UG. FACTI. LGNS. Fundamentals of Accounting.

Midterm exam, practical section (50%)

Accounting cycle exercise for service companies, normal operations.

Complete exercise of a curtain cleaning business. Transaction registration and preparation of financial statements.
Cortna Kool
Today you decide to start a curtain cleaning business, carrying out the following
transactions.
company name Cortna Kool
Owner You.
Period December 20XX
Previous activities:
0.1 He meets with an unemployed young man who expresses interest in being hired.
for technical services, such as mobile short washing. It is agreed to start
Activities at the beginning of the month, agreeing to pay a commission of Q 20.00 for each load washed.
0.2 It is paid with the owner of a premises where a laundry that went bankrupt operated before, which
is properly equipped, with whom a daily rental for the premises is agreed for Q 75.00
daily, payable at the end of the day.

Operations of today's date in the month of December 20XX

Deposit Q 5,000 and open an account in the name of the business at Klean Bank.
1.2 Purchase cleaning materials on credit, for stock, worth Q 500.00
1.3 Invoice to several clients for the washing of 10 curtains, at a rate of Q 60.00 per washed curtain. It is charged for
the rest will be charged during the week
1.4 Pay the contracted manager the agreed amount for the washed curtains.
1.5 Pays the daily rent for the premises at the agreed value of Q 75.00.
1.6 At the end of the day, carry out a physical count of the cleaning materials, having determined a consumption of
At the end of the day it is Q 300

It is requested: The recording of transactions, the preparation of the basic financial statements, as well as a brief
and the financial situation of the business. For now, neither VAT nor income tax is recorded.
Reference
Profitability per sales 33%
Indebtedness 35%
eros.

immediate value of 8 washed clothes.

Q 200.00. That is to say that the physical existence

Commentary on the Note: To solve this practical midterm exam

you can use the accounting cycle procedure:
Diario, Mayor, Balanza de Comprobaciòn, Estados
Financial, Evaluation, or the abbreviated accounting cycle
seen up to unit two, that is:
Transaction reading, Financial Statements,
Evaluation

Good luck.
 Service Companies

General Daily Register

Company name
Owner:
Period:
Quetzals

Affected concepts
(Affected Accounts)
No. trans. Code Name Must News

Initial contribution
100 Banks 5000
300 XX, Heritage 75

Inventory Acquisition Must News

(Supplies, inputs)

etc.) 103 Inventory 500

100 Banks 480

(counted)
y, o
200 Accounts Payable 500
(credit)

Billing services Must News

100 Banks 480
counted
101 Accounts Receivable 120
(credit)
400 Income from Services 600

Payment for technical services Must News

of the day

510 Gts.x Technical Services 200

100 Banks 200

Payment for rental space Must News

511 Gts. X Rentals 75
 100 Banks 75

REGULARIZATION OPERATIONS, WHICH

USUALLY EFFECTS THE DEPARTMENT OF
ACCOUNTING THE LAST DAY OF EACH MONTH, AND
AT THE END OF THE ACCOUNTING PERIOD
Should News
Consumption Record
Supplies in stock
512 Gts.for Consumable Materials. 300

103 Inventory 300

General Major
Company:
Owner:
Month and year:
Quetzals

Code: 100
Banks
Must No.TransacAmount News
1 480 1 75

sums 480 sums 75

balance 405

Code: 101
Accounts Receivable
Must No.TransactionAmountTransaction No. News
1 120

sums 120
balance 120

Code: 103
inventory
Must No.TransactionAmount News
1 500 6 300

sums 500 sums 300

balance 200

Code: 200
Accounts Payable
Must No No. transaction News
1 500

sums sums 500

balance 500
 Code: 300
XX
Must No.TransactionAmountNo.transaction News
1 75

sums sums 75
balance 75

Code: 400
Income from services
Must No Transaction No. News
3 600

sums 600
balance 600

Code: 510
Name: Expenses for Technical Services
Must No.TransactionAmountTransaction No. News
4 200

sums 200
balance 200

Code: 511
Rental Expenses
Must No.TransactionAmount News
5 75

sums 75
balance 75

Code: 512
Expenses for consumed materials
Must No No. transaction News
6 300

sums 300
balance 300
 Code
Name
Must No.TransactionAmountTransaction No. News

Code:
Nombre
Must No.TransactionAmountTransaction No. News

Code:
Nombre
Must No.TransactionAmountNo.transaction News

Code:
Nombre
Must No Transaction No. News

Code:
Name:
Must No.TransactionAmountTransaction No. News
 Code:
Nombre
Must No.TransactionAmountNo.transaction News

