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DEPARTAMENTO DE CONTABILIDAD Y ECONOMÍA FINANCIERA
ESCUELA UNIVERSITARIA DE ESTUDIOS EMPRESARIALES
FINANCIAL ACCOUNTING
(DIPLOMATURA EN CIENCIAS EMPRESARIALES, 2º CURSO, GRUPO 5)
EXERCISES LESSON 3
BALANCE SHEET
EXERCISE 1 (LESSON 3)
REQUIRED: Prepare the Balance Sheet according to the normal model of the new PGC.
EXERCISE 2 (LESSON 3)
- Long-term loans to subsidiaries and associated companies. A-2) Adjustments for changes in value.
- Other long-term investments. I. Financial instruments available for sale. 50 V. Long-term financial investments. II. Hedging operations.
- Shares and long-term holdings in equity. 2.500 III. Other.
- Long-term credits to companies. A-3) Grants, donations and legacies received. 1.
- Other long-term financial investments. B) NON-CURRENT LIABILITIES VI. Deferred tax assets. I. Long-term provisions.
- Provisions for long-term employee benefits. B) CURRENT ASSETS 2. Environmental actions. 500 I. Non-current assets held for sale. 3. Provisions for reestructuring. II. Inventories. 4. Other provisions.
- Commercial (goods for sale). 900 II. Long-term debt.
- Raw materials and other supplies. 1. Debentures and other negotiable securities.
- Work-in process. 2. Long-term debt payable to credit institutions. 2.
- Finished goods. 3. Other (deposits and guarantees, bills of exchange,etc.).
- Auxiliary products, consumables and replacements.
III. Long-term debt payable to subsidiaries and associated companies.
- Advances to suppliers. IV. Deferred tax liability. III. Trade accounts receivables and other receivables.
- Trade accounts receivables for sale and services. 200 C) CURRENT LIABILITIES
- Accounts receivables from subsidiaries and associated companies.
I. Liabilities linked to non-current assets held for sale.
- Sundry accounts receivables. II. Short-term provisions.
- Employee receivables. III. Short-term debt.
- Assets for current tax. 50 1. Debentures and other negotiable securities.
- Other receivables from public authorities. 2. Short-term debt payable to credit institutions. 2.
- Called subscribed capital receivable. 3. Short-term derivative financial instruments. IV. Short-term investments in subsidiaries and associated companies.
- Other (deposits and guarantees, bills of exchange, etc.).
- Shares and short-term holdings in equity of subsidiaries and associated companies.
IV. Short-term debt payable to subsidiaries and associated companies.
- Short-term loans to subsidiaries and associated companies.
- Debt payable to subsidiaries and associated companies.
- Other short-term investments. 2. Subscribtions to share capital called. V. Short-term financial investments. V. Trade accounts payable and other payable.
- Shares and short-term holdings in equity. 1. Trade accounts payable for purchases and services. 50
- Short-term credits to companies. 550 2. Accounts payable to subsidiaries and associatedcompanies.
- Short-term derivative financial instruments. 3. Sundry accounts payable.
- Other short-term financial investments. 500 4. Salary payable. 20 VI. Accrual accounts. 270 5. Liability for current tax. VII. Cash and cash equivalents. 6. Other payable to public authorities. 220
- Cash. 1.355 7. Customer advances. 100
- Cash equivalents. VI. Accrual accounts. TOTAL ASSETS 24.875 TOTAL LIABILITIES 24.
EXERCISE 3 (LESSON 3)
The following list of accounts for Company Y Ltd. is available at the end of 200X.
Accumulated depreciation of tangible fixed assets and investment
SOLUTION
ASSETS LIABILITIES A) NON-CURRENT ASSETS 200X A) EQUITY 200X I. Intangible assets. A-1) Shareholders' equity.
- Development. I. Capital.
- Administrative concesions. 1. Registered capital. 370.
- Intelectual property, trademarks and others. 2. (Uncalled subscribed capital). - 20.
- Goodwill. II. Additional paid-in capital (share premium).
