REVIEW EXERCISE SOLUTIONS

1The company ALVACLA, SA presents the following equity elements as of January 1, 20X0.
Balance sheet:
– Land and natural assets: €78,000.
– Constructions: 120,000 €.
7000 €.
Information processing equipment: 1000 €.
Transport elements: €25,000.
Clients: 6000 €.
800 €.
Merchandise: 1000 units at 3 €/unit.
€ 14,000
– Current account banks: €42,000.

– Suppliers: 3000 €.
Creditors for service provisions: €500.
– Social capital: the remainder.
During the financial year, the company carries out the following operations (VAT 21%):
Pay the debt to creditors through the current bank account.
2. Buys goods for an amount of 8000 €. Pays 25% by bank transfer and the rest remains
pending payment.
They have charged 80 € plus 10% VAT to the bank current account for the water supply.
4. Sells merchandise for an amount of €19,200. Collects €5,000 by check and the remaining balance is pending.
collection.
5. Buy a computer for the office for €2000. Pay €500 by check and commit to the rest.
pay it within 3 months.
6. Pay the suppliers' debt from the opening balance by bank transfer. In advance
Upon payment, the company is granted a discount of 150 €.
7. Purchases goods for an amount of €5250, which remain unpaid.
200 € plus VAT are pending payment for the repair of the company's vehicle.
Pay €350 by bank current account as property tax.
corresponding to the premises where the company's offices are installed.
10. €150, plus VAT, has been paid from the bank current account for telephone usage.
For the provision of a transport service, it charges €250, plus VAT, in cash.
12. Sells merchandise for an amount of €11,900. Payment is pending.
13. Charge through the bank current account the client's debt from the opening entry. For advancing the
Payment a discount of 300 € is granted.
14. Pay the payroll of the staff through the bank, which presents the following breakdown:

Salaries and wages: 4000 €.

Social Security paid by the company: 960 €.
Social Security paid by the worker: 300 €.
Withholding income tax on individuals: 400 €.
15. Settle the VAT.
16. The ending inventory of goods amounts to €2450.
Carry out the accounting cycle of the company.

Initial balance sheet

ACTIVE
NON-CURRENT ASSET 231,000.00
Tangible fixed assets
Lands and natural assets 78,000.00
Construction 120,000.00
Furniture 7000.00
(217) Equipment for information processes 1000.00
Transportation elements 25,000.00
CURRENT ASSET 65,800.00
Stocks
Merchandise 3000.00
Commercial debtors
(430) Clients 6000.00
(440) Debtors 800.00
Cash
(570) Box, € 14,000.00
Banks c/c 42,000.00

TOTALASSET 296,800.00
NET WORTH AND LIABILITIES
NET WORTH 293,300.00
Social capital 293,300.00
CURRENT LIABILITIES 3500.00
(400) Suppliers 3000.00
Creditors for service provisions 500.00
TOTAL NET WORTH AND LIABILITIES 296,800.00
Diary Book
Opening seat
78,000.00 (210) Lands and properties
natural
120 (211) Constructs
000.00
7000.00 (216) Furniture
1000.00 (217) Teams for
processes of
information
25,000.00 (218) Elements of
transport
6000.00 (430) Clients
800.00 (440) Debtors
3000.00 (300) Merchandise
14,000.00 570 Box, €
42,000.00 (572) Banks current account

