
509,76
509,76
509,76
DETAIL
REFERENCE
DEBIT
TOTAL
BALANCE
CREDIT
6.200,00
6.200,00
6.200,00
6.200,00
DETAIL
To register payment the Basic Services for the
month of October and November
TOTAL
MANAGER
REFERENCE
DEBIT
11
BALANCE
CREDIT
300,00
300,00
ACCOUNTANT
300,00
300,00
SALES REPORT
60.000,00
50.000,00
40.000,00
30.000,00
20.000,00
10.000,00
0,00
"OFFICE PAPER TRAIL" S.A made business sales report of 2015, with the following
details
January sales decreased due to previous editions. In February and March in the region
Costa is the beginning of the school year in schools and colleges; Therefore, sales of
school supplies increased.
Classes begin in April, therefore, sales of school supplies continued to increase and
therefore in sales in May and June to find sales stabilized.
In July and August sales, profits fell sharply due to goods detained by customs. In
September and October sales decreased due to the regeneration of the local streets
where they are located.
In November and December sales increased due to the season reasonably start classes
in the Sierra region.
MANAGER
ACCOUNTANT
BALANCES
FOLIO N_____01_____
DEBIT
CREDIT
SUMS
DETAIL
DEBIT
HAVINGS
Bank
12.000,00 $
17.682,00
5.682,00
Cash
8.700,73 $
8.590,27
110,46
2.000,00 $
2.000,00
(20,00) $
(20,00)
Accounts receivable
$
Provision
for
uncollectible
$
accounts
Merchandise Inventory
$
2.000,00 $
2.000,00
Lands
10.000,00 $
10.000,00
Buildings
18.000,00 $
18.000,00
Computing Equipment
1.800,00 $
1.800,00
Office Formiture
1.000,00 $
1.000,00
10 Vehicle
20.000,00 $
20.000,00
11 Accumulated Depreciation
7.000,00 $
6.200,00
800,00
8.500,00
8.500,00
13 Payrolls Payable
1.000,00
1.000,00
14 IESS Payable
600,00
600,00
15 Commissions Payable
500,00
500,00
3.500,00
3.500,00
17 Bank Loan
1.666,66 $
10.000,00
8.333,34
18 Capital
38.680,00
38.680,00
19 Legal Reserve
2.000,00
2.000,00
20 Retained earnings
5.600,00 $
8.000,00
2.400,00
21 Purchase
2.658,00 $
122,90
122,90
32,52
1.024,14
72.374,90
22 VAT charged
23 VAT paid
Obligations
with
24
administration (1%)
25 Bill of exchange
$
the
tax
509,76
10,24 $
$
$
2.658,00
509,76
42,76
436,07
26 Sale
1.024,14
27 Production Payroll
3.642,84
3.642,84
8.214,16
8.514,16
29 Interest
123,61
123,61
30 Advertising
800,00
800,00
32 Basic Services
$
300,00
$ 106.442,07
TOTAL
MANAGER
436,07
300,00
106.442,07
72.674,90
ACCOUNTANT
MANAGER
ACCOUNTANT
MANAGER
ACCOUNTANT
100.000,00
(50.000,00)
PAYMENTS ON DEBTS
(10.000,00)
PAYMENT ON TAXES
(7.000,00)
33.000,00
(7.000,00)
4.000,00
(3.000,00)
4.000,00
(8.000,00)
(4.000,00)
3.000,00
300000,00
MANAGER
ACCOUNTANT
CALCULATIONS
OCTOBER, 5
600 * 0,03 =
18,00
50 * 18,00 = 900,00
6 * 30,00 = 180,00
75 * 4,00 = 300,00
15 *130,00= 1950,00
10 * 90,00 = 900,00
4248,00
+ 509,76
4757,76
-
42,48
- 4715,28
OCTOBER, 18
10 * 35,00 = 350,00
5 * 150,00 = 750,00
982,14
+ 117,86
1100,00
-
OCTOBER, 28
8 * 3,00 = 24,00
12 * 1,50 = 18,00
42,00
+
5,04
47,04
- 0,42
46,62
OCTOBER, 31
CHARGE
HOURS
ACCOUNTANT
2 EXTRAORDINARY
3 OVERTIME
ADMINISTRATOR
3 EXTRAORDINARY
HEAD OF SALES
2 OVERTIME
Accountant
1300,00 / 240 = 5,42 * 2 = 10,83
x 2
21,67 EXTRAORDINARY