- Computer software. (^) 7.600 III. Reserves.
- Other intagible assets. 1. Legal and statutory. 50. II. Tangible fixed assets. 2. Other reserves. 103.
- Land and structures. (^) 410.000^ IV. (Shares and holding in equity of thecompany/Shares in the entity held by the entity).
- Plant and machinery, tools, furniture and other tangible assets. 261.410 V. Prior years' income.
- Tangible fixed assets in progress and advances. 1. Non-distributed income. III. Investment property. 2. (Prior years' negative income).
- Land. VI. Other owners' contributions.
- Structures. VII. Income for the year. 171. IV. Long-term investments in subsidiaries and associated companies. VIII. (Dividends paid in advance).
- Holdings in equity. IX. Other equity instruments.
- Loans to companies. A-2) Adjustments for changes in value.
- Debt instruments. I. Financial instruments held for sale. 2.
- Derivative financial instruments. II. Hedging operations.
- Other financial assets. III. Other. V. Long-term financial investments. A-3) Grants, donations and legacies received. 5.
- Holdings in equity. (^) 7.000 B) NON-CURRENT LIABILITIES
- Loans to companies. I. Long-term provisions.
- Debt instruments. 1. Provisions for long-term employee benefits.
- Derivative financial instruments. 2. Environmental actions.
- Other financial assets. 3. Provisions for reestructuring. VI. Deferred tax assets. 4. Other provisions. 95. II. Long-term debt. B) CURRENT ASSETS 1. Debentures and other negotiable securities. I. Non-current assets held for sale. 30.000 2. Long-term debt payable to credit institutions. II. Inventories. 3. Long-term debt from leasing contracts.
- Commercial (goods for sale). 4. Derivative financial instruments.
- Raw materials and other supplies. 2.100 3. Other financial liabilities. 48.
- Work-in process. 2.700 III. Long-term debt payable to subsidiaries andassociated companies.
- Finished goods. 7.500 IV. Deferred tax liability.
- Auxiliary products, consumables and replacements. V. Long-term accrual accounts.
- Advances to suppliers. III. Trade accounts receivables and other receivables. C) CURRENT LIABILITIES
- Trade accounts receivables for sale and services. 118.600^ I. Liabilities linked to non-current assets held for sale^ 10.
- Accounts receivables from subsidiaries and associated companies. II. Short-term provisions.
- Sundry accounts receivables. III. Short-term debt.
- Employee receivables. 2.100 1. Debentures and other negotiable securities.
- Assets for current tax. 2. Short-term debt payable to credit institutions. 76.
- Other receivables from public authorities. 3. Short-term debt from leasing contracts.
- Called subscribed capital receivable. 1.260 4. Derivative financial instruments.
IV. Short-term investments in subsidiaries
Holdings in equity. IV. Short-term debt payable to subsidiaries andassociated companies.
Derivative financial instruments. 2. Accounts payables to subsidiaries and associatedcompanies.
Derivative financial instruments. VI. Short term accrual accounts.
- BALANCE SHEET: LESSON
- Accounts payable for goods 132, The following list of accounts for Company Risks Ltd. is available at the end of 200X.
- Accounts payable for services 40,
- Accounts receivable, bill of exchange 10,
- Accumulated depreciation of constructions 30,
- Advances to suppliers 12,
- Called subscribed capital receivable 3,
- Capital grants 40,
- Capital stock 150,
- Cash 84,
- Cash equivalents 500,
- Constructions 120,
- Expenses paid in advance 5,
- Impairment of constructions 6,
- Impairment of inventories of other supplies
- Income for the year 308,
- Interest payable to credit institutions 3,
- Inventories of other supplies 1,
- Land 140,
- Provisions for other responsibilities 20,
- Salary paid in advance 3,
- Short-term debt with credit institutions 150,
- Short-term holdings in equity 6,
- VAT payable 5,
- Long-term holdings in equity (1) 2, The following list of accounts for Company C.V. Ltd. is available at the end of 200X.
