I Q p Q Instituto Superior

I - - D European of Barcelona
ANNOUNCEMENT

Méritos, S.A., a newly incorporated company, has carried out the following transactions
during its first fiscal year. Do not forget to calculate the corresponding VAT on all
transactions subject to VAT.

1. The decision to create the company was made on January 25. On that date, a capital
stock of €100,000 was established.

■ Response:
Issued capital pending
100.000 Shares issued (190) a 100.000
registration (194)

First, the shares will be issued for the total value of the Capital Stock. In this
case, €100.00. Such issuance will be charged to account 190, which will reduce the
value of Net Equity by the same value of the Capital that remains to be registered.

2. The capital is fully subscribed by the shareholders, who initially pay €25,000 in cash
into the company's bank account.

■ Response:
Uncalled disbursement
100.000 a Shares issued (190) 100.000
partners(103)
Banks and credit institutions Uncalled disbursement
25.000 a 25.000
(572) partners(103)

As a consequence of the subscription of the Capital, account 190 is cancelled as a

counterpart of the creation of account 103, which refers to the debt that the
partners have with the company. This account, in turn, is reduced by €25,000, which
has been paid in immediately by the members.

3. On February 1, the articles of incorporation were signed.

4. On February 10, we receive the invoice from the notary, which amounts to 1,000
euros in fees, plus 210 euros VAT (21%) minus a withholding tax of 15%. This amount
is paid by bank transfer.

1
 I Q p Q Instituto Superior
I - - D European of Barcelona
■ Response:
Banks and credit institutions
1.000 Voluntary reserves (113) a 1.060
(572)
HP Withholdings by
210 VAT borne (472) a 150
professionals (4751)

As an expense directly related to the incorporation of the company, these will be

charged to account 113 "Voluntary Reserves", reducing Shareholders' Equity.
In the future, this account may be charged against 4740 "Assets for deductible
temporary differences", creating a Tax Asset.

5. It is registered in the Mercantile Registry on February 20.

■ Response:
Issued capital pending
100.000 a Capital stock (100) 100.000
registration (194)

The Capital Stock is recorded, eliminating account 194, against the creation of
the definitive account, 100. Capital stock, for the total value thereof.

6. On February 21, we received the invoice from the Mercantile Registry, which
amounts to 2,000 € of fees plus 21% VAT minus a withholding tax of 15%. This amount
is paid by bank check.

■ Response:
Banks and credit institutions
2.000 Voluntary reserves (113) a 2.120
(572)
HP Withholdings by
420 VAT borne (472) a 300
professionals (4751)

As the payment of the invoice of item 4 was recorded, the invoice of the
Commercial Registry has the same nature, so it will be charged to the Minority
interest account of Shareholders' Equity 113 Voluntary Reserves.
7. On February 25, a loan of €60,000 is requested from the bank to be repaid in 6
months. It records the granting of the loan by the financial institution (it is not
necessary to make any record relating to the interest on the loan).

■ Response:
Banks and credit institutions Short-term loans from credit
60.000 a 60.000
(572) institutions (5200)
The payment of the €60,000 to the bank account represents an obligation, in this
case a short-term one, since it will be repaid in less than one year (one year being
understood as a normal cycle in the company's activity).

2
 I Q p Q Instituto Superior
I - - D European of Barcelona
8. On March 1, a commercial space is rented to develop its activity at a rate of €30,000
per year. The full annual fee, corresponding to the first yearly payment, is paid on
the same day by bank transfer. This type of income is subject to 21% VAT and 19%
personal income tax withholding.

■ Response:
Banks and credit institutions
25.250 a 25.750
Leases and royalties (621) (572)
HP Withholdings by
5.250 VAT borne (472) a 4.750
professionals (4751)

Although the annual payment totals €30,000, in this fiscal year it will be paid as
of March 1, so the taxable income for this fiscal year for this concept will be
€25,000, and from which the rest of the accounts for taxes or withholdings will be
calculated.

9. 5,000, plus VAT, was purchased for the office on March 15. On the same day, it
purchases computers and printers worth €2,250 plus VAT from the same supplier. An
agreement is reached with the fixed asset supplier to pay half of the invoice on the
date of purchase by means of a transfer, and a bill of exchange is issued for the
remainder, maturing on June 30.

