Final Project Instructions

Below is the final work you must complete correctly.

for obtaining the accredited certificate of the course you are taking.
Remember that the team of tutors is at your complete disposal to
any questions you have throughout its development. Remember that it does not
partial corrections of the work are made, only the version is accepted
completed. The shipment will be made in this template and the responses must be
drafted below the statement.
The presentation of the practical cases must meet the following requirements:

Arial font size 12

Margins of 2.5
Line spacing of 1.5
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Have a proper pagination

The submitted cases must be original and individual. Any

similarity between exercises of different students, examples and/or excerpts from the Web
and other documents, will entail the immediate return of the exercises and the non
obtaining the degree in the event of recurrence. Remember that you will only be able to
send the final work up to two times per subject in case of not passing
in those attempts, the student must pay the corresponding price for the
credits for the subject in order to be evaluated again.

Works will only be accepted in word processor format (Word,

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for your reading.

1
The file that will be sent with the work must have the following format:

ddmmaa_Block Name_Last Names and First Names.pdf

Example:
11052018_Business Strategy_Garcia Pinto Marina.pdf

The length of the work must not exceed 18 pages, not counting the
cover, bibliography, and annexes.

Evaluation Criteria

The final work will be evaluated based on the following variables:

Acquired knowledge (25%): Knowledge will be evaluated

acquired throughout the course through the analysis of the
theoretical data present throughout the work presented by the
student

Development of the statement (25%): Interpretation will be evaluated.

statement by the student and its development in a
coherent and analytical.

Final result (25%): The final result of the statement will be evaluated,
if the total of the drafted text provides a correct solution to what was proposed
initially and if the format and presentation are within the
established parameters.

Added value and complementary bibliography (25%): They will be evaluated

the complementary contributions by the student for the
presentation and conclusion of the final work that adds value to
the presentation of the statement: supplementary bibliography, graphs,
independent studies conducted by the student, sources
external academics, opinion articles, etc. All sources as well.
Companies such as online materials must be attached to the work.
following the regulationsAPA

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 STATEMENT

The company Destino Logistic, S.L. is dedicated to the buying and selling of goods.
without transformation. As of 31/12/20X0, it presents the following Balance of
Situation:

ACTIVE PASSIVE

Non-current asset Net worth

Intangible Assets: Own funds:
Industrial Property 90,000€ Social Capital 4,500,000€
Accumulated depreciation II -5,000€ legal reserve €220,000
Material Immobilization: Losses and gains €55,500
Construction 4,000,000€
Equipment for information processing. 90,000€ Non-current liabilities
Furniture 700,000€ Long-term debts
Transport elements 55,000€ Long-term debts to credit entities. 420,000€
Accumulated amortization IM -150,000€
Current liabilities
Current asset Short-term debts
Inventories: Short-term debts to account entities. 100,000€
Goods 98,000€ Suppliers 90,000€
Inventory value impairment -2,000€
Debtors:
Clients 39,500€
Inverse. Financial. Temporary
IFT in capital (shares c/p) 20,000€
Treasury:
Banks 450,000€
TOTAL ASSETS 5,385,500€ TOTAL LIABILITIES 5,385,500€

The company has carried out the following operations during the year 20X1:
On January 1st, the company grants a loan of €30,000 to another.
The company will refund the credit in 3 equal payments over the years.
due in the next 3 years, making payments on the 31st of
December of each year. The interest we will obtain will be 5% per annum.
(Retention 19%). Make the entries for January 1 and at the end of each.
year, even if they do not affect the Financial Statements of this fiscal year.

3
2. Purchases goods on January 10 for a total amount of €200,000 to his
unique supplier (VAT not included at 21%). Payment pending.
3. Sells merchandise on January 25 for an amount of €320,000 (VAT not included)
at 21%). The customer pays half of the bill by transfer
banking the same day and leaving the rest pending payment.
On January 30, the supplier grants us a volume rebate of
purchases from the previous year amounting to €4,000 (VAT not included at
21%). The amount of the debt we had pending is deducted.
On that same day, we collected the outstanding amount from clients as of January 1st.

