Journal Entries and Ledger for Student Organization

JOURNAL
TRANSACTION
DEBIT
DATE
ENTRY
jan 1
Initial capital of students
572
Bank, current account
40,000.00
100
jan 1
Leasing contract of facilities
212
Fixed assets in leasing
250,000.00
173
jan 5
Capital invested by private investor
572
100,000.00
100
jan 5
Long-term borrowing
660
572
Financial expenses (up front fee)

1,500.00
148,500.00
170
jan 10
Government grant's award
572
30,000.00
130
jan 15
Prepayment of rent
480
Prepaid expenses
30,000.00
572
jan 15
Payment of monthly rent
621
Renting expenses
5,000.00
572
jan 31
Monthly leasing payment
660
173
Financial expenses
L/T suppliers of fixed assets
1,562.00
3,102.00
572
jan 31
Adjusting entry (loan's interest)
660
Financial expenses
866.67
5200
jan 31
10
Adjusting entry (grant's income)
130
Capital grants
500.00
740
jan 31
11
Adjusting entry (leasing depreciation)
681
Depreciation of tangible assets
3,472.22
282
jan 31
12
Closing entry (expenses)
129
Profit and loss account
12,400.89
621
660
681
jan 31
13
Closing entry (revenues)
740
Income of grants
500.00
129
TOTAL
ACC.
ACCOUNT TITLE
AMOUNT
627,403.77
ACC.
MONTH:
January
CREDIT
ACCOUNT TITLE
Capital stock
AMOUNT
40,000.00
250,000.00
Capital stock
100,000.00
Long-term debt with banks
150,000.00
Capital grants
30,000.00
30,000.00
5,000.00
4,664.00
Short-term debt with banks
866.67
Income from grants
500.00
Accum. deprec. tang. assets
3,472.22
Renting expenses
Financial expenses
Depreciation tangible assets
5,000.00
3,928.67
3,472.22
500.00
627,403.77
0.00
LEDGER
MONTH:
100. Capital stock
121. Accumulated losse

40,000.00
100,000.00
140,000.00
129. Profit and Loss
12
130. Capital grants
12,400.89
500.00
12,400.89
500.00
13
10
500.00
500.00
140. Provisions for L/T liabilities
170. L/T debt with bank
173. L/T suppliers of fixed assets
204. Goodwill
3,102.00
250,000.00
3,102.00
250,000.00
212. Fixed assets in leasing

2
281. Accum. Deprec. Intang.
250,000.00
250,000.00
0.00
300. Inventory of merchand
282. Accum. Deprec. Tang. Assets
3,472.22
3,472.22
400. Suppliers of merchandises
0.00
4300. Accounts receivable
11
0.00
410. Suppliers of service
0.00
0.00
4310. Drafts in portfolio
0.00
0.00
0.00
4311, Discounted drafts
4315. Unpaid drafts
432. Factoring clients
436. Doubtful customer
4751. Public Treas. creditor (withholding tax)
0.00
0.00
476. Social Security creditor
480. Prepaid expense

6
0.00
0.00
30,000.00
485. Anticipated revenue
0.00
30,000.00
5200. Short-term debt with b
0.00
0.00
5208. Debt for discounted drafts
5209. Debt for factoring oper
572. Bank, current accounts
600. Purchase of merchand
40,000.00
30,000.00
100,000.00
5,000.00
148,500.00
4,664.00
30,000.00
0.00
606. Discounts on purch. for prom
610. Variation of stock of merch
0.00
621. Renting expenses

7
318,500.00
627. Advertising expenses
39,664.00
5,000.00
5,000.00
628. Other supplies
640. Salary expenses
0.00
642. Company's Social Security
660. Financial expenses
0.00
1,500.00
1,562.00
866.67
0.00
3,928.67
680. Depreciation of intang. assets
681. Depreciation of tangible

11
3,472.22
0.00
0.00
3,472.22
693. Provisions for stocks' depreciation
694. Provisions for doubtful c
700. Sale of merchandise
706. Discounts on sales for prom
0.00
740. Income of grants
13
584,002.89
500.00
0.00
500.00
433,636.22
43,400.89
627,403.77
627,403.77
0.00
January
121. Accumulated losses
130. Capital grants

