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PIAC02 Task

The document provides information about the assets, liabilities, and equity of Juan's new business. It includes a balance sheet with asset values like cash, inventory, equipment. Liability values include loans, accounts payable. It also shows the calculation of equity. A second activity provides financial information for a toy store, including revenues, expenses, and the calculation of a net loss for the fiscal year of €1850. It outlines the structure of the profit and loss statement with line items for operating income, expenses, financial income and expenses, and net income.

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61 views4 pages

PIAC02 Task

The document provides information about the assets, liabilities, and equity of Juan's new business. It includes a balance sheet with asset values like cash, inventory, equipment. Liability values include loans, accounts payable. It also shows the calculation of equity. A second activity provides financial information for a toy store, including revenues, expenses, and the calculation of a net loss for the fiscal year of €1850. It outlines the structure of the profit and loss statement with line items for operating income, expenses, financial income and expenses, and net income.

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© © All Rights Reserved
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TASK 2 PIAC

ACTIVITYNO. 1.

It has been a few months since Juan started his career as an


entrepreneur and now he is going to gather all the information about the
company's assets and liabilities in order to be able to prepare a balance
sheet:

Assets, liabilities and net assets (December 31).

Cash on hand (200).

Money in bank accounts (2000).

Lots of products for sale in the store and warehouse (3100).

Invoices payable to various suppliers (2500).

Outstanding bills payable to a supplier (600).

Store furniture (4000).

Loan granted by a bank to be repaid in three years (6000).

Computer (700).

Van (20,000).

Member contributions ?

Accumulated depreciation of property, plant and equipment (500).

Accumulated depreciation of furniture (100).

Accumulated Computer Depreciation (35).

Profit for the year (profit) (1000).

You must determine the value of the partners' contributions for the
fundamental equity equation to be satisfied:

Note: The van is depreciated by the straight-line method. It is given a


useful life of 10 years and was acquired three months ago.
BALANCE SHEET

ASSETS LIABILITIES

Non-current assets 24065 Shareholders' equity 20265

Property, plant and equipment (100) Capital stock 19265

(216) Furniture 4000 (129) Profit for the year 1000

(2816) Amort. Accum. Furniture 100

(217) Equipment for process info. 700 Non-current liabilities 6000

(2817) Amort. Accum. From EPI 35 (170) L/T payables to entities

(218) Transportation elements 20000 banking 6000

(2818) Amort. Accum. From ET 500

Current assets 5300 Current liabilities 3100

Stocks (400) suppliers 2500

(300) Merchandise 3100 (401) suppliers, bills of exchange

Available commercial payable 600

(570) Box 200

(572) Banks 2000

Capital stock = 29365-10100 = 19265

Net worth = 19265+1000 = 20265

ASSETS = LIABILITIES + NET


24065+5300 = 9100+20265

29365 = 29365

ACTIVITY NO. 2.

A toy store has the following expenses and revenues as a result of its
business activity at the end of the fiscal year:

 Toy purchases: €1500.


 Wages and salaries: 3000 €.
 Toy sales: €4,000.
 Interest on debts: 500 €.
 Social Security payable by the company: 450 €.
 Electricity and water: 500 €.
 Variation in inventories: €100 (considered as income in the profit
and loss account as ending inventories exceed beginning
inventories).

Determines :

a. The result of the fiscal year.

INCOME FOR THE YEAR = INCOME - EXPENSES

= 4100 – 5950

= - 1850

EXPENSES > INCOME LOSSES

INCOME = 4000+100 = 4100

EXPENSES = 1500+3000+500+500+450+500 = 5950

b. The structure of the profit and loss account.

PROFIT AND LOSS STATEMENT

1. + Operating income
(700) sales of merchandise 4000
(610) change in merchandise inventories 100
2. - Operating expenses
(600) purchases of goods 1500
(628) supplies 500
(640) wages and salaries 3000
(642) social security payable by the company 450

A. Operating income - 1350


3. + Financial income
4. - Financial expenses
(662) interest on debts 500

B. Financial result -500

C. Income before taxes - 1850

D. Income for the year -1850

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