January.
On February 10, we asked the client from point 3 to issue some letters.
of change due to the outstanding debt. We have been going through these
effects to be discounted to the banking entity and it charges us 2,600 € for it
interests.
We paid the debt with the transfer on February 17.
supplier of point 1 plus the outstanding amount to suppliers as of the date
January 1.
7. We sold goods on February 20 for an amount of €380,000.
we charged our client €1,000 more as a concept of
transport costs (VAT not included at 21%). The client pays us the
total invoice amount on the same day it leaves our warehouse.
On February 27, we purchased goods worth €190,000 (VAT not included)
included up to 21%). We paid for the purchase that same day and the supplier us

a 2% discount for early payment is granted.

On April 30, at the agreed expiration, the client from point 3 attends the
payment of the effect. Make the corresponding entry.
On May 20, the General Shareholders' Meeting is held and
decide to approve the proposal of the administrators by which it is
will fully distribute the result of the previous fiscal year to reserves,
distributing it according to current legislation.
11. The company has intervened in a mediation operation.
commercial for which will charge €110,000 (VAT not included at 21%).
the invoice is issued on June 1st and that amount is charged on the same day
by transfer.

4
12. During the exercise, the company's tax advisor has provided services.
for an amount of €12,500 (VAT 21%, income tax withholding 15% not included).

January 5
July. He collects both by transfer on the same day he issues them.
On July 1, pay the premium for the insurance of the vessel in which
stores goods worth €3,300. This premium covers the period of a
year.
On August 2, he acquires some products to give as gifts to his employees.
for a value of €2,000 (VAT 21% not included). This expense is not deductible.
He pays it by bank check on the same day as the invoice.
On August 5th, the company charges €2,050 in interest for the account.
banking available (Retention 19%).
On September 1st, he sells a vehicle of the company for the amount of
15,000 € (VAT 21% not included). It had been purchased for 21,000 € and is
amortized in €7,000. He receives it through a transfer that same day.
On October 1st, he decides to acquire another vehicle worth 30,000 €.
Carry out the operation through a financial lease that will be paid.
in monthly installments. The duration of the contract will be 5 years, the last
The payment corresponds to the purchase option. The interest rate is 5%.
Prepare the financial table and the corresponding entries of the own.
exercise.
On October 31, the company agrees through a contract a
special payment of €10,000 for those workers who
they remain in it for 25 years. It is estimated that the current value of the

The amounts to be paid for this concept is €25,500. The interest rate of
The update is 5% that will be implemented this same year.
19. Account for the personnel expenses for the entire year as of December 31.
gross amount of salaries paid during the fiscal year amounts to
100,000 €. The social security contribution by the company is 25,000 €.
The social security withholdings of the workers amount to
€6,700. The company has withheld 15% from all workers.
gross salary for the purpose of IRPF withholding. Records the total of
personnel expenses at the end of the fiscal year. The net salaries, the
quotations and the IRPF withholdings have been paid by bank, but to

5
 at the end of the exercise, the quotes for December will remain pending
value of €2,600 and the fourth quarter withholdings worth €3,750
€.
20. The short-term debt with credit institutions listed in the Balance
has been fully amortized in 20X1. The interests
The amounts accrued from the debt in 20X1 amount to €11,000, of which,
2,000 € will be paid in 20X2.
21. The 25% of the long-term debt with credit institutions that appears in
The balance will be paid in 20X2. Make the accrual journal entry.
22. The depreciation for the use of fixed assets during the period is estimated
€18,000 (of which €17,000 corresponds to Material Fixed Assets and
the rest to Intangible Assets). Make the corresponding entry to
end of exercise.
23. After conducting the inventory, the final stocks are valued at €96,200.
The market value of them is estimated at €95,000. Perform the
adjustment entry for inventory and if necessary the one for
correction of their value.
24. It is known at the end of the fiscal year that the fair value of the Investments
Short-term Temporary Financing is €25,000. Make the journal entry.
that corresponds.
Taking into account the statement and what has been learned during the course, IT IS REQUESTED:

1. Make the opening entry for the accounting of the year 20X1 as of date
01/01/20X1.
2. Record in the Journal the transactions of the fiscal year 20X1 that are detailed
in the 24 preceding points.
3. Make the quarterly VAT settlement entries. In case that the
settlement resulting in payment, it is not necessary for you to record the payment of the

settlement.
4. Prepare the bank account statement for the fiscal year 20X1.
5. Prepare the Profit and Loss account as of 12/31/20X1.
6. Recognize the accrued expense for corporate tax for the year 20X1
(Type of tax: 25%).