30,000.00
30,000.00
170. L/T debt with banks
150,000.00
150,000.00
204. Goodwill
281. Accum. Deprec. Intang. Assets
300. Inventory of merchandises
410. Suppliers of services
0.00
4310. Drafts in portfolio
0.00
4315. Unpaid drafts
436. Doubtful customers
480. Prepaid expense
0.00
5200. Short-term debt with banks
866.67
866.67
5209. Debt for factoring operations
600. Purchase of merchandises
606. Discounts on purch. for prompt paym.
610. Variation of stock of merchandises
0.00
621. Renting expenses
5,000.00
12
5,000.00
640. Salary expenses
660. Financial expenses

3,928.67
12
3,928.67
681. Depreciation of tangible assets
3,472.22
12
3,472.22
694. Provisions for doubtful clients
706. Discounts on sales for prompt paym.
740. Income of grants

500.00
500.00
193,767.55
627,403.77
10
TRIAL BALANCE (Before regularisation)
ACC.
SUM
CONCEPT
DEBIT
100
Capital stock
130
Capital grants
170
173
204
Goodwill
212
282
Accum. Deprec. Tang. Assets
300
Inventory of merchandises
400
Suppliers of merchandises
4300
Accounts receivable
4310
Drafts in portfolio
4311
Discounted drafts
432
Factoring clients
4751
Public Treasury, creditor (withholding tax)
476
Social Security, creditor
480
Prepaid expenses
485
Anticipated revenue
5200
5208
Debt for discounted drafts
572
600
Purchase of materials
606
Discount on purch. for prompt paym.
610
Variation of merchandise stock
621
Renting expenses
627
Advertising expenses
628
Other supplies
640
Salary expenses
642
Company's Social Security
660
Financial expenses
CREDIT
140,000.00
500.00
30,000.00
150,000.00
3,102.00
250,000.00
250,000.00
3,472.22
30,000.00
866.67
318,500.00
5,000.00
3,928.67
39,664.00
680
Depreciation intangible assets
681
Depreciation tangible assets
693
Provisions for stock's value
694
Provisions for doubtful clients
700
Sale of merchandise
706
Discounts on sale for prompt payment
740
Income of grants
3,472.22
500.00
TOTAL
614,502.89
614,502.89
0.00
MONTH:
January
BALANCE
DEBIT
CREDIT
0.00
140,000.00
Err:518
29,500.00
Err:518
150,000.00
Err:518
246,898.00
Err:518
Err:518
250,000.00
Err:518
Err:518
3,472.22
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
30,000.00
Err:518
Err:518
Err:518
Err:518
866.67
0.00
0.00
278,836.00
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
5,000.00
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
3,928.67
Err:518
0.00
0.00
3,472.22
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
Err:518
500.00
571,236.89
571,236.89
0.00
MONTH:
TRIAL BALANCE After regularisation)
ACC.
CONCEPT
100
Capital stock
129
130
Capital grants
170
173
204
Goodwill
212
282
SUM
DEBIT
BALANC
CREDIT
DEBIT
0.00
140,000.00
0.00
12,400.89
500.00
11,900.89
500.00
30,000.00
0.00
0.00
150,000.00
0.00
3,102.00
250,000.00
0.00
0.00
0.00
0.00
250,000.00
0.00
250,000.00
Accum. Deprec. Tang. Assets
0.00
3,472.22
0.00
300
Inventory of merchandises
0.00
0.00
0.00
400
Suppliers of merchandises
0.00
0.00
0.00
4300
Accounts receivable
0.00
0.00
0.00
4310
Drafts in portfolio
0.00
0.00
0.00
4311
Discounted drafts
0.00
0.00
0.00
432
Factoring clients
0.00
0.00
0.00
4751
Public Treas, creditor (withhold. tax)
0.00
0.00
0.00
476
0.00
0.00
0.00
480
Prepaid expenses
30,000.00
0.00
30,000.00
485
Anticipated revenue
0.00
0.00
0.00
5200
0.00
866.67
0.00
5208
Debt for discounted drafts
0.00
0.00
0.00
572
318,500.00
39,664.00
278,836.00
614,502.89
614,502.89
570,736.89
TOTAL
0.00
January
BALANCE
CREDIT
140,000.00
0.00
29,500.00
150,000.00
246,898.00
0.00
0.00
3,472.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
866.67
0.00
0.00
570,736.89
0.00
PROFIT AND LOSS ACCOUNT
MONTH:
AMOUNT
70
-Sales
74
-Other income
500.00
TOTAL INCOME
500.00
Cost of materials
0.00
600
- Purchases
610
- Variation of merchandise stock
0.00
GROSS MARGIN
500.00
Personal expenses
640
- Salaries (gross)
642
- Social Security (company)
62
0.00
Other operational expenses

