"We provide you with the balance sheet of a Spanish company at the end of the...
"We provide 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. Create the closing entry for the company." Need help with the closing entry.
|
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 |
€ |
||
Homework Answers
Closing entry
| Account | Amount (Dr) | Amount (Cr) |
| Industrial property | € 40,500 | |
| Constructions | € 3,900,000 | |
| ICT equipment | € 9,000 | |
| Furniture | € 70,000 | |
| Transport | € 35,000 | |
| Goods | € 62,000 | |
| Clients | €236,200 | |
| Short term investment | € 9,000 | |
| Banks | € 225,000 | |
| Capital Social | € 3,000,000 | |
| Legal reserves | € 348,180 | |
| Profit & Loss | € 158,810 | |
| Long term debt to institutions | € 710,000 | |
| Short term debts to institutions | € 38,000 | |
| Suppliers | €200,000 | |
| Creditors | € 3,560 | |
| Cumulative depreciation II | € 5,000 | |
| Cumulative depreciation IM | € 122,000 | |
| Impairment Loses | € 1,150 | |
| Total | € 4,586,700 | € 4,586,700 |
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