All of this is in accordance with the provisions of the PGC - SMEs 2007.

6
 OPENING ENTRY YEAR 20X1
DEBE 01/01/20X1 NEWS
90,000 (203) Industrial property
-5.000 (280) Accumulated depreciation
Intangible assets
4,000,000 (211) Constructions
90,000 (217) Equipment for processes
of Information
700,000 (216) Furniture
55,000 (218) Transportation elements
-150,000 (281) Accumulated depreciation
Fixed assets
98,000 (300) Merchandise
-2.000 (390) Deterioration in merchandise value

39,500 (430) Clients

20,000 (540) IFT in capital (short-term shares)
450,000 (572) Banks
a (100) Share capital 4,500,000
Legal reserve 220,000
Result of the exercise 55.500
Debts long-term 420,000
(420) Suppliers 90,000
(520) Short-term debts 100,000

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 2. Operations in the Journal exercise 20X1
€30,000 credit to another company. They will return it to us in 3 payments.
equal, collecting payment on December 31 of each year.
5% annual interest with a 19% retention.
MUST 01/01/20X1 news
10,000 Credits c/p to Banks (572) 30,000
20,000 (252) Long-term credits

Payment of the first installment.

5% of 30,000 = 1,500
19% of 1,500 = 285
MUST 31/12/20X1 NEWS
11.215 Banks Credits c/p (542) 10,000
285 (473) H.P. withholdings and Revenue from credits (762) 1.500
payments on account

10,000 (542) Credits c/p a Credits l/p (542) 10,000

Payment of the second installment.

5% of 20,000 = 1,000
19% of 1,000 = 190
MUST 31/12/20X2 NEWS
10.810 Banks Credits c/p (542) 10,000
190 (473) H.P. withholdings and Credits income (762) 1.000
payments on account

10,000 (542) Credits c/p Credits l/p (542) 10,000

Payment of the third and final installment.

5% of 10,000 = 500
19% of 500 = 95
SHOULD 31/12/20X3 NEWS
10.405 (572) Banks Credits c/p (542) 10,000
95 (473) H.P. withholdings and Credit income (762) 500
payments on account

8
 2. Purchases goods on January 10th for a total amount of €200,000 from its
unique supplier (VAT not included at 21%). Pending payment

21% of 200,000 = 42,000

SHOULD 10/01/20X1 NEWS
200,000 (600) Purchase of to Suppliers (400) 242,000
merchandise
42.000 (472) HP VAT supported

3. Sells goods on January 25 for an amount of 320,000 € (VAT not included)

to 21%). The client pays half of the bill via bank transfer.
banking the same day and leaves the rest pending payment.

21% of 320,000 = 67,200

387.200 / 2 = 160.000
MUST 25/01/20X1 NEWS
193.600 (572) Banks Sale of merchandise (700) 320,000
193.600 (430) Clients HP VAT passed on (477) 67,200

On January 30, the supplier grants us a volume discount.

purchases from the previous year amounting to €4,000 (VAT not included at
21%). The amount of the debt we had pending is deducted.
On that same day, we collected the outstanding amount from clients as of January 1.

January.

21% of 4,000 = 840

387.200 / 2 = 160.000
21% of 39,500 =
SHOULD 30/01/20X1 NEWS
4.840 (400) Suppliers "Reminder" for purchases (609) 4,000
Supported HP IVA (472) 840
85.160 (420) Long-term suppliers to Suppliers (400) 90,000
4.840 (606) Discount on
purchases for prompt payment

9
39.500 (572) Banks to Clients (430) 47.795
8.295 HP IVA reflected

Comment:
The second entry does not indicate when the debt is due with the
suppliers, in such a way that I estimate it is long term, so the
The reduction of the debt is recorded as a discount for early payment.