EBITDA (*)
68
Depreciation of fixed assets
69
Provisions for stocks and clients
66
Financial expenses
76
Financial income
PROFIT BEFORE TAX
5,000.00
-4,500.00
3,472.22
3,928.67
-11,900.89
(*) EBITDA = Earnings before interest, taxes, depreciation and amortization.
January
%
100.0
0.0
100.0
0.0
-900.0
-2,380.2
BALANCE SHEET
ACCOUNT
AMOUNT
ACCOUNT
FIXED ASSETS
20+21
Property, plant and equipment
28
Less: Accumulated depretiation

TOTAL FIXED ASSETS
250,000.00
100
-3,472.22
129
246,527.78
CURRENT ASSETS
300
130
Inventories of merchandise
0.00
Receivables
0.00
(4300)
- Accounts receivable
0.00
17
(4310)
- Drafts in portfolio
0.00
520
(4311)
- Discounted drafts
0.00
400
(432)
- Due from factor
0.00
4751
30,000.00
476
278,836.00
485
480
Prepaid expenses
572
Bank accounts
TOTAL CURRENT ASSETS
308,836.00
TOTAL ASSETS
555,363.78
(*) Positive or negative sign, depending on the account's balance.
MONTH:
January
AMOUNT
OWNERSHIP INTEREST (O/I)

Capital stock
140,000.00
Profit and loss (*)
-11,900.89
TOTAL O/I
Capital grants
128,099.11
29,500.00
LIABILITIES
Long term debt
396,898.00
866.67
Suppliers of materials
0.00
Public Treasury, creditor (withholding tax)
0.00
0.00
Anticipated revenue
0.00
TOTAL CURRENT LIABILITIES
866.67
TOTAL LIABILITIES
397,764.67
TOTAL O/I + LIABILITIES
555,363.78
0.00
FINANCIAL ANALYSIS
MONTH:
RATIO
January
DEFINITION
VALUE
(Profit after tax / Ownership interest) x 100

(Gross profit / Sales) x 100
(Sales / Total assets) x 100
-603.9%
100.0%
0.0%
LIQUIDITY AND WORKING CAPITAL

Current ratio
Stock holding period
Customers' collection period
Suppliers' payment period
Current assets / Current liabilities

(Average inventories held / Cost of sales ) x 365
(Average receivables / Credit sales) x 365 (*)
(Average payables / Credit purchases) x 365 (**)
356.35
#DIV/0!
#DIV/0!
#DIV/0!
GEARING
Debt / equity ratio
Interest cover
(Long-term liabilities / Ownership interest) x 100

EBITDA / Interest expense
309.84
-114.5%
MANAGEMENT PERFORMANCE
Return on shareholders' equity
Gross profit
Total assets usage
(*) Percentage of credit sales:

(**) Percentage of credit purchases:
80
90

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Journal Entries and Ledger for Student Organization

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JOURNAL

Initial capital of students

Bank, current account

Leasing contract of facilities

Fixed assets in leasing

Capital invested by private investor

Bank, current account

Financial expenses (up front fee)

Government grant's award

Bank, current account

Payment of monthly rent

Monthly leasing payment

Adjusting entry (loan's interest)

Adjusting entry (grant's income)

Adjusting entry (leasing depreciation)

Depreciation of tangible assets

Closing entry (expenses)

Profit and loss account

Closing entry (revenues)

L/T suppliers of fixed assets

Long-term debt with banks

Bank, current account

Bank, current account

Bank, current account

Short-term debt with banks

Income from grants

Accum. deprec. tang. assets

Profit and loss account

121. Accumulated losse

130. Capital grants

140. Provisions for L/T liabilities

170. L/T debt with bank

173. L/T suppliers of fixed assets

212. Fixed assets in leasing

281. Accum. Deprec. Intang.

300. Inventory of merchand

282. Accum. Deprec. Tang. Assets

410. Suppliers of service

4310. Drafts in portfolio

4311, Discounted drafts

4315. Unpaid drafts

432. Factoring clients

436. Doubtful customer

4751. Public Treas. creditor (withholding tax)

476. Social Security creditor

480. Prepaid expense

485. Anticipated revenue

5200. Short-term debt with b

5208. Debt for discounted drafts

5209. Debt for factoring oper

572. Bank, current accounts

600. Purchase of merchand

606. Discounts on purch. for prom

610. Variation of stock of merch

621. Renting expenses

640. Salary expenses

660. Financial expenses

680. Depreciation of intang. assets

681. Depreciation of tangible

693. Provisions for stocks' depreciation

694. Provisions for doubtful c

700. Sale of merchandise

706. Discounts on sales for prom