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 | € | ||
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:
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:
IAS 36. Impairment of assets. We are a photo studio, and due to the increase in work and staff, we have had to acquire three new cameras and accessories. The acquisition occurred in January 2018. The prices of the cameras are as follows:
Calculate:
IAS 38. Intangible Assets. On March 1, 2016, we obtained a patent for 7,500 euros.
At the close of the fiscal year, on December 31, 2016, the fair value of the patent was 9,000 euros.
As of December 31, 2017, the fair value of the patent stands at 8,000 euros.
The criterion we use for valuation after the initial recognition of the asset is the revaluation model.
Formulate:
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