■ Response:
Suppliers, trade accounts
5.000 Furniture (216) 4.387
payable (401)
Information processing a
2.250 Banks and credit institutions
equipment (217) 4.387
(572)
1.523 VAT borne (472)

The payment is divided into two tranches, one in cash and the other as a bill of
exchange. The latter is recorded as a bill of exchange payable, rather than as a
direct debt to the supplier, since, due to the nature of the bill of exchange, the debt
may become payable to another person/entity.

10. On March 20, goods are purchased for sale: 1,000 units with a unit value of €25,
which are owed to the supplier.

■ Response:

25.000
Purchases of goods (600) a Suppliers (4000) 30.250
5.250 VAT borne (472)

The account remains to be paid. A short-term debt is created directly with the

3
 I Q p Q Instituto Superior
I - - D European of Barcelona
supplier for the total value of the invoice.

11. Six days later, a volume discount of €1,000 is received.

■ Response:
Rebates for purchases of
1.000
1.210 Suppliers (4000) a goods (6090)
VAT borne (472) 210

The reduction for a value of 1.000€ of merchandise also reduces the amount of
VAT borne.
12. The supplier of the above items asks you for a bill of exchange for the value of the
debt, which is accepted.

■ Response:
Suppliers, trade accounts
29.040 Suppliers (4000) a 29.040
payable (401)

We cancel the account receivable from Suppliers (4000), to create a new bill of
exchange in account 401, which is added to the one created in point 9. The amount
has already been reduced in the previous point with the return of the goods.
13. On April 20, 700 units of merchandise are sold at €50 per unit.

Response:
Sale of goods (700) 35.000
42.350 Customers (4300) a
VAT Recoverable (477) 7.350
It is understood that the sale is not paid in cash, so we create the account 4300
Customers, for the total value of the invoice.
On April 20, VAT for the first quarter is also settled:
7.350
Tax authorities, output VAT (477) Inland Revenue, input
a 12.443
VAT (472)
5.093
Taxes receivable for VAT (4700)

After the first 3 months of the company's activity, a higher amount of VAT is
deducted, which indicates, for the time being, a debt owed by the tax authorities to
the company.
14. On that date, merchandise valued at €1,800 was returned to them.

4
 I Q p Q Instituto Superior
I - - D European of Barcelona
■ Response: ■
Merchandise sales returns
1.800
(7080) a Customers (4300) 2.178
378 VAT Recoverable (477)

It reduces the customer's debt for the value of the refund (we take the €1,800 as
the base), as well as the corresponding VAT, which will no longer be charged. We
charge against a revenue sub-account, 7080, which will decrease revenue, as it is a
return.
15. On April 25, the debt with the supplier of item 10 is paid, taking into account the
discount given by the supplier, and the sale of item 13 is collected by transfer,
taking into account the units returned by the customer.

■ Response:
Suppliers, trade accounts Banks and credit institutions
29.040 29.040
payable (401) (572)
a
Banks and credit institutions
Customers (4300)
40.172 (572) 40.172

Debts are settled, both receivable and payable.

16. On the same day, a business management software program is purchased for
€3,200. 300 € of this amount is deducted from the invoice due to a commercial
offer. In addition, it is necessary to hire an IT specialist to install it, which is charged
at 300 €. Everything is paid by bank.

■ Response:

5
 I C p Q Instituto Superior
I - - D European of Barcelona
3.500 Banks and credit institutions
Computer applications (206) a 4.235
(572)
735 VAT borne (472)

We understand that the €3,200 of the invoice is the result of applying the
discount of €300. On the other hand, the cost (300 €) required for its start-up is
added to the value of the asset.

17. The partners must pay the remaining capital on May 10. The requirement of
disbursement to members is recorded.
■ Response:
Partners for required Uncalled disbursement
75.000 a 75.000
disbursements (5580) partners(103)

As the mandatory date for the disbursement of the remaining capital is

approaching, the capital becomes due and payable.

18. The following day, the partners make the disbursement by deposit in the company's
bank account.
■ Response:
Banks and credit institutions Partners for required
75.000 a 75.000
(572) disbursements (5580)

The outstanding amount is credited to the company's bank account. Account 5580
is cancelled, so that 100% of the capital stock is paid in.
19. On June 9, 8,000 units are purchased at €30 per unit. On the same day, 7,000 units
are sold at 55 € per unit.

■ Response:
240.000 Purchases of goods (600) Banks and credit institutions
290.400
50.400 VAT borne (472) (572)
a
Sale of goods (700) 385.000
465.850 Customers (4300)
VAT Recoverable (477) 80.850

We understand that these operations, on the one hand, are paid in cash
(purchase of goods), and on the other hand, a Customer debt is generated (sale),
based on the following points of the statement.

