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Assignment Task

 

BACKGROUND

We are providing you with the balance sheet of a Spanish company at the end of the year. The company carried out its accounting according to the PGC 2007. You have to analyse each of the items and specify which group of the Chart of Accounts they belong to and the specific coding that corresponds to it according to the Chart of Accounts of the General Accounting Plan to each entry.
Once all the accounts have been coded, create the closing entry for the company.
     ASSETS                   LIABILITIES          
                                
Non-current assets             Net equity         
Intangible fixed assets:             Equity capital:         
Industrial Propriety    40.500    €    Capital Social        3.000.000    €
Cumulative depreciation II    -5.000    €    Legal reserve     348.180    €
Tangible fixed assets:             Profit and Loss    158.810    €
Constructions    3.900.000    €                  
ICT Equipment.    9.000    €    Non-current liability         
Furniture         70.000    €    Long-term debts              
Transport    35.000    €    Long-term debt to institutions.    710.000    €
Cumulative depreciation IM    -122.000    €                  
                  Current liability         
Current Asset             Short-term debts             
Stock:                 Short-term debts to institutions.    38.000    €
Goods        62.000    €    Suppliers        200.000    €
Impairment loses    -1.150    €    Creditors        3.560    €
Debtors:                             
Clients        236.200    €                 
Short-Term investments                          
Short-term investments (shares)    9.000    €                  
Liquidity:                              
Banks          225.000    €                    
TOTAL ASSETS    4.458.550    €    TOTAL LIABILITIES    4.458.550    €


1)    Based on the International Accounting Standards, solve the following exercises: 
IAS 16. Fixed Assets. We are a graphic arts company, and at the beginning of 2016, we acquired a new printer. The price of this printer was 25,000 euros. The additional expenses of the purchase were as follows: 
-    Installation and assembly: 3.000 euros. 
-    Transportation and delivery: 1.150 euros. 
All operations have a 21% VAT (not included), and the payment of the amounts is made by bank check.
During January, the assembly and installation of the new printer takes place, which is in perfect working condition from February the 1st. 
The useful life expectancy of the printer is estimated at 10 years, and its amortisation will be carried out following the linear method. Additionally, at the end of its useful life, the company will have to face the costs of dismantling and rehabilitation of the place. Estimating said costs in 5,000 euros. Besides, said machinery requires specialised weekly maintenance, amounting to 250 euros per month. 
Calculate: 
-    The initial cost of the acquisition.
-    The amortization fees.
-    The costs derived from daily maintenance. 

 

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  • Posted on : August 21st, 2019

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