On February 10, we asked the client from point 3 to issue us some letters.
in exchange for the debt that is pending payment. We have these
discount effects to the banking entity and charges us for it €2,600 of
interests.

193,600 - 2,600 = 191,000

MUST 10/02/20X1 NEWS
193,600 (431) Clients, effects to Clients (430) 193.600
commercials to collect
191,000 (572) Banks to Clients, effects 193.600
2.600 (665) Interests for accounts receivable (431)
discount of effects

We paid the debt with the transfer on February 17.

supplier of point 1 plus the amount pending to suppliers as of the date
January 1st.

There is a typo, the supplier is the one from point 2.

242,000 + 90,000 = 332,000
MUST 17/02/20X1 NEWS
332,000 (400) Suppliers to Banks (572) 332,000

7. We sold goods on February 20 for an amount of €380,000.

we charged our client 1,000 € more as a concept of
transport costs (VAT not included at 21%). The customer pays us the
total invoice amount the same day it leaves our warehouse.

10
 380,000 + 1,000 = 381,000
21% of 381,000 = 79,800
MUST 20/02/20X1 NEWS
460.800 (572) Banks Sales of merchandise (700) 380,000
Transport (624) 1.000
HP VAT charged (477) 79,800

On February 27, we bought goods worth €190,000 (VAT not included)

included at 21%). We paid for the purchase that same day and the supplier us
grants a 2% discount for early payment.

21% of 190,000 = 79,800

190,000 + 39,900 = 229,900
2% of 229,900 = 4,598
21% of 4,598 = 91.96
4.598 + 91.96 = 4.689.96

MUST 27/02/20X1 NEWS

190,000 (600) Purchase of to Banks (572) 229,900
merchandise
39.900 (472) Supported HP VAT
4,689.96 (572) Banks Discount on purchases 4.598
for early payment (606)
HP supported IVA (472) 91.96

Comentario
We assume that the discount is after the invoice is issued.

11
 On April 30, at the agreed due date, the client from point 3 attends to the
payment of the effect. Make the corresponding entry.

MUST 30/04/20X1 NEWS

193.600 Clients to Clients, effects 193,600
commercials to be collected (431)

10. On May 20, the General Shareholders' Meeting is held and

decide to approve the proposal from the administrators by which
will distribute the result of the previous exercise to reserves in its entirety,
distributing it according to current legislation.

MUST 20/05/20X1 NEWS

55.500 (129) Result of Voluntary reserves (113) 55.500
exercise

The company has intervened in a brokerage operation.

commercial for which he will charge €110,000 (VAT not included at 21%).
the invoice is issued on June 1st and the amount is charged on the same day
by transfer.

21% of 110,000 = 23,100

110.000 + 23.100 = 133.100
SHOULD 01/06/20X1 NEWS
133.100 Banks Service provision (705) 110,000
HP VAT reflected (477) 23.100

Comentario
Here we must differentiate whether the charge is for a commission for doing
intermediary (754) or if we provide a service (705). Given
Since nothing is indicated in this regard, I assume that a service will be provided.
services for which we charge €110,000 + VAT.

12
 12. During the exercise, the company's tax advisor has provided services.
for the amount of €12,500 (VAT 21%, IRPF withholding 15% not included).
Realiza dos facturas anuales, una el día 05 de enero y la otra el 05 de
July. Both are charged by transfer on the same day they are issued.

12.500/2 = 6.250
21% of 6,250 = 1,312.5
15% of 6,250 = 937.5
MUST 01/05/20X1 NEWS
6.250 (623) Services of to Banks (572) 6.625
professionals HP, creditor for 937.5
independents withholdings made
1,312.5 (472) Supported HP IVA (623)

MUST 05/07/2021 NEWS

6.250 (623) Services of to Banks (572) 6.625
professionals HP, creditor for 937.5
independent withholdings made
1,312.5 Supported HP VAT (623)

On July 1, pay the insurance premium for the vessel in which

stores the goods worth €3,300. This premium covers the period of a
year.

3.300 / 2 = 1.650
MUST 01/07/20X1 NEWS
3.300 Insurance premium to Banks (572) 3.300

Comentario
Because the premium covers a year and is paid in full, it needs to be passed on
expenses on the last day of the year to account (480) for prepaid expenses.