6
 I Q p n Instituto Superior
I - - D European of Barcelona
20. The customer from the previous point is asked for some bills of exchange to
formalize the debt and he delivers them to the customer. You deduct them at the
bank the next day. The financial institution charges interest of €4,200 for the
discount.

■ Response:
465.850 Trade receivables, trade bills a Customers (4300) 465.850
receivable (431)
First, we will convert the customer's debt into a bill of exchange at
collect. It is then deducted at the bank:
Banks and credit institutions Debts for discounted bills of
461.650 465.850
(572) exchange (5208)
Interest from discounting of
4.200 bills of exchange at other a
credit institutions (6653) Bills of exchange receivable
465.850
(4310)
Discounted bills of exchange
465.850
(4311)

At this point, we will have collected the value of the bill minus the
interest, which will go to expense account. In turn, we contract with the bank the
obligation to pay the bill of exchange debt in case the customer does not make the
payment. We will pay off that debt as soon as the customer fulfills his obligation.

21. On July 1, a total of 1,000 units of goods are purchased at a value of €25 each. Half
plus VAT is paid in cash and the remainder is payable to the supplier.

■ Response:
Banks and credit institutions
25.000 Purchases of goods (600) 17.750
a (572)
5.250 VAT borne (472) Suppliers (4000) 12.500

Only half of the taxable amount of the invoice is owed to the supplier, as the VAT
is paid in cash together with the other half of the BI.

7
 I Q p n Instituto Superior
I - - D European of Barcelona
22. On July 15, returns of purchases related to the previous purchase, amounting to
€3,000, will be made. Suppliers are compensated with the debt.

■ Response:
Returned goods purchases
3.000 Suppliers (4000) a 3.000
(6080)

In this case, the debt is reduced by the same value of the goods, since the
amount of VAT linked has already been paid and is not part of the debt.
On July 15, VAT for the first quarter is also settled:
472. Inland Revenue,
56.385
input VAT (472)
87.822 Tax authorities, output VAT (477) a
Treasury, VAT creditor 31.437
(4750)

During this quarter, the activity has resulted in a significant difference between
output and input VAT.

23. On August 20, purchase rebates of €1,500 are obtained, which are offset against
debt from suppliers.

■ Response:
Rebates for purchases of
1.500 Suppliers (4000) a 1.500
goods (6090)
As in the previous point, the "rebate" will reduce net debt,
without having any effect on a VAT that had been paid.
24. On September 1, the remaining debt to suppliers is paid.

■ Response:
Banks and credit institutions
8.000 Suppliers (4000) a 8.000
(572)
The debt remaining after the previous transactions is settled.
25. On October 1, a lease of two vehicles is contracted:
a. The first with the following conditions:
I. Approximate use: 40,000 km/year.
II. Contract: 4 years.
III. Monthly cost of leasing: 400 €/month.
IV. Market value of the vehicle: 40,000 €.
b. The second vehicle will have the following conditions:
V. Approximate use: 80,000 km/year.
VI. Contract: 5 years.
VII. Monthly cost of leasing: 1,000 €/month.

8
 I Q p n Instituto Superior
I - - D European of Barcelona
VIII. Market value of the vehicle: 40,000 €.

The first monthly installment of the two leases will be paid on October 1. The payment
of this installment and the rest of the monthly installments until the end of the fiscal
year is recorded.

■ Response:

19.200 Accounts payable for services

Leases and royalties (621) a 23.232
rendered (410)
4.032 VAT borne (472)

60.000 Accounts payable for services

Leases and royalties (621) a 72.600
rendered (410)
12.600 VAT borne (472)

As it is a lease, the ownership of the vehicles is not acquired, so no asset

account is created, but only the obligation to pay the lease payments. We will
create a debt with the supplier for the total value of the contracts, adding the
amounts for the installments in the 4 and 5 years, respectively, and the amounts
for the corresponding VAT. We will do this in separate entries to distinguish the
two different contracts.

Accounts payable for services Banks and credit institutions

1.694 a 1.694
rendered (410) (572)
The first installment, corresponding to October, is paid.

26. The following charges are paid directly by bank on October 1:

- Unforeseen administrative penalty: 200 €.

- The insurance premium for the premises in which your business is conducted
€1,100. This premium covers the period of one year.

