Question

EXERCISE 3 ACCOUNTING

1. The company “Claro que puedo S.A.” is constituted. The partners contribute $ 3,750,000 in cash and merchandise with a value of $ 1'040,000.

2. They pay for the installation of services in the amount of $ 98,000 (70% administrative expenses and 30% sales expenses)

3. They buy merchandise for an amount of $ 560,000 plus VAT which pays 20% counted 40% credit and the rest with documents payable.

4. Acquire computer equipment for an amount of $ 980.00 plus VAT and pay 25% cash and the rest on credit.

5. They sell merchandise at $ 1 ’780,000 plus VAT, the cost of which is $ 660,000. They charge half in cash, 25% with an interest-free document and the rest on credit.

6. They pay $ 35,000 plus VAT, for the services of electricity, water, telephones, internet (35% GV and 65% GA)

7. Buy two vans for distribution of merchandise worth $ 650,000 plus VAT, each and pay a 25% down payment and the rest to documents payable

8. Customers are charged $ 200,000 for the sale of seat 5.

9. You pay $ 150,000 of the debt you have for the computer equipment. Transport equipment documents are also settled for an amount of 225,000

10. An advertising campaign is made with a cost of $ 45,000 plus VAT, which gives us a 30-day loan.

11. Wages and salaries are paid in the amount of $ 265,000 (GA 60% and GV 40%)

12. A sale is made for an amount of $ 1,850,000 plus VAT which is charged only 18% in cash and the rest is on credit. The cost of the merchandise is $ 680,000

13. Furniture and equipment is purchased for an amount of $ 365,000 plus VAT, which is paid 40% cash 30% with documents payable and the rest on credit

Obtain the major T accounts, Balance of Checking, Balance Sheet and Income Statement.

Answer 1

Page No.: Date: Taurnals. 37,50,000 10,40,000. Ds. Ds. Cash Meschadise ulc To 47,90,000. caşital Administ subve Frp. 68600 29400 Ds. Do. Cosh Enp. Sules 98000 To e 566,000 D6. Meschadise alc 112000 cash vendos Cmesch). clocument Payable TO 22 Yb00 224000 To Computer Equ. ak Dr. cast. To Vendos lomp.) 980 24T TO 735 890,000 445000 445000 ak Cush Reueivable alc DoGument Ru ae Ds. ఈ,0 -To Meschadise To Poufit Eloss 11,20,000 ak or. alc pr. tush GV 12,250 22, 750 To 3TO00

Pege No. Date: ale Vans 650,000 1ush 70 7o 162500 doc. payahle 487500 Vendor alc Ds - (tomp) To cash P/L (merchi)Pocument Payuble Ds. -To 150 22y000 Cash 225000 45000 Adv. exp. al Da. -10 Adv. Payable 45000 159000 GA 4// Ds. cash 06006 265000 To 333000 alc С Свh Ds. 1517,000 meahandisc -Receivable 7/c To 660,000 70,000 70 3650 00 34100 -funiture & Equipment Bs. To ccish - To payable To doum. payuhle 146000 9500 J04500

Page No.: Date Income- Statement. 3630000 By bales Mesuhadisc). To Purchisc. (merchadise) G.. 5,60,000 To To.GoA. 18250 Adv. enpe 1o 4J000 70 nokumentRay settled 1o00 To Adm, fxpenses 68600 To Sales Enp- To Netpmofit 26,26,000 29 प00. Balune- Sheet. Amount Amount Assets. Gabilities. 3429105 4454105 33.50,000 copital (ontn. Payahles DocumentPayable 597000. Cash. computer Vons 980 379085 670,000 36 T,060. 196200. 445000 26,26/000 fusnibuse CEy" Receivuhles DoLument Reseivuhle 73520 85 7352085