MUST 31/12/20X1 NEWS

1.650 (480) Prepaid Expenses Insurance premium (625) 1.650

13
 On August 2, he acquires some products to give as gifts to his employees.
for a value of €2,000 (VAT 21% not included). This expense is not deductible.
He pays it by bank check on the same day as the invoice.

This expense is an exceptional expense that, as it is not deductible, should not be incurred.

including VAT.

must 02/08/20X1 NEWS

2.000 (678) Expenses to Banks (572) 2.000
exceptional

15. The company charges €2,050 in interest for the account on August 5.
banking available (Retention 19%).

19% of 2,050 = 389.5

SHOULD May 8, 20X1 NEWS
1,660.5 (572) Banks a Other financial income 2.050
389.5 (473) HP, withholdings and (769)
advance payments

On September 1, he sells a company vehicle for a value of

€15,000 (21% VAT not included). It was acquired for €21,000 and is
amortized at €7,000. He collects it via transfer on the same day.

21% of 15,000 = 3,150

21,000 - 7,000 = 14,000
Vc (14,000) < Pv (15,000) = Profits (1,000)
MUST 01/09/20X1 NEWS
7,000 Accumulated depreciation on transportation assets 21,000
of fixed assets (218)
(281) Tied benefit 1.000
18.150 Banks and institutions of material (771)
credit (572) HP, VAT passed on (477) 3.150

14
 On October 1st, they decided to acquire another vehicle worth €30,000.
Carry out the operation through a financial lease that will be paid.
in monthly installments. The duration of the contract will be 5 years, the last
The installment corresponds to the purchase option. The interest rate is 5%.
Prepare the financial table and the corresponding entries of the owner.
exercise.

In all operations, VAT (21%) must be taken into account.

Financial table:
Installment number Capital
Net fee VAT Gross fee Interests Amortization
pending

0 30,000.00
1 555.65 116.69 672.34 122.68 432.97 29,567.03
2 555.65 116,69 672.34 120.88 434.77 29,132.26
3 555.65 116.69 672.34 119.07 436.58 28,695.68
4 555.65 116.69 672.34 117.25 438.40 28,257.28
5 555.65 116.69 672.34 115.42 440.23 27,817.05
6 555.65 116.69 672.34 113.59 442.06 27,374.99
7 555.65 116.69 672.34 111.75 443.90 26,931.09
8 555.65 116.69 672.34 109.90 445.75 26,485.33
9 555.65 116.69 672.34 108.04 447.61 26,037.72
10 555.65 116.69 672.34 106.18 449.48 25,588.25
11 555.65 116.69 672.34 104.30 451.35 25,136.90
12 555.65 116.69 672.34 102.42 453.23 24,683.67
13 555.65 116.69 672.34 100.53 455.12 24,228.55
14 555.65 116.69 672.34 98.64 457.01 23,771.54
15 555.65 116.69 672.34 96.73 458.92 23,312.62
16 555.65 116.69 672.34 94.82 460.83 22,851.79
17 555.65 116.69 672.34 92.90 462.75 22,389.04
18 555.65 116.69 672.34 90.97 464.68 21,924.36
19 555.65 116.69 672.34 89.04 466.61 21,457.74
20 555.65 116.69 672.34 87.09 468.56 20,989.18
21 555.65 116.69 672.34 85.14 470.51 20,518.67
22 555.65 116.69 672.34 83.18 472.47 20,046.20
23 555.65 116.69 672.34 81.21 474.44 19,571.76
24 555.65 116.69 672.34 79.23 476.42 19,095.34
25 555.65 116.69 672.34 77.25 478.40 18,616.94
26 555.65 116.69 672.34 75.26 480.40 18,136.54
27 555.65 116.69 672.34 73.25 482.40 17,654.15
28 555.65 116.69 672.34 71.24 484.41 17,169.74
29 555.65 116.69 672.34 69.23 486.43 16,683.31