■ Response:
200 Exceptional expenses (678) Banks and credit institutions
a 1.300
1.100 Insurance premiums (625) (572)
Expenses for administrative penalties will not be deductible. In addition, none of
these costs are subject to VAT.
The insurance premium expense is now computed as a total expense. At the end
of the fiscal year, we will regularize the situation by eliminating from the expense item
the amount corresponding to 9 months of the next year, to be charged to account 480.

9
 I Q p n Instituto Superior
I - - D European of Barcelona
Prepaid expenses.
We will reflect the value of account 678. Exceptional expenses in the P&G table
in section 11.a) Impairment and losses, as it is an insignificant amount compared to the
rest. This decision is made on the basis of BOICAC 77 Consultation 5, which requires this
solution for the case.

27. On October 1, the following income is collected by banks:

- Interest on the current account: €100. The company bears a 19% withholding tax.
- Commissions for intervention in commercial operations: €9,000 plus VAT at 21%.
- Reply:

Banks and credit institutions 9.000

10.971 Commission income (754)
(572)
VAT Recoverable (477) 1.890
a
19 Taxes, withholding and Other financial income (769) 100
prepayments (473)
On October 1, VAT for the first quarter is also settled:

Tax authorities, output VAT

1.890
(477)
472. Inland Revenue, input
a 16.632
Taxes receivable for VAT VAT (472)
14.742
(4700)

As was the case in the first four months of the year, the company has borne more
VAT than it has charged, increasing account 4700.

28.On November 1, a machine valued at €20,000 is purchased. Its useful life is 4 years
and its residual value is 500 €. It is agreed that payment will be made by bank on
December 1. It is known that the machine will have retirement costs of €1,000 at
the end of its useful life and that the discount rate is 5%. Make the journal entries
for the year, as well as for the following years (bearing in mind that these future
years will not have an impact on the current year's annual accounts).
■ Response:
We begin by recording the payment of the vehicle leasing fee:
Accounts payable for services Banks and credit institutions
1.694 a 1.694
rendered (410) (572)

1
0
 I Q p n Instituto Superior
I - - D European of Barcelona
Regarding the acquisition of the machine:
Suppliers of fixed assets
20.975,35 Machinery (213) 24.200
payable (523)
a
Provision for dismantling,
4.200 VAT borne (472) 975,35
retirement or rehabilitation
of fixed assets (143)

First, the value of the asset is increased by the amount resulting from calculating
the present value of the dismantling, following the recording and valuation standard
2ª Property, plant and equipment.
In the following years, both the depreciation of the asset and the updating of the
value of the allowance account by 5% will be recorded, as follows:
December 31, 20x0
Depreciation of property, Accumulated depreciation of
854,17 a 854,17
plant and equipment (681) machinery (2813)

In this fiscal year, the proportional part will be amortized, i.e., from November 1
to December 31 (two full months). In the following periods, we will amortize the twelve
months, until we reach the last period in which the remaining proportional part (ten
months) will be amortized.
We also updated the provision liability account, charged to financial expense
account 660. It will be calculated on the basis of the original cost of 1,000 euros, not
the updated value. It will follow the same dynamics as amortization, with interest
accruing on a calendar year basis.

1
1
 I C p Q Instituto Superior
I - - D European of Barcelona
Provision for dismantling,
Interest expense
retirement or
8,33 from restatement of a 8,33
rehabilitation of fixed
provisions (660)
assets (143)

December 31 20x1
5.125 Depreciation of property, a Accumulated depreciation of 5.125
plant and equipment (681) machinery (2813)

New depreciation entry for the consecutive year. In this case, as previously mentioned,
twelve months have been calculated.

We update the provision account again. In this case we take as

basis of interest calculation to add the value as of the current date, i.e., 1,008.33.

Provision for
Interest expense dismantling, retirement
50,41 a 50,41
from restatement or rehabilitation of fixed
of provisions (660) assets (143)

December 31, 20x2

5.125 Depreciation of property, a Accumulated depreciation of 5.125
plant and equipment (681) machinery (2813)
Interest expense from
Provision for dismantling,
52,93 restatement of provisions a 52,93
retirement or rehabilitation
(660)
of fixed assets (143)
The dynamics of the previous year is maintained, in which account 143 is updated
against the expense account calculated by taking the latest value as of that date for the
calculation of interest.
December 31, 20x3

5.125 Depreciation of property, a Accumulated depreciation of 5.125

plant and equipment (681) machinery (2813)
Interest expense from
Provision for dismantling,
55,58 restatement of provisions a 55,58
retirement or rehabilitation
(660)
of fixed assets (143)

December 31, 20x4

1
2
 I C p Q Instituto Superior
I - - D European of Barcelona
Accumulated depreciation
4.270,83 Depreciation of property, a 4.270,83
of machinery (2813)
plant and equipment (681)
Interest expense from
Provision for dismantling,
58,36 restatement of provisions a 58,36
retirement or rehabilitation
(660)
of fixed assets (143)
Finally, we will update the amortization for the remaining value of the last fiscal
year, i.e. ten months, as well as the financial expenses, which has been running at the
same rate.