- Shares in the entity held by the entity 1,
- Salary payable
- Adjustments for changes in value of financial instruments available for sale
- Accumulated depreciation of intangible assets
- Accumulated depreciation of tangible fixed assets (2) 1,
- Customers advances
- Cash 1,
- Capital stock 21,
- Accounts receivable
- Constructions (3) 5,
- Constructions in progress
- Short-term credit from the sale of tangible fixed assets
- Impairment of inventories of goods for sale
- Short-term debt with credit institutions 2,
- Accounts payable for goods 170, ACCOUNT AMOUNT
- Accounts payable for services 80,
- Accounts receivable 95,
- Accumulated depreciation of intangible assets 40, - 80, property (1)
- Additional paid in capital 30,
- Advances to suppliers 5,
- Capital grants 45,
- Capital stock 300,
- Cash 2,
- Computer hardware 130,
- Computer software 90,
- Containers and packaging returnable by customers 20,
- Dividend receivable 18,
- Doubtful accounts receivable 12,
- Furniture 25,
- Goodwill 200,
- Impairment of accounts receivables 12,
- Impairment of inventories of goods for sale 3,
- Impairment of investment property (land) 15,
- Income for the year (profits) 45,
- Interest payable 1,
- Inventory of goods for sale 38,
- Investments in constructions 100,
- Investments in land 60,
- Long term credits to employees 40,
- Long term debt with credit institutions 120,
- Long term deposits in financial institutions 70,
- Long term deposits and guarantees received 75,
- Long term holdings in equity (initial balance) (2) 215,
- Payable to public authorities (Income tax) 10,
- Payable to public authorities (social security) 18,
- Payable to public authorities (VAT) 29,
- Provision for other responsibilities 120,
- Revenues received in advance 35,
- Short term credits 6,
- Short term debt with credit institutions 36,
- Short term debt with suppliers of fixed assets 12,
- Short term holdings in equity 150,
- Sundry accounts receivables 55,
- Uncalled subscribed capital receivable 75,
- Vehicles 180,
- Voluntary reserve 270,
- (1) Furniture: 5, • The breakdown of the accumulated depreciation is the following:
- (2) Computer hardware: 25,
- and associated companies. 3. Other financial liabilities. 11.
- Debt instruments. 1. Trade accounts payables for purchases and services. 7. 2. Loans to companies. V. Trade accounts payables and other payables.
- V. Short-term financial investments. 4. Salary payable. 5. Other financial assets. 3. Sundry accounts payable.
- Holdings in equity. 5. Liability for current tax. 49.
- Loans to companies. 6. Other payables to public authorities. 10.
- Debt instruments. 7. Customer advances. 3.
- VI. Accrual accounts. 1. 5. Other financial assets.
- Cash. 146. VII. Cash and cash equivalents.
- TOTAL ASSETS 998.130 TOTAL LIABILITIES 998. 2. Cash equivalents.
- EXERCISE 5 (LESSON 3) – From exam of course
- Accounts payable for goods 70, Company Smith, Inc shows the following list of accounts in its adjusted trial balance at the end of year 2008.
- Accounts payable for services 80,
- Accounts receivable 90,
- Additional paid-in capital 10,
- Advances from customers 10,
- Advances to suppliers 5,
- Capital stock 500,
- Cash 40,
- Cash equivalents 4,
- Computer hardware 70,
- Computer software 5,
- Development 200,
- Doubtful accounts receivable 2,
- Expenses paid in advance 35,
- Furniture 25,
- Impairment of inventory of goods for sale 3,
- Impairment of investments in constructions 15,
- Impairment of tangible fixed assets (machinery) 6,
- Impairment of trade accounts receivable 2,
- Income for the year (profits) 30,
- Intangible fixed assets accumulated depreciation (2) 80,
- Intellectual property 55,
- Interest payable to credit institutions 2,
- Inventory of goods for sale 8,
- Investments in constructions 80,
- Investments in land 30,
- Legal reserve 85,
- Long term credits to employees 10,
- Long term deposits in financial institutions 75,
- Long term guarantees given 25,
ASSETS LIABILITIES
A) NON-CURRENT ASSETS 200X A) EQUITY 200X
I. Intangible assets. A-1) Shareholders' equity.
- Development. 142.000 I. Capital.