1300,00 / 240 = 5,42 * 1,5 = 8,13
x
24,39 OVERTIME
Administrator
1500,00 / 240 = 6,25 * 2 = 12,50
x
37,50 EXTRAORDINARY
Head of Sales
720,00 / 240 = 3 * 1,5 = 4,50
x 2
9,00 OVERTIME
Commissions
Head of Sales 0,80 %= 8,19
1024,14
Selling 1% = 10,24
Income tax
AMORTIZATION SCHEDULE
CAPITAL
INTEREST
T.DIVIDENDS
N
1
2
3
4
5
6
7
8
9
10
11
12
$
$
$
$
$
$
$
$
$
$
$
$
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
$
$
$
$
$
$
$
$
$
$
$
$
116,67
106,94
97,22
87,50
77,78
68,06
58,33
48,61
38,89
29,17
19,44
9,72
$
$
$
$
$
$
$
$
$
$
$
$
950,00
940,28
930,56
920,83
911,11
901,39
891,67
881,94
872,22
862,50
852,78
843,06
BALANCE
$ 10.000,00
$ 9.166,67
$ 8.333,33
$ 7.500,00
$ 6.666,67
$ 5.833,33
$ 5.000,00
$ 4.166,67
$ 3.333,33
$ 2.500,00
$ 1.666,67
$
833,33
$
-
DECEMBER, 10 Canceled the second share of Bank Loan and the interest.
N
1
2
3
4
5
6
7
8
9
10
11
12
AMORTIZATION SCHEDULE
CAPITAL
INTEREST
T.DIVIDENDS
$
$
$
$
$
$
$
$
$
$
$
$
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
833,33
$
$
$
$
$
$
$
$
$
$
$
$
116,67
106,94
97,22
87,50
77,78
68,06
58,33
48,61
38,89
29,17
19,44
9,72
$
$
$
$
$
$
$
$
$
$
$
$
950,00
940,28
930,56
920,83
911,11
901,39
891,67
881,94
872,22
862,50
852,78
843,06
BALANCE
$ 10.000,00
$ 9.166,67
$ 8.333,33
$ 7.500,00
$ 6.666,67
$ 5.833,33
$ 5.000,00
$ 4.166,67
$ 3.333,33
$ 2.500,00
$ 1.666,67
$
833,33
$
-
ANUAL DEPRESCATION
EXPENSE
Description:
Computing Equipment
Unit Price:
1400,00
Residual Value:
200,00
Value to depreciate:
1200,00
YEARS
ANNUAL
DEPRECIATION
1400,00
300,00
300,00
1100,00
300,00
600,00
800,00
300,00
900,00
500,00
300,00
1200,00
200,00
Description:
Land
Unit Price:
20000,00
Residual Value:
2400,00
Value to depreciate:
17600,00
22
YEARS
ANNUAL
ACCUMULATED
DEPRECIATION
DEPECIATION
VALUE IN BOOKS
20000,00
0
1
800,00
800,00
19.200,00
800,00
1.600,00
18.400,00
800,00
2.400,00
17.600,00
800,00
3.200,00
16.800,00
800,00
4.000,00
16.000,00
800,00
4.800,00
15.200,00
800,00
5.600,00
14.400,00
800,00
6.400,00
13.600,00
800,00
7.200,00
12.800,00
10
800,00
8.000,00
12.000,00
11
800,00
8.800,00
11.200,00
12
800,00
9.600,00
10.400,00
13
800,00
10.400,00
9.600,00
14
800,00
11.200,00
8.800,00
15
800,00
12.000,00
8.000,00
16
800,00
12.800,00
7.200,00
17
800,00
13.600,00
6.400,00
18
800,00
14.400,00
5.600,00
19
800,00
15.200,00
4.800,00
20
800,00
16.000,00
4.000,00
21
800,00
16.800,00
3.200,00
22
800,00
17.600,00
2.400,00
Description:
Ofice Fornitures
Unit Price:
1000,00
Residual Value:
100,00
Value to depreciate:
900,00
YEARS
ANNUAL
DEPRECIATION
1000,00
100,00
100,00
900,00
100,00
200,00
800,00
100,00
300,00
700,00
100,00
400,00
600,00
100,00
500,00
500,00
100,00
600,00
400,00
100,00
700,00
300,00
100,00
800,00
200,00
100,00
900,00
100,00
Description:
Vehicles
Unit Price:
30000,00
Residual Value:
5000,00
Value to depreciate:
25000,00
YEARS
ANNUAL
DEPRECIATION
5000,00
30000,00
5000,00
5000,00
25000,00
5000,00
10000,00
20000,00
5000,00
15000,00
15000,00
5000,00
20000,00
10000,00
5000,00
25000,00
5000,00
DECEMBER, 21 The members agree distributed the 70% of the retained earnings
RETAINED EARNINGS
$8.000,00 X 70%= $ 5.600,00
.