29. On November 15, two different improvement projects were contracted for different
parts of the production process. The cost amounts to €28,500 plus VAT for the first
and €10,000 plus VAT for the second. Invoices for both projects were received on
November 15 and are pending payment. At the end of the fiscal year, the conditions
of the first project will not be met in order to be activated. However, it is known
that in the case of the latter, the conditions will be met and it will be possible to
activate it. Make the entries related to the contracting of the projects and those
corresponding to the end of the fiscal year.
■ Response:
Research and development
38.500
expenses for the year (620) a Suppliers (4000) 46.585
8.085 VAT borne (472)
We will understand these improvement projects as an investment in the
production process for its optimization. Thus, we record both amounts in the same
expense account, which will or will not be cancelled depending on the future
activation, or not, of these projects against a revenue account.

We will in turn generate a debt account with the supplier. Since we do not know
the duration of the obligation, we will write down a generic account.
Once we reach the end of the fiscal year, we will reflect the activation of one of
the projects in the accounting records.

30. On November 25, we were awarded a 100% subsidy for the purchase of a vehicle
valued at €20,000. The vehicle has a useful life of 5 years. Make the journal entries
for the year, as well as for the following years (bearing in mind that these future
years will not have an impact on the current year's annual accounts).
■ Response:
First, we will understand this grant as non-refundable. Knowing this, we will
record the corresponding income against the Equity account activated upon receipt
of the grant.

The rate at which we will amortize the asset account to which the money will be
allocated will be parallel to the rate at which we will pay off the NP account against

1
3
 I C p Q Instituto Superior
I - - D European of Barcelona
an income in P&G.
In this case, the asset to be recorded will be Transportation elements (218). As a
note, in this case we will point out the acquisition of an asset, as opposed to item
25, where a lease was contracted and we did not acquire ownership of the vehicles.
Resulting in:

Banks and credit institutions Government capital subsidies

20.000 a 20.000
(572) (130)
20.000 Transport elements (218) Banks and credit institutions
a 24.200
4.200 VAT borne (472) (572)
December 31, 20x0

4.000 Government Capital a Grants, donations and capital legacies 4.000

Subsidies (130) transferred to income for the year (746)
Depreciation of
Accumulated depreciation of transportation
383,56 property, plant and a 383,56
assets (2818)
equipment (681)
December 31 20x1/2/3/4

4.000 Government Capital a Grants, donations and capital legacies 4.000

Subsidies (130) transferred to income for the year (746)
Depreciation of
Accumulated depreciation of transportation
4.000 property, plant and a 4.000
assets (2818)
equipment (681)
December 31, 20x5

Depreciation of
Accumulated depreciation of
2.082,19 property, plant and a 2.082,19
transportation assets (2818)
equipment (681)
In both the first and last periods, amortization has been prorated as a consequence of
not having been acquired on January 1, as in other cases during the year.

31. On December 31, payroll and social security payments are received from your
employees:

■ Total payroll: €24,000.

■ Total social security: €8,600.
■ Personal income tax withholding: €2,200.
■ Social Security withholding for employees: €1,600.

■ Response:
We begin by recording payments corresponding to December 1:

1
4
 I C p Q Instituto Superior
I - - D European of Barcelona
Accounts payable for services Banks and credit institutions
1.694 a 1.694
rendered (410) (572)
Suppliers of fixed assets Banks and credit institutions
24.200 a 24.200
payable (523) (572)

We continue with the entries requested in the statement:

Social Security agencies,
17.000 Wages and salaries (640) 8.600
creditors (476)

a Taxes payable for withholdings 2.200

Social Security paid by the
7.000 made (4751)
company (642)
Remunerations pending
payment (465) 13.200

On the one hand, the expense accounts corresponding to the payroll distribution
will be charged to the corresponding asset and liability accounts according to the nature
of the relevant contributions or deductions.