- Administrative concesions. 1. Registered capital. 500.
- Intelectual property, trademarks and others. 35.000 2. (Uncalled subscribed capital). - 60.
- Goodwill.
II. Additional paid-in capital (share premium). 10.
- Computer software. 3.000 III. Reserves.
- Other intagible assets. 1. Legal and statutory. 85. II. Tangible fixed assets. 2. Other reserves.
- Land and structures. IV. Shares in the entity held by the entity.
- Plant and machinery, tools, furniture and other tangible assets. 109.000^ V. Prior years' income.
- Tangible fixed assets in progress and advances. 1. Non-distributed income. III. Investment property. 2. (Prior years' negative income). - 5.
- Land. 30.000 VI. Other owners' contributions.
- Structures. 65.000 VII. Income for the year. 30. IV. Long-term investments in subsidiaries and associated companies.
VIII. (Dividends paid in advance).
- Holdings in equity. IX. Other equity instruments.
- Loans to companies. A-2) Adjustments for changes in value.
- Debt instruments. I. Financial instruments available for sale. - 25.
- Derivative financial instruments. II. Hedging operations.
- Other financial assets. III. Other.
V. Long-term financial investments.
A-3) Grants, donations and legacies received.
- Holdings in equity. 175.000 B) NON-CURRENT LIABILITIES
- Loans to companies. 20.000 I. Long-term provisions.
- Debt instruments. 1. Provisions for long-term employee benefits.
- Derivative financial instruments. 2. Environmental actions. 20.
- Other financial assets. 100.000 3. Provisions for reestructuring. VI. Deferred tax assets. 4. Other provisions. II. Long-term debt. B) CURRENT ASSETS 1. Debentures and other negotiable securities. I. Non-current assets held for sale. 2. Long-term debt payable to credit institutions. 120. II. Inventories. 3. Long-term debt from leasing contracts.
- Commercial (goods for sale). 5.000 4. Derivative financial instruments.
- Raw materials and other supplies. 5. Other financial liabilities.
- Work-in process.
III. Long-term debt payable to subsidiaries and associated companies.
- Finished goods. IV. Deferred tax liability.
- Auxiliary products, consumables and replacements. V. Long-term accrual accounts.
- Advances to suppliers. 5. III. Trade accounts receivables and other receivables. C) CURRENT LIABILITIES
- Trade accounts receivables for sale and services. 90.
I. Liabilities linked to non-current assets held for sale
- Accounts receivables from subsidiaries and associated companies.
II. Short-term provisions.
- Sundry accounts receivables. III. Short-term debt.
- Employee receivables. 1. Debentures and other negotiable securities.
- Assets for current tax. 2. Short-term debt payable to credit institutions. 8.
- Other receivables from public authorities. 3. Short-term debt from leasing contracts.
- Called subscribed capital receivable. 4. Derivative financial instruments. IV. Short-term investments in subsidiaries and associated companies.
- Other financial liabilities. 2.
- Holdings in equity. IV. Short-term debt payable to subsidiariesand associated companies.
- Loans to companies. V. Trade accounts payables and otherpayables.
- Debt instruments.
- Trade accounts payables for purchases and services. 150.
- Derivative financial instruments. 2. Accounts payables to subsidiaries and associated companies.
- Other financial assets. 3. Sundry accounts payable. V. Short-term financial investments. 4. Salary payable.
- Holdings in equity. 20.000 5. Liability for current tax. 7.
- Loans to companies. 6.000 6. Other payables to public authorities. 27.
- Debt instruments. 7. Customer advances. 10.
- Derivative financial instruments. VI. Short term accrual accounts. 5.
- Other financial assets. VI. Accrual accounts. 35. VII. Cash and cash equivalents.
- Cash. 40.
- Cash equivalents. 4. TOTAL ASSETS 884.000 TOTAL LIABILITIES 884.