DECEMBER, 27 Canceled in cash the Basic Services for the month of October
and November $ 300,00. ( CASH)
BASIC SERVICES
$ 300,00
VOCABULARY
ASSETS: An asset is an asset that the company owns and can converters in cash or cash
equivalents.
Cash: It is the liquid element owned by the company, that is, it is money. The
company uses this cash to meet its immediate obligations
Accounts Receivable: It is where increases and cuts linked to the sale of different
concepts to products or services are recorded. This account consists of bills of
exchange, credit and promissory notes in favor of the company.
Inventory: They are tangible assets that are held for sale in the ordinary course of
business or to be consumed in the production of goods or services for further
marketing.
Accumulated Depreciation: Is the total amount of the devaluation that took over a
business over the life of each asset. Usually, a company must record depreciation
expense each month, then the depreciation expense becomes part of accumulated
depreciation to track the total depreciation.
LIABILITIES: The liability is debt that the company has, as reflected in the balance sheet
comprises the current obligations of the company are rooted in past financial transactions.
Taxes Payable: Taxes are benefits today usually money, the state and other public
entities, that they claimed, by virtue of its coercive power, in the form and amount
determined unilaterally and without special consideration in order to meet the needs
collective.
Wages Payable: It is the account where the debts incurred by the company to its
employees and should be paid in a stipulated time period is recorded.
Notes Payable: Is the account where the documents certifying transactions such as
buying real estate or equipment, goods, and other documents replace some of these
debts on open account such as letters, notes and other recorded depending on who is
this account should be separated.
STOCKHOLDERS' EQUITY: The set of produced goods used to produce other goods.
Capital in financial sense is all money that was not consumed by its owner, but has been
saved and placed in the financial market, either buying stocks, bonds, public funds, or
making deposits in depository institutions.
Common Stock: Registered common shares, representing the capital of the true
owners of society; because they are the ones with deliberative power.
Retained Earnings: The balance of this account at the time of the initial adjustment
must be compared with the balance of the account Accumulated at the same date; the
debtor is a restriction on the payment of dividends in cash and shares.
Revenue: The company receives money or born receivables in its favor, it will effective on
the dates stipulated. Income occurs when business assets increases and this increase is not
due to new members' shares.
Sales returns and allowances: The account records the value of the returned goods
or bonuses given or made by customers; increases by debit, the record is of the form.
Expenses: In an industrial, commercial or service provision business to function normally
finds it unavoidable to acquire certain goods and services such as: labor, electricity,
telephone, etc.
Cost of Goods Sold: The cost of sales is the cost incurred to sell an asset, or to
provide a service. It is the value that has been incurred to produce or purchase a
commodity to be sold.
Depreciation Expense: Depreciation expenses are periodic savings going by a
company to the end of the life of an asset, the company has a save to renew the asset
(buy one later).
Payroll Tax Expense: These taxes are business expenses and are recorded as debits
to expense account, up to this point the description of payroll taxes has been linked
to taxes that are required to pay employees and withholding on their wages.
Rent Expense: This account represents the obligation of the company to pay bills,
leases, and other equipment at the time they become due.