We will count the liability account "Remunerations pending payment (465)" as the
net amount to be transferred to the employee.

We regularize prepaid expenses at the end of the year:

825 Prepaid expenses (480) a Insurance premiums (625) 825

32. Payrolls and social security are paid by bank on the same day. ■ Response:

13.200 Remunerations pending a Banks and credit institutions 13.200

payment (465) (572)

Payroll payments are being met.

33. Calculate the ending stock, taking into account that at the beginning of the fiscal
year the initial stock is 0. Performs the calculation using the PMP method. Performs
the inventory adjustment entry at the end of the fiscal year.

Operation Entrance Output Stocks

You. Price Total You. Price Total You. Price Total
Initial
Inventories 0 0 0

Buy 1.000 25 25.000 1.000 25 25.000,00

Rappel 1.000 24 24.000 1.000 24 24.000,00

For sale 700 25 17.500 260 24 6.500,00

1
5
 I C p Q Instituto Superior
I - - D European of Barcelona

Return 72 25 1.800 332 24 8.300,00

Buy 8.000 30 240.000 8.332 29,80 248.300,00

For sale 7.000 29,80 208.600 1.332 29,80 39.694,62

Buy 1.000 25 25.000 2.332 27,74 64.694,62

Return 120 25 3.000 2.212 27,74 61.365,57

Rappel 880 23 20.500 2.212 26,48 58.566,18

■ Response:
In the file where inventory movements are recorded, the inclusion of the Rappels
carried out during the fiscal year is noteworthy. This is because, although they do not
involve a movement in the merchandise, they do involve a change in the value of the
merchandise, since, by reducing the invoice price, the warehouse entry price also falls,
and consequently the weighted average price of the stock.

Regarding the entry to record the change in inventories, we will take into
account the final value recorded, since we were starting from a scenario with zero
inventories:

Change in finished goods

58.566,18 Goods A (300) a 58.566,18
inventories (712)

34. It accounts for the depreciation of assets acquired by the company during the year.
To do so, you must take into account the following specifications:

a. Amortizes assets:

■ Furniture: straight-line depreciation over 10 years, with no residual

value.
■ Computers and printers: straight-line amortization over 4 years,
with no residual value.
■ Software: degressive amortization by constant percentage over 4
years, with no residual value.
■ Item 28 machine, straight-line depreciation system.
■ Vehicles are depreciated on a straight-line basis.

1
6
 I C p Q Instituto Superior
I - - D European of Barcelona
■ Response:

Depreciation of property, Accumulated depreciation of

854,17 a 854,17
plant and equipment (681) machinery (2813)

Depreciation of property, Accumulated depreciation of

354,17 a 354,17
plant and equipment (681) furniture (2816)

Accumulated amortization of
Depreciation of property,
562,50 a information processing 562,50
plant and equipment (681)
equipment (2817)

Depreciation of property,
383,56 a Accumulated depreciation of 383,56
plant and equipment (681)
transportation assets (2818)

Amortization of intangible
1.312,50 a Accumulated amortization of 1.312,50
fixed assets (680)
computer software (2806)

banks.
3. Confection of the ■ Response
account general ledger:
D Banks H The account The bank balance shows a debit balance,
since the debit balance is greater than the
25.000 the sum of the a
sum of the
60.000
2.120
haber.
24.900
40.172 After
75.000 cono In the course of the year, we deduct
461.650 4.387 almost all of the sales made, which
that this is due generates a decrease in the company's
throughout the liquidity.
10.971 year, of
20.000 important help n addition, let us not forget that the most
to the important payment (461,650 euros) is
4.235 made by the commercial, existing the
290.400 This does not
obligation from
preclude
or if the customer does not comply with
The
17.750 the payment of the draft.
discount
com
8.000 .
Balance .
respond in case
Due of

1
7
 I C p Q Instituto Superior
I - - D European of Barcelona
4. Preparation of the Profit and Loss Statement

Excel Attachment.

5. Calculation and entry of the amount payable for income tax.

■ Response:
Income before taxes 94.174,29

+/- settings 0

Taxable income 94.174,29

Tax rate 25 %

Full amount 70.630,72

Deductions and allowances 0

Net quota 70.630,72

Withholdings and payments on -19
account
Differential fee 70.611,72

Taxes, withholdings and 19,00

70.630,72 Income tax (6300) a prepayments (473)
Tax Authorities, creditor for
70.611,72
IS (4752)

70.630,72 a 70.630,72
Income for the year (129) Income tax (6300)

1
8