a (400) Suppliers 3000,00

(410) Creditors for 500.00
benefits of
services
100 Social capital 293
300.00
1
500.00 (410) Creditors for
benefits of
services
a Banks current accounts 500.00
2
8000.00 (600) Purchases of
merchandise
1680.00 (472) HP, VAT
supported
(21% of 8000.00)
a Banks current accounts 2420.00
(400) Suppliers 7260.00
3
80.00 (628) Supplies
8.00 (472) HP, VAT
supported
(10% s/ 80.00)
a (572) Bank accounts 88.00
x
 4
5000.00 (572) Banks c/c
18,232.00 (430) Clients
a (700) Sales of 19,200.00
merchandise
(477) HP, VAT 4032,00
repercussed
(21% of 19,200.00)
5
2000.00 (217) Equipment for
processes of
information
420.00 (472) HP, VAT
supported
(21% of 2000.00)
a (572) Bank accounts 500.00
(523) Suppliers of 1920.00
immobilized at
short term
6
3000.00 (400) Suppliers
a (606) Discounts 150.00
about purchases
for prompt payment
(472) HP, VAT 31.50
supported
(21 % of 150.00)
Banks c/c 2818.50
7
5250.00 (600) Purchases of
merchandise
1102.50 (472) HP, VAT
supported
(21% of 5250.00)
a (400) Suppliers 6352.50
x
 8
200.00 (622) Repairs and 242.00
conservation
42.00 (472) HP, VAT
supported
(21% of 200.00)
a (410) Creditors for
benefits of
services
9
350.00 (631) Other taxes
a Banks current account 350.00
10
150.00 Other services
31.50 (472) HP, VAT
supported
(21% of 150.00)
a (572) Bank accounts 181.50
11
302.50 (570) Box, €
a (759) Income from 250.00
various services
(477) HP, VAT 52.50
repercussed
(21% of 250.00)
12
14,399.00 (430) Clients
a (700) Sales of 11,900.00
merchandise
(477) 2.499

13
300.00 Discounts
about sales for
prompt payment
63.00 (477) HP, VAT
reflected
(21% of 300.00)
5637.00 (572) Bank accounts
a (430) Clients 6000.00
x
 14
4000.00 (640) Salaries and
salaries
960.00 Social Security
in charge of the
company
a (476) Organisms of the 1260.00
Social Security
creditors
(960.00 +
300.00
(4751) HP, creditor 400.00
for withholdings
practiced
Banks c/c 3300.00
15
6520.50 (477) HP, VAT
reflected
a (472) HP, VAT 3252.50
supported
(4750) HP, creditor 3268.00
for VAT
16
3000.00 (610) Variation of 3000.00
stocks of
merchandise
a 300 Goods
x
2450.00 (300) Goods
a (610) Variation of 2450.00
inventory of
goods
x
 Expense regularization
19,840.00 (129) Result of
exercise
a (600) Purchases of 13,250.00
merchandise
(628) Supplies 80.00
(622) Repairs and 200.00
conservation
(640) Salaries and wages 4000.00
642 Social Security 960.00
in charge of the
company
(706) Discounts on 300.00
sales for prompt
payment
(629) Other services 150.00
(631) Other taxes 350.00
(610) Variation of 550.00
stocks of
goods
Income regularization
31,100.00 700 Sales of
goods
250.00 (759) Income from
various services
150.00 (606) Discounts on
purchases by
prompt payment
a (129) Result of 31,500.00
exercise
x
 Closing seat
293,300.00 (100) Social capital
13,612.50 400 Suppliers
242.00 (410) Creditors for
benefits of
services
1920.00 (523) Suppliers of
immobilized at
short term
3268.00 (4750) HP, creditor
for VAT
400.00 (4751) HP, creditor
for withholdings
practiced
1260.00 Organisms of
Security
Social
creditors
11,660.00 (129) Result of
exercise
a (210) Land and goods 78,000.00
natural
(211) Constructions 120
000.00
(216) Furniture 7000.00
(218) Elements of 25,000.00
transport
(430) Clients 32,631.00
(440) Debtors 800.00
(300) Merchandise 2450.00
570 Box, € 14,302.50
(572) Banks c/c 42,479.00
(217) Equipment for 3000.00
processes of
information
x
Balance sheet

ACTIVE
NON-CURRENT ASSET 233,000.00
Material immobilization
(210) Lands and natural assets 78,000.00
(211) Constructions 120,000.00
Furniture 7000.00
Equipment for information processing 3000.00
Transportation elements 25,000.00
CURRENT ASSET 92,662.50
Stocks
(300) Merchandise 2450.00
Trade debtors
(430) Clients 32,631.00
Debtors 800.00
Cash
(570) Box, € 14,302.50
(572) Bank accounts 42,479.00
TOTALASSETS 325,662.50
NET WORTH AND LIABILITIES
NET WORTH 304,960.00
Social capital 293,300.00
Exercise result 11,660.00
CURRENT LIABILITY 20,702.50
(400) Suppliers 13,612.50
(410) Creditors for service provisions 242.00
Public Treasury, creditor for VAT 3268.00
(4751) HP, creditor for withholdings made 400.00
(476) Social Security organisms, creditors 1260.00
Short-term fixed asset suppliers 1920.00
TOTAL NET WORTH AND LIABILITIES 325,662.50