15
 30 555.65 116.69 672.34 67.20 488.45 16,194.86
31 555.65 116.69 672.34 65.16 490.49 15,704.37
32 555.65 116.69 672.34 63.12 492.53 15,211.84
33 555.65 116.69 672.34 61.07 494.58 14,717.26
34 555.65 116.69 672.34 59.01 496.64 14,220.61
35 555.65 116.69 672.34 56.94 498.71 13,721.90
36 555.65 116.69 672.34 54.86 500.79 13,221.11
37 555.65 116.69 672.34 52.77 502.88 12,718.23
38 555.65 116.69 672.34 50.68 504.97 12,213.26
39 555.65 116.69 672.34 48.57 507.08 11,706.18
40 555.65 116.69 672.34 46.46 509.19 11,196.99
41 555.65 116.69 672.34 44.34 511.31 10,685.67
42 555.65 116.69 672.34 42.21 513.44 10,172.23
43 555.65 116.69 672.34 40.07 515.58 9,656.65
44 555.65 116.69 672.34 37.92 517.73 9,138.92
45 555.65 116.69 672.34 35.76 519.89 8,619.03
46 555.65 116.69 672.34 33.60 522.05 8,096.98
47 555.65 116.69 672.34 31.42 524.23 7,572.75
48 555.65 116.69 672,34 29.24 526,41 7,046.34
49 555.65 116.69 672.34 27.04 528.61 6,517.73
50 555.65 116.69 672.34 24.84 530.81 5,986.92
51 555.65 116.69 672.34 22.63 533.02 5,453.90
52 555.65 116.69 672.34 20.41 535.24 4,918.66
53 555.65 116.69 672.34 18,18 537.47 4,381.19
54 555.65 116.69 672.34 15.94 539.71 3,841.47
55 555.65 116.69 672.34 13.69 541.96 3,299.51
56 555.65 116.69 672.34 11.43 544.22 2,755.30
57 555.65 116.69 672.34 9.17 546.49 2,208.81
58 555.65 116.69 672.34 6.89 548.76 1.660,05
59 555.65 116.69 672.34 4.60 551.05 1,109.00
60 555.65 116.69 672.34 2.31 553.35 555.65
61 0.00 0.00 0.00 0.00 0.00 555.65

Signing of the financial lease contract.

DUE 01/10/20X1 NEWS
30,000 (218) Elements of Long Term Creditors 28,695.68
transport (174)
Short-term creditors 1,304.32
(524)

16
 Comment:
Payment of the installments. If no payment date for the installments is indicated, I will do it on

last day of each month.

MUST 31/10/20X1 NEWS

432.97 (524) Short Creditors to Banks (572) 672.34
Deadline
122.68 (662) Interest debts
116.69 (472) HP, VAT deductible

MUST 31/11/20X1 NEWS

434.77 Short Creditors to Banks (572) 672.34
Deadline
120.88 (662) Interest debts
116.69 (472) HP, VAT deductible

MUST 31/12/20X1 NEWS

436.58 Short Creditors to Banks (572) 672.34
Deadline
119.07 (662) Debt interest
116.69 (472) HP, VAT supported
3,000 Amortization Accumulated Amortization 3,000
Intangible assets of intangible assets
(281)
5,383.06 (174) Long-term creditors Accounts payable (524) 5,383.06

Comentario
For amortization we need the useful life, since the data is not provided in the
I estimate a vehicle lifespan of 10 years and assuming we are in the
assuming that there is no residual value so that the depreciation would be:
30,000/10 = 3,000

On October 31, the company agrees through a contract a

special payment of €10,000 for those workers who

17
 they remain in it for 25 years. It is estimated that the current value of the

The amount to be paid for this concept is €25,500. The interest rate of
the update is 5% that will start to be applied this same year.

Due to the estimation made

SHOULD 31/10/2021 NEWS
25.500 Payroll and salaries Provision for compensation to 25.500
long term to the staff (140)

For the update of the provision (25,500 x 0.05 = 1,275)

DEC 31/12/20X1 NEWS
1.275 (660) Financial expenses
Provision for compensation 1.275
for update of long-term personnel
provisions (140)

Comentario
In this entry, we find that a new compensation is anticipated, so
we provision the expense as soon as we know it, this way we account for the
account 640 and we provision it against account 140. Always at the end of the
exercise we will need to update to an interest rate of 5% so
We will charge account 660 against account 140 on 12/31.