Code:
Name:
Must No.TransactionAmountTransaction No. News

Code:
Nombre
Must No No. transaction News

Code:
Nombre
Must No.TransactionAmountNo. Transaction Amount News

Code:
Name:
Must No.TransactionAmountTransaction No. News

Code:
Nombre
Should No.TransactionAmountTransaction No. News
Combined Statement of Production Cost

and Cost of Goods Sold

Initial Production Inventory ###

Raw Materials Utilization ###
Inventory ###
Purchase of ###
Subjects P $1,000,000.00
Inventory ###
Direct Labor ###
Direct Cost 1,000,000.00
Indirect Expenses of ###
Cost Incurred $1,550,000.00
Total Production Cost $1,950,000.00
Final Production Inventory in ###
Production Cost of Items $1,650,000.00
Initial Inventory of Tea Articles ###
Completed Production Available $2,450,000.00
Final Inventory of Ter Articles ###
Cost of Production of Goods Sold $1,550,000.
Report: Trial Balance
Company:
Owner
Month and year:
Currency: Quetzals

Code Account Name Must news Debtor Creditor

100 Banks 480 50 130
101 Accounts receivable 120 120
103 Inventory 200 300 200
200 Accounts Payable 500 500
300 XX, Heritage 75 75
400 Income from services 600 600
510 Expenses for technical services 200 200
511 Expenses for rentals 75 75
512 Expenses for consumed materials 300 300

Sums 1,450 1,450 1,100 1,100

Note:
 Templates for the preparation of Financial Statements.
Services

Company:
Income Statement
Period:
(Figures in Quetzals)
Code Name Quetzals %
400 Income from Services 600 100%

Operating Expenses
511 Expenses for Technical Services 200
512 Expenses for Rentals 75
513 Expenses for Consumed Materials 300

Utility in Operation
520 (-) Interest Expenses

Utility before tax

530 (-) Expenses for Income Tax 0
Reference
Net Utility

Company:
Statement of Changes in Equity
Period:
(Figures in quetzals) Quetzals
Initial balance 5000
(+) Contributions 0
Period utility 255
(-) Retros 0
Final balance 5,255.00

Company:
Balance Sheet as of
(Figures in quetzals)
Name Quetzals %
Active
Current
100 Banks 480
101 Accounts Receivable 220
103 Inventories 300
 11 Non-Current
110 Lots 0
111 Buildings 0
111A Accumulated Depreciation Buildings 0
112 Furniture 75
112A Accumulated Depreciation Furniture 0

Asset Sum 1,075.00

Passive
20 Current
200 Accounts Payable 500 75
201 Documents Payable, CP 0
Loans Payable, C.P. 0
202 VAT Payable 0
203 Accrued Liabilities 0
204 Labor Benefits Payable 0
205 Employer Contributions to be Paid 0
206 ISR payable 0
207 Advance Collections (customer advances) 0

21 Non-Current Liabilities (Long term)

210 Documents payable, L..P. 0
211 Loans payable, L.P. 0
% Reference
Passive Total

3 Heritage
30 Paid Heritage
300 XX, Heritage (Social Heritage) 0

31 Retained Earnings 0
311 Withheld Utilities 0
312 Results for the period 0
Total Assets 0

Sum of Liabilities and Equity

Company:
Statement of Cash Flows
of Effect
Owner
Period

Utility
(-) Ctas.x charge
(-) Inventories
(+) Accounts to pay
(+) Contribution

…
Total net flow
(+) initial effect
Final effect
Evaluation
Evaluation