19. Accounts for personnel expenses for the entire year as of December 31.
the gross amount of salaries paid during the fiscal year amounts to
€100,000. The social security paid by the company is €25,000.
The social security withholdings of the workers amount to
6,700 €. The company has withheld 15% from all workers.
gross salary in terms of IRPF withholding. Account for the total of
personnel expenses at the end of the fiscal year. The net salaries, the
quotations and the IRPF withholdings have been paid by bank, but to
At the end of the exercise, the December quotes will remain pending for
value of €2,600 and the withholdings for the fourth quarter amounting to €3,750
€.

18
 100,000 x 15% = 15,000
Payroll entry
MUST 31/12/20X1 NEWS
100,000 (640) Salaries a Organizations
and wages of the SS 31.700
25,000 Social security to creditors (476)
company position HP, creditor for 15,000
withholdings made
(4751)
Remunerations 78.300
pending payments (465)

Payroll payment entries

MUST NEWS
78.300 (465) Remunerations to Banks (572) 118.300
pending payment
25,000 Social security to
company position
15,000 (4751) HP, creditor for
withholdings made

20. The short-term debt with credit institutions listed in the Balance Sheet
has been fully amortized in 20X1. The interests
accrued from the debt in 20X1 amount to €11,000, of these,
2,000 € will be paid in 20X2.

MUST 20X1 NEWS

100,000 (520) Short-term debts with
to Banks (572) 109,000
credit entities Interests on short-term debts 2.000
11,000 Interests of (528)
debts

19
 21. 25% of the long-term debt with credit institutions that appears in
The balance will be paid in 20X2. Make the adjusting journal entry.

25% of 420,000 = 105,000

MUST 31/12/20X1 NEWS
105,000 (170) Long-term debts with
Current liabilities (520) 105,000
credit entities

22. The depreciation due to the use of fixed assets during the period is estimated
at €18,000 (of which €17,000 corresponds to Tangible Fixed Assets and
the rest to Intangible Assets). Make the corresponding journal entry to
end of exercise.

MUST 31/12/20X1 NEWS

17,000 (691) Losses due to Deterioration of fixed assets 17,000
deterioration of fixed assets material (291)
material Deterioration of fixed assets 1.000
1.000 (690) Losses due to immaterial (290)
deterioration of fixed assets
immaterial

23. After conducting the inventory, the final stock is valued at €96,200.
The market value of them is estimated at €95,000. Carry out the
adjustment entry for inventory and if necessary the one for
correction of their value.

MUST 31/12/20X1 NEWS

96,000 (610) Variation of Goods A (300) 96,000
stocks of
merchandise
96.200 (300) Goods A Change in inventories of 96.200
goods
1,200 (6931) Losses due to a Deterioration of the value of the
1,200
deterioration of goods merchandise (390)

20
 At the end of the fiscal year, the fair value of the investments is known.
Short-term financial liabilities amount to €25,000. Create the journal entry.
that corresponds.

As of 01/01/20X1, the value of financial investments is 20,000, at the end

the exercise is 25,000, leaving a value of 5,000
MUST 31/12/20X1 NEWS
5,000 (540) Investments Benefits by valuation 5,000
temporary financial to of financial instruments
c/p in instruments of for its fair value
heritage (763)

3. Settlement entries of the quarterly VAT

Quarter 1:
91,599.46
- IVA repercutido: 147.840
MUST 31/03/20X1 NEWS
147.840 (477) HP. VAT passed on a HP. VAT supported 91,599.46
(472)
HP. Creditor for VAT 56,240.54
(4750)

Quarter 2:
- IVA soportado: 0
23,100
MUST June 30, 20X1 NEWS
23.100 (477) HP. Passed VAT a HP. Creditor for VAT 23.100
(4750)

21
 Quarter 3:
1,312.5
3.150
SHOULD 30/09/20X1 NEWS
3.150 HP. VAT passed on a HP. VAT supported (472) 1,312.5
HP. Creditor for VAT 1,837.5
(4750)

Quarter 4:
350.07
- IVA repercutido: 0
MUST 31/12/20X1 NEWS
350.07 (4700) HP. Debtor for a HP. VAT supported (472) 350.07
VAT

4. Bank account balance. Fiscal year 20X1

Greater 572 Banks
Should (Position) News (Subscription)

450,000.00 € 30,000.00 €
11,215.00 € €332,000.00
10,810.00 € €229,900.00
193,600.00 € 6,625.00 €
39,500.00 € 6,625.00 €
191,000.00 € €3,300.00
460,800.00 € 2,000.00 €
133,100.00 € 672.34 €
1,660.50 € 672.34 €
18,150.00 € 672.34 €
118,300.00 €
109,000.00 €

TOTAL TOTAL
1,509,835.50 € 839,767.02 €
670,068.48 € Debtor balance

22
 5. Profit and Loss Account. 31/12/20X1

NOTE (Must) Have

20X1 20X1-1
A) CONTINUED OPERATIONS
Net revenue from sales 810,000.00
Sales 700,000.00
b) Service provisions 110,000.00
2. Variation in inventories of finished products and
in production 0.00
3. Work carried out by the company for its asset 0.00
4. Supply -492,040.00
a) Consumption of goods -490,840.00
b) Consumption of raw materials and other materials
consumables 0.00
c) Work carried out by other companies 0.00
d) Deterioration of merchandise, raw materials and others
supplies -1,200.00
5. Other operating income 0.00
a) Accessory income and other current management 0.00
b) Operating grants included in the result
of the exercise 0.00
6. Personnel expenses -150,500.00
a) Salaries, wages, and similar -125,500.00
b) Social charges -25,000.00
c) Provisions 0.00
7. Other operating expenses. -15.800,00
a) Exterior services -15,800.00
b) Taxes 0.00
c) Losses, impairment, and change in provisions for
commercial operations 0.00
d) Other current management expenses 0.00
8. Depreciation of fixed assets -3,000.00
9. Accounting for non-current asset grants
financial and others. 0.00
10. Excess provisions. 0.00
11. Deterioration and result from disposals of
immobilized -18,200.00
a) Deterioration and losses -19,200.00
b) Results from disposals and others 1,000.00
12. Negative difference of business combinations 0.00
13. Other results -2,000.00
A-1) OPERATING RESULT
(1+2+3+4+5+6+7+8+9+10+11+12+13) 128,460.00

14. Financial income 2,050.00

a) Of holdings in equity instruments 0.00

23
in group and associated companies 0.00
in third parties 0.00
b) From negotiable values and asset credits
immobilized 2,050.00
of group and associated companies 0.00
b2) From third parties 2,050.00
c) Allocation of subsidies, donations, and legacies of
financial character 0.00
15. Financial expenses -15,238.00
a) For debts with group companies and associated companies -13,963.00
b) For debts with third parties 0.00
c) For the update of provisions -1,275.00
16. Variation of fair value in instruments
financial 5,000.00
a) Trading portfolio and others 5,000.00
b) Attribution to the results of the financial year for assets
financials available for sale 0.00
17. Exchange differences 0.00
18. Deterioration and results from disposals of
financial instruments 0.00
a) Deterioration and losses 0.00
b) Results from disposals and others 0.00
A.2) FINANCIAL RESULT
(14+15+16+17+18) -8,188.00

A.3) RESULT BEFORE TAXES

(A.1 + A.2) 120,272.00
19 Income taxes -27,703.50
A.4) EXERCISE RESULT
COMING FROM OPERATIONS
CONTINUED (A.3+19) 92,568.50

B) INTERRUPTED OPERATIONS
20. Result of the exercise arising from operations
net interrupted after taxes

A.5) RESULT OF THE EXERCISE (A.4+20) 92,568.50

24
 6. Accrual of the corporate tax expense. Year 20X1

Accounting result before taxes = €120,272.00

118,272.00 €
118,272.00 x tax rate 25% = 28,568 €
Withholdings and advance payments = €864.5
To be paid = €27,703.5
MUST NEWS
28.568 (630) Tax on a HP. Withholdings and payments 864.5
to

benefits account (473)

HP. Creditor IS (4